amison foods ltd Auditors report
AMISON FOODS LIMITED
ANNUAL REPORT 2000-2001
AUDITORS REPORT
TO THE MEMBERS
We have audited the Balance Sheet of M/s. AMISON FOODS LIMITED as at 31st
March, 2001 and the Profit and Loss Account of the said Company for the
year ended on that date, both attached hereto and report that:
1. in our opinion and to the best of our information and according to the
explanations given to us, and subject to clause (vi) of the Manufacturing
and Other Companies (Auditors Report) Order, 1988, the said accounts read
with the Notes thereon 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 State of affairs of the Company
as at 31st March, 2001 and
b) In the case of Profit & Loss Account, of the Loss of the Company for the
year ended on that date.
2. 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.
3. In our opinion, proper books of accounts as required by the Companies
Act, 1956, have been kept by the Company so far as it appears from our
examination of those books.
4. The Balance Sheet and Profit and Loss Account are in agreement with the
books of account, and comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent
applicable.
5. On the basis of the written representations received from the directors
of the Company as on 31st March 2001, and taken on record by the Board of
Directors, we report that none of the directors is disqualified from being
appointed as director of the company in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
6. As required by the Manufacturing And Other Companies (Auditors Report)
Order, 1988, issued by the Central Government and on the basis of such
checks as we considered appropriate, we further state that:
(i) The Company has maintained proper records showing full particulars
including quantitative details and situation of its Fixed Assets. The Fixed
Assets have been physically verified by the management wherever possible at
the close of the year as confirmed by the Management. No material
discrepancies have come to our notice on such physical verification.
(ii) No revaluation of Fixed Assets of the Company has been made during the
year.
(iii) The Stock of finished goods and raw materials of the Company have
been destroyed by the Management at the close of the year as they were said
to be not fit for consumption and hence have been fully written off as on
the Balance Sheet date.
(iv) The procedures of physical verification of stock followed by the
Management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(v) The discrepancies between the physical stocks and book stocks have been
properly dealt with in the books of account.
(vi) The valuation of Stock of finished and other goods, stores, spare
parts and raw materials are not applicable since the company does not hold
any closing stock at the year end.
(vii) The Company has not taken loans from companies, firms or other
parties listed in the register maintained under Section 301 and 370 (1C) of
the Companies Act, 1956.
(viii) The Company has not granted any loan to companies, firms or other
parties listed in the register maintained under Section 301 and 370 (1C) of
the Companies Act, 1956.
(ix) Loans/ Advances have been given to the employees and they are repaying
the amounts as well as Interest wherever applicable as stipulated.
(x) On the basis of checks carried out during the course of audit and as
per explanations given to us, there is adequate internal control procedure
commensurate with the size of the Company and the nature of its business
for the purchase of stores, raw materials, goods, plant and machinery,
equipment and other assets and for the sale of Goods.
(xi) There are no purchases of stores, raw materials or components and sale
of goods and services aggregating during the year to Rs.50000 or more in
each type from / to the firm or companies or other parties in which
Directors are interested as listed in the Register maintained under Section
301 of the Companies Act, 1956.
(xii) There were no unserviceable and damaged raw materials and finished
goods held by the Company at the close of the year as informed to us.
(xiii) The Company has not accepted any deposits from the public, during
this year, under Section 58A of the Companies Act, 1956 and the rules
framed thereunder.
(xiv) The Company has maintained reasonable records for the sale and
disposal of process waste.
(xv) The Company has an Internal Audit System commensurate with its size
and nature of its business.
(xvi) Maintenance of cost records u/s.209 (1)(d) of the Companies Act are
not mandatory to the Company.
(xvii) During the year, the Company has not been regular in remitting its
Providend Fund and Employees State Insurance Contributions.
(xviii) There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax and Sales Tax as at 31st March, 2001 which are outstanding for a
period of more than six months from the date they became payable.
(xix) In our opinion and according to the information and explanations
given to us no personal expenses have been charged to revenue account.
(xx) The Company is 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 (1 of 1986), and has been registered under
case No.32/2000 by the Board for Industrial and Financial Reconstruction
under Section 15 of that Act.
(xxi) In respect of the Trading Activities of the Company, it has a system
of determining during the physical verification, damaged goods and of
providing for the losses for the same. The damaged goods have been dealt
with by the Company appropriately.
For P. T. JOSEPH & Co.,
Chartered Accountants
Sd/-
Ernakulam P. T. JOSEPH
5th December, 2001 Proprietor