ANNUAL REPORT 1998-99
TRIDENT PROJECTS LIMITED
To the members of TRIDENT PROJECTS LIMITED,
We have audited the attached Balance Sheet of TRIDENT PROJECTS LIMITED as
at 31st March, 1999 and also the Profit and Loss Account of the Company for
the year ended on that date annexed thereto and report that:
1. 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, we give in the annexure a statement on the
matters specified in Paragraphs 4 and 5 of the said Order.
2. Further to our comments in the said annexure referred to in paragraph 1
above, we state 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 accounts as required by law, have been
kept by the Company so far as appears from our examination of such books.
(c) The Company's Balance Sheet and Profit and Loss Account referred to our
Report are in agreement with books of account.
(d) In our opinion the Profit and Loss Account and the Balance Sheet are in
compliance with the Accounting Standards referred to in sub section (3C) of
Section 211 of the Companies Act,1956.
(e) In our opinion and to the best of our information and according to the
explanations given to us the said accounts read with the schedules attached
thereto and the notes thereon give the information required by the
Companies Act, 1956, in the manner so required, and give a true and fair
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 1999 and
(ii) In e case of the Profit and Loss Account, of the Loss for the year
ended on that date.
For SURENDRA & ASSOCIATES
Place: New Delhi. S.K.PENSI
Date : May 29, 1999. Partner
ANNEXURE TO THE AUDITOR'S REPORT
Annexure referred to in paragraph l of the Auditor's Report of even date to
the Members of Trident Projects Limited on the Accounts for the year ended
31 st March, 1999.
(1) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. In our
opinion, the frequency of physical verification of assets is reasonable.
(2) None of the Fixed Assets has been revalued during the year.
(3) The stock of finished goods, stores, spare parts and raw materials have
been physically verified by the management during the year. In our opinion,
the frequency of physical verification of stocks is reasonable.
(4) In our opinion and according to the information and explanation given
to us, the procedures of physical verification of stocks followed by the
management were found reasonable and adequate in relation to the size of
the Company and the nature of its business.
(5) The discrepancies noticed on verification between the physical stocks
and book records were not material in relation to the operations of the
Company and the same have been properly dealt with in the books of account
(6) In our opinion, the valuation of stocks is fair and proper in
accordance with normally accepted accounting principles, and is on the same
basis as in the pervious year.
(7) The Company has not taken any loans secured or unsecured, from
Companies, firms or other parties listed in the Register maintained under
Section 301 of the Companies Act, 1956. We are informed that there are no
companies under the same management within the meaning of Section 370(1-B)
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
Sections 301 of the Companies Act, 1956, where the rate of interest and the
terms and conditions are pima facie prejudicial to the interest of the
Company. We are informed that there are no companies under the same
management within the meaning of Section 370(1 -B) of the Companies Act,
(9) In respect of loans and advances in the nature of loans given by the
Company, where stipulation have been made, the parties are repaying the
principals amounts as stipulated would have also been regular in the
payment of interest, where applicable.
(10) 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 nature of its business for purchase of stores,
component, plant and machinery, equipments and other assets and for the
sale of goods.
(11) In our opinion and according to the information and explanations given
to us, there were no transaction of purchase of goods and materials and
sale of goods, materials and services in pursuance of contracts or
arrangements falling under section 301 of the Companies Act, 1956 and
aggregating to Rs.50,000/- or more during the year in respect of each Dartv
(12) In our opinion and according to the information & explanations given
to us, the company has generally complied with the provisions of section
8(A) of the Companies Act, 1956, and the Companies (Acceptance of Deposits)
Rules 1975, with regard to the deposits accepted from the public.
(13) We have been informed that the Company's operations do not generate
any by products. Scrap, though generated in the operation is
insignificant. So proper books for recording and disposing such scrap is
(14 In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
(15) The Central Government has not prescribed maintenance of cost records
u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
(16) Provisions of Employees Provident Fund Act and Employees State
lnsurance Act are applicable to the Company. According to the records of
the Company examined by UB, there are arrears to the extent of
Rs.2,39,196/- towards Employee's Provident Fund dues with appropriate
authorities. ESI Scheme dues have generally been regularly deposited with
(17) According to the information and explanations given to us, there were
no undisputed amounts payable in respect of Income Tax? Wealth Tax, Sales
Tax, Customs Duty and Excise Duty which have remained outstanding as at the
end of the accounting year for a period of more than six months from the
date they become payable.
(18) According to the information & explanations given to us and based on
the generally accepted audit procedures no personal expenses of the
employees or Directors 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 (I) of Section 3 of the Sick Industrial Companies
(Special Provisions Act, 19X5
(20) In respect of the trading activity of the Company there were no
damaged goods in closing stock.
21) In respect of services rendered:
(a The nature of services rendered is such that it does not involve
consumption of materials.
(b) Considering the nature of service rendered and the basis of billing, it
is not considered necessary to have a system of allocation of man-hours to
the relative jobs.
For SURENDRA & ASSOCIATES
Place: New Delhi. S.K.PENSI
Date: May 29,1999. Partner