VISHAL PAPERTECH (INDIA) LIMITED
ANNUAL REPORT 1999-2000
VISHAL PAPERTECH (INDIA) LIMITED.
We have audited the attached Balance sheet of VISHAL PAPERTECH (INDIA)
LIMITED as at 31st March, 2000 and also 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 (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 & 5 of the said order:
2. Further to our comments in the annexure referred to in paragraph (1)
above, we report 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 account 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 Profit and Loss Account dealt with by this report
are in agreement with the books of accounts.
d) In our opinion, the profit loss account and Balance Sheet Comply with
the Accounting Standards referred to in sub section (3 C) of Section 211 of
the Companies Act, 1956.
e) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts 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 and Loss account, of the Loss of the company
for the year ended on that date.
FOR BANSAL MITTAL & CO.
PLACE : CHANDIGARH (RAJNISH K.MITTAL)
DATE : 05.09.2000 PARTNER
ANNEXURE A REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF0 THE AUDITORS TO THE
MEMBERS OF VISHAL PAPERTECH (INDIA) LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31st MARCH, 2000
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. As explained
to us, the fixed assets have been physically verified by the Management at
the reasonable intervals during the period under review and no material
discrepancies were noticed in the said verification.
2. None of the fixed assets have been revalued during the year.
3. Physical verification of stocks of finished goods, stores spares and raw
materials was conducted by the management during the year and in our
opinion, the frequency of verification was reasonable.
4. Procedures for physical verification of stocks followed by the company
are adequate in relation to the size of the company and the nature of its
5. No material discrepancies have been noticed on physical verification of
stocks as compared to the book records.
6. In our opinion, the valuation of stocks, is fair and proper in
accordance with the normally accepted accounting principles.
7. The company has not taken any loans secured or unsecured from Companies,
Firms or other Parties Listed in the register maintained under Section 301
of the Companies Act,1956 where the rate of interest and other terms and
conditions on such loans are prima facie Pre-Judicial to the interest of
8. During the year the company has not granted any loans, secured or
unsecured to Companies, Firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and/or to the
Companies under the same Management as defined in section 370 (1B) of the
Companies Act, 1956 (1 of 1956), where the rate of interest and other terms
and conditions of such loans are prima facie prejudicial to the interest of
9. The Company has not given loans and advances in the nature of Loans to
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 the
purchase of stores, raw materials including the Plant & Machinery,
Vehicles, Equipment and other assets and for the sale of these goods.
11. According to the information and explanation given to us, the
transactions of purchase of goods materials Services and sale of goods,
materials and services in pursuance of contracts of agreements entered in
the register maintained U/s 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 50,000/- or more in respect of each party have been
made at prevailing market prices for such goods, materials or services at
which transaction of similar goods or services have been made with other
12. The company has not determined any unserviceable or damaged stores, raw
material and finished goods and as such no provisions for losses has been
made in accounts.
13. The company has not accepted deposits from the public under section 58A
of the Companies Act 1956.
14. The company is maintaining reasonable records for sale & disposal of
by-products and scrap.
15. The Company has an Internal Audit System, which in our opinion is
commensurate with the size of the Company and nature of its business.
16. The company is maintaining proper cost records as prescribed U/s.
209(1)(d) of the Companies Act, 1956.
17. The contribution to Employees Provident fund & Employees State
insurance has been deposited regularly.
18. According to the information and explanation given to us, there are no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax,
Customs duty and excise duty, which are outstanding on the 31st March, 2000
for a period of more than six months from the date they became payable.
19. According to the information and explanations given to us and on our
examination of such books of account, no personal expenses have been
charged to the profit and loss account other then payable under contractual
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.
FOR BANSAL MITTAL & CO.
PLACE : CHANDIGARH
DATE : 05.09.2000