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Vishal Chairs Ltd.

BSE: 526502 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Vishal Chairs Ltd. (VISHALCHAIRS) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 VISHAL CHAIRS LIMITED AUDITORS' REPORT To the Members of VISHAL CHAIRS LIMITED We have audited the attached Balance Sheet of VISHAL CHAIRS LIMITED as on 30th June, 1999 and the Profit and 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 (Auditor's Report) order,1988 issued by the Company Law Board in terms of Section 227(4-A) of the Companies Act 1956, and on the basis of checks as we considered appropriate and according to the information and explanations given to us,we enclose in the Annexure a statement on the matters specified in para- graph 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 explanations which to the best of our knowledge and belief were necessary for the purpose of audit. b) In our opinion proper books of accounts as required by law have been kept by the company so far as it appears from our examination of books. c) The Balance Sheet and Profit and 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 accounts, subject to Schedule 17 note 2 regarding non provision of gratuity to employees and note 16 regarding non provision of interest/penalty on non payment of Sales Tax dues. read together with the notes thereon and attached thereto, give the information required by the Companies Act,1956 in the manner so required and give a true and fair view: (1) In case of Balance Sheet of the state of affairs of the Company as on 30th June, 1999 (2) In the case of the Profit and Loss Account of the profit of the Company for the year ended on that date For D. M. Damle & Co. Chartered Accountants D. M. Damle Proprietor Place : Mumbai, Dated : 15th November,1999. ANNEXURE TO AUDITORS 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. As explained to us all the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification as compared to the book records. (2) None of the fixed assets of the company have been revalued during the year. (3) The stocks of Finished Goods and Raw Materials have been physically verified by the Management at reasonable intervals during the year. (4) In our opinion and according to the information and explanations given to us the procedure 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. (5) The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in the books of accounts. (6) The valuation of Raw Materials and Finished Goods have been made at cost / estimated cost of production or net realisable value,whichever is lower. (7) The Company has taken Loans from Companies, Firms or other parties as listed in the register maintained under Section 301 or from companies under the same management as defined under sub section (1-B) of Section 370 of the Companies Act 1956, where the rate of interest and other terms and conditions of which are not prime facie prejudicial to the interests of the company. (8) The Company has not granted any loans, secured and unsecured, to Companies, Firms or other parties as listed in the register maintained under Section 301 or to Companies under the same management as defined under sub section (1-B)of Section 370 of the Companies Act, 1956 where the rate of interest and other terms and conditions of which are prime facie prejudicial to the interest of the company. (9) The parties including employees to whom the loans or advances in the nature of loans have been given by the company are repaying the interest as stipulated. (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 Raw Materials 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 explanations given to us, the transaction of purchase and sale of goods and materials made in pursuance of contracts or arrangements entered 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 party, have been made at prices, which are reasonable having regard to prevailing market prices of such goods and materials, or the prices at which similar transactions for similar goods have been made with other parties and the Company's business needs and exigencies. (12) According to the information and explanations given to us, the Company has a reasonable procedure for determination of unserviceable or damaged Stores and Raw Materials. We are informed that there is no unserviceable or damaged Stores, Raw Materials and Finished Goods as at the end of the year. (13) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules,1975 with regard to the deposits accepted by the Company except for filing of Deposit returns with R.B.I. (14) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. (15) The Company has an Internal Audit system commensurate with the size and nature of its Business. (16) We have been informed that the Central Government has not prescibed maintenance of any cost records under Section 209(1)(d) of the Companies Act, 1956 for the year (17) According to the records of the company Provident Fund dues and Employees State Insurance dues were deposited late during the year Provident Fund dues of Rs 164342/- and ESIC dues of Rs 3399/- have not been deposited with appropriate authorities. (18) According to the information and explanations given to us, no undisputed amounts payable in respect of Wealth tax,Custom duty and Excise duty were outstanding as on 30th June, 1999 except for Sales Tax amounting to Rs 2070913/- and Income-tax amounting to Rs 4,91,126 /- for A. Y. 1997- 98 which was outstanding for a period of more than six months from the date it became payable. (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 obligation or in accordance with generally accepted business practise. (20) 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. (21) In respect of its trading activities, the Company has an adequate procedure for determination of damaged goods. For D. M. Damle & Co. Chartered Accountants D. M. Damle Proprietor Dated : 15th November,1999 Place : Mumbai.