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Stotz Blacksmiths Ltd.

BSE: 532115 Sector: Engineering
NSE: N.A. ISIN Code: INE485F01014
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Stotz Blacksmiths Ltd. (STOTZBLACKSMITH) - Auditors Report

Company auditors report

STOTZ- BLCKSMITHS LIMITED ANNUAL REPORT 1998-99 AUDITOR'S REPORT TO THE SHARE HOLDERS We report that we have audited the attached Balance Sheet Of Stotz - Blacksmiths Ltd. As on 31 n March 1999 and the Profit & Loss Account for the year ended on that date, annexed thereto. 1. As required by the Manufacturing & other Companies ( Auditors Report ) Order, 1988 issued by the central Government under section 227(4A) of the Companies Act. 1956 we give our comment in the annexure on the manner specified in the said Order to the extent they are applicable to the company. 2. Further to comments in the annexure referred to in paragraph I above, we report that: a) We have obtained all the information and explanation which to the best of our knowledge 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 it appears from our examination of hose books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with books of accounts. d) In our opinion, the Profit & Loss Account and Balance Sheet Comply with accounting standards refered to in sub_section (3c) of section 21 1 of Companies Act 1956. e) In our opinion and according to the explanation given to us, the said accounts together with other notes thereon given the information required by the Companies Act, 1956 in the manner so required and given true and fair view: Subject to point (2) &1) of Note on account forming part of Balance Sheet and Profit & Loss A/c Schedule 12. i) In case of the Balance Sheet, Of the state of affairs of the company as at 31st March, 1999 & ii) In Case of the Profit & Loss Account, of the profit for the year ended on that date. PLACE : MUMBAI FOR I.G. MODI& COMPANY DATE : 26.08.1999 Chartered Accountants I.G.MODI Proprietor ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph I of our report of given date on the accounts of Stotz - Blacksmiths Ltd. For the year ended 31 st March 1999 i) The company is maintaining proper records of fixed assets shoving full particulars including quantitative details & location thereof. We are informed by the management that fixed assets, furniture & fixtures and office equipments have been physically verified during the year and having regard to the size of the company & nature of the assets, no material discrepancies were noticed on such physical verification ii) None of the fixed asset have been revalues during the year. iii) The Stock of finished goods, stores & spares have been physically verified by he management during the year. In our opinion, the frequency of verification is reasonable. iv) The procedure of physical verification of stock; followed by the management are reasonable & adequate in relation to the size of the company & the nature of it's business. v) As far as we can ascertain & according to the information & explanation given by the management, the discrepancies noticed on physical verification of stock as compared to books records were not material in relation the size of the operation of the company & the same have been properly dealt with in the books of accounts. vi) The valuation of stock is in our opinion, fair and proper in accordance with the normally accepted principles & is on the same basis as in the preceding year. vii) The company has not taken any loans, Secured or unsecured from the companies, from, or other parties listed in the register maintained under section 301 of the Companies Act,1956. viii) The rate of interest & other terms & conditions of unsecured loans grunted by the company in the circumstances explained to us, to companies, films, or other parties listed in the register maintained U/s 301 of the companies Act,1956 are not prima facie prejudicial to the interest of the company. ix) Loans & advances in the nature of loans including interest thereon ( wherever charged ) made to various parties and employees are generally being recovered as per stipulations & mutual arrangements being from time to time. x) In our opinion & according to the information & explanations given to us, there are adequate internal control procedure with the size of the company & the nature of its business with regard to purchase of stores, raw materials including components, plants and machinery equipment & other fixed assets & regard to sale of goods. xi) As far as we could ascertain on the basis of our selective checking & according to the information & explanation given to us, the prices paid for the purchase of goods and materials & the sale of goods, materials and service made in pursuance of contract or arrangements entered in the register maintained U/s 301 of the Companies Act.,1956 & aggregating during the year to Rs.50,000/- or more in respect of each party are reasonable having regard to the prevailing market prices for such goods, materials, or services or prices at which transaction for the similar goods or services have been made with other parties or price lists or quotations of the parties wherever available with the company. xii) No serviceable or damaged stores were determined during the year. xiii) The Company has not taken any deposit from public under the provision of section 58 A of the Companies Act.1956. xiv) As explained to us there is no serviceable or damaged stores & raw materials in stock at the year end xv) In our opinion & according to the information & explanation given to w during the course of the audit there are adequate internal control procedures commensurate with the size of the company & the nature of its business with regard to purchase of raw materials, equipments and other assets. xvi) We have been informed that central Government has not prescribed for the maintained or cost records U/s 209(1) (d) of the Companies Act.1956 in respect of the activity of manufacture of Rollers, Shaft, Gear pinions, Forging etc. xvii) According to the records of the company, Provident Fund Act the Employees State Insurance Act,1948 are not applicable to the company. xviii) According to the information & explanations given to us, no undisputed amounts payable in respect of income-tax ,sales-tax, Customs Duty & Excise Duty were outstanding as on 31 st March 1999, for the a period of more than six months from the date they become payable. The provision of wealth Tax Act. Are not applicable to the Company. xix) As explained to us, in our opinion, no personal expenses have been debited to revenue account, other than those payable under contractual obligation. xx) The Company is not a sic industrial Company within the meaning of section 3(1)(0)of the sick Industrial Companies ( Special provision) Act.1985. PLACE : MUMBAI FOR I. G. MODI & COMPANY DATE : 26.08.99 Chartered Accounts I.G. Modi PROPRIETOR