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Shruti Synthetics Ltd.

BSE: 503788 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Shruti Synthetics Ltd. (SHRUTISYNTHETIC) - Auditors Report

Company auditors report

Annual Report 1998-99 Shruti Synthetics imited AUDITORS' REPORT To The Members Of Shruti Synthetics Limited We have audited the attached Balance Sheet of M/s Shruti Synthetics Limited as at 31st March, 1999 and the annexed Profit & Loss Account for the year ended on that date 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 (4-A) of the Companies Act, 1956, we enclose a statement of the matters specified in paragraph 4 and 5 of the said order. 2. Further to our comments in annexure referred to in paragraph-1 above, we report that subject to: (i) Note no.7 regarding depreciation where the Company has considered the Plant and Machinery of spinning plant as continuous plant and charged depreciation for the period of 9 months instead of 12 months. This has resulted in decrease in loss by Rs. 2730531. (ii) Note no 8 regarding accounting of certain income/expenditure on realisation/ payment basis. (iii) Note no. 9 regarding non provision of retirement benefits on acturial valuation basis. (iv) Note no.10 regarding accounting Export Incentives in respect of duty free import entitlement and incentives from domestic suppliers and valuation of such stock at domestic value instead of cost. (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 it appears from our examination of such Books. (c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the Books of Account. (d) In our opinion,the Profit & Loss Account and the Balance Sheet comply with the mandatory Accounting standard,Specified by the Institute of Chartered Accountants of India as referred to in Sub - section (3C) of Section 211 of The Company Act except that AS-6 AS-9 and AS- 15, the deviations are reported herein above. (e) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account read together with notes thereon, give the information required by the Company's Act 1956 in the manner so required and subJect to the comments affecting Loss for the year, relevant assets, liabilities and reserves and surplus to the extent mentioned here in above give a true and fair view :- i) In the case of Balance Sheet of the state of affair of the Company as at 31st March,1999 and ii) In case of Profit & Loss Account of the loss of the Company for the year ended on that date For A. Bafna & Company Chartered Accountants PLACE: UDAIPUR (M. K. GUPTA) DATE : 04.12.1999 PARTNER ANNEXURE TO THE AUDITORS' REPORT: Statement referred to in paragraph (1 ) of our report of even date to the shareholders of SHRUTI SYNTHETICS LIMITED on the accounts for the year ended 31st March, 1999. 1) The Company has maintained proper record to show full particulars, including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the Management during the year in phased manner and no material discrepancies between book records and the physical inventory have been noticed. 2) The fixed assets have not been revalued during the year 3) The stocks of Raw Materials, Stores, Spares Parts and Finished Goods have been physically verified during the year by the management. In our opinion, the frequency of the 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 was found 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 book records were not material and the same have been properly dealt with in the books of account. 6) In our opinion the valuation of stock and Stores, Spares Parts and Raw Materials is fair and proper in accordance with the normally accepted accounting principles subject to Note No.10 relating to valuation of stock referred therein at domestic value instead of cost and the basis of valuation is same as in the previous year. 7) In our opinion and explanation given to us the rate of interest and other terms and conditions on which loans have been taken from Companies, firms or other parties listed in Register maintained u/s 301 of the Companies Act, 1956 are not prima-facie prejudicial to the interest of the Company and no loan have been taken from companies under the same management. 8) The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained U/S 301 of the Companies Act, 1956 or to Companies under the same Management within the meaning of Section 370 (1 B) of the Companies Act 1956. 9) There are no loans or advances in the nature of loans given by the Company except interest free advances in the nature of loans have been made to employees which are generally being repaid as stipulated. 10) In our opinion and according to the information's & explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to the purchases of Stores, Raw Material including components, Plant & Machinery, Equipment s and other assets and for the sale of goods. 11) According to the information and explanations given to us, transactions of purchase of goods and materials, and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the register maintained U/S 301 of the Companies Act, 1956 aggregating during the year to Rs.50000/ - or more in respect of each party have been made at price which are reasonable having regard to prevailing market prices for such goods, materials and services or the prices at which transactions for similar goods and services have been made with other parties. 12) As explained to us, the Company has regular procedure for the 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. 13) The Company has complied with the provisions of section 58A of the Companies Act,1956 and the rules framed thereunder except the acceptance of deposits repayable for a period earlier than six months from the persons other than the shareholders. 14) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. As explained to us the company's operations do not generate any by- products. 15) In our opinion, the Company has a reasonable internal audit system commensurate with the size and nature of business of the company. 16) The Company has maintained Cost Accounts and records as prescribed by the Central Government under Section 209 (1) (d) of the Companies Act,1956. However, we have not made a detailed examination of such records with a view to determine whether they are accurate or complete. 17) According to the records of the Company, Provident Fund and Employees State Insurance dues have been regularly deposited during the year with the appropriate authorities. 18) According to the information and explanations given to us, there was no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31S' March 1999 for a period of more than six months from 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 revenue account other than those payable under contractual obligations or in accordance with 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) There were no damaged goods in case of goods purchased by the Company for resale. For A. BAFNA & CO. Chartered Accountants Place: Udaipur (M. K. GUPTA) Date : 04.12.1999 PARTNER