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Apollo Tubes & Steel Industries Ltd.

BSE: 504628 Sector: Metals & Mining
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Apollo Tubes & Steel Industries Ltd. (APOLLOTUBE) - Auditors Report

Company auditors report

1995 APOLLO TUBE AND STEEL INDUSTRIES LIMITED AUDITORS' REPORT We have audited the attached Balance Sheet of APOLLO TUBE AND STEEL INDUSTRIES LIMITED as at 30th September 1995 and the Profit and Loss Account for the year ended on the date annexed thereto. WE REPORT AS FOLLOWS :- (i) Interest on outstanding with State Bank of India to the extent of Rs. 3.9 crores approximately including Rs. 1.15 crores of previous years have not been provided for. (ii) Closing stock of finished goods which were hitherto been valued at lower of cost or market value have been now valued at cost price . As a consequence the value of closing stock of finished goods have been over stated to the extent of Rs. 58 lacs approximately and profit over stated to the same extent. (iii) In the absence of various agreements for purchase of assets under Hire Purchase agreements and Lease agreements we were unable to verify the reconciliation of payments charges and interest in these agreements. (iv) The confirmation of balance in respect of debtors and creditors have not been obtained. (v) Supporting documents for expenses under various heads apart from lease rentals in respect of Bombay branch have not been produced for our verification. (vi) Certain transactions of earlier years are under scrutiny by investigating agencies the outcome of which is unascertainable. (vii) Doubtful debts, loans and advances to the extent of Rs. 44.09 lacs have not been provided. We further state that subject to paragraph (s) 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 accounts have been kept by the company as required by law so far as appears from our examination of those books. (c) The Balance Sheet and the Profit and Loss account dealt with the the reports are in agreement with the books of accounts. (d) Subject to our qualificatory remarks and reservations in paragraph (2) above in our opinion and best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss account read with notes there on gives the information required by the companies Act 1956 in the manner so required and gives a true and fair view. (i) In the case of Balance Sheet, of the state of affairs of the company as on 30th September 1995 and (ii) In the case of Profit and Loss account, Profit for the year ended on that date. For M/s. S. VISWANATHAN Chartered Accountants CHELLA K. SRINIVASAN Partner Place : Madras Date : 1st March, 1996.