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Premier Vinyl Flooring Ltd.

BSE: 500334 Sector: Industrials
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Premier Vinyl Flooring Ltd. (PREMVINYL) - Auditors Report

Company auditors report

1997 PREMIER VINYL FLOORING LTD AUDITORS' REPORT TO THE MEMBERS We have examined the attached Balance Sheet of PREMIER VINYL FLOORING LIMITED as at 31st March, 1997 and the annexed Profit & Loss Account for the year ended on that date which are in agreement with the books of account. As required by the Manufacturing and other Companies (Auditors' Report) Order, 1988, and on the basis of such examination of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of our audit, we report that in our opinion:- i) The Company has maintained proper records showing full details including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management during the period and the reconciliation of quantities with records have been done. No discrepancies between the book record and the physical inventory have been noticed by the management. ii) No revaluation of any of the assets of the Company has been made during the period. iii) The stocks of finished goods, stores and spares and raw materials were physically verified by the management during the period. No discrepancies between the physical stock and book stock have been noticed. In our opinion, the valuation of the above mentioned stocks is fair and proper in accordance with the normally accepted principles and is on the same basis as in the previous year. iv) The Company has not taken any loans from Companies, Firms or other parties listed in the register maintained under section 301 and 370 (1-C) of the Companies Act, 1956. v) Advances in the nature of loans have been given to the employees free of interest and the same have been recovered generally as per stipulations, wherever applicable. vi) On the basis of checks carried out during the course of audit and as per explanations given to us there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business of the purchase of stocks, raw materials including components, plant machinery, equipments and other assets. vii) No stores, raw material or components were purchased from Companies in which any of the Director is interested as listed in the register of contract maintained under section 301 of the Companies Act, 1956. viii) As explained to us, there is no unserviceable or damaged goods during the year. ix) The Company has accepted deposits from the public, and directions issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and the Rules framed thereunder have been complied with. x) In our opinion, reasonable records have been maintained for the sale and disposal of scraps. xi) In our opinion, the Company has an adequate internal audit system commensurate with its size and nature of its business. xii) According to the explanations given to us the Company has not been prescribed by the Central Govt. under se ion 209(1)(d) of the Companies Act, 1956 to maintain cost records. xiii) The Company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authorities. xiv) There were no undisputed amounts payable in respect of Income-tax, Wealth-tax, Sales-tax, Customs Duty and Excise Duty as at 31st March, 1997 which were outstanding for a period of more than six months from the date they became payable. xv) In our opinion and according to the information and explanations given to us, personal expenses other than those payable under contractual obligations or in accordance with the generally accepted business practice have not been charged to revenue account. xvi) 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. We further report that in our opinion, proper books of accounts have been kept by the Company as required by law so far as appears from our examination of those books. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and in our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with the Schedules give the information required by the Companies Act, 1956, in the manner so required and the Balance Sheet gives a true and fair view of the state of the Company's affairs as at 31st March, 1997 and the Profit and Loss Account gives a true and fair view of the Profit for the year ended on that date. For De & Bose Chartered Accountants Durga Das De Partner Place : New Delhi, Date : 28th June, 1997.