BHUVAN TRIPURA INDUSTRIES LIMITED
ANNUAL REPORT 2002-2003
The Members of,
BHUVAN TRIPURA INDUSTRIES LIMITED
We have audited the attached Balance Sheet of M/s. BHUVAN TRIPURA
INDUSTRIES LIMITED as at 30th June, 2003 and Profit & Loss Account for year
ended on that date annexed thereto. These financial statements are the
responsibilities of the company's management. Our responsibility is to
express an opinion on these financial statements based on our Audit.
We conducted our audit in accordance with tire auditing standards generally
excepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statement
are free of material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used
and significant estimate made by the management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion
1. As required by the Manufacturing and Other Companies (Auditors' Report)
order, 1988 issued by the Company Lave Board in terms of Section 227 (4A)
of the Companies Act, 1956, we set out in the Annexure a statement on the
matters specified in paragraph 4 & 5 of the said Order to the extent
applicable to the Company.
2. Further to our comments in the Annexure referred to in paragraph 1
a) We have obtained ail 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 Accounts, as required by law, have been
kept by the Company so far as appears from our examination of the Books of
Accounts of the Company.
c) The Balance Sheet and Profit and Loss Account dealt with by the report
are in agreement with the Books of Accounts of the Company.
d) In our opinion, the profit & loss account and Balance Sheet comply with
the Accounting Standards referred to Section 211 (3c) of the Companies Act,
1956 in so far as they are applicable to the Company.
e) On the basis of written representations received from the Directors,
which were taken on records by the Board of Director, we report that, as at
30th June, 2003 none of the Directors of the company is disqualified from
being appoint as Director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion, ant to the best of our information and according to the
explanation given to us the said accounts read with and subject to all the
notes thereon give the information required by the Companies Act, 1956 in
the manner as required give a true and fair view:
i. In the case o Balance Sheet of the State of Affairs of the Company as at
30th June, 2003 and
ii. In the case of Profit & Loss Account, the Net Loss of the Company for
the period ended 30th June, 2003.
For D.BURMAN & ASSOCIATES
PLACE : BARODA
DATE : 6th December 2003. DEEPAK BURMAN
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE PERIOD ENDED 30TH JUNE 2003 OF BHUVAN TRIPURA INDUSTRIES
As required by the manufacturing and other Companies (Auditors Report)
Order, 1988 issued by the Company Law Board in teems of Section 227 (4A) 4
the Companies Act, 1956 we further report that:
1. The Company has maintained proper records showing full particulars
including quantitative details and lotion of fixed assets. The Plant of the
company is in possession of Ws Gujarat State Financial Corporation.
2. None of the Fixed Assets have been revalued during the year.
3. As during the year, there is no purchase and sale of raw materials or
finished goods and production in channels, i.e, main activities of the
company, hence the requirement of reporting on physical verification of
stock of finish goods, semi finished goods, raw material and stores and
spares by the management and material discrepancies in such physical
verification and also the requirement of valuation of stocks, in our
opinion, does not arise.
Hence Clause (iii) (iv)(v)(vi) of MAOCARO 1988 are not applicable.
4. Unsecured loans taken by the company from Companies, firms or other
parties includes loans taken by the company from companies, firms or other
parties includes loans taken by the company from companies where one or
more directors are interested. The stipulation of any interest payable on
these unsecured loan is not indicated. We have been further informed mat
there are no companies under the same management as defined under Section
370 of the Companies Act, 1956.
5. As per the information furnished the Company has not granted loans,
secured or unsecured to parties. Directors listed in the register
maintained under Section. 301 of the Companies Act, 1956. Accordingly the
report on rate of interest and other terms is not applicable. We have been
further informed that there are no companies under the sale management as
defines under Sub-section (1B) of the Section 370 of the Companies Act,
6. As informed and explained by the management, Loans and Advances include
various Trade Advances pad during previous years. As per the information
and explanations given to us, these advances are considered good and are
recoverable in normal course of business.
7. In our opinion and according to information and explanation given to us
during the course of audit, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business.
8. The Company has not accepted any deposits within the meaning of Public
Deposit and consequently the provisions of Section 58A of the Companies
Act, 1956 and Companies (Acceptance of Deposit) Rules 1975 and the
direction issued by Reserve Bank of India are not applicable.
9. In our opinion, the Company has reasonable Internal Audit System
Commensurate with the size of the Company & nature of its business.
10. We are informed that the Central Government has not prescribed
maintenance of cost rewords under Section 209 (1) (d) of the Companies Act,
11. As informed to us, the provision of Employees State Insurance Scheme
are applicable to the Company but the question of payment does not arise as
plant was non-operative during the year under review.
12. (a) As informed by the management, there was a demand of Income Tax U/S
144 for Rs. 6,74,667/-, Rs. 5,000/- U/S. 271(1)(b) and Rs. 21,62,445/- U/S
271(1)(c) totaling to Rs.28,42,112/- raised by Income Tax Dept. for A.Y
1996-97. However as informed at the Management, consisting the demand as
disputed, an appeal has been led with ITAT Ahmedabad and CIT (Appeal)-I,
Baroda. The Company has also applied for stay of demand. (b) There was an
Income-Tax demand of Rs. 48,023/- U/S 144 and Rs 10,000/- U/S 271(1)(b)
raised for AY. 1997-98 and the Company has made necessary provision in the
13. As per the records of the Company and information and explanation given
to us, there are no undispute amount payable in respect of Wealth Tax,
Sales Tax, Custom Excise Duty outstanding as at the last date of period
ending 30th June, 2003. However there is ar outstanding payment of Sales
Tax to the extent of Rs.143938.00 for the FY. 1997-98, and we company has
obtained the permission for installment payment.
14. During the course of our examination of the Books Of Accounts and on
the basis records examined by us, we are of the opinion that no personal
expenses have been charged to the Revenue Account otter than those payable
under Contractual obligation or in accordance with generator accepted
15. The Company is not 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.
16. The Company has not granted loans and Advances in the basis of security
by way of pledge of shares, debentures and other securities, and the
provisions of any special status applicable to the Chit Fund Nidhi of
Mutual Benefit Society are not applicable to the Company.
For D. BURMAN & ASSOCIATES
PLACE : BARODA
DATE : 06.12.2003. DEEPAK BURMAN