SOMANI SWISS INDUSTRIES LIMITED
TO THE SHAREHOLDERS
OF SOlANI SWISS INDUSTRlES LIMITED
We have audited the attached Balance Sheet of As. SOMANI SWISS INDUSTRIES
LIMITED. as at 31st March, 1998 and the Profit & Loss Account for the year
ended on that date annexed thereto and report that:-
A. As required by The Manufacturing and other Companies (Auditors Report)
Order, 1988 issued by the Company Law Board in terms of Section 227 (4-A)
of the Companies Act, 1956 and on the basis of information and explanations
given to us and on such checks as we considered appropriate in normal
course of audit, we state that:-
1. The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets. The fixed
assets of the Company have been physically verified by the Management and
no discrepancies have been noticed on such verification .
2. None of the fixed assets have been revalued during the year.
3. (a) The Stock of finished goods, stores, spare parts and raw materials
have been physically verified by the Management at reasonable intervals
during the year.
(b) The procedures of physical verification of stocks followed by the
Management are reasonable and adequate in relation to the size of the
Company and nature of its business.
(c) The discrepancies noticed on verification between the physical stocks
and the book records are not material.
(d) In our opinion, based on such verification of stocks as deemed
necessary the valuation of stocks is fair and proper and in accordance with
normally accepted accounting principles and on the same basis as in
4. The terms and conditions on which the loans have been obtained from
parties listed in the Register maintained under section 301 and 370(1-B)
are not prima facie prejudicial to the interest of the Company.
5. The loans and advances in the nature of loans given by the Company are
repayable on demand alongwith interest wherever applicable and interest
thereon have been paid during the year.
6. As explained to us and in our opinion the Company has an adequate
internal control procedure commensurate with the size of the Company and
the nature of its business for purchase of stores, raw materials including
components, plant & machinery, equipment and other assets and for the sale
7. As per information given to us, the transactions for purchase of goods
and services made in pursuance to contracts or arrangements entered in the
Register maintained under Section 301 of the Company Act, 1956 and
aggregating during year to Rs. 50,000/- or more in respect of each party,
have been made at prices which are reasonable having regard to prevailing
market prices for such goods. material or services or the prices at which
transactions for similar items have been made with other parties.
8. The Company has not accepted any deposit from the public within the
meaning of Section 58 A of the Companies Act, 1956 and Rules framed
9. As explained to us, there is no significant by-products and scraps.
10. In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business.
11. Provident Fund and Employees State Insurance dues generally have been
regularly deposited with the appropriate authority.
12. To the best of our information and explanations given to us, there was
no amount outstanding as on 31st March, 1998 in respect of undisputed
Income Tax, Sales Tax, Custom Duty which were due for more than six months
from the day become payable.
13. On the basis of our examination of records and according to the
information and explanations given to us, no personal expenses have been
charged to revenue account.
14. The other provisions of the aforesaid order are not applicable to the
In respect of Service Activities
1. In our opinion, the Company has a reasonable system of recording
receipts, issue and consumption of materials & stores and allocating
materials consumed to related jobs commensurate with the size and nature of
2. In our opinion, there is an adequate system of authorization at proper
levels with necessary control on issue of the Company and the nature of its
In respect of Trading Activities
We are informed there have been no damaged goods, hence making of
provision, if any, does not arise.
B. Further to our comments in paragraph "A" above, we report that :-
1. 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.
2. Proper books of accounts as required by law have been kept by the
Company so tar as appears from our examination of such books.
3. The Balance Sheet and Profit Loss Accounts referred to in this report
are in agreement with the books of accounts.
4. In our opinion and to the best of information required by the Company
Act, 196 in the manner so required and give a true and fair view -
(a) In so far as it relates to balance Sheet of the State of affairs of the
Company as at 31st March, 1998.
(b) In so far as it relates to Profit & Loss Account of the profit of the
Company for the year ended on that date.
209, Gupta Tower, For PRAMOD KUMAR & CO.,
Azadpur Commercial Complex, CHARTERED ACCOUNTANTS
Near Akash Cinema, Azadpur,
Delhi - 110 033
Date 27th June, 1998 SANDEEP GOEL
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