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INDO BRITAIN AGRO FARMS LIMITED
ANNUAL REPORT 2000-2001
AUDITORS' REPORT
The Members,
Indo Britain Agro Farms Limited,
We have audited the attached Balance Sheet of Indo Britain Agro Farms
Limited as on 31st March, 2001 and also the Profit and Loss Account for the
year ending on that date annexed thereto and report that:
1. As required by Manufacturing & Other companies(Auditors' Report) Order,
1988, issued by the Central Govt. in terms of section 227(4A) of the
Companies Act, 1956 we enclose in the Annexure statement on the matters
specified in paragraph 4 & 5 of the said order.
2. Further to our comments in Annexure referred to paragraph (1) above.
(a) We have obtained all the information and explanations which to the best
of our knowledge & 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 such
books.
(c) The Balance Sheet & Profit & Loss Account dealt with this report are in
agreement with the books of Accounts.
(d) In our opinion and to the best of our information and according to the
explanations given to us the said accounts together with the notes thereon
including accounting policies give the information required by the
Companies Act, 1956, in the manner so required and give a true & fair view.
(i) In the case of Balance Sheet, of the state of affairs of the Company as
on 31st March, 2001.
and
(ii) In the case of the Profit and Loss Account, of the Profit of the
Company, for the year ended on that date.
FOR M/S M.K.G.ASSOCIATES
CHARTERED ACCOUNTANTS
(MUKESH KUMAR GUPTA)
Partner
PLACE: HISAR
DATED: 4.08.2001
ANNEXURE REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OP EVEN DATE
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. All the
assets have been physically verified by the Management at reasonable
intervals during the year and no material discrepancies were noticed on
such verifications.
2. The Fixed Assets of the Company have not been revalued during the year.
3. The Stock of finished goods, stores & spares and raw material have been
physically verified by the Management during the year at reasonable
intervals.
4. In our opinion and according to the information and explanations given
to us, the procedures of physical verification of stocks followed by the
company are reasonable and adequate commensurate with the size of company
and the nature of its business.
5. The discrepancies noticed on verification between physical stock and
book record were not material and have been properly dealt with in the
books of Accounts.
6. In our opinion on the basis of examination and according to the
explanations given to us, the valuation of stock is fair and proper in
accordance with the normally accepted accounting principals.
7. The Company has not taken any loan, secured or unsecured, from
Companies, Firms or other parties as listed in the Register maintained u/s
301 of the Companies Act, 1956 or from the Companies under the same
Management within the meaning of section 370(1B) of the Companies Act,
1956.
8. The company has not granted any loans, secured or unsecured to
companies, firms or other parties as listed in the Register maintained u/s
301 of the Companies Act, 1956 or to the Companies under the same
management within the meaning of section 370(1B) of Companies Act, 1956.
9. The Company has not given advances in the nature of loans.
10. In our opinion and according to the information and explanation given
to us, there are adequate internal control procedures commensurate with
size of the Company and nature of its business with regard to purchases of
raw materials, store and spares including components, plant and machinery,
building under construction, equipment and other assets and with regard to
sale of goods.
11. As explained to us, the company has a regular procedure for the
determination of unserviceable or damaged stores, raw materials or finished
goods. According to the information and explanations given to us, there are
no unserviceable or damaged stores, raw materials and finished goods during
the year.
12. In our opinion and according to the information and explanations given
to us, there is no transaction of purchase of goods and materials in
pursuance of Contracts entered in the Register maintained under Section 301
of the Companies Act, 1956 aggregating during the period of Rs.50000/- or
more in respect of each party and there are no contracts for sale of goods
and materials entered in the said register.
13. The Company has not accepted any deposits from the public within the
meaning of Section 58A of the Companies Act. 1956, and the Companies
(Acceptance of Deposits) Rules, 1975.
14. In our opinion, reasonable records have been maintained by the company
for sale and disposal of realisable scrap and by-products.
15. In our opinion company has an adequate internal audit system
commensurate with the size of the Company and the nature of its business.
16. As explained to us and to the best of our knowledge, the Central
Government has not prescribed the maintenance of cost records u/s 209(1)(d)
of the Companies Act, 1956.
17. According to the information and explanations given to us, the
provisions of Employees Provident Fund Act and Employees' State Insurance
Act are not applicable to the company for the year under report.
18. There were no undisputed amount payable in respect of Income Tax,
Wealth Tax, Excise Duty and Customs Duty which were outstanding as at
31.03.2001 for a period exceeding six months from the date they became
payable.
19. According to the information and explanations given to us and the
records examined by us, no personal expenses of Directors or employees 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 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.
FOR M/S M.K.G. ASSOCIATES
CHARTERED ACCOUNTANTS
(MUKESH KUMAR GUPTA)
Partner
PLACE: HISAR
DATED: 4.8.2001
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