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ISC Udyog Ltd.

BSE: 531961 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan ISC Udyog Ltd
NSE 05:30 | 01 Jan ISC Udyog Ltd

ISC Udyog Ltd. (ISCUDYOG) - Auditors Report

Company auditors report

HERUK AGRO FOODS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT TO, THE SHAREHOLDERS We have audited the attached Balance Sheet of HARUK AGRO FOODS LTD. as at 31st March, 2003 and Profit & Loss Account of the Company for the ended on that date annexed thereto and report that: a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purpose of the audit. b) In our opinion, proper books of account as required by law have been kept by the company so for as appears for our examination of the books of the Company. c) In our opinion, the Balance Sheet and Profit & Loss Account comply with the Accounting Standards referred in Section 211(3c) of the Companies Act, 1956 to the extant applicable. d) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the Books of Account of the Company. e) On the basis of written representation from the Directors none of the Director is disqualified as on 31-03-2003 from being appointed as director u/s 274(1)(g) of the Act. f) In our opinion, and to the best of our information and according to the explanations given to us the accounts give the information required by the of the Companies Act, 1956 in the manner so required and give a true and fair view: I) In the case of the Balance Sheet, of the state of affairs of this Company as at 31st March 2003. and II) In the case of the Profit & Loss Account, of the loss of M/s Heruk Agro Foods Ltd., of for the year ended on that date. For JAIPURIAR & CO. CHARTERED ACCOUNTANTS N. JAIPURIAR PARTNER Place: Mumbai Date : 2nd Sep. 03 ANNEXURE TO THE AUDITOR'S REPORT As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Companies Law Board in terms of Section 227(4-A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we further state that since the Company has not started production all clauses of MAOCRO's are not applicable. Only the relevant clauses are reported here: 1) The Company has maintained proper records and situation of its fixed assets as well as its two division. 2) None of the Fixed assets of the Company have been revalued during the year. 3) The Company has not taken any loans, secured of unsecured from Companies, firms or other parties as per provisions of Section 301 & 370(1- B) listed in the register maintained under section 301 of the Companies Act, 1956 or which are otherwise Companies under the same management as this Company. 4) The Company has not granted any loans secured or unsecured, to Companies, firms or other parties listed in the registers maintained under section 301 and/or to the Companies under the same management as defined under section 370(1-B) of the Companies Act, 1956. But the Company has granted interest free loans/advances to different companies as specified in Schedule 'C' on which no interest is beaning received provided by the Company. 5) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company. 6) According to the information and explanations given to us there was no transactions during the year for supply of services with the party listed in the Register maintained in the Section 301 of the Companies Act, 1956 aggregating Rs.50000 or more. 7) As explained to us the Provident Fund and Employee State Insurance Act is not applicable. 8) On the basis of (i) the examination of the Books of Accounts, (ii) the vouchers produced to us for our verification. (iii) the explanations given and representations made to us on our inquires and (iv) the check and control relating to authorising the expenditure on the basis of contractual obligations to the employees, accepted business practices having regard to the Company's needs and exigencies, we have not come across any judgment and to the best of our knowledge and belief, could be regarded as personal expenses. 9) According to information given to us the company does not have any undisputed amounts payable in respect of wealth Tax Sale Tax and Excise Duty outstanding as at the last day of the financial year for a period of more than six months from the date they became payable. But in the case of custom duty a case is pending with the custom official for non-fulfillment export obligation. Provision for the same has not been made. 10) The Company does not fall within the meaning of clause (O) of the Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. 11) The Company has started two of its division for date processing, software development and training centre for Medical Transcription The Company has maintained the records properly. Balance Sheet & Profit & Loss Account includes the figures of its two division also. 12) Other provision of MACRO is not applicable so not reported to. For JAIPURIAR & CO. CHARTERED ACCOUNTANTS N. JAIPURIAR PARTNER Place: Mumbai Date : 2nd Sep. 03