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Sterling (Gujarat) Hospitals Ltd.

BSE: 531741 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Sterling (Gujarat) Hospitals Ltd. (STERGUJHOSP) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 STERLING (GUJARAT) HOSPITAL LTD. AUDITOR'S REPORT TO THE MEMBERS OF STERLING (GUJARAT) HOSPITALS LTD. We have audited the attached Balance Sheet of Sterling (Gujarat) Hospitals Limited, Nr. Drive-in- Cinema, Memnagar, Ahmedabad - 380 052 as at 31st March 2000 No profit & Loss Account of the Company for the year ended on that date has been prepared, as the Company has not commenced any manufacturing or other activities during the above year. We report that: - 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988,issued by the Company law board in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we enclose in the Annexure A statement on the matters specified in paragraphs 4 and 5 of the said order to the extent they are applicable to the Company. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state that: - a) We have obtained all 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 appears from our examination of the books. c) The Balance Sheet dealt with by this report is in agreement with the books of accounts. d) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts 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 the Balance Sheet together with notes thereon of the state of affairs of the Company as at 31 St March, 2000. RAMESH C. SHARMA & CO. Place: AHMEDABAD CHARTERED ACCOUNTANTS Date: 1 /11 /2000 RAMESH C. SHARMA (PROPRIETOR) ANNEXURE TO THE AUDITORS' REPORT 1) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. A physical verification of the fixed assets was carried out by the Management at the end of the financial year except for Imported machinery lying with Customs bonded warehouses and with the airport authority and in our opinion, is reasonable taking into account the initial stages of construction. No material discrepancy was noticed on such verification. (2) None of the fixed assets has been re-valued during the year. (3) The stock of items used on project under implementation have been physically verified during the year by the Management which in our opinion is reasonable. (4) The procedure of physical verification followed by the Management is reasonable and adequate in relation to the nature of stock. (5) According to the information given to us no discrepency was noticed on physical verification of closing stock as compared to books of accounts. (6) In our opinion the valuation of closing stock is fair and proper in accordance with the normally accepted principles. There is no opening stock, hence the comparison of valuation does not arise. (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 or from Companies, firms or other parties referred to under Section 370 (1 B) of the Companies Act, 1956. (8) The Company has not granted any loan, secured or unsecured to Companies, firms or other parties listed in the register maintained under section 301 and / or to the Companies under the same management as defined under Sub-section 1-B of Section 370 of Companies Act. 1956. (9) No loans or advances in nature of loans have been given to any other party except interest free staff loans without any stipulation as to repayment. (10) In our opinion the system of internal control for the purchase of plant and machinery, materials, equipment and other assets needs further improvement so as to commensurate with the size and nature of business. (11) In our opinion and according to the explanation submitted to us the Company has not purchased any stores, raw materials and components and sold goods, to the firms and Companies in which Directors are interested as listed in the Register maintained under section 301 of the Companies Act, 1956. As far as transactions of services are concerned the prices paid are considered to be reasonable in view of quotations obtained by the Company. (12) As explained to us unservicable or damaged construction materials are determined by the Company and adequate provision for loss has not been provided in the accounts. (13) The Company has not accepted deposits from Public during the year under review. (14) The Company has no by-product or scrap hence clause 4(A) (xiv) of the order in not applicable. (15) In our opinion, the Company has an adequates internal audit system commensurate with the size and nature of its business. (16) The provision of Section 209- (1) (d) of the Companies Act, 1956 regarding maintenance of Cost records are not applicable to the Company. (17) According to the information and explanation given to us and according to the records of the Company. Provident fund has been regularly deposited during the year with the appropriate authorities. It was informed to us that the provisions of Employees State Insurance Act. are not applicable to the Company. (18) According to the records of the Company no amount is payable in respect of Wealth Tax, Sales Tax and Excise Duty as at31/03/2000 except custom duty and Income Tax. The Income Tax is payable for Rs.12,13,402/- from Asst. Year 1991-1992 to Asst. year 1995-1996. however the Company has preferred appels which are still pending. The Custom duty of Rs.75,36,938/- on imported machinery is payable as at 31/03/2000. (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 Provisions of Sick Industrial Companies (Special Provisions) Act, 1985 are not applicable to the Company. (21) The Company has not carried out any service activity, hence clauses (ii), (iii), (iv) of para 4B of the order are not applicable. FOR, RAMESH C. SHAFIMA & CO. CHARTERED ACCOUNTANTS Place: AHMEDABAD RAMESH G. SHARMA Date : 1/11/2000 (PROPRIETOR)