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Lakshmi Cement & Ceramics Industries Ltd.

BSE: 518073 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Lakshmi Cement & Ceramics Industries Ltd
NSE 05:30 | 01 Jan Lakshmi Cement & Ceramics Industries Ltd

Lakshmi Cement & Ceramics Industries Ltd. (LAKCEMCER) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 LAKSHMI CEMENT & CERAMICS INDUSTRIES LIMITED AUDITORS' REPORT To the Members of Lakshmi Cement & Ceramics Industries Limited We have audited the attached Balance Sheet of Lakshmi Cement & Ceramics Industries Limited as at 31st March, 1999 and also the Profit and Loss A/c for the year ended on that date annexed thereto and we report that 1. As required by the manufacturing and other companies (Auditors' Report) order, 1988 issued by the Company Law Board in terms of section 227(4A) of the Companies Act 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above: (a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of such books. (c) the Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account. (d) In our opinion, The Balance Sheet and Profit & Loss Account comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 (e) In our opinion and to the best of our information and according to the explanations given to us ,the said accounts read together with the notes appearing 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 company as at 31 st March, 1999, and (ii) In the case of Profit and Loss Account of the Loss of the company for the year ended on that date. For S. Ratan & Associates Chartered Accountants Patna S.R. Agarwal The 2nd day of September, 1999 Proprietor ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT ON THE ACCOUNTS OF LAKSHMI CEMENT & CERAMICS INDUSTRIES LTD. FOR THE YEAR ENDED 31ST MARCH 1999. i) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies have been noticed on such verification. ii) None of the fixed assets have been revalued during the year. iii) The stock of finished goods, stores, spare parts and raw materials have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. 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 the nature of its business. v) The discrepancies noticed on physical verification of stocks as compared to book records we re not material and the same have been properly dealt with in the books of account. vi) In our opinion, the valuation of stock is fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the proceeding year vii) The Company has not taken any loans from Companies, firms or other parties as listed in the register maintained under section 301 of the Companies Act, 156. We have been informed that there are no Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956. viii) The Company has not granted loans to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or to the companies under the same management as defined under Section 370(1B) of the Companies Act, 1956. ix) IN our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. x) Unserviceable or damaged stores, raw materials and finished goods have not been determined by the Company; hence provision for the loss, if any, has not been made in the account. xi) During the year, the Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975. xii) According to the information and explanation given to us and in our opinion the Company did not have any realizable scrap or by-product during the year. xiii) The Company has an internal audit system commensurate with the size and nature of its business. xiv) We have reviewed the accounts and cost records maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie, the prescribed accounts and records have been maintained. However, we have not made a detailed examination of the records. xv) According to the records of the company and the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth-Tax, Sales Tax, Customs Duty and Excise Duty outstanding as at 31 st March, 1999 for a period of more than six months from the date they become payable. xvi) In our opinion, according to the records of the company and the information and explanations given to us, no personal expenses have been charged to revenue account. xvii) The Company is not a Sick-industrial Company within the meaning of clause (O) of sub-section ( l) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. xviii) Other clauses of the order are not applicable to the company during the year. For S. Ratan Associates Chartered Accountants Patna S.R. Agarwal The 2nd day of September, 1999 Proprietor