Parasrampuria Industries Ltd

Market Cap: [Rs.Cr.] 2 | Face Value: [Rs.] 10
Industry: Textiles - Manmade

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Auditor's Report

PARASRAMPURIA INDUSTRIES LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT TO THE MEMBERS OF PARACRAMPURIA INDUSTRIES LIMITED We have audited the attached Balance Sheet of PAHASHAMPURIA INDUSTRIES LIMITED as at 31st March, 2003 and also the annexed Profit & Loss Account for the year ended on that date. These financial statements are the 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 tree 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Further we report that 1. 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. 2. 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 such books. 3. The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the Books of Accounts of the Company. 4. On the basis of written representation received from the Directors except Nominee Director and taken on record by the Board of Directors and on the basis of legal opinion obtained from Shri. U. P. Mathur, Advocate and Corporate Law Consultant, of New Delhi, that, under the continuous huge losses and liquidity crunch. provisions of Section 274 (1) (g) are not applicable to the reappointment of Directors. On the basis of the legal opinion and written representations, we report that none of the Directors is disqualified as on 31st March, 2003 for reappointment as a Director. 5. In our opinion, Balance Sheet and Profit and Loss Account comply with the Mandatory Accountings Standards referred to in Section 211 (3c) of the Companies Act, 1956, except as otherwise stated in Notes forming part of accounts as per Schedule "13". 6. In our opinion, and to the best of our information and according to the explanations giver to us subject to note (I) NO.1(H)(I) & (II) REGARDING UNPROVIDED LIABILITY OF GRATUITY AND LEAVE ENCASHMENT BENEFIT (II) NO. 1 (J)(III) REGARDING FOREX (III) NO.II (9) REGARDING DEBTORS. ADVANCES, CREDITORS, ETC. (IV) NOTE NO.II (10) REGARDING NONPROVISION OF INTEREST ON I.C.D.S AND FIXED DEPOSITS (V) NO II (11) REGARDING UNDER PROVISIONS OF PENAL INTEREST ON LOANS AND NON PROVISION OF INTEREST ON WORKING CAPITAL LOANS. (VI) NO.II (12) & (16) REGARDING INTEREST ACCRUED IF ANY, ON CURRENT LIABILITY OF 16% REDEEMABLE CUMULATIVE PREFERENCE SHARES the said accounts read together with tree significant accounting policies and other Notes thereon. given 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 the Balance Sheet, of the State of Affairs of the Company as at 31st March 2003. and B. In the case of the Profit and Loss Account of the Loss for the year ended on that date. For M.L. SHARMA & CO. Chartered Accountants Place: Mumbai C.H. BANDI Date : 28th November, 2003 PARTNER AS REQUIRED BY THE MANUFACTURING AND OTHER COMPANIES (AUDITORS' REPORT) ORDER, 1988 ISSUED BY THE COMPANY LAW BOARD, IN TERMS OF SECTION 227(4A) OF THE COMPANIES ACT, 1956 AND ON THE BASIS OF SUCH CHECKS AS WE CONSIDERED APPROPRIATE, WE FURTHER REPORT THAT (i) The Company was maintaining proper records of its Fixed Assets. However, we have been informed that during the year, the said records have been damaged at its Registered Office and are under compilation which are subject to our verification. (ii) None of the Fixed Assets have been revalued during the year. (iii) We are informed by the Management that stock of raw-materials, stores, spare parts, finished goods and construction materials, have been physically verified at reasonable intervals during the year and/ or at the close of the year. (iv) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the above referred stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. (v) We are informed by the Management that, no material discrepancies have been noticed on physical verification of stocks of raw materials, stores and spares and finished goods having regard to the size of the operations of the company and the same have been properly dealt with in the Books of Account. However, no detailed working papers were available for our verification respect of material discrepancies, and comparison thereof with the Book Balance. (vi) In our opinion, the valuation of stocks is fair and proper and is in accordance with the normally accepted accounting principles. (vii) In our opinion. the rate of interest and the terms and conditions on which Loans have been taken from Companies, firms or other parties listed in the Register maintained under Sections 301 and 370 (1-B) of the Companies Act, 1956 are not prima facie prejudicial to the interest of the Company. (viii) The Company has granted interest free loans and advances, secured or unsecured to Companies, Firms or other parties list in the Register maintained under Section 301 of the Companies Art, 1956 or to companies under the same management within the meaning of Section 370 (1B) of the Companies Act, 1953. The other terms and conditions in our opinion are prima-facie not prejudicial to the interest of the company. However, no stipulations have been made regarding repayments. (ix) No Loans and Advances in the nature of loans given to parties except interest free loans given to the employees, who are generally repaying the principal amount as stipulated. (x) In our opinion and according to the information and explanations given to us, the Company needs to strengthen the internal control procedures and system commensurating with its size and nature of the business, (xi) in our opinion and according to the information and explanations given to us, the transactions of purchase and sale of goods, materials and services made in pursuance of Contracts of arrangement entered in the register maintained under Section 301 of the Companies Act, 1956, aggregating during the year to 85.50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials and services or the prices at which transactions for similar goods have been made with other parties. (xii) As explained to us, the Company did not have any unserviceable or damaged stores, raw materials or finished goods. (xiii) According to the information and explanation given to us, the Company has not accepted deposit from the public during the year. However, the Company has not complied with the direction issued by RBI and the provision of Sec 58A of the Companies Act, 1956, and the rules framed thereunder like non filing of Annual Returns, and non provision of interest (Refer Note 10 in Notes forming part of Accounts, Schedule-13). (xiv) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of waste and scrap. (xv) The Company has appointed a firm of Chartered Accountants for carrying out the Internal Audit. In our opinion, the same is required to the strengthened according to the size and nature of the business of the Company. (xvi) The Central Government has prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 in respect of manufacturing activities of the Company. We have been informed that such accounts and records have, prima facie. been made and maintained. However, we have not made a detailed examination the same. (xvii) According to the records of the Company. Provident Fund dues have not begin deposited regularly during the year with the appropriate authorities. The contribution amounting to Rs.48,82,288/- remains unpaid. (xviii) According to the records of the Company and subject to the method of accounting consistently followed by it, there are no undisputed amounts payable in respect of Income-Tax, Excise Duty, Sales-Tax and Customs Duty, as at the last day of the Financial Year, for a period of more than six months from the date they became payable, except outstanding of Income Tax deducted at source Rs.10,56,130/-, Custom Duty of Rs.21,88,638/- in respect of goods lying in bonded warehouse & Sales Tax Rs.14,59,475/-. subject to reconciliation. (xix) The Company has a policy of authorizing expenditure based on reasonable checks and controls. This policy is intended to ensure that expenses are authorized on the basis of contractual obligations or accepted business practices having regard to the Company's business needs and exigencies. In terms of these observations, we have not come across any expenses charged to revenue account which, in our opinion and judgement, and to the best of our knowledge and belief could be regarded as personal expenses. (xx) The Company is a Sick Industrial Company within the meaning of Clause (0) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and the reference application to the BIFR / AAIFR is pending for disposal. (xxi) In respect of the trading activities, we have been informed that there are no unserviceable or damaged goods during the year. For M.L. SHARMA & CO. Chartered Accountants Place ; Mumbai C.H. BANDI Date : 28th November, 2003 PARTNER

