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Woolways (India) Ltd.

BSE: 532075 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Woolways (India) Ltd
NSE 05:30 | 01 Jan Woolways (India) Ltd

Woolways (India) Ltd. (WOOLWAYSINDIA) - Auditors Report

Company auditors report

1997 WOOLWAYS (INDIA) LIMITED AUDITORS' REPORT We have audited the attached Balance Sheet of Woolways (India) Limited as at 31 st March, 1997 and the Profit & Loss Account of the Company for the period 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 Board in terms of Section 227 (4A) of the Companies Act, 1956 we give in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our comments in the 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 account, as required by Law have been kept by the Company, so far as appears from our examination of such books c) The Balance sheet and Profit & Loss Account referred to in our report are in agreement with the books of account. d) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the significant accounting policies and other 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 so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 1997 and (ii) In so far as it relates to in the Profit & Loss Account, of the Profit of the Company for the period ended on that date. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis off information available. According to the information and explanations given to us most of the fixed assets were physically verified by the management during the period and no material discrepancies were noticed on such verification as compared to the available records. In our opinion the frequency of such verification is reasonable having regard to the size of the company and nature of its business. 2. None of the fixed assets have been revalued during the period, 3. As explained to us the stock of stores, spare parts, raw materials and finished goods have been physically verified by the management at reasonable intervals during the period. In our opinion, the frequency of such verification is reasonable having regard to the size of the company and the nature of its business. 4. In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. 5. As explained to us there were no material discrepancies noticed on physical verification of stocks of raw materials, stores and spares and finished goods. 6. The valuation of stocks is fair and proper and is in accordance with the normally accepted accounting principles. 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 or from Companies under the same management within the meaning of Sub Section (IB) of section 370 of the Companies Act, 1956. 8. The Company has not granted any loans secured or unsecured, to the Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 and or to the companies under the same management as define under Sub Section (IB) of section 370 of the Companies Act, 1956, which are prejudicial to the interest of the company. 9. As per information and explanations given to us there are no such loans are advances in the nature of loans 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 purpose of stores, raw materials including components, Plant & machinery, equipment are other assets and for the state of goods . 11. Our Opinion, the transactions of purchase of goods or materials and sale of goods or materials made under pursuance of contracts/arrangements enteret in the Register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market price for such goods & materials or the prices at which transactions for similar goods or materials have been made with other parties. 12. As explained to us, the company has a system of determining or damaged stores, raw materials and finished goods and no profit & loss was considered necessary during the period. 13. No deposits within the meaning of Section 58A of the Companies Act and rules framed thereunder have been accepted by the Company. 14. In our opinion reasonable records have been maintained by the company for the sale and disposal of realisable by-products and scrap wherever significant. 15. In our opinion the internal audit system of the company is commensurate with its size and the nature of its business. 16. According to the records of the Company, Provident Fund and Employee's State Insurance dues have been regularly deposited with the appropriate authorities. 17. According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, custom duty and excise duty were outstanding as at the last day of the financial year for a period of more than six months from the date they become payable. 18. During the course of our examination of books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses other than those expenses under contractual obligations with the company's employees and/or generally accepted business practices, which have been charged to revenue account. 19. The other provisions of the said order are not applicable to the company. For MUNISH CHOPRA & ASSOCIATES CHARTERED ACCOUNTANTS (MUNISH CHOPRA) PARTNER PLACE : NEW DELHI DATED : 01.04.97