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ANNUAL REPORT 1998-2000
AUDITOR'S REPORT
NORRIS MEDICINES LIMITED
We have audited the attached Balance Sheet of NORRIS MEDICINES LIMITED as
at March 31, 2000 and also 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 Law Board in terms of Section 227(4A) of
the Companies Act, 1956, we annex 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 report that:
a) We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes 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 the books;
c) The Balance sheet and Profit & Loss Account dealt with by this report
are in agreement with the books of accounts;
d) In our opinion and to the best of our information and according to the
explanations given to us, the accounts give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair view
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(i) in the case of the Balance sheet, of the state of affairs of the
Company as at March 315, 2000, and
(ii) in the case of the Profit and Loss Account, of the LOSS of the Company
for the period ended on that date.
FOR J. P. SHARMA & CO.
CHARTERED ACCOUNTANTS
Date : September 4, 2000 J. P. SHARMA
Place: Mumbai PROPRIETOR
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS
OF NORRIS MEDICINES LTD.
1. The Company is maintaining proper records to show full particulars,
including quantitative details and situation of fixed assets. Verification
of fixed assets is being conducted in a phased programme by the management,
which in our opinion is reasonable having regard to the size of the Company
and the nature of assets. The verification of assets due as per this
programme has been carried out and no discrepancies have been noticed on
such verification.
2. None of the fixed assets have been re-valued during the period.
3. Stocks of finished goods, stores, spare parts and raw materials have
been physically verified by the management at reasonable intervals during
the period.
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. No material discrepancies have been noticed on physical verification of
stock as compared to book records.
6. In our opinion and on the basis of our examination of the stock records,
the valuation of stocks is fair and proper and in accordance with the
normally accepted accounting principles, and is on the same basis as in the
previous 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.
8. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained under
Section 301 of the Companies Act, 1956.
9. The company has during the period given loans and advances in the nature
of loans, which are in our opinion on terms and conditions not prejudicial
to the interests of the company. The parties to whom such loans and
advances have been given are regular in repayment of principal and interest
wherever stipulated.
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 with regard to purchases
of stores, raw materials including components, plant and machinery,
equipment and other assets, and with regards to sale of goods.
11. According to the information and explanations given to us, the
transactions of purchase of goods and materials with the parties entered in
the register maintained under Section 301 of the Companies Act, 1956 ar,e
not prejudicial to the interest of the Company and there are no
transactions of sale of goods and materials (there being no sale of
services), aggregating during the period to Rs. 50,000/- or more in respect
of each party.
12. As explained to us, the Company has a regular procedure for the
determination of unserviceable or damaged stores, raw materials and
finished goods. Adequate provision has been made in the accounts for the
loss arising on the items so determined.
13. The Company has not accepted any deposits from the public.
14. In our opinion, reasonable records have been maintained by the company
for the sale and disposal of scrap. The Company has no by-products.
15. In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business .
16. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the Order made by the Central Government for the
maintenance of cost records under Section 209 (1)(d) of the Companies Act,
1956 and are of the opinion that prima facie, the prescribed records have
been maintained.
17. The Company has been irregular in depositing Provident Fund dues and
Employees State Insurance due with the appropriate authorities.
18. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales tax,
customs tax and excise duty were outstanding as at march 315', 2000 for a
period of more than six months from the date they became payable.
19. According to the information and explanation given to us, no personal
expenses of employees or Directors have been charged to revenue account
other than those payable under contractual obligation or in accordance with
generally accepted 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.
21. In relation to trading activity of the Company no damaged goods have
been determined.
FOR J.P.SHARMA & CO.
CHARTERED ACCOUNTANTS
Date : September 4, 2000 J. P. SHARMA
Place: Mumbai (PROPRIETOR)
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