giriraj entertainment ltd Auditors report

GIRIRAJ PRINT PLAST LIMITED ANNUAL REPORT 2002-2003 AUDITORS REPORT To, The Members, Giriraj print plast limited We have audited the attached Balance Sheet of GIRIRAJ PRINT PLAST LIMITED as at 31th March 2004 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure here to, a, statement on the matters specified in paragraphs 4 and 5 of the said order, so far as applicable to the Company. 2. Further to our comments in the Annexure referred to Paragraph (1) above, (a) 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. (b) In our opinion, the company has kept proper books of accounts, as required by law so far as appears from our examination of such books. (c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the company. (d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. e) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2003 from being appointed as Directors in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956. f) In our opinion and to the bast of our information and according to the explanation given to us, the said account give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view. I. In case of the Balance Sheet, of the state of the Companys affairs as at 31st March, 2003 and, II. In the case of the Profit & Loss Account, of the Loss of the Company for the year ended on that date. For B.M. JHAVERI & CO., Chartered Accountants Place : MUMBAI BHURENDRA M. JHAVERI Dated: 07.08.2003 Proprietor Membership No. 15855 ANNEXURE TO THE AUDITORS REPORT 1. The Company is in process to maintain proper records showing full particulars including quantitative details and situation of fixed assets. We are informed that fixed assets have been physically verified by the management at reasonable intervals. 2. None of the Fixed Assets have been revalued during the year. 3. As per the information and explanations given to us the finished goods, stores & Spare part and raw materials have been physically verified by the management at reasonable Interval 4. In our opinion the procedures for physical verification of stocks followed by the management are reasonable and adequate having regard to the size of the Company and the nature of its business. 5. As explained to us there were no material discrepancies noticed on physical verification of stock as company by the books records is so far as it appears from our examination of the boats. 6. On the basis of our examination of the stud records, we arts of the opinion that the valuation of the stock it fair and proper and in accordance with the normally, accepted accounting principles and on the same basis as in the preceding Years. 7. The company has not taken any loan from any firm, company, or other party listed in the register maintained under section 301 of the compares Act 1956 or from any company under the same management as defined under sub section (18) of section 370 of the said Act. 8. The Company has not granted and loans secured or unsecured, to the companies, firm of other parties listed parties listed is the register maintained under section 301 of the Companies Act 1956 or from any company under the same manse as defined under sub sees (IB) of section 370 of the said Act. 9. We are informed that the principal amount in respect of advances given by the company are generally being recovered together with interest thereon, where applicable, as per stipulation. 10. The Company is in the process of installing internal control procedures which are commensurate with the Company and the nature of its business. At present all the above functions are carried our by the management. 11. According to the information and explanation given to us, the transactions aggregation Rs. 50,000/- or more in respect of each party for the purchase of goods and materials or for sale of goods materials and services in pursuant to contracts or arrangements entered in Register and under Section 301 of the companies Act, 1956, have been made at prices which are reasonable having regard to prevailing market price of such goods, materials or services or the prices at which transactions for similar goods or services have been made with other parties. 12. As explained to us, the management has a regular procedure for determination of unserviceable or damaged stores and raw materials or finished good. According to the information and explanation given to us adequate provision has been made in the accounts for the loss arising on the items so determined 13. The company has not accepted any deposits from the public within the meaning of section 58-A of the Companies Act. 1956 and the rules framed there under. 14. In opinion, the company is maintain the reasonable records for the sale and disposal of scrap. We are informed that there are no realizable by products. 15. The company is in the process of setting up an internal audit system. 16. As informed to us, the company is not require to maintain the accounts and records as prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and rules framed there under. 17. According to the information and explanation given to us, the Provident Fund and Employees state insurance Acts are not applicable to the Company. 18. According to the records of the company and as per the information and explanation given to us, no undisputed amounts payable by the company in respect of income Tax, Wealth Tax, Sales tax, Custom Duty and excise duty were outstanding as on 31st March, 2003 for more than six months from the date these became payable. 19. According to the information and explanation given to us and the records of the company examined by us, no personal expenses have been charges to revenue. 20. The Company is not 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. 1956. For B.M. JHAVERI & CO., Chartered Accountants Place : MUMBAI BHURENDRA M. JHAVERI Dated: 07.08.2003 Proprietor Membership No. 15855