HINDUSTAN MAGNETICS LIMITED
We have audited the Balance Sheet of HIDNUSTAN MAGNETICS LIMITED as at 30th
June,, 1996 together with profit and loss account for the 15 months period
ended on 30.06.96 annexed thereto and report that :
We report 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 it appears from our examination of such
c) The Balance Sheet and Profit and Loss Account referred to are in
agreement with the books of accounts.
d) Subject to Note 1(b) of the Notes on Accounts with regard to under
provision of depreciation on Fixed Assets and Note 1(e) of the Notes on
Accounts with regard to accounting of Gratuity Liability on cash basis in
our opinion and to the best of our information and according to the
explanations given to us the said Balance Sheet and Profit and Loss Account
read together with notes thereon, give the information required by the
companies Act, 1956 in the manner so required and give true and fair view:
i) In so far it relates to the Balance Sheet of the state of the company as
at 30th June, 1996.
ii) In so far it relates to the Profit and Loss Account of the loss of the
company for the 15 months period ended on that date.
For RAMESH & CO.,
K. RAMESH BABU
Place : Hyderabad
Dated : 8th February, 1997