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Star Spin & Twist Machines Ltd.

BSE: 522120 Sector: Industrials
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 Spin & Twist Machines Ltd. (STARSPINTW) - Auditors Report

Company auditors report

1994 STAR VOLKMANN LTD. REPORT OF THE AUDITORS TO THE, MEMBERS OF STAR VOLKMANN LTD. We have audited the attached Balance Sheet of Star Volkmann Ltd. as at 30th September 1994 and also the attached Profit and Loss Account of the Company for the year ended on that date and have to report that: a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the puepose of our audit. b. In our opinion, proper Books of Account as required by the law have been kept by the Company, so far as appears from our examination of the Books. c. The Balance Sheet and Profit and 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 accounts subject to: a) Note 1(1) Regarding dispute with the collaborators and the subsequent overall settlement of the issues, inter-alia in connection with the technical knowhow and the translation and incorporation of the dispute and settlement into the books of account are as stated by management and we make no observation on the same. In pursuance of the settlement, the technical knowhow restored is to be amortised prospectively from 1st October 1993 and accordingly an amount of Rs. 10,63,976 is amortised during the year, as against the policy of Company in earlier years to amortise the technical knowhow fees over the period of the agreement. The amount of knowhow amortised in earlier years and written back in the previous year has also been restored alongwith the knowhow, in consequence of which the reserves are overstated by Rs. 30,53,780. Further had the previous policy of amortising the knowhow over a period of the agreement upto the termination of agreement would have been followed, there would have been additional charge against revenue of Rs. 22,66,097 in consequence of which profits for the year would have been lower by that amount. The balance of Profit and Loss account and Reserves are overstated by Rs. 53,19,877. b) Note 7 Regarding Rs. 1,57,02,216/- classified by the Company as Export Market Development Expenses and payable to an associate Company in which some of the directors are interested, in the absence of detaits of the current and future measurable benefit arising out of the same we are unable to express any opinion on the basis of its deferral by the Company nor the period of deferral. c) Note 7 Regarding the non-obtaining of Board approval and previous approval of Central Government under Section 297 (1) of the Companies Act 1956 for the purchase of air tickets from a private limited Company upto 23rd January 1994. The Company has since received approval under Section 297 (1) from 24th January 1994 vide letter no. 2/b 5885/89 and also letter dated 10th October. 1994. d) Note 8 Not obtaining previous approval of Central Government under Section295 (1) of the Companies Act 1956 for advancing Rs. 9,00,000/- and Rs. 39,42,565/- to Private Limited Companies in which some of the directors are interested as directors/members. e) Note 9 Regarding Lease Rental of Rs. 2,49,750/- paid to Uranus Foundries is subject to approval of Central Government under Section 297 (1) and read with the other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: (a) In the case of the Balance Sheet of the state of affairs of the Company as at 30th September 1994 and (b) In the case of the Profit and Loss Account of the profit for the year ended on that date. For NANUBHAI & CO. Chartered Accountants. Abhay D. Desai Partner Dated : 31st December 1994 Bombay