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NEW ERA ALKALOIDS AND EXPORT LIMITED
ANNUAL REPORT 2002-2003
AUDITORS' REPORT
TO
THE MEMBERS OF
NEW ERA ALKALOIDS & EXPORT LIMITED
RAIPUR.
We have audited the attached Balance Sheet of M/s NEW ERA ALKALOIDS &
EXPORT LIMITED as at 31st March, 2003 and also the Profit & Loss A/c and
the cash flow statement for the year ended on that date annexed thereto.
These financial statements are me responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis evidence supporting the amounts and disclosures in the financial
statements An audit also includes assessing the accounting principles used
and significant estimates made by management. as well as evaluating the
overall financial statement presentation We believe that our audit provides
a reasonable basis for our opinion.
As required by the manufacturing and other companies (Audit Report) order,
1988 issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the companies Act, 1956, we enclose in the Annexure a
Statement on the matters specified in paragraphs 4 & 5 of the said order.
Further to our comments in the Annexure referred to above, we report that:-
i. 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
ii. 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 those books.
iii. The Balance Sheet and Profit & Loss A/c dealt and cash flow statement
with by this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet and Profit & Loss A/c deal with by
this report comply with the accounting standards referred to in Sub-section
(3C) of section 211 of the Companies Act, 1956.
v. On the basis of written representations received from the Directors, as
on 31st March, 2003 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March. 2003
from being appointed as a director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to the
explanations given to us, the said accounts give the information required
by the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted
in India.
a. In the case of Balance Sheet, of the state of affairs of the company as
at 31st March' 2003,
and
b. In the case of the Profit & Loss A/c, of the Loss for the year ended on
that date.
c. In the case of cash flow statement, of the cash flows for the year ended
on that date.
TAUNK KHATRI & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: RAIPUR Sd/-
(Ashok Virdiyani)
DATE : 24 June 2003 Partner
ANNEXURE TO THE AUDITORS REPORT
1. The company has maintained proper record to show full particulars
including quantities details and situation of its fixed assets, physical
verification Of fixed assets was carried out by the Management during the
year and having regard to the site of the company and nature of the assets,
no material discrepancy between the book records and the physical inventory
have been noticed.
2. None of the fixed assets of the company has been revalued during the
year.
3. The company has no stocks of finished goods, stores and spare parts
4. The company has not stocks and as such no physical verification was made
by the company.
5. Since the company has no stock, there was no discrepancy
6. Since the company has no stock, No valuation is made.
7. The company has not taken interest free unsecured loans repayable on
demand from companies listed in the register maintained under section 301
of the Companies Act, 1956.
8. The company has not granted any loan, secured or unsecured to companies,
firms or other parties listed in the register maintained U/s 301, and/or to
the companies under the same management as defined under Sub-section (1B)
of section 370 of the companies Act, 1956 (1 to 1956)
9. The parties to whom the loans or advances in the nature of loans have
been given by the company Parties are not paying the principal amount as
stipulated and are also not regular in the payment of interest Reasonable
steps have been taken by the company for recovery of the principal and
interest
10. There tar an adequate intermit 'control procedure commensurate with the
size of the company and the nature of the business, plant and machinery,
equipments and other assets.
11. The transactions of purchases of goods and materials and sale of goods,
materials and services made in pursuance of contract or arrangement and
arrangement entered in the register maintained u/s 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 price which are reasonable as compared to
the prices of similar items purchased from and sold to other parties or as
available with the company.
12. As explained to us the company has no unserviceable or damaged stores
and raw materials.
13. The company has not accepted any deposits within the provisions of
section 58-A of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to deposit accepted from the public.
14. The company has no realisable production scrap and by product during
the year
15. The Company has an adequate Internal Audit System Commensurate with the
size and nature of its business.
16. As production has not been started, no cost records have been
maintained.
17. There is no employee employed in the company during the year except the
Director, hence Provident Fund and Employees State Insurance Act is not
applicable to the company.
18. There was no undisputed amount in respect of Income-tax, Sales Tax.
Excise Duty and Custom Duty out-standing as at the end of the financial
year for more than 6 months from the date it became payable.
19. During the course of our examination of the books of account carried
out in accordance with the generally accepted auditing practices and
according to the information and explanations given to us, we have not come
across any personal expenses which have been charged to Revenue Account
other than those payable under contractual obligations or in accordance
with prevailing business practices.
20. The Company is not 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.
TAUNK KHATRI & ASSOCIATES
PLACE : RAIPUR CHARTED ACCOUNTANTS
DATE : 24 June 2003 Sd/-
(ASHOK VIRDIYANI)
PARTNER
AUDITOR'S REPORT
We have examined the above Cash Flow of New Era Alkaloids & Exports Limited
for the year ended 31st March 2003 and certify that this is based on and is
in agreement for the corresponding Balance Sheet and Profit & Loss A/c of
the company covered by our report dated 24 June 2003 to the members of the
company.
TRUNK KHATRI & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(Ashok Virdiyani)
Partner
PLACE : RAIPUR
DATE : 24 June 2003
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