MULTICOLOUR OFFSET LIMITED
ANNUAL REPORT 2001-2002
Multicolour Offset Limited
We have audited the attached Balance Sheet of MULTICOLOUR OFFSET LIMITED as
at 31st March, 2002 which we have signed under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on this financial
statement based on our audit.
We have conducted our audit in accordance with auditing standards generally
accepted in India. Those standard required that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by the management, as well as evaluating the
over all financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
1. As required by the Manufacturing and Other Companies (Auditor's Report)
Order, 1988 issued by the Central Government of India in terms of Section
227(4A) of The Companies Act, 1956' of India (the 'Act') and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us during the course of audit, we
annex hereto 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 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 those books
c) The Balance Sheet dealt with by this report are in agreement with the
books of account
d) In our opinion, the Balance Sheet dealt with by this report have been
prepared in compliance with the applicable Accounting standard referred to
in Section 211(3C) of the Companies Act, 1956
e) On the basis of the written representation received from the Directors,
as on 31st March, 2002 and taken on record by the Board of Directors of the
Company, none of the Directors is disqualified as on 31s' March, 2002 from
being appointed as a Director in terms of Clause (g) of Sub-Section (1) of
Section 274 of the Companies Act, 1956
f) Debit and Credit balances including secured and unsecured loans, Sundry
Creditors, Loans and Advances are subject to confirmation-and
Subject to matter stated in Para 2(a) to 2(e) and particularly in Para 2(f)
the effect of which on the loss of the company is not presently
ascertainable, In our opinion and to the best of our information and
according to the explanations given to us, the said accounts together with
the notes thereon particularly Note No. '12' of Scheduler and attached
there to give in the prescribed manner the information required by the
Companies Act, 1956, and also give a true and fair view in conformity with
the accounting principles generally accepted in India. In the case of
Balance Sheet, of the state of affairs of the Company as at 31st March,
For M.V. Damania & C0.
Membership No. : 42278
Date : 20th August, 2002
ANNEXURE TO THE AUDITOR'S REPORT (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT
OF EVEN DATE)
1. The Company has maintained proper records showing full particulars
including quantitative details and situations of its fixed assets. As
informed by the management, the fixed assets of the company have not been
physically verified by the management during the year.
2. None of the Fixed Assets have been revalued during the year.
3. Not Applicable as the Company has not done any trading or manufacturing
activity during the year.
4. Not Applicable in view of Clause No. iii.
5. Not Applicable in view of Clause No. iii.
6. Not Applicable in view of Clause No. iii.
7. The company has taken interest free unsecured loans from companies,
firms or other parties listed in the register maintained under Section 301
of the Companies Act, 1956 and from the companies under same management
under Section 370 (1B) of the Companies Act, 1956. The terms and conditions
of such loans are prima facie not prejudicial to the interest of the
8. The company has granted unsecured loans or advances to companies, firms
or other parties listed in register maintained under Section 301 of the
Companies Act, 1956 and companies under same management under Section 370
(1B) of the Companies Act, 1956. The terms and conditions of such loans are
prima facie not prejudicial to the interest of the company.
9. The company has not granted any loans or advances in the nature of
10. In our opinion and according to the information and explanations given
to us and looking to the nature of activities of the Company, there does
not exist any elaborate procedure of Internal Control.
11. There are no transaction of purchase of goods and materials and sale of
goods, materials and services made in pursuance of contracts or
arrangements entered in the register maintained U/s 301 of the Companies
12. As explained to us, there are no unserviceable or damaged stores, raw
material and finished goods.
13. The Company has accepted deposits from public, which is within the
limit specified under Section 58A of the Companies Act, 1956.
14. As explained to us, the companies manufacturing operation do not
generate any scrap or relisable by products.
15. The Company does not have internal audit system.
16. The Central Government has not prescribed maintenance of cost records
under Section 209(1)(d) of the Companies Act, 1956.
17. According to the information and explanations given to us, the
provisions of Employees Provident Fund and Employees State Insurance Act,
1948 are at present not applicable to the company.
18. According to information and explanation given to us, no undisputed
amount payable in respect of Wealth Tax, Sales Tax, Excise duty are
outstanding as on 31st March, 2002 for a period of more than six months
from the date they become payable, except for Income Tax liability for the
Assessment Year 1994-95 of Rs. 7,31,040/-, T.D.S. liability of Rs. 41,984/-
and Professional Tax liability of Rs. 4,955/-.
19. During the course of our examination of books of accounts carried out
in accordance with generally accepted auditing practices, we have not come
across any personal expenses, other than those payable under contractual
obligations or in accordance with generally accepted business practices,
nor we have been informed of any such case by management.
20. 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.
For M.V. Damania & C0.
Membership No. : 42278
Date : 20th August, 2002