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Rishabh Food Products Ltd.

BSE: 519179 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Rishabh Food Products Ltd
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Rishabh Food Products Ltd. (RISHABHFOODPRO) - Auditors Report

Company auditors report

RISHABH FOOD PRODUCTS LTD. ANNUAL REPORT 2000-2001 AUDITORS' REPORT To the Shareholders of RISHABH FOOD PRODUCTS LIMITED We have audited the attached Balance Sheet of RISHABH FOOD PRODUCTS LTD. as on 31st march 2001 and the Profit and Loss Account of the company for the year ended on that date annexed thereto and reports 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 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure '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 paragraphs 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 accounts, as required by law have been kept by the company so far, as appears from our examination of such books subject to the fact that the Books of Account and records lying at the registered office of the Company were not available since as explained to us they are in possession of Haryana State Industrial Development Corporation Ltd. However the accounts has been prepared on the basis of the records and information and explanations produced before us; 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 complies with the mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act 1956. e) On the basis of written statements received from the Directors and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March, 2001 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. f) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account read together with the notes and accounting policies given in Schedule '13' give the information required by the Companies Act 1956 in the manner so required and give a true and fair view: i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2001 and ii) In so far as it relates to the Profit and Loss Account of the losses of the Company for the year ended 31st March, 2001 For R. BHARGAVA ASSOCIATES CHARTERED ACCOUNTANTS (R. BHARGAVA) PROPRIETOR Place: New Delhi Date : October 15, 2001 ANNEXURE 'A' (Referred to in paragraph 1 of our report of even date for the year ended 31st March 2001) In the case of Company's manufacturing activities, we report that: 1) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets have been physically revalued the management during the year under review and no material discrepancies have been noticed on such verification. 2) None of the fixed assets have been revalued during the year. 3) The stock of finished goods; store, spare parts and raw materials have been physically verified by the management during the year at reasonable intervals. 4) In our opinion and as per information and explanations given to us, procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business and the normally accepted accounting principles and is on the same basis as in the preceding year. 5) To the best of our knowledge no material discrepancies have been noticed of physical verification of stocks as compared to book records. 6) In our opinion and on the basis of our examination of records and as per the information and explanations given to us, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. 7) The Company has not taken any loans unsecured or unsecured from companies firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the Companies under the same management as defined under sub-section (1 B) of Section 370 of the Companies Act 1956. 8) The Company has not granted any loans, secured or unsecured to companies, firm or other parties listed in the register maintained under section 370 and/or to Companies under the same management as defined under sub-section (1 B) of Section 370 of the Companies Act 1956. 9) In respect of loans and advances in the nature of loans given by the company they are generally repaying the sum stipulated. 10) 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 the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. 11) In our opinion and according to the information and explanations given to us there is 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 under Section 301 of the Companies Act, 1956 and aggregating during the year exceeding to Rs.50,000/-. 12) The Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the same. 13) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance Deposits) Rules, 1975 with regard to the deposits accepted under the said provisions. 14) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of scrap and by products realized. 15) To the best off our knowledge and as per the information and explanations given to us, the Company has a reasonable internal Audit system commensurate with its size and nature of business. 16) The maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (D) of the Companies Act, 1956. 17) To the best of our knowledge and according to the information and explanations, given to us, the provisions of Employee's State Insurance Act are not applicable to the Company for the year ended 31st March, 2001 and there was overdue Provident Fund payable of Rs. 127 Thousands as on 31st March 2001. 18) To the best of our knowledge and according to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty, outstanding as at 31st March, 2001 for a period of more than six months from the date they become payable. 19) According to the information and explanations given to us and ors the basis of records examined by us, no personal expenses of employees or Directors have been charged to Revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 20) The Company is 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, and has been registered with BIER vide their order dt. 08.08.97. For R. BHARGAVA ASSOCIATES CHARTERED ACCOUNTANTS (R. BHARGAVA) PROPRIETOR Place: New Delhi Date : October 15, 2001