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Surgiplast Ltd.

BSE: 523077 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Surgiplast Ltd. (SURGIPLAST) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 SURGIPLAST LIMITED AUDITORS' REPORT To, The Members of SURGIPLAST LIMITED We report that we have audited the Balance Sheet of SURGIPLAST LIMITED as at 31st March, 1999 and also the annexed Profit & Loss Account of the Company for the year ended on that date. 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. 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. 3. The Balance Sheet and the Profit and Loss Account dealt with by this Report are in agreement with the books of account. 4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon and subject to: a) Note No. 1 (Schedule-19) regarding preparation of accounts on "going concern" basis despite erosion of its entire net worth and proceedings pending with BIFR; b) Note No. 3 (Schedule-19) regarding non-availability of confirmation of balances in respect of financial institutions, certain banks, loan, debtors and creditors; c) Note No. 4 (Schedule-19) regarding provision of interest on term loans taken from banks/financial institutions having been made on the basis on various loan agreements; d) Note No. 10(a) (Schedule-19) regarding non provision of bad and doubtful debts amounting to Rs.15,90,367 (Previous Year Rs. 15,90,367). e) Note No. 10(b) (Schedule-19) regarding non provision of disputed Income Tax/Sales Tax demand of Rs. 103,08,074 (Previous Year Rs 102,78,818) and interest/penalty thereon as may be determined; 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, 1999 and ii) In the case of the Profit & Loss Account, of the Profit for the year ended on that date. 5. In our opinion the Profit and Loss Account and the Balance Sheet comply with the accounting standards referred to in section 211(3C) of the Companies Act, 1956 to the extent applicable. 6. As required by the Manufacturing and Other Companies (Auditors' 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 further report that: i) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed Assets. As per information and explanations given to us, the Company has adopted a system of physically verified of all its fixed assets once in every two years, Accordingly its fixed assets were verified by the management during the last year. In our opinion, the frequency of verification of fixed assets by the management is at reasonable intervals, having regard to the size of the company and the nature ot its assets. We are informed that discrepancies noticed on such verification were insignificant. ii) None of the fixed assets have been revalued during the year. iii) The stocks of finished goods and raw materials have been physically verified by the management at the year end. iv) In our opinion and according to the information and explanation given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. v) Discrepancies between the physical stocks and the book stock which were not significant have been dealt with in books of accounts. vi) In our opinion, and on the basis of our examination, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principles except that as per past practice, excise duty on stocks of finished goods has not been considered as part of cost, as recommended by the Institute of Chartered Accountants of India in its revised guidance not "Accounting treatment of excise duty" (Refer Note 9 Sch. 19) The Valuation of stocks is on the same basis as in the previous year. vii) In our opinion and according to the information and explanation given to us, internal control procedures for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods are commensurate with the size of the Company and the nature of its business viii) As explained to us, the Company has regular procedure for the determination of unserviceable or damaged stores, raw materials, finished goods. According to information given to us, adequate provisions have been made in the account for the loss arising on the items so determined. ix) In our opinion and according to the information and explanation given to us, scrap generated during the manufacturing process of IV Sets and Syringes is being used for internal consumption by the Company. As explained to us, the Company's operations do not generate any by-products. x) The company does not have an internal audit system. xi) The Company has been depositing Provident Fund and State insurance dues with the appropriate authorities fully though slightly late on several occasions. xii) According to the information given to us , there were no undisputed amounts payable in respect of Income Tax, Custom Duty, and Excise Duty which have remained outstanding as at 31st March,1999 for a period of more than six months from the date they became payable. In respect of Sales Tax Rs. 17,93,023/- (Previous year 17,93,023) have remained outstanding as at year end for a period of more than six months from the date they became payable. xiii) According to the information and explanation given to us and on the basis of the records examined by us, personal expenses of directors or employees have not been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. xiv) The Company is not a sick industrial company within the meaning of clause (O) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and a reference has been made to the BIFR U/s 15 of that Act BIFR pursuant to the reference has issued a show-cause notice for winding up the Company. xv) Provision of Sun-para (vii) to (ix),(xi) (xii) and (xvi) of para 4A of MAOCARO do not apply during the year under audit For M.G. Ved & Co. Chartered Accountant M.G. Ved Partner Place : Bombay Date : 14th June, 1999