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Maya Agro Products Ltd.

BSE: 519419 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Maya Agro Products Ltd
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Maya Agro Products Ltd. (MAYAAGROPROD) - Auditors Report

Company auditors report

AGRO - PRODUCTS LIMITED AUDITORS' REPORT TO THE MEMBERS OF MAYA AGRO PRODUCTS LIMITED We have audited the attached Balance Sheet of Maya Agro Products Limited as at 31st March, 1998 and the annexed Profit & Loss Account for the year ended on that date, in accordance with the provisions of section 227 of the Companies Act, 1956, and report as under: 1) As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board under Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, our Report 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 : (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 those books. (c) The said Balance Sheet and the Profit and Loss Account are in agreement with the books of account. 3) Subject to the foregoing, and also subject to Note No.1 (B) of notes to the accounts regarding depreciation in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and read together with other Notes thereon, give a true and fair view, i) in the case of Balance Sheet, of the state of the Company's affairs as at 31st March, 1998 and ii) in the case of Profit and Loss Account, of Profit for the year ending 31st March, 1998. Subject to our Report of even date FOR AMIT RAY & CO (CHARTERED ACCOUNTANTS) AMITAVA RAY PARTNER Place : Lucknow Date : 27th September, 1998 ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (1) of our Report of even date) (1) The Company is maintaining proper records to show full particulars including quantitative details and situation of all fixed assets. The fixed assets have been physically verified by the Management at the end of the year and no material discrepancies were noticed on such verification. (2) None of the fixed assets have been revalued during the year. (3) As explained to us, the stocks of finished goods, stores, spare parts, components and raw materials have been physically verified by the Management at the end of the year. (4) As explained to us, the procedures of physical verification of stocks followed by the Management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. (5) No material discrepancies were noticed on physical verification of stocks of finished goods, stores, spare parts, components and raw materials as compared to book records. (6) On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. (7) The rates of interest and the terms and conditions in respect of loan taken by the Company from Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not primafacie prejudicial to the interest of the Company. There is no Company under the same management as defined under section 370(1B) of the Companies Act, 1956. (8) According to the information and explanations given to us, the Company has not granted any secured or unsecured loans to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956 or to the Companies, firms or other parties under the same management as defined under section, 370(1B) of the Companies Act, 1956. (9) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. (10) In our opinion and according to the information and explanations given to us, no goods and materials, aggregating during the year to Rs. 50,000 or more, in respect of each party, were purchased and no goods, materials and services aggregating during the year to Rs. 50,000 or more in respect of each party, were sold, in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956. (11) As explained to us, unserviceable or damaged stores, raw materials and finished goods were determined by the Company and adequate provision for loss has been made in the accounts. (12) The Company has not accepted any deposits from the public. As such the provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder is not attracted. (13) In our opinion, the Company is maintaining reasonable records for sale and disposal of realisable scrap and by-products. (14) The Company has internal audit system which, in our opinion and according to our information, is commensurate with its size and the nature of its business. (15) The Company, in our opinion and according to the information and explanations given to us, has made and maintained accounts and records as prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956, where applicable, during the year. The contents of these accounts and records have not been examined by us. (16) The company has regularly deposited the Provident Fund and E.S.I. dues as per the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees' State Insurance Act, 1948. (17) According to the information and explanations given to us, no undisputed amounts are payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at 31st March, 1998 for a period of more than six months from the date they become payable. (18) According to to the information and explanations given to us and the records of the Company examined by us, no personal expenses have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices. (19) 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 Provisions) Act, 1985. (20) As explained to us, the Company is not engaged in any trading activity during the year under report. Subject to our Report of even date FOR AMIT RAY & CO (CHARTERED ACCOUNTANTS) AMITAVA RAY PARTNER Place : Lucknow Date : 27th September, 1998