akash agencies ltd Auditors report

AKASH AGENCIES LIMITED ANNUAL REPORT 1999-2000 AUDITORS REPORT TO THE SHAREHOLDERS OF AKASH AGENCIES LIMITED. We have audited the attached Balance Sheet of Akash Agencies Limited as at 31st March, 2000 and also the annexed Profit & Loss Account of the Company for the year ended on that date and 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 account as required by law have been kept by the Company, so far as appears from our examination of those books. 3. (a) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the books of account. (b) In our opinion the Profit and Loss Account and the Balance Sheet, comply with accounting standards referred to in Section 211(3C) of the Companies Act,1956. 4. In our opinion and to the best of our information and according to the explanations given to us, the Accounts read with other notes thereon, give the information as required by the Companies Act, 1956 in the manner so required and on such basis give a true and fair view a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March,2000 and b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Government of India and on the basis of such checks as considered appropriate and as per the information and explanations given to us we further state that a) The Company does not have any Fixed Assets at the close of the year. b) There was no closing stock at the end of the year. c) The Company has not taken any loan from Companies, Firms or other parties mentioned in the register maintained under section 301 of the Companies Act, 1956. There is no Company under the same management as defined under section 370(1B) of the Companies Act, 1956. d) In respect of Loan of Rs.5.18 lacs given to a party in the previous year, there are no stipulations regarding repayment of principal and payment of interest. e) The Company has not accepted any deposits from the public. f) The Provident Fund Act and Employees State Insurance Act are not applicable to the Company. g) According to the information and explanations given to us , there are no undisputed amounts payable in respect of Income-tax, Wealth-tax, Sales- tax, Custom Duty and Excise Duty outstanding for a period of more than 6 months as at 31st March, 2000 from the date they became payable. h) According to the information and explanations given to us , no personal expenses have been charged to revenue account. i) The Company is not , 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. j) In our opinion Clause (ii), (iv), (v),(vi), (vii),(viii), (x), (xi), (xii), (xiv), (xv), (xvi) of part 4(A) and Clause (ii) of part 4(c) of the order are not applicable to the Company. For & on behalf of K.P. JOSHI & Co. CHARTERED ACCOUNTANTS (K.P. JOSHI) PROPRIETOR MUMBAI. 29TH JUNE, 2000.