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Sunku Auto Ltd.

BSE: 520117 Sector: Auto
NSE: N.A. ISIN Code: INE723B01017
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Sunku Auto Ltd. (SUNKUAUTO) - Auditors Report

Company auditors report

SUNKU AUTO LIMITED AUDITOR'S REPORT We have audited the attached Balance Sheet of M/S. SUNKU AUTO LIMITED, as at 30-09-1998 and Profit & Loss account for the period ended as on that date annexed thereto and report that: 1. As required by the Manufacturing and other Com-panies (Auditors report) Order 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state that: a) We have obtained all the information and explanation 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 and the profit and loss account referred to in this 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 Balance Sheet and the profit and loss account read together with the notes thereon give the information required by the Companies Act 1956 in the manner so required and give a true and fair view. Subject to our comments and on the basis of relevant papers furnished by the Company: a) The Company had declared Income under VDIS 1 997 (under IT Act) amounting to Rs.1,60,00,000 and paid taxes Rs. 59 36 000A thereon and shown as net off under Income group. b) The company has not provided for depreciation on the redundant assets disclosed in the sl. no. 3 of Notes on Accounts . i) in so far as it relates to the Balance Sheet of the state of affairs of the company as at 30-09-1998 (12 months) and: ii) in so far as it relates to the profit and loss account, of the Profit of the company for the year- ended on that date. FOR B. NARSING RAO & CO. CHARTERED ACCOUNTS PLACE : HYDERABAD DATE : 26-11-98 B. NARSING RAO ANNEXURE TO AUDITOR'S REPORT [Referred to in paragraph 1 of our report of even date] 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year but there is a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on verifiction 2. None of the fixed assets have been revalued during the year. 3. The stocks of finished goods, spare parts and raw material have been physically verified the management during the year. In our opinion, the frequency of verification is reasonable. 4. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. 5. The discrepancies noticed on verification between the physical stock and book records were not material. 6. On the basis of our examinations of stock records. We are of the opinion that 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 proceeding year. 7.According to the explanations given to us the company has not accepted loans, from companies, firms or other parties listed in the register u/s. 301 and from the companies under the same management as defined under Sec. 370 of the Companies Act, 1956 where the rate of interest, or the terms and conditions are prima facie prejutical to the interest of the company. 8 According to the explanations given to us the company has not granted loans to companies, firms or other parties required to be listed in the register under the section 301 and to the companies under the same management as defined u/s 370 of the Companies Act, 1956. 9. According to the explanations given to us, the company has not granted loans or advances to employees of the company or any other parties . 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of stores, spares parts including components, plant and machinery, equipment and other assets and with regard to the sale of goods 11. In our opinion and according to the information and explanation given to us, the company has entered into contracts or agreements which are required to be entered in Register maintained under section 301 of the Companies Act, 1956 and also, has effected purchases/sales from the said parties, which are reasonable having regard to prevailing market prices for such goods, materials or services of the prices at which transactions for similar goods or services have been made with other parties. 12. According to the explanations given to us, the company has no unserviceable goods or damaged stores, raw materials or finished goods. 13. In our opinion. and according to the information and explanations given to us, the company has accepted deposits from the public and under the provisions of Sec. 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule 1975, and the rules framed thereunder, and complying with the provisions. 14. In our opinion and according to the information and explanations given to us the company has no realisable by products or scrap 15. In our opinion, the company has an internal audit system commensurate with the size and nature of its business 16. In our opinion and according to the explanations given to us, maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 has not prescribed . 17. According to the explanations given to us the company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authorities. 18. The Company has opted for VDIS 1997 under l.T. Act and declared income amounting Rs.1,60,000/- and paid taxes to Rs.59,36,000 thereon, during the month of December 1997. 19. According to the information and explanations given to us, no personal expenses of the 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 not a sick industrial company with in the meaning of clause (O) of Sub- section (1) Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. FOR B. NARSING RAO & CO. Chartered Accountantc B. Narsing Rao Partner Place: Hyderabad Date : 26-11-98