maya rasayan ltd share price Auditors report

MAYA RASAYAN LIMITED AUDITORS REPORT To the Members WE HAVE AUDITED THE ATTACHED BALANCE SHEET OF M/S MAYA RASAYAN LIMITED AS AT 31ST MARCH, 1998, AND ALSO THE ATTACHED PROFIT AND LOSS ACCOUNT OF THE COMPANY FOR THE YEAR ENDED ON THAT DATE ANNEXED THERETO AND REPORT THAT: 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. 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 the books: The said Balance Sheet and Profit & Loss account are in agreement with the books of account. In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with and subject to all the notes thereon, give the information required in the Companies Act, 1956, in the manner so required and give a true and fair view: a) In case of the Balance Sheet, of the state of the affairs of the Company as at 31st March 1998 and: b) In the case of the Profit and Loss Account of the Loss for the year ended on that date. As required by the manufacturing and other Companies (Auditors Report) Order,1988 and on the basis of such checks we considered appropriate, we further report that: 1. 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. In our opinion, the frequency of verification is reasonable No material discrepancies have been noticed on such verification. 2.No Fixed Assets of the Company have been revalued during the year. 3.The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. No material discrepancies have been noticed on such verification. 4.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 the nature of its business. 5.The discrepancies noticed on physical verification of stocks as compared to book records were not material and the same have been properly dealt with the books of accounts. 6. In our opinion, the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the basis of proceeding year. 7. The Company has not taken any loans, secured or unsecured from Companies, firms or other parties listed in the register maintained under section 301 and/or from the Companies under the same management as defined under section 370(1B) of the Companies Act, 1956. 8. The Company has not granted any loans secured or unsecured to Companies, firms or other parties listed in the register maintained under section 301 and/ or from the Companies under the same management as defined under section 370(1B) of the Companies Act, 1956. 9. In respect of loans and advances in the nature of loans given by the Company, parties have repaid the principal amounts as stipulated and have also been regular in payment of the interest wherever applicable. 10. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery equipment and other assets and for the sale of goods. 11. In our opinion and according to the information and explanation given to us, the transaction of purchase of goods and material and sale of goods materials and services made in pursuance of contract arrangement entered in the register maintained under Section 301 of the Company Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at price which are reasonable having regard to the prevailing market prices as transaction for similar goods or service have been made to other parties. 12. As explained to us, the Company has a regular procedure for the determination of unservicable or damaged stores, raw materials and finished goods, adequate provision has been made in accounts for the loss arising on the items so determined. 13. The Company has not accepted any deposit from the public to which the provisions of Section 58A of the Companies Act. 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply. 14. In our opinion reasonable records have been maintained by the Company for the sale and disposal of scrap. The Company has no by product. 15. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials, including components, plant and machinery equipment and other assets. 16. The Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of the products dealt with by the Company. 17.According to the record of the Company Provident Fund dues have been regularly deposited during the year with the appropriate authorities. 18. According to the information and explanations given to us and the records examined by us no personal expenses have been charged to revenue account, other than those payable under contractual obligation in accordance with generally accepted business practice. 19. According to the records of the Company there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Custom duty and Excise duty outstanding as at 31st March 1998 for a period of more than six months from the date they become payable. 20. In our opinion, the Company is not a Sick Industrial Company within the meaning of Clauses(O) of sub section (1) of Section (3) of the Sick Industrial Companies (Special Provisions) Act, 1985. 21.In respect of Trading activities according to information and explanation given to us there were no damaged goods of significant value For BHARAT PARIKH & ASSOCIATES Chartered Accountants BHARAT PARIKH Partner