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Kunal Overseas Ltd.

BSE: 530279 Sector: Consumer
NSE: N.A. ISIN Code: INE513B01012
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Kunal Overseas Ltd. (KUNALOVERSEAS) - Auditors Report

Company auditors report

1997 KUNAL OVERSEAS LIMITED AUDITOR'S REPORT We have audited the attached Balance Sheet of M/S KUNAL OVERSEAS LIMITED, Mumbai, as at 31st March 97 and also the Profit & Loss Account annexed thereto or the year ended on that date. We report as follows: 1. As required by the Manufacturing and other Companies (Auditor's report) Order 1988 issued by the Company Law Board in Terms of Sec 227(4A) of Companies Act, 1956. We enclose in the annexure a statement on the matters specified in Paragraph 4 & 5 of the said order 2. Further to our comments as referred to above, we hereby state: A. We have obtained all 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 the company. C. The Balance Sheet and Profit & Loss referred to in this report are in agreement with the books of account. D. In our opinion & to the best of our information and according to explanation given to us the said Balance Sheet and Profit & Loss Account read together with NOTES appearing thereon give the information required by the Companies Act,1956 in the manner so required and present a true & fair view. i. In the case of Balance Sheet of the State of Affairs of the Company as at 31st March 1997. ii. In case of Profit & Loss Account of the Company for the year ended on that date. ANNEXURE TO AUDIT REPORT (Referred to in Paragraph (1) of our Report of even date to the member of Kunal Overseas Ltd as at & for the year ended 31st March, 1997) i. The Company has maintained proper records of Fixed Assets showing full particulars including quantitative details and Locations thereof. We are informed by the management that Fixed Assets have been physically verified during the year and discrepancies so far noticed between the books, records and the physically inventory, which was not material having regards to the size of company and the nature of its business been duly adjusted in the books. ii. None of the Fixed Assets of the Company has been revalued during the year. iii. The stock of finished goods & raw materials have been physically verified by the management at reasonable intervals during the year. There is no stock of stores, spares and tools. iv. In our opinion & according to information given to us the procedure followed by the management for physical verification of stock is reasonable and adequate in relation to the size of the Company and nature of its business. v. No material discrepancies were noticed on such physical verification of stock as compared to books of account. vi. In our opinion, the basis of valuation stock is fair and proper in accordance with the normally accepted accounting principles. vii. The Company has not obtained any loans from the companies, firm or other parties listed in the register maintained u/s 301 and 370 (1 -B) of the Companies Act, 1956. viii. The Company has not granted any loans to Companies, firms or other parties mentioned u/s 301 of the Companies Act,1956. As informed to us there is no Company under the same management within the meaning of Sec.370 (1-B) of the Companies Act,1956. ix. In respect of loans & advances in the nature of loan given to other parties and to employees the same are interest free, however the parties are regular in repaying principal amount as stipulated. x. As per the information & explanation given to us there is adequate internal control procedure commensurate with the size of the company and nature of its business for the purchase,e of raw material, plant & machinery, equipment and other assets and for the sale of goods. xi. In our opinion and according to information & explanation given to us the transaction of purchase of goods & material & services made in pursuance of contract or arrangement entered in the Register Maintained u/s 301 of the Companies Act, 1956 and aggregating during the year Rs.50,000/- or more in respect of each party, have been made It prices which are reasonable having regard to prevailing market prices for such goods, materials or services or the prices at which transactions for similar goods have been made with other parties. xii. The company has no unserviceable goods or damaged stores, raw material & finished goods. xiii. As informed to us, the company has not accepted any deposit from public within the purview of Section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975. xiv. As informed to us, the company dose not have any scrap or any disposable products. xv. According to the information and explanation given to us the company has an internal audit system commensurate with its size & nature of business. xvi. As informed to us, the central government has not prescribed maintenance of Cost records u/s 209(1)(d) of the Companies Act, 1956 in respect of the Company's products. xvii. It is explained to us that Employees Providend Fund & Employees State Insurance Scheme is not applicable to the company for the period under review. xviii. According to the information & explanation given to us and the records of the company examined by us there were no undisputed amount payable in respect of Income Tax, Wealth Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March 97 for a period for more than six months from the date they become payable. xix. According to information & explanation given to us and on examination of Books of Accounts carried out in accordance with the generally accepted auditing practices we have not come across any personal expenses which have been charged to revenue a/c other than those payable under contractual obligations. xx. The company is not a sick industrial company within the meaning of clause (O) of sub section (1) of section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. xxi. In our opinion and according to information and explanation given to us in respect of the trading activities of the company, there were no damaged goods during the year. M/s. Alwani & Ramchandani Chartered Accountants Sanjay B. Ramchandani Partner Place : Mumbai Dated : 5th August, 1997.