You are here » Home » Companies » Company Overview » Sarash Industries Ltd

Sarash Industries Ltd.

BSE: 531483 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Sarash Industries Ltd. (SARASHINDUSTRIE) - Auditors Report

Company auditors report

SARASH INDIA MINES AND MARINES LIMITED REPORT OF THE AUDITORS TO THE MEMBERS OF SARASH INDIA MINES AND MARINES LIMITED We have audited the Balance Sheet of Sarash India Mines and Marines Limited as on 31st March 1998 together with the annexed Profit and Loss Account for the period ended on that date and report that. 1. We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of such books. 3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts. 4. In our opinion, and to the best of our information and according to the explanation given to us, the books of accounts read with notes thereon given the information required by the Companies Act, 1956 in the manner so required and give a true and fair view -in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 1998. - in the case of Profit and Loss Account of the profit of the company for the period ended on that date As required by the Manufacturing and other companies (Auditor's Report) order 1988 and on the basis of such checking of the books and records of the company as we considered appropriate and according to the information and explanations given to us during the course of audit, we report that, 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The Management has physically verified the fixed assets during the year and no discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The Stock of finished goods, stores spare parts and raw materials have been physically verified during the year, by the Management. In our opinion, the frequency of verification is reasonable. 4. In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business. 5. The discrepancies noticed on verification between the physical stocks and the records maintained were not material. 6. In our opinion, valuation of the above mentioned stock is fair and proper and in accordance with the normally accepted accounting principles. 7. The company has not taken loan from companies, firms and parties listed inn the register maintained under Section 301 of the Companies Act. 8. The company has not granted loans to companies, firms and parties listed in the register maintained under section 301. No company is under the same management of the company as defined under section 370 (1-B) of the Companies Act, 1956. 9. Loans and Advances in the nature of loans have been given to the employees of the company without interest. The recovery of principal amount was regular. 10. In our opinion, according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business, with regard to purchase of stores, Raw Materials including components, Plant & Machinery, Equipment and other amenities and for the sale of goods. 11. In our opinion and according to the information furnished to us, there were purchase of goods and sale of goods, materials and services in pursuance of a contract or agreement entered in the register maintained under section 301 of the Companies Act, 1956 aggregating Rs. 50,000/- or more in value in respect of each party have been made at a price which are reasonable having regard to the prevailing market prices of such goods and materials. 12. As explained to us the company has regular procedure for the determination of unservicebable or damaged stores and raw materials. Since the value of unserviceable or damaged stores is negligible no provision has been made in accounts in respect of such items. 13. The company has complied with the provisions of section 58 A of the Companies Act, 1956 and the rules made thereunder in respect of deposits accepted by the company. 14. During the period under review the company did not have any by-product or scrap and hence the question of maintaining records does not arise. 15. In our opinion, the company an internal audit system commensurate with the size of the company and the nature of its business. 16. The Central Government has not prescribed the maintenance of cost records by the company under section 209 (1) (d) of the Companies Act, 1956. 17. According to the records of the company and information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding for a period of more than six months from the date they become payable. 18. As explained to us the company has filed an application with the Provident Fund Commissioner and has obtained clearance and has started remitting the amount with the concerned authorities. The company has its own scheme to reimburse medical expenses to the employees since ESI is not applicable in its area of operation. 19. On the basis of checks out during the course of audit and according to the explanation given to us, no personal expenses other than those payable under contractual obligation or in accordance with generally accepted business practices, appear to have been charged to revenue account. 20. In our opinion the company is not a Sick Industrial Company within the meaning of Section 3 (1)(o) of the Sick Industrial Companies (Special Provision) Act, 1985. for MAHADEV & CO., Chartered Accountants, Place : Chennai Mr. C. Mahadevan Date : 29-06-1998 Partner.