Progressive Steels (India) Ltd

BSE: 531063 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 2 | Face Value: [Rs.] 10
Industry: Steel - Medium / Small

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Auditor's Report

ANNUAL REPORT 1999-2000 PROGRESSIVE STEELS (INDIA) LIMITED AUDITORS' REPORT To the members of Progressive Steels (India) Ltd. We have audited the attached Balance Sheet of Progressive Steels (India) Ltd. as a 31st March, 2000 and also Profit & Loss Account for the year ended on that date and we report that 1. As required by Manufacturing and other Companies (Auditors' Report) order 1988 issued by Company Law Board in terms of section 227(4A) of the Companies Act,1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable. 2. Further to our comments in the annexure referred to in paragraph 1 above: (a) We have obtained all the information and explanation which to the best our knowledge and belief were necessary for the purpose of our audit (b) 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 such books (c) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account (d) In our opinion, the Balance Sheet and Profit Loss Account complies with the requirements of the mandatory accounting standards referred to in section 211 (3C) of the Companies Act, 1956. (e) In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to notes no.1 (h)- relating to non provision of Gratuity, note no 2- relating to investment in S.B.I Bonds, note no.3- relating to sales of traded goods note no.7- relating to inter divisional sales/purchases, note no.11- relating to sale of Raw Materials and note no 15 relating to old Sundry Debtors of Note on Accounts forming part of schedule `21' and other notes appearing thereat give the information as required by the Companies Act.1956 in the manner so required and give a true and fair view. i. In the case of Balance Sheet of the State of affairs of the company as at 31st March, 2000 ii. in the case of Profit & Loss Account of the loss of the company for the year ended on that date For R. Sinha & Associates. Chartered Accountants Place : Patna Date : 28th day of August 2000 Rajesh Sinha Partner ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT ON THE ACCOUNTS OF PROGRESSIVE STEELS (INDIA) LTD FOR THE YEAR ENDED 31st MARCH, 2000 i) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management at reasonable intervals., No material discrepancies have been noticed on such verification ii) The fixed assets have not been revalued during the financial year. iii) The stock of finished goods, spare parts and raw materials have been physically verified b the management during the year. In our opinion, the frequency of verification is reasonable. iv) In our opinion, the procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business v) The discrepancies noticed on physical verification of stocks as compared to book record were not material and the same have been properly dealt with in the books oi account. vi) In our opinion, the valuation of stock is fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. vii) The Company has not taken any loans from Companies, firms or other parties listed in the register maintained under section 31 of the Companies Act, 1956 and / or from companies under the same management as defined under section 370 (1B) of Companies Act,1956. viii) 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 and/or to Companies under the same management as defined under section 370(1B) of the companies Act, 1956 except interest free advances. The terms and conditions of such advances are not prima facie, prejudicial to the interest of the company. ix) In respect ot loan and advances in the nature of loan given by the company, the parties have repaid the principal amounts as stipulated and also been regular in payment of interest. x) 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 nature of its business for purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for sale of goods. xi) In our opinion and according to the information and explanation given to us, transaction of purchase of goods and materials and sale of goods, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of companies Act, 1956 and aggregating during the financial year to Rs.50,000/- or more in respect of each party have been made at prices which, in our opinion, are reasonable having regard to prevailing market price for such goods, materials or services as the prices on which similar transactions have been made with other parties. xii) According to information and explanation given to us, the company has determined 88.250 MT of M.S. Ingot (finished goods) as being of sub- standard quality as detailed in Para 12 of Schedule '21' forming part of the Notes on Accounts. xiii) The company has not accepted any deposits from the public within the meaning of section 58 A of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules,1975. xiv) In our opinion the company is maintaining reasonable records for sale and disposal of realisable scrap. As explained to us, the company's operations do not generate any realisable by products. xv) In our opinion, the company doesn't have an internal audit system commensurate with the size and nature of its business. xvi) The company is maintaining cost records as prescribed by Central Government under section 209(1)(d) of the Companies Act,1956 and we are of opinion that prima facie, the prescribed records have been made and maintained. However, we have not made a detailed examination of said records. xvii) According to records of the company, Provident Fund and Employees State Insurance dues have been regularly deposited during the financial year with the appropriate authorities but for E.S.I. amounting to Rs. 3,916.45 and P.F. amounting to Rs. 15,445.00 pertaining to the month of October 1999 which have not been deposited. xviii) According to records of the company and the information and explanations given to us, there are no undisputed amounts payable in respect Sales tax amounting to Rs. 91585/- and Excise duty amounting to Rs. 565631/- outstanding as at 31st March, 2000 for a period of more than six months from date they become payable. xix) In our opinion, according to records of the company and the information and explanations given to us, no personal expenses have been charged to revenue account. xx) The Company has become a Sick industrial company within the meaning of clause (O) of sub section (1) of section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 but no reference has been made by the company to the Board for Industrial and Financial Reconstruction under section 15 of the Act till date xxi) As informed to us, there were no damaged goods during the year, in the case goods traded by the company. For R. Sinha & Associates. Chartered Accountants Place : Patna Date : 8th day of August 2000 Rajesh Sinha Partner

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Key Information

Key Executives:

Raj Kumar Patwari , Chairman 

C R Sengupta , Director 

Nirmal Kant Gupta , Director 

P K Paul , Director 

Company Head Office / Quarters:
Digha Ghat,
Phone : 91-612-263039/266341/266351
Fax : 91-612-263041
E-mail :
Web : http://
Progressiv Steels (India) Ltd
Digha Ghat

Patna 800011

Fund Holding

Scheme Name No. of Shares
No data found


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