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Star Precision Electronics (India) Ltd.

BSE: 513505 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Star Precision Electronics (India) Ltd. (STARPRECELECT) - Auditors Report

Company auditors report

1995 STAR PRECISION ELECTRONICS (INDIA) LIMITED AUDITORS' REPORT We have audited the attached Balance Sheet of the STAR PRECISION ELECTRONICS (INDIA) LIMITED (formerly Star Holdings & Electronics Research Private Limited) as at 30th June 1995, and the Profit & Loss Account for the period ended on that date and have to report that: 1. The Company does not have a Company Secretary since the end of August, 1994 as required under Section 283 of the Companies Act, 1956. (Note No.5). 2. Regarding deferment of certain Marketing Development Expenditure and Exhibition Expenses the measurable benefit of which in the current and future years is uncertain and therefore not in consonance with the generally accepted accounting principles resulting in the loss for the period and the balance in the Profit and Loss Account being understated by Rs. 11,21,849/-. (Note No.12). 3. Regarding treatment of assets sold and required under finance lease the Company is charging depreciation as per Schedule XIV of the Companies Act, 1956 instead of writing off the cost of the asset over the period of the lease, resulting in the loss for the period and the balance in the Profit and Loss Account being understated by Rs. 10,48,342/- (Note No. 13). 4. Attention is invited to Note No. e regarding deferment of Product Development Expenditure the technical and commercial viability of which products have been certified by the management. 5. Non provision for diminution in value of shares of Rs. 79,09,222 /- . 6. Regarding non provision of accrued leave salaries, wages the amount being unascertained. (Note No.3). 7. Further to our comments in the Annexure referred to in 1 to 7 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 the audit. b. In our opinion proper books of account have been maintained by the company, so far as appears from our examination of the books. c. The Balance Sheet and the Profit & Loss Account dealt with by the report are in agreement with the books of account. d. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read with other notes thereon give in the prescribed manner, the information required by the Companies Act, 1956 and give a true and fair view, respectively, of the state of affairs of the Company as at 30th June, 1995 and the loss for the year ended on that date. For and on behalf of NANUBHAI & CO. CHARTERED ACCOUNTANTS ABHAY D. DESAI PARTNER Place : Bombay Date : 26th February, 1996.