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Sharpscan & Prints Ltd.

BSE: 531799 Sector: Services
NSE: N.A. ISIN Code: INE795C01013
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Sharpscan & Prints Ltd. (SHARPSCPRINT) - Auditors Report

Company auditors report

SHARPSCAN AND PRINTS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT To The Members, SHARPSCAN & PRINTS LIMITED. We have audited the attached Balance Sheet of Sharpscan & Prints Limited, as at 31st March, 2001 and the Profit and Loss Account for the year ended on that date, annexed thereto which are in agreement with the books of account of the company. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 we report that: 1) The Company has maintained proper records, showing full particulars, including quantitative details and situation of fixed assets. As the information and explanation given to us, the company has physically verified its assets during the year. No material discrepancies were noticed on such physical verification. 2) The Fixed Assets of the company have not been revalued during the year. 3) The Management has conducted the physical verification in respect of finished goods, raw materials, Stores and spare parts, at the end of the year under review. In our opinion the frequency of verification is reasonable. 4) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management were reasonable and adequate in relation to the size of the company and nature of its business. 5) The discrepancies noticed on verification between the physical stocks and records were not material in relation to the operations of the company and the same have been properly dealt with in the books of account. 6) In our opinion and on the basis of our examination, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 7) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. We are informed that there were no companies under the same management with in the meaning of sub section (1B) of Section 370 of the Companies Act, 1956. 8) The Company has not granted any unsecured loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 9) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company has the nature of its business with regard to the purchases of stores including components, plant & machinery, equipment and other assets and for the sale of goods. 10) In respect of loans and advances given in the nature of loans the parties are repaying the principal and interest, where applicable as stipulated. 11) There are no transactions of purchase of goods and materials and sale of goods and materials made in pursuance of contracts or arrangements entered in the registers maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 50,000/- or more in respect of each party. 12) The company has regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. 13) The Company has not accepted any public deposits. 14) According to the information and explanations given to us, the company does not generate any by-products or scrap. 15) In our opinion the company has an internal audit system commensurate with the size of the company 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 in respect of the products manufactured by the company. 17) According to the information and explanations given to us, the provision of Provident Fund is not yet applicable to the company. According to the records of the company, the company has not been regular in depositing the Employee State Insurance dues with the appropriate authorities. The company is yet to remit to ESI dues amount to Rs.50,118. 18) According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise duty which have remained outstanding as on 31st March, 2001 for a period of more than six months from the date they become payable. 19) According to the information and explanations given to us, no personal expenses of Employees or Directors have been charged to Profit & Loss Account, other than those payable under contractual obligations or in accordance with the generally accepted business practice. 20) The Company is not a sick industrial company within the meaning of clause (o) of sub section( 1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21) According the information and explanations given to us, in respect of the trading activities of the company, there were no materially damaged goods. Further to the 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 such books, and c) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by the report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 in the manner so required and give a true and fair view. d) In our opinion and according to the information and explanations given to us, no director of the company is disqualified from being appointed as director under clause (g) of sub section of section 274 of Companies Act, 1956. e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with note No. 6 & 8 regarding recovery of Sundry Debtors amount and Sales Tax liability being subject to assessment respectively and other notes thereon, give 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 affairs as at 31st March, 2001, and ii) In the case of the Profit and Loss Account of the loss of the company for the period ended on that date. For Rao & Sridhar Chartered Accountants (G.S. Sridhar) Partner. Place: Hyderabad. Date : 04.12.2001.