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Trident Projects Ltd.

BSE: 526626 Sector: Infrastructure
NSE: N.A. ISIN Code: INE988B01016
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Trident Projects Ltd. (TRIDENTPROJECTS) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 TRIDENT PROJECTS LIMITED AUDITOR'S REPORT 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 view: (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 Chartered Accountants 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, 1956. (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 not needed. (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 Company. (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 the authorities. (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 Chartered Accountants Place: New Delhi. S.K.PENSI Date: May 29,1999. Partner