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Kuber Floritech Ltd.

BSE: 531021 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Kuber Floritech Ltd. (KUBERFLORITECH) - Auditors Report

Company auditors report

KUBER FLORITECH LTD. MANOJ GUPTA & CO. Phone:643042, 649321 Chartered Accountants 51, Bansi Pura Manoj k. Gupta Suraj Kund Road, LL.M.,M.Com.,A.C.S.,F.C.A MEERUT-250001 AUDITOR'S REPORT To, The Members of M/s Kuber Floritech Ltd. We have audited the annexed Balance Sheet of M/s Kuber Floritech Ltd., as at 31st March, 1998 and the Profit and Loss Account of the Company for the year ended on that date and report that: 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our comments in the annexure referred to in paragraph 1 above we report that: a. We have obtained all the informations and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b. The Balance Sheet and Profit & Loss Account dealt within the reports are in agreement with the books of accounts. c. In our opinion proper books of accounts are required by the Companies Act, 1956 have been kept by the company so far as appears from our examination of the books. In our opinion and to the best of our knowledge and according to the expla nations given to us, the said accounts read with the significant accounting policies and other notes thereon, give the information required by 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 the compa ny as at 31st March, 1998 and (ii) In the case of the profit & loss account, of the loss for the year ended on that day. for MANOJ GUPTA & CO. CHARTERED ACCOUNTANTS Place:MEERUT (M.K. GUPTA) Date : 28.07.1998 PROPRIETOR ANNEXURE TO THE AUDITOR'S REPORT Referred to in paragraph 1 of our report of even date (i) The Company has maintained proper records showing full particulars quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year. We are informed that: (ii) No fixed assets have been revalued during the year by the company. (iii) The stocks of finished goods, stores, spare parts and raw-materials of the company have been physically verified by the management during the year. (iv) In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. (v) No material discrepancies were noticed on physical verification of stocks as compared to book records. (vi) In our opinion and on the basis of the examination of Stock Records the valuation of stocks is fair and proper accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. (vii) In our opinion, the rate of interest and other terms and conditions on which loans have been obtained from Companies listed in the register maintained under Section 301 of the Companies Act, 1956, are not prima facie prejudicial to the interest of the Company. We are informed that secured loan has been taken from Kuber Auto Section 370 of the Companies Act, 1956. (viii) The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained under Section 301 and/or to the Companies under the same management as defined under sub section (1B) of Section 370 of the Companies Act, 1956. (ix) Clause (ix) is not, therefore, applicable as above. (x) In our opinion and in accordance with the informations and explanations given to us there exists internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of stores raw materials including components, plant and machinery and other assets, and for sale of goods. (xi) In our opinion and according to the information and explanations given to us, the transactions for purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the registers maintained under Section 301 and aggregating during the year to Rs. 50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services, or the prices at which transactions for similar goods, or services have been made with other parties, or as available with the company. (xii) As explained to us, the company has a regular procedure for determination of unserviceable or damaged stores raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. (xiii) The Company has not accepted fixed deposits from the public during the year. (xiv) That the company do not produce any by-products. (xv) The company has an internal audit system commensurate with its size and nature of its business. (xvi) That the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 as explained to us. (xvii) According to the records of the company, provident fund and employees state insurance dues have generally been regularly deposited during the year, with the appropriate Authorities. (xviii) As explained to us, no amount is payable on account of undisputed Income tax, sales tax, wealth tax, custom duty, and excise duty, which were due for more than six months from the date they become payable. (xix) During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses, which have been charged to profit and loss account. (xx) That the company is not a Sick Industrial Company within the meaning of Clause (c) of sub-section (1) of Section (3) of the Sick Industrial Companies (special provisions) Act, 1985. (xxi) In relation to the trading activity of the company, we are informed that there were normal wastages in production as per the nature of the business, and they are accounted for properly. for MANOJ GUPTAS & CO., CHARTERED ACCOUNTANTS Place : Meerut (M.K. GUPTA) Date : 28.07.1998 PROPRIETOR