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SYP Agro Foods Ltd.

BSE: 519313 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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SYP Agro Foods Ltd. (SYPAGROFOODS) - Auditors Report

Company auditors report

SYP AGRO FOODS LIMITED AUDITOR'S REPORT We have audited the attached Balance sheet of SYP AGRO FOODS LIMITED as on 30th September,1998 and Profit & loss Account of the Company for the period ended on 30th September,1998 annexed there to and report that. (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) a statement of the matters for the purpose of our audit. (2) Further to our comments in the Annexure "A" referred to in the paragraph I above we report as under. (a) We have obtained all the information and explanations which to the best of our Knowledges 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 such books of accounts. (c) The Balance Sheet and the Profit & loss Account referred to in this report are in agreement with the books of accounts. (d) In our opinion and to the best of our information and according to the explanations given to us the said Balance sheet and Profit & Loss Account read together with notes thereon give the information required by the Companies Act,1956 in the manner so required and give a true and fair view. (i) in so far as it relates to the Balance Sheet of the state of affairs as on 30th September,1998. (ii) In so far as it relates to the Profit & loss Account of the Profit during the period ended on 30th September,1998. For S.HEMAL & ASSOCIATES CHARTERED ACCOUNTANTS. (HEMAL DESAI) Proprietor. Place: Ahmedabad Date : 3rd March,1999 Annexure "A" referred to in the Auditor's Report to the members of SYP AGRO FOODS LIMITED for the period ended on 30th September,1998. (i) As informed to us the Company is in the process of compiling fixed assets have physically verified by the management at reasonable intervals. No materials descrepancies were noticed on such verification. (ii) None of the fixed assets were revalued during the accounting period. (iii) As per information supplied to us by the management had conducted physical verification at reasonable intervals in respect of finished goods, stores, spare parts and raw materials. (iv) The procedure for 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. (v) No material discrepancies have been noticed on physical verification on stock as compared to book records. (vi) On the basis of our examinations of stock we are satisfied that such valuations is fair and proper in accordance with the normally accepted accounting principles. The basis of valuations of stock is the same as in the preceding year. (vii) The rate of interest and other terms and conditions of loans if any secured or unsecured to companies,firms and other parties listed in the register maintained under section 301 of the companies Act,1956 (1 of 1956) and from the companies under the same management as defined under section 370(1B) are not prima facie prejudicial to the interest of the company. (vii) The rate of interest and other terms and conditions of loans if any secured or unsecured to Companies,firms and other parties listed in the register maintained under section 301 of the Companies Act 1956(1 of 1956) and to the companies under the same management as defined under section 370 (1B) of the Companies Act,1956 are not prime facie prejudicial to the interest of the company. (ix) As informed to us the parties to whom loans or advances in the nature of loans have been given by the company are repaying the principal amounts as stipulated. However written contract for such contract of such loans and advances are not made by the Company. (x) There is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of stores raw materials including components plant and machinery equipments and other assets and for the sale of goods. (xi) The transactions of purchase of sale of goods, materials and services made in pursuance of contract or arrangement entered in the register (s) maintained under section 301 of the Companies Act,1956 (1 of 1956) and aggregating during the year to Rs 50,000 (Rupees fifty thousand) or more in respect of each party have been made prices which are reasonable having regard to prevailing market prices for such goods materials or services or the prices at which transactions for similar goods or services have been made with other parties. (xii) As per information supplied by the management there were no unservicable or damaged stores,raw materials or finished goods at the year end loss on account of unserviceable or damaged stores,raw materials or finished goods during the year has been duly accounted in the books of accounts. (xiii) As per information and explanations given to us by the management, barring some aspects the company has generally compiled with the directives issued by the Reserve Bank of India and the provisions of section 58A of the Companies Act,1956 and the rules framed thereunder where applicable in respect of deposits from the public. The Company has accepted share application money exceeding deposits acceptable as per said regulation for which allotment is pending for the want of compliance with legal formalities. (xiv) As informed to us the Company is in the process of establishing an internal audit system commensurate with its size and nature of its business to take care of some area of operations which were identified to have need for the better internal control and check. (xv) It was informed to us that the Central Govt has not prescribed maintenance of cost records under section 209(1)(d)of the Companies Act,1956 (1 to 1956). (xvi) There were no realisable scraps and by products. Hence this clause is not applicable to the company. (xvii) As per the information supplied to us by the management the provisions of Employees State Insurance Act are not applicable to the company. It was further informed that the provisions of Employee's Provident fund had become applicable to the company w.e.f. May 95 and necessary formalities for several compliances were under process. (xviii) As on last day of financial year except for some cases pertaining to income tax and tax deducted payable in respect of Wealth tax, Sales tax, Customs Duty and Excise Duty outstanding for a period of more than six months from the date they become payable. (xix) No personal expenses have been charged to revenue accounts except managerial remuneration and other payments persuant to relevant employment contracts. (xx) The company is not sick industrial company within the meaning of clause (o) of subsection (1) of section 3 of the sick industrial companies (special provision) Act,1985. (xxi) There were no damaged goods.Hence questions of its determinations and provisions for any loss does not arise. For S.HEMAL & ASSOCIATES CHARTERED ACCOUNTANTS Place: Ahmedabad (HEMAL DESAI) Date : 3rd March,1999. Proprietor.