NEELKANTH MOTELS & HOTELS LIMITED
AUDITORS REPORT :-
WE HAVE AUDITED THE ATTACHED BALANCE SHEET OF M/S. NEELKANTH MOTELS &
HOTELS LIMITED AS AT 31ST MARCH 1999 AND ALSO THE ATTACHED PROFIT AND LOSS
ACCOUNT OF THE COMPANY FOR THE YEAR ENDED ON THAT DATE ANNEXED THERE TO AND
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.
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 accounts.
In our opinion and to the best of our information and according to the
explanations 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 the case of the Balance Sheet of the State of the affairs of the
Company as at 31st March1999 and.
(b) In the case of the profit and Loss Account of the profit for the year
ended on that date. As required by the manufacturing and other companies
(Auditors Reports) order 1988 and on the basis of such checks we considered
appropriated 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. None of the Fixed Assets have been revalued during the year.
3. The Stock of finished goods store 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 if physical verification of stocks followed
by the management are reasonable and adequete in relation to size of the
Company and the nature of its business.
5. The discrepancies noticed on physical verification of stock as compared
to book records were not material and the same have been properly dealt
with in 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 as in
the preceding year.
7. The Company has taken loans 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 to 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 explanation given to us there are
adequate internal control procedures commensurate with the size of the
Company and the plant and Machinery equipment and other assets and for the
sale of goods.
11. In our opinion and according to the information and explanations given
to us the transactions of purchase of goods and material and sale of goods
Materials and services made in pursuance of contract or arrangements
entered in the register maintained under Section 301 of the Company Act
1956 and aggregating during the year 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 transactions for similar goods or service
have been made with other parties.
12. As explained to us the Company has a regular procedure for the
determination of unserviceble or damaged Stores raw Materials and finished
goods adequate provision has been made in the accounts for the loss arising
on the items so determined.
13. In our opinion and according to the information given to us the Company
has complied with the provisions of Section 58A of the Companies Act 1956
and the Companies (Acceptance of Deposits) Rules 1975 with regard to the
deposits accepted from the public. -
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 the information and explanations 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 no prescribed maintenance of cost records
under section 209 (1) (d) of the Companies act 1956 in respect of the
products dealts with by the company.
17. According to the records of the Company employees State Insurance dues
have been regularly deposited during the Year with the appropriate
18. According to the information and explanation given to us and the
records examined by us no personal expenses have been charged to revenue
account other that 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 out standing as at 31st March 1999 for a period of More
than six months form the date they become payable.
20. In our opinion the Company is not a 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.
21. In respect of Trading activities according to information and
explanation given to us there were no damaged goods of significant value.
By Order of the Board
For BHARAT PARIKH ASSOCIATES
Dated: 1-8-99 s/d
Place: Baroda Bharat Parikh
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