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Disposable Medi - Aids Ltd.

BSE: 523540 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Disposable Medi - Aids Ltd. (DISPOSABLEMEDI) - Auditors Report

Company auditors report

1996 DISPOSABLE MEDI-AIDS LIMITED AUDITORS' REPORT 1. We have audited the attached Balance Sheet of DISPOSABLE MEDI-AIDS LIMITED as at 31st March 1996 and the Profit and Loss Account for the year ended on that date attached thereto both of which we have signed under reference to this report and subject to : (a) Note No 2 regarding the appropriateness of preparation of accounts on going concern basis upon which we are unable to comment. (b) Note No 4 regarding difference in dues to financial institutions/Banks between the company's books and the amount demanded by them amounting to Rs.95.26 lacs. (c) Note No 6 regarding non availability of balance confirmations in respect of debtors and creditors balances and term loans. (d) Note No 7 regarding non availability of confirmation from the Lead Financial Institution in respect of title deeds of the Company's immovable properties held by them. (e) Note No 5 regarding Non provision of depreciation to the extent of Rs.32,46,834/-. (f) The Company's manufacturing operations have remained closed since Sept 94 and as indicated in para 4(iii) no physical verification of inventories has been carried out by the management during the year. Consequently we have not been able to verify the adequacy of the provision made for possible diminution in the value and for any loss of such stocks the extent of which is not currently ascertainable. (g) Note No 8 Non availability of balance confirmation for share refund deposit account maintained with State Bank of India, Madras Main Branch. (h) Note No 9 regarding Non provision of certain claims against the Company. 2. In our opinion and to the best of our information and according to the explanation given to us, the Balance Sheet and profit and Loss account read together with the notes thereon and attached thereto give in the prescribed manner the information required by the companies Act 1956. In view of the observations set out above, we are unable to form an opinion on whether the Balance Sheet and the Profit and Loss Account give respectively a true and fair view of the State of the Company's affairs as at 31st March 1996 and its loss for the year ended on that date. 3. Subject to 1(c), (d) (g) above we have obtained reasonable information and explanations which to best of our knowledge and belief were necessary for our audit. In our opinion, proper books of account have been kept as required by law so far as it appears from our examination of the books and the above mentioned accounts are in agreement therewith. For and on behalf of KRUPA SARATHI AND CO Chartered Accountants K.P. DARATHI J. SRINIVASAN V VEERARAGHAVAN PARTNER DIRECTOR DIRECTOR Place : MADRAS, Dated : 30th November, 1996.