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VSD Confin Ltd.

BSE: 531696 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
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VSD Confin Ltd. (VSDCONFIN) - Auditors Report

Company auditors report

M/s VSD CONFIN LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To, The Members, M/s VSD CONFIN LIMITED We have audited the Balance Sheet of M/s VSD CONFIN LIMITED as at 30th Sept., 2000 and the Profit and Loss Account 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 Department of Company Affairs in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the 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: a. 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. 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 such books. c. The Balance Sheet dealt with by this report is in agreement with the books of account. d. In our opinion, the Profit and Loss Account and the Balance Sheet Comply with accounting standards referred in sub-section 3 (e) 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 annexed accounts read with Accounting Policies and Notes to Accounts (Schedule 13) give the information required by the Companies Act, 1956 in the manner so required and give, subject to notes to accounts a true and fair view: 1. In case of Balance Sheet of the state of affairs of the Company as at 30th Sept., 2000 and 2. In case of Profit and Loss Account of the Profit for the year on that date. For SINGHAL GUPTA & CO. Chartered Accountants Place: Meerut Date : 1.12.200 ANNEXURE TO THE AUDITORS' REPORT Referred to para (1) of our report of even date and on the basis of such checks as we considered appropriate, we further state that: 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The management has confirmed that where practicable, physical verification of all the major fixed assets has been carried out at the end of the year. No serious discrepancies have been noticed on such verification. 2. No fixed asset has been revalued during the year. 3. We are informed that physical verifications have been conducted by the Management at reasonable intervals in respect of finished goods, raw material, stores and spares. 4. The procedure of physical verification of the stocks followed by the Management as evidenced is reasonable and adequate, considering the size of the Company and the nature of its business. 5. No material discrepancies have been noticed on physical verification of stocks as compared to the book records. 6. The valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. 7. The Company has not taken unsecured loans, from the parties listed in the register maintained under section 301 of the Companies Act, 1956. 8. The Company has granted loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956 and the rates of interest and other terms & conditions of such loans are prima facie prejudicial to the interest of the Company in some cases. 9. According to the information and explanations given to us loans and advances in the nature of loans have been given by the Company and repayment of principal amount and interest are not regular in some cases and reasonable steps have been taken by the Company for recovery of principal & interest. 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 material including components, plant and machinery, equipment and other assets, and for the sale of goods. 11. There is no transaction of purchase of goods, and materials and sale of goods, materials and services, made in pursuance or contracts or arrangements entered in the register(s) maintained under section 301 of the Companies Act, 1956, as aggregating during the year to Rs. 50,000/- (Rs Fifty thousand) or more in respect of each party. 12. As explained to us, no unserviceable or damaged stores, raw materials and finished goods have been found by the management of the Company during the course of physical verification. 13. The Company has not accepted any deposits by the public. 14. The Company is maintaining reasonable records for the sale and disposal of realisable scrapes. 15. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 16. The maintenance of cost record has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956 (1 of 1956) hence such account and records need not required to be maintained. 15. The Company is not required to deposit any provident Fund and Employees State Insurance Fund. 18. According to the information and explanations given to s, a demand of Income Tax of Rs. 11410/- is payable to the Income Tax Department, except this no other undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise duty were outstanding as at 30th September, 2000 for a period of more than six months from the date they become payable. 19. According to the information and explanations given to us, on personal expenses of Employees or Directors appear to have been charged to revenue account other than those, payable under contractual obligations or in accordance with the generally accepted business practices. 20. The Company is not a Sick Industrial Company within the meaning of clause (0) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. For SINGHAL GUPTA & CO. Chartered Accountants Place: Meerut Date : 1.12.200