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Shree Industries Ltd.

BSE: 516040 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Shree Industries Ltd. (SHREEINDS) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 SHREE INDUSTRIES LTD. AUDITORS' REPORT The Members, SHREE INDUSTRIES LTD. We have audited the attached Balance Sheet of Shree Industries,Limited, Delhi, as at June 30th, 1999 and the annexed Profit and Loss Account for the year ended on June 30th, 1999 and report that: 1. 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 enclose in the Annexure a Statement on the matters specified in the paragraphs 4 and 5 of the said order. 2. Further to our comments referred to in paragraph 1 above,we report that a) We have obtained all the information and explanations which to the best of our knowledge and belie 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 Accounts; d) In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956; e) Subject to the Para No. 3,4, 6, 7 & 8 in Notes to Accounts, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information as 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 affairs of the Company as a June 30th, 1999. ii) In the case of the Profit & Loss Account of the Loss for the year ended on that date. for Pandey Dua & Mathur Chartered Accountants Place: New Delhi R. K. Dua Dated: 6th September, 1999 Partner ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF SHREE INDUSTRIES LIMITED, DELHI FOR THE YEAR ENDED ON 30TH JUNE, 1999 i) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. We have been informed that the fixed assets of the Company have been physically verified by the Management at the reasonable intervals and no serious discrepancies were noticed on such verification as compared to the information available with the Company. ii) The Fixed Assets have not been revalued during the financial year. iii) The Stocks of Finished Goods, Stores, Spare Parts and Raw Materials have been physically verified by the Management during the financial year at all locations. In our opinion, frequency of verification is reasonable iv) 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 nature of its business. v) The discrepancies noticed on physical verification of stocks as compared to book records were not significant and the same have been Properly dealt with in the Books of Accounts vi) In our opinion, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the basis as in the preceding year. vii) During the year, the Company has taken interest free unsecured loans from companies listed in the register maintained under Section 301 of the Companies Act, 1956, The other terms and conditions of such loans are not prima facie prejudicial,to the interest of the Company. viii) No loans have been granted to companies, firms or other companies listed in the register maintained under Section 301 and to the Companies under the same management except interest free loans and advances to its employees. ix) In our opinion and according to the information and explanations given to us, loans and advances made by the Company are generally being repaid as stipulated, including interest wherever applicable. x) 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 and nature of its business for purchase of Stores, Raw Materials including components, plant and machinery, equipments and other assets, and for sale of goods. xi) In our opinion and according to the information and explanations given to us, there are transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the registers maintained under Section 301 and aggregating during the year to Rs.50,000/- or more in respect of bach party. xi) As explained to us; the Company has a regular procedure for determination of,unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. xiii) The Company has not accepted any deposit under the provisions of Section 58A of the Companies Act, 1956. xiv) In our opinion, the Company is maintaining reasonable records for sale and disposal of realisable scrap and by-products. xv) The Company does not have a formal Internal Audit department, but in our opinion, the Company's internal control procedures are commensurate with its size and the nature of its business. xvi) The maintenance of Cost Records has been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 for the products of the Company during the year under review. xvii) The Company is not regular in depositing the Provident Fund with the appropriate authorities. The Employees' State Insurance Act is not applicable to the Company. xviii) According to the records of the Company a,nd the information and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty outstanding as at June 30th, 1999 for a period of more than six months from the date they become payable., xix) In our opinion, according to the records of the Company and information and explanations given to us, no personal expenses have been charged to Profit & Loss Account, other;than those payable under contractual obligations or in accordance with generally accepted business practices. xx) The Company is a 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. xxi) The annexure does not include statement on the matters specified in paragraphs 4B (ii, iii, ix), 4D (ii, iii, iv) of the said order since in our opinion and according to the informations and explanations given to us, the said matters are not applicable to the Company. for Pandey Dua & Mathur Chartered Accountants Place: New Delhi R. K. Dua Dated: 6th September, 1999 Partner