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Suman Motels Ltd.

BSE: 523295 Sector: Services
NSE: SUMANMOTEL ISIN Code: INE723A01019
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Suman Motels Ltd. (SUMANMOTEL) - Auditors Report

Company auditors report

SUMAN MOTELS LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT To The Members of SUMAN MOTELS LIMITED Mumbai. We have audited the attached Balance sheet of SUMAN MOTELS LIMITED, as at March 31, 2002 and the annexed Profit & Loss Account of the Company for the year ended on that date annexed thereto and report that; 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988, issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956, we give in the annexure a statement on matters specified in paragraphs 4 and 5 of the said order. 2. Further to our Comments in the Annexure referred to in paragraph 1 above: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by Law have been kept by the Company so far as appears from our examination of the books; c) The Balance Sheet and Profit & Loss Account dealt with by 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 Accounting Standards referred to in section 211(3c) of the Companies Act, 1956. e) Mr Vijay Kumar and Mr Javed Akhtar has resigned from directorship as of March 11, 2002, whose representation has not been considered by the Board and as far as other Directors are concerned, on the basis of written representation from Directors and the information and explanation as made available and taken on record by the Board of Directors, we report that none of those Directors are disqualified as on 31st March, 2002 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. 3. In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give true and fair view; i) In the case of Balance Sheet, the state of affairs of the Company as at March 31st 2002; and ii) In the case of Profit & Loss Account of the loss for the year ended on that date. Dedhia Talak Devji Chartered Accountants Place : Mumbai Dated : 5th June, 2002 ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31ST 2002 OF SUMAN MOTELS LIMITED. 1. The Company has maintained proper records to show full particulars including quantitative details and situation of Fixed Assets. As explained to us all fixed assets have been physically verified by the management at reasonable intervals during the year and we have been informed that no materials discrepancies were noticed on such verification as compared to book records. 2. None of the fixed assets have been revalued during the year under review. 3. The stocks of stores, provisions, linen, etc. have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable. 4. In our opinion and according to the information and explanations given to us, the procedures of physical verification of the above referred stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of it's business. 5. The discrepancies noticed on verification between the physical stocks and book records were not material in relation to the operations of the company. 6. On the basis of our examination of the stock records. We are of the opinion that the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. In our opinion, the rate of interest and other terms and conditions of the loans taken by the company from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management within the meaning of Section 370(1B) of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company. 8. The Company has not granted any loans, secured or unsecured to Companies firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or to Companies under the same management within the meaning of Section 370(1B) of the Companies Act, 1956, where the rate of interest and other terms and conditions are, in our opinion. Prima facie prejudicial to the interest of the Company. 9. In respect of loans and advances in the nature of loans given by the Company, where stipulations have been made, the parties are generally repaying the principal amounts as stipulated or as rescheduled and have also been regular in the payment of interest where applicable. 10. In our opinion and as according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of stores provisions, plant & machinery, equipments and other assets and with regard to the sale of goods / services. 11. In our opinion and according to information and Explanations given to us in respect of transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered with parties listed in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs.50,000/- or more in respect of each part, the prices charged have been reasonable having regard to prevailing market prices for such goods, materials or services of the prices at which transactions of similar goods and materials have been made with other parties. 12. As explained to us, the Company has a regular procedure for determination of unserviceable or damaged stores and provisions etc. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. In our opinion and according to the explanations given to us the Company has not accepted any deposits from public and hence compliance of the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, does not arise. 14. As explained to us the company has no by products. There is no generation of scrap in the normal activities of the Company. 15. In our opinion the company has an adequate internal audit system commensurate with the size and nature of it's business. 16. The Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956. 17. According to the records of the Company, Provident Fund and Employees State Insurance dues have not been regularly deposited during the year with the appropriate authorities and are informed by the management, efforts are being made to regularise the accounts. 18. According to the information and explanations given to us there are certain undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, Luxury Tax, Customs Duty and Excise Duty which have remained outstanding at 31st March, 2002 for a period of more than six months from the date of they became payable. the management informed us that efforts are being made to regularise the account. 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 sick Industrial Company with the meaning of Clause (o) of subsection (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. In respect of the Company's service activities, we further report that. a) There is a reasonable system of recording receipts, issues and consumption of materials and stores. Where applicable and allocation material concerned to the relative jobs; b) There is a reasonable system of allocating man-hours utilized, where applicable to the relative jobs; c) There is a reasonable system of authorisation at proper levels, and an adequate internal control, on issue of stores and allocation of stores and labour to jobs commensurate with the size of the Company and relative of its business. 22. As explained to us, the Company has not done any trading activities during the year and the activities of the Company has not discontinued from those to intervention of SEBI in the investment schemes of the Company. Dedhia Talak Devji Chartered Accountant Place : Mumbai Dated : 5th June, 2002