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Revati Organics Ltd.

BSE: 524504 Sector: Industrials
NSE: N.A. ISIN Code: INE270D01015
BSE 05:30 | 01 Jan Revati Organics Ltd
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Revati Organics Ltd. (REVATIORGANICS) - Auditors Report

Company auditors report

REVATI ORGANICS LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT To, The Members of REVATI ORGANICS LIMITED We have audited tire attached Balance Sheet of M/S. REVATI ORGANICS LIMITED as at 31st March, 2002 and the Profit & Loss account for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require 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 amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board under section 227(4A) of tire Companies Act, 1956, we enclose in the Annexure a statement on the matter specified in the said order. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanation, which to the Vest 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 tire Company so far as appears from our examination of the books. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts of the Company. d) In our opinion tire Profit & Loss Account and Balance Sheet comply with the Accounting Standards issued by the Institute of Chartered Accountants of India referred to in sub-section (3C) of Section 211 of the Companies Act. 1956. e) On the basis of the written representations received from the directors as on 31st March, 2002 taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2002, from being appointed as director in terms of section 274(1)(g) of tire Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanation given to us, the accounts subject to Notes No. 2a & 2b thereon, give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2002 and ii) In the case of Profit & Loss Account, of the loss incurred for the period ended as on that date. For A. M. Topiwala & Co. CHARTERED ACCOUNTANTS Anil M. Topiwala Proprietor Place : Mumbai Date : 28/08/2002 ANNEXURE TO THE AUDITOR'S REPORT (REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE) As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956. and on the basis of Such check as were considered appropriate and according to the information arid explanation given to us, we report that a. The Fixed Assets of the Company at Plot No. 1, Gat No. 506,Village Gonde Durnale, Taluka : Igatpuri. District Nasik namely Land. Building, Plant & Machinery and Electrical Installation were taken over by Maharashtra State Financial Corporation pursuant to their letter dated 18th November, 1998 in accordance with the provisions of Section 29 of the State Financial Corporations Act, 1951 and as such the Company ceased to be the owner of the said assets. The Company however, has not written of these assets in the books of accounts during the year under audit. It is not possible to physically verify the fixed assets because it is taken over by the Maharashtra State Financial Corporation. (MSFC). b. None of the fixed assets have been revalued during the year. c. The stock in the form of shares are seized by the Income Tax Department, it is not possible to physically verify the stock by the management. d. In our opinion, valuation of stock is fair and proper in accordance with normally accepted accounting principles. e. The Company has taken unsecured loans during the year from parties, listed in the register maintained under section 301 of the Companies Act, 1956 and/or from companies under the same management as defined under Section 370(1B) of the Companies Act, 1956. The rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. In terms of Sub-section (6) of Section 370 of the Companies Act, 1956, provisions of the section are not applicable to a company on or utter 31st October, 1998. f. The Company has not given unsecured loans during the year to parties listed in the register maintained under Section 301 and 370 (1B) of the Companies Act, 1956. g. In our opinion, and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business h. The Company has not entered into any contract or arrangement for providing any services to any party whose names are listed in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 50,000/- or more in respect of each party. i. The Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. However. there is no unserviceable or damaged stores, raw materials and finished goods. j. The Company has not accepted fixed deposits from the Public and compliances with the directives issued by the Reserve Bank of India arid tile provision of section 58A of the Companies Act, 1956 and Rules framed thereunder, wherever applicable does not arise. k. The Company has maintained reasonable records for the sale and disposal of scrap and by products. l. In our opinion, the Company has an adequate internal audit system commensurate with its size and nature of its Business. m. The maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956. n. We have been informed that the Provident Fund provisions are not yet applicable to the Company and therefore regularly depositing the said fund amount to tire appropriate Authorities during the year does not arise. o. According to the information and explanation given to us there are no undisputed amount payable in respect of Income Tax. Wealth Tax, Sales Tax. Custom Duty and Excise Duty a s at 31st March, 2002, which are outstanding for a period of more than six months from the date they became payable. p. No personal expenses have been charged to the revenue account, other than those payable under obligations or in accordance with generally accepted business practice. q. The Company is not a sick industrial Company within the meaning of section 3(1)(O) of the Sick Industrial Companies (special provision) Act 1985 (1 of 19H6). r. In respect of trading activities there was no damaged goods in the possession of the Company at the end of the year. For A. M. TOPIWALA & CO. CHARTERED ACCOUNTANTS ANIL M. TOPIWALA Proprietor PLACE : MUMBAI DATE : 28/08/2002