asean industrial structures ltd Auditors report
ASEAN INDUSTRIAL STRUCTURES LIMITED
ANNUAL REPORT 2000-2001
AUDITORS REPORT
To,
The Members of
ASEAN INDUSTRIAL STRUCTURES LIMITED
We have the attached Balance Sheet of M/s. ASEAN INDUSTRIAL STRUCTURES
LTD., as at 30th June, 2001 and Profit & Loss Account for the year ended on
date and report as under:
1. 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, we set out in the Annexure a statement on the
matters specified in paragraph 4 of the said order to the extent applicable
to the Company.
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
of our knowledge and belief were necessary for the purpose of our audit.
b) In our opinion proper Books of Accounts, as required by law have been
kept by the Company so far as it appears from our examination of those
Books of Accounts of the Company.
c) The balance Sheet and Profit and Loss Account, dealt with by this report
is in agreement with the Books of Accounts of the Company and are in
compliance with the Accounting Standards referred in Section 211(3C) of the
Companies Act, 1956 in so far as they are applicable to the Company.
d) In our opinion and to the best of our information and explanations given
to us the said accounts read with and subject to all the notes thereon give
the information required by the COmpanies Act, 1956 in the manner so
required give a true and fair view:
i. In the case of Balance Sheet of the state of the affairs of the Company
as at 30th June, 2001; and
ii In the case of Profit & Loss Account, the Net Loss of the Company for
the period ended 30th June, 2001.
For D. BURMAN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
PLACE: BARODA DEEPAK BURMAN
DATE : 22/11/2001. (PROPRIETOR)
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE PERIOD ENDED ON 30TH JUNE, 2001 OF ASEAN INDUSTRIAL
STRUCTURES LIMITED.
As required by the manufacturing and other Companies (Auditors Report)
Order, 1988 issued by the Company Law Boards in terms of Section 227(4A) of
the Companies Act, 1956, we further report that:
1. The Company has maintained proper records showing full particulars
including quantitative details and location of the fixed assets. All the
assets have been physically verified by the Management during the year and
there is a regular program of verification which in our opinion is
reasonable having regard to the size of the Company and the nature of the
assets. No material discrepancies have been noticed on such verification.
2. None of the Fixed Assets have been revalued during the year.
3. As Companys main object involves rendering services in the areas of
Infrastructure Development, there is no purchase and sale of raw materials
or finished goods. Hence the requirement of reporting on physical
verification of stock of finished goods, semi finished goods, raw material
and stores and spares by the management and material discrepancies in such
physical verification and also the requirement of valuation of stocks, in
our opinion, does not arise.
Hence Clause (iii) (iv) (v) (vi) of MAOCORO 1988 are not applicable.
4. In our opinion and according to the information and explanations given
to us, the Report on prices paid for purchase of goods and material and
sale of goods, materials and services, 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
in respect of each party listed is not applicable as there were no
purchases and sales of material and services.
5. The Company is not taken Unsecured loans from Companies, firms, or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. The report on the rate of interest and the terms and
conditions of Unsecured Loan taken by the Company is not applicable. We
have been further informed that there are no Companies under the same
management as defined under Section 370(1B) of the Companies Act, 1956.
6. As per the information furnished, the Company has not granted loans,
secured or unsecured to parties Directors listed in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly the
report on rate of interest and other terms are not applicable. We have been
further informed that there are no companies under the same management as
defined under sub-section(1B) of Section 370 of the Companies Act, 1956.
7. As informed and explained by the management, Loans and Advances include
various Trade Advances paid during previous years. As per the information
and explanations given to us, these advances are considered good and re
recoverable in normal course of business.
8. In our opinion and according to information and explanation given to us
during the course of our audit, there are adequate to information and
explanations given to us, these advances are considered good and are
recoverable in normal course of business.
9. The Company has not accepted any deposits within the meaning of Public
Deposit and consequently the provisions of Section 58A of the Companies
Act, 1956 and Companies (Acceptance of Deposit) Rules, 1975 and the
directive issued by the Reserve Bank of India are not applicable.
10. In our opinion, the Company has reasonable Internal Audit System
Commensurate with the size of the Company & nature of its business.
11. We are informed that the Central Government has not prescribed
maintenance of cost records under Section 209(1)(d) of the Companies Act,
1956.
12. As informed to us, the provisions of Employees provident Fund Act and
Employees State Insurance Scheme are not applicable to the Company.
13. As per the records of the Company and information and explanation given
to us, there are no undisputed amount payable in respect of Income Tax,
Sales Tax, Custom/Excise Duty outstanding as at the last date of period
ending 30th June, 2001, for a period of more than six months from the date
became payable.
14. During the course of our examination of the Books of Accounts and on
the basis records examined by us, we are of the opinion that no personal
expenses have been charged to Revenue Account other than those payable
under Contractual obligation or in accordance with generally accepted
business practice.
15. The Company is not a sick Industrial Company within the meaning of
clause (O) of Sub-section(1) of Section 3 of the Companies Act, 1985.
16. The Company has not granted any loans and Advances on the basis of
security by way of pledge of shares, debentures of any special status
applicable to the shares, debentures and other securities, and the
provisions of any special status applicable to the Chit Fund, Nidhi or
Mutual benefit Society are not applicable to the Company.
17. As explained to us the Company has made advances to Finance/Investment
companies in the nature of Investment. Pending finalization of the
Advances, the same have been earmarked under the heading of Investment.
18. As per the records of the Company and information and explanations
given to us, Capital Work-In-Progress as on 30th June, 2001, includes for
Capital Goods made during previous years, to various Companies where one or
more Directors are interested. However, these companies are not under the
same management as defend under Section 370(1B) of the Companies Act, 1956.
19. As the Company has no manufacturing and other activities, the other
provisions of the Manufacturing and Other Companies (Auditors Report)
Order 1988, are not applicable.
For D. BURMAN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
PLACE: BARODA DEEPAK BURMAN
DATE : 22/11/2001. (PROPRIETOR)