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Sumex Chemicals Ltd.

BSE: 524105 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Sumex Chemicals Ltd. (SUMEXCHEMICALS) - Auditors Report

Company auditors report

SUMEX CHEMICALS LIMITED ANNUAL REPORT 1999-2000 AUDITORS REPORT The Members of SUMEX CHEMICALS LIMITED, Mumbai-400 053. I have audited the attached BALANCE SHEET of SUMEX CHEMICALS LIMITED as at 31st March, 2000 and also PROFIT & LOSS ACCOUNT for the year ended on that date annexed thereto. I report as follows: 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. I annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 2) Further to my comments in the Annexure referred to in paragraph (1) above: a) I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purpose of my audit. b) In my opinion, proper books of account as required by law have been kept by the company so far as appears from my examination of the books. c) The BALANCE SHEET and the PROFIT & LOSS ACCOUNT are in agreement with the books of account and comply with the accounting standards referred to in the section 211(3C) of the Companies Act, 1956. d) Subject to notes in schedule 14 relating to non provisions for disputed sundry debtors, liability for gratuity and leave encashment tax at source and debenture redemption fund, in my opinion and to the best of my information and according to the explanations given to me, the said accounts SUBJECT to and read with the NOTES to the accounts as given in schedule 14 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 of the state of affairs of the company as at 31st March 2000 and ii) In the case of the PROFIT & LOSS ACCOUNT of the LOSS of the company for the year ended on that date. For ANAND JAIN & ASSOCIATES Chartered Accountants Place: Mumbai Anand Raj Jain Dated: 30th June 2000 Proprietor ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH (1) OF MY REPORT OF EVEN DATE: 1) The Company has compiled all the details relating to Fixed Assets except furnitures, fittings and office equipments showing full particulars including the quantitative details and situation thereof. It is stated by the management that physical verification of Fixed Assets has been carried out once during the year There is no discrepancy noticed by the management on such verification. 2) None of the fixed assets is revalued during the year. 3) In accordance with the explanations given, the stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the management. In my opinion, having regard to nature and location of stock, the frequency is reasonable. 4) The procedure of physical verification of stocks followed by the management, in my opinion is reasonable and adequate in relation to the size of the company and the nature of its business. 5) In my opinion and on the basis of the information and explanations received, the discrepancies noticed between the physical stocks and the book records as verified by the management were not material and have been properly dealt within the books of account. 6) In my opinion and on the basis of examination of the stock records, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year except that the unutilized amount of Modvat has been added in the closing stock of raw materials. 7) According to the information and explanations given to me, loans and advances in the nature of loans are taken from the companies, firms, directors etc., as listed in the Register maintained under section 301 of the Companies Act, 1956 without any stipulation of terms and conditions as to repayment, security and interest. There are no companies under the same management as defined under section 370(1 B) of the Companies Act 1956. 8) In my opinion and according to the information and explanations given, the company has not granted unsecured loans and advances in the nature of loans to Companies Act as listed in the register maintained under section 301 of the Companies Act, 1956. 9) In my opinion and according to the information and explanations given, in case of other loans and advances in nature of loans no terms and conditions are stipulated as to rate of interest, security and repayment as referred to in note no. 9C(i) of schedule 14. To that extent they are prejudicial to the interest of the company. 10) In my opinion and according to the information and explanations given to me, there is adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw materials including components, equipments and other assets and for the sale of goods. 11) The company has not entered into any transaction of purchase of goods, materials and services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 as aggregating during the period to Rs. 50,000/- or more in respect of each party. 12) In accordance with the information and explanations given to me there are no unserviceable or damaged stores, raw materials and finished goods at the end of the year. 13) As per explanations and information given to me company has not accepted any deposits as contemplated u/s. 58A of the Companies Act, 1956 during the year. 14) In my opinion and on the basis of explanations given, the company has maintained records for disposal of scrap. The company has no by-product. 15) According to the records of the company and explanations given to me the dues of the Provident Fund and Employees State Insurance Scheme have not been deposited. The amount outstanding payable at the end of the year is Rs. 5.93 Lacs (6.60 Lacs). 16) According to the information and explanations given, the company does not have any undisputed amount payable in respect of Wealth Tax, Excise and Customs Duty at the last day of the Financial Year for a period of more than Six Months from the date they become payable except Income Tax (T.D.S.) and Sales Tax. 17) In my opinion and according to the information and explanations given to me and records examined by me, no personal expenses have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices. 18) The company has been declared a Sick Industrial Undertaking within meaning of clause (0) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act. For ANAND JAIN & ASSOCIATES Chartered Accountants Place: Mumbai Anand Raj Jain Dated: 30th June 2000 Proprietor