Pace Automation Ltd


BSE: 517292 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 1 | Face Value: [Rs.] 10
Industry: Computers - Software - Medium / Small

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Auditor's Report

PACE AUTOMATION LIMITED AUDITORS REPORT TO THE MEMBERS OF PACE AUTOMATION LIMITED We have audited the attached Balance Sheet and Profit & Loss Account of Pace Automation Limited for the year ended March 31, 1998 and report that: 1 As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified therein. 2 Further to our comments in the Annexure referred to in paragraph 1 above and subject to: 2.1 Note No.5 regarding non provision of gratuity liability. 2.2 Note No.9 and 10 regarding Sundry Debtors/Creditors, Advances and Balances in certain bank accounts pending confirmation. 2.3 Note No.11 regarding provision for doubtful debts not made in respect of disputed debts Rs. 49.51 lacs. 2.4 Note No.13 regarding short provision of interest Rs.25.43 lacs on IDBI loan. 2.5 No provision made in respect of non-moving work-in-progress. 3 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. 4 In our opinion, proper books of accounts as required by law have been kept by the Company so for as appears from our examination of such books, subject to non-provision of gratuity liability amounting to Rs.1.90 lacs vide Note No.5 5 The Balance Sheet and the Profit & Loss Account dealt with by this report, are in agreement with the books of accounts. 6 In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with accounting policies and notes thereon and subject to paragraph 2 above give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view, (a) in the case of the Balance Sheet, of the Company's state of affairs, as at March 31, 1998. (b) in the case of the Profit & Loss Account, of the Loss for the year ended that date. For L. SANTHANA RAMAN & CO., Chartered Accountants Place: Chennai L. SANTHANA RAMAN Date : November 28, 1998 Partner ANNEXURE TO AUDITORS REPORT (referred to in Paragraph 1 of our report of even date) 1. The Company has generally maintained proper records showing full particulars including quantitative details of fixed assets. The Fixed Assets have not been physically verified by the management during the year. The book and physical balances have not been reconciled and hence the discrepancies, if any, have not been ascertained for necessary adjustments in the books of accounts. 2. None of the fixed assets have been revalued during the year under review. 3. According to the information and explanations given to us, the Company has conducted physical verification of stock of trading items, stores, spares and components at the close of the year. 4. In our opinion, physical verification of inventories is reasonable and adequate with regard to the size of the Company and the nature of its business. 5. According to the information and explanations given to us, no material discrepancies were noticed between the book records and physical verification of inventories. 6. In our opinion, the valuation of stock is fair and proper and is in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year except that no provision has been made for non-moving work-in-progress. 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 have been informed that there are no companies under the same management as defined under Section 370(1-B) of the Companies Act, 1956. 8. The Company has not given any loan, secured or unsecured to companies, firms, or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. We have been informed that there are no companies under the management as defined under Section 370(1-B) of the Companies Act, 1956. 9. In respect of interest free advances to the employees, these are being repaid as stipulated and in our opinion and according to the explanations given to us, reasonable steps are taken for recovery of over dues. 10. In our opinion and according to the information and explanations given to us, the internal control procedures are commensurate with the size of the company and the nature of its business with regard to the purchase of trading items, stores, components and capital assets, and for the sale of goods. 11. In our opinion and according to the information and explanations given to us, no purchase of goods and materials or sale of goods, materials and services has been made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to Rs.50,000 or more. 12. According to the information and explanations given to us, the Company has determined the unserviceable or damaged stores and adjustment for the loss have been made in the accounts. 13. According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year. 14. According to the information and explanations given to us, generation of any realisable by-products or scrap does not arise. 15. The company does not have any internal audit for the year. 16. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956. 17. There have been delays in depositing the Provident Fund and Employee's State Insurance dues with appropriate authorities by the company. The Provident Fund and Employee's State Insurance dues for the year were outstanding at the end of the year at Rs.1.55 lacs and Rs. 0.47 lacs respectively which however have been paid subsequently. 18. According to the information and explanations given to us, undisputed amounts payable in respect of Income Tax. Sales Tax, Excise duty and Customs duty, were outstanding, as at March 31, 1998, for a period of more than six months from the date they became payable except Excise duty of Rs.1.17 lacs and Sales Tax of Rs.7.84 lacs. 19. In our opinion and according to the information and explanations given to us no personal expenses have been charged to revenue account. 20. The provisions of Clause(O) if Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 are not applicable to this Company. 21. As explained to us, no damaged goods were determined in respect of goods traded by the Company. For L.SANTHANA RAMAN & CO., Chartered Accountants Place: Chennai L.SANTHANA RAMAN Date : November 28, 1998 Partner

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Key Information

Key Executives:

S G Chandru , Director 

S Rengarajan , Director 

Malathy Gopalakrishnan , Director 

B Bimal Nair , Director 


Company Head Office / Quarters:
Empee Towers V Floor,
59 Harris Road Pudupet,
Chennai,
Tamil Nadu-600002
Phone :
Fax :
E-mail :
Web : http://
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