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(Rs. in Cr.)
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Aditya Bir. Nuv. 18,175.43 27.80 2.24 13.91 6.8 8.6 0.68
SRF 3,289.30 15.96 1.54 6.14 10.5 10.5 0.57
JBF Inds. 906.37 26.79 0.92 6.38 5.3 9.1 1.60
Kama Hold. 409.99 13.91 0.93 6.29 7.7 7.9 0.00
Century Enka 380.08 6.57 0.55 3.71 4.4 7.7 0.49
Indo Rama Synth. 360.57 0.00 0.63 4.77 -23.1 -10.2 0.93
Vardhman Acrylic 175.32 4.01 0.58 2.21 9.6 14.8 0.02
Sumeet Inds. 89.96 5.40 0.45 7.04 10.4 8.6 2.02
APR 77.87 20.10 0.51 11.51 -4.6 3.9 2.39
Indian Acrylics 66.58 5.86 0.49 1.28 -2.4 8.0 0.34
Filatex India 63.96 0.00 0.42 8.24 1.6 5.5 2.25
Pasupati Acrylon 42.25 4.47 0.97 13.57 0.0 0.0 2.18
Sanghi Polyester 33.00 0.00 0.15 0.00 0.0 0.0 1.93
CIL Nova Petro. 31.17 10.75 3.95 7.25 10.0 8.8 11.48

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Key Information

Key Executives:

Ratanlal Parasrampuria , Chairman 

Omprakash Parasrampuria , Director 

Bhagyam Ramani , Nominee (GIC) 

Sanjay Parasrampuria , Managing Director 

Company Head Office / Quarters:
Survey No 214/3,
Dadra PO,
Dadra & Nagar Haveli,
Dadra & Nagar Haveli-396191
Phone : 91-0268-430267/425653/668269/665876
Fax : 91-0268-432764
E-mail :
Web :
Parasrampuria Industries Ltd
Regent Chambers
10th Floor
208 Nariman Point
Mumbai - 400 021

Fund Holding

Scheme Name No. of Shares
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