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Shri Sainath Proteins Ltd.

BSE: 531701 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Shri Sainath Proteins Ltd. (SHSAINATHPROT) - Auditors Report

Company auditors report

SHRI SAINATH PROTEINS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT TO THE MEMBERS OF SHRI SAINATH PROTEINS LIMITED We have audited Balance Sheet of SHRI SAINATH PROTEINS LIMITED as at 31st March, 2001 and the Profit and 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 enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable and on the basis of such checks of the books and records as we considered appropriate: 2. Further to our comments in the Annexure referred to in paragraph 1 above. (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 accounts as required by law have been kept by the Company so far as it appears from our examination of those books (c) The Balance Sheet and profit and Loss Account dealt with by the report are in agreement with the books of accounts (d) In our opinion, the Profit and Loss Account and Balance Sheet comply with the Accounting Standard referred to in sub section (3C) of section 211 of the Companies Act 1956. (e) In our opinion, and based on information and explanations given to us, none of the Directors are disqualified as on 31st March, 2001 from being appointed as Directors in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (f) In our opinion and to the best of our information and according to the explanations given to us the said accounts read in conjunction with Notes given the information required by the Companies Act, 1956, in the manner so required and give a true and fair view :- (i) in the case of Balance SHeet, of the state of the state of affairs of the Company as at 31st March, 2001, and (ii) in the case of Profit & Loss Account, of the Loss for the year ended on 31st March, 2001. For S. A. Gathani & Co. Chartered Accountants Place : Rajkot (S. A. Gathani) Date : 29/6/2001 Proprietor ANNEXURE TO THE AUDITORS' REPORT Referred to in Paragraph (1) of our report of even date 1. The Company has maintained proper records showing full particulars, Including quantitative details and location of fixed assets. According to the information and explanations given to us, fixed assets were physically verified by the Management during the year and no material discrepancies were noticed on such verifications. 2. None of the fixed assets have been revalued during the year. 3. The stocks of the raw materials stores and spares of the Company have been physically verified by the Management during the year at reasonable intervals. 4. The procedures of physical verification of stock followed by the Management are reasonable and adequate in relation to the size of the company and nature of its business. 5. The discrepancies noticed on physical verification of stocks as compared to book records were not material and the same have been properly dealt with in the books of account. 6. The valuation of stock of raw materials, stores and spares has been fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year. 7. The Company has not taken unsecured loans from Companies, Firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. 8. In our opinion, considering the object and purpose and circumstances, in granting loans, the rate of interest where ever charged and other terms and conditions on which loans have been granted to companies, firms or other parties listed In the register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the Company 9. In respect of loans and advances in the nature of loans given by the Company to parties, they are generally repaying the principal amount as stipulated and are also regular in payment of interest, wherever applicable. 10. In our opinion and as per explanations given to us, there are adequate internal control procedures, commensurate with the size of the Company and the nature of its business for the purchase of raw materials, stores and spares, plant and machinery, equipment and other assets. 11. According to the information and explanations given to us, there are no transactions of purchase of goods made In pursuance of contracts or agreements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party. 12. As explained to us, unserviceable or damaged stores ar d raw materials are determined and necessary provision for the loss has been made in the accounts. 13. The Company has not accepted any deposits in contravention of provisions of Section 58-A of the companies Act, 1956 and the Companies (Acceptance of Deposits) Rules 1975. 14. The Company does not have saleable by-products. Reasonable records are maintained for the sale and disposal of scrap. 15. The Company has an internal audit system commensurate with its size and nature of its business. 16. The Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956. 17. The Company is regular in depositing the Provident Funds dues, 18. There are no undisputed amounts payable in respect of Income-Tax, Wealth-tax, Sales-Tax, Customs Duty and Excise Duty as at 31st March, 2001 which are outstanding for a period of more than six months from the date they became payable. 19. On the basis of (i) the examination of the books of account of the Company, (ii) the vouchers examined by us on a test check basis, (iii) the explanations given to us against our inquires, (iv) the checks and controls relating to authorising payments looking to the Company's needs and exigencies and, to the best of our knowledge and belief, we have not come across any expenses charged to revenue account, except for those which are either incurred under service - contract obligations with the employees or which were incurred in accordance with normally accepted business practices which, in our opinion and judgement and to the best of our knowledge and belief, could be regarded as personal expenses. 20. The Company is not Sick Industrial Company within the meaning of Clause (0) of Sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. In respect of trading activities of the Company, vie are informed that there are no damaged goods. For S. A. GATHANI & CO. Chartered Accountants Place : Rajkot (S. A. Gathani) Date : 29/6/2001 Proprietor