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Sarla Credit and Securities Ltd.

BSE: 511513 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sarla Credit and Securities Ltd. (SARLACREDIT) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 SARLA CREDIT & SECURITIES LIMITED AUDITORS REPORT To, The Members. SARLA CREDIT & SECURITIES LIMITED 317-A, Grover Mansion, Asaf Ali Road, New Delhi. We have audited the attached balance sheet of SARLA CREDIT & SECURITIES LIMITED as at June 30th,1999 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto and report that-: 1. As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4&5 of the said order, to the extent applicable. 2. Further to our comments in the Annexure referred to in paragraph above, we report that :- (a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; (b) In our opinion, proper books of account as required by law have been kept by the company, so far as appears from our examination of the books; (c) The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the books of account. (d) In our opinion the Profit & Loss Account and Balance Sheet comply with the mandatory Accounting Standards referred to in sub-Section (3c) of section 211 of the Companies Act,1956; and (e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act,1956, in the manner so required and give true and fair view: (i) In the case of the Balance Sheet, of the state of the affairs of the Company as at June 30th, 1999 and (ii) In the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date. for A.T.Raghavan & Co. Chartered Accountants Sd/- Place: New Delhi (A.T.Raghavan) Date : 31/08/99 (Partner) ANNEXURE TO AUDITORS' REPORT Referred to in paragraph 1 of the report of even date on the Account of SARLA CREDIT & SECURITIES LIMITED for the year ended June 30th, 1999. 1. The Company has maintained proper record's showing full particulars including quantative details and situation of fixed assets. The Fixed Assets of the Company have been physically verified during the year by the management and no material discrepancies between the book records and the physical Inventory have been noticed. 2. None of the Fixed Assets have been revalued during the year. 3. According to the information and explanation given to us, the company has not taken any loans from Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act,1956. We are informed that there are no Companies under the same management as this Company as defined under section 370(1-B) of the Companies Act.1956. 4.According to the Information and explanations given to us ,the Company has not granted any loans to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956. We are informed that there are no companies under the same management as this company as defined under section 370 ( I-B) of the Companies Act,1956. 5. The parties to whom loans and advances in the nature of loans have been given by the Company are repaying the principal amount as stipulated and are also regular in payment of interest where applicable. 6.In our opinion there is an adequate Internal Control procedure commensurate with the size of the Company and the nature of its business, for purchase of Plant & Machinery equipments and similar Assets. 7.In our opinion and according to the information and explanations given to us, there are no transactions of purchase of goods and sale of goods and services made in pursuance of contracts or arrangements entered in the register(s) maintained under section 301 of the Companies Act,1956 and aggregating during the year to Rs. 50,000/- (Rupees fifty thousand only) or more in respect of each party. 8.To the Best of our knowledge and according to the Information and explanation given to us, the Company has not accepted any deposits covered by Section 58A of the Companies Act,1956. 9.As per the information given to us, the provisions of Provident Fund Act and Employees State Insurance Scheme are not applicable to the Company. 10.According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax and Sales Tax as at June 30th, 1999 which are outstanding for a period of more than six months from the date they became payable. 11. According to the information and explanations given to us, personal expenses of employees or directors have not been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practice. 12.The Company is not a sick Industrial Company within meaning of clause (o) of sub-section (1) of section 3 the sick Industrial Companies (Special Provisions) Act 1985. Other Provisions of the order are not applicable to the Company. for A.T Raghavan & Co. Chartered Accountants Sd/ Place: New Delhi A.T.Raghavan Date : 31/08/99 (Partner)