You are here » Home » Companies » Company Overview » Vishwas Infocom Industries Ltd

Vishwas Infocom Industries Ltd.

BSE: 513573 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE014C01019
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Vishwas Infocom Industries Ltd. (VISHWASINFOCOM) - Auditors Report

Company auditors report

VISHWAS STEELS LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT AUDITORS REPORT TO THE MEMBERS OF M/S. VISHWAS STEELS LIMITED We have audited the attached Balance Sheet of M/s. Vishwas Steels Limited as at 30th September, 2000 and also the Profit & Loss Account of the Company for the period ended on that date annexed thereto. We report as follows: 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 annex hereto a statement on matters specified in paragraphs 4 and 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 is 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 it appears from our examination of the Books. c. The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of account of the Company. d. In our opinion the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub section (3C) 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 accounts give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view: (i) In the case of Balance Sheet, of the state of affairs of the Company as at 30th September, 2000 and (ii) In the case of Profit and Loss Account, of the Loss of the Company for the period ended on that date. For P. V. PAGE & CO. Chartered Accountants Place: Mumbai PRAKASH V. PAGE Date : 8th November, 2000 Proprietor ANNEXURE TO THE AUDITORS' REPORT ANNEXURE REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2000 OF M/s VISHWAS STEELS LIMITED 1. The Company has maintained records showing full particulars of fixed assets, which are pending for updating, specially for assets at Goa factor. We have been informed that these records are being updated. As informed to us, the physical verification of these assets was carried out by Management during the period and reconciliation between book records and physical inventory is in progress, discrepancies if any will be dealt with suitably as and when ascertained. 2. None of the fixed assets of the Company have been revalued during the period. 3. As explained to us the stock of finished goods, stores, spare parts and raw materials, has been physically verified by the management during the year. In our opinion the frequency of verification seems reasonable. 4. In the absence of detailed records we are unable to opine whether the procedures of physical verification of stocks followed by management were reasonable and adequate in relation to 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 in relation to the operations of the Company and the same have been properly dealt with in the books. 6. On the basis of our examination of stock records, except for stores and spares we are of the opinion that the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. The Company has not taken any loans, secured or unsecured from companies, firms or parties listed in the register maintained under Section 301 of the Companies Act, 1956. 8. The Company has not granted any loans, secured or unsecured to companies, firms or parties listed in the register maintained under Section 301 of the Companies Act, 1956. 9. In respect of loans and advances in the nature of loans, given by the Company, the principal amounts are being repaid as stipulated and payment of the interest wherever stipulated is also regular. 10. In our opinion and according to the information and explanations given to us, it appears that there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of stores, raw materials including components, plant & machinery, equipments and other assets and with regard to the sale of goods. 11. According to the information and explanations given to us, the transactions of purchase of goods and material and sale of goods, material and services, made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956, and aggregating during the year Rs. 50,000/- (Rupees Fifty thousand Only) or more in respect of each party have been made at prices which in our opinion are reasonable having regard to prevalent market prices for such goods material or services or the prices at which transactions for similar goods, material or services ave been made with other parties. 12. As explained to us, the Company has a regular procedure of determination and write-off of unserviceable or damaged stores and raw materials and adequate provision has been made in the accounts or the loss arising on the items so determined. 13. In our opinion and according to the information and explanation given to us the Company has not accepted deposits from the public as defined in section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 197 during the period. 14. As explained to us, the Company's manufacturing process does not generate any by-product. In our opinion reasonable records are kept by the Company for Excise for the sale and disposal of realisable scrap. 15. In our opinion the internal Audit system is generally commensurate with the size of the company and the nature of its business. However, it needs to be further strengthened. 16. The Company has not maintained records as prescribed under Section 209(1)(d), of the companies Act 1956, for he period. 17. The Company has been generally regular in depositing its Provident Fund and Employees State Insurance dues. 18. According to the information and explanation given to us and the books and records examined by us, undisputed amount for the period exceeding 6 months from the date they became payable in respect of Income Tax Is Rs. 1,579,000/- and for Excise. duty is Rs. 1,589,842/-. No undisputed amounts are payable in respect of Sales Tax, Custom Duty, Wealth tax is not applicable to the company. 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 obligations or in accordance with generally accepted business practice. 20. The Company is a sick Industrial Company within the meaning of Clause (O) of sub Section (1) of section 3 of Sick Industrial companies (Special Provisions) act, 1985 As informed to us the necessary reference under this statue will be made to the BIFR under Section 15 of the Act within prescribe period. 21. In respect of the company s taking activity, we are informed that there are no damaged stocks. For P. V. PAGE & CO. Chartered Accountants Place: Mumbai PRAKASH V. PAGE Date : 8th November, 2000 Proprietor