subhlaxmi exports ltd share price Auditors report

SUBHLAXMI EXPORTS LIMITED AUDITORS REPORT To The Members of SUBHLAXMI EXPORTS LIMITED We have audited the attached Balance Sheet of SUBHLAXMI EXPORTS LIMITED as at 31st March, 1999 and the Profit & Loss account of the Company 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 (4A) of the Companies Act, 1956 and on the basis of such checks of books and records as we considered appropriate and according to the information and explanation given to us we report that: 1. The Company is in process of preparing proper records showing full particulars, including quantitative details and situation of all fixed assets. As per information given to us the all the fixed assets have been physically verified by the Management. No discrepancies have been noticed on such verification. 2. None of the Fixed Assets of the Company have been revalued during the year. 3. The stock of Finished Goods, Work in Process, Stores and Spare parts and Raw Materials have been physically verified by the management at reasonable intervals during the year 4. In our opinion, the procedures 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 have been properly dealt with in the books of account. 6. In our opinion, on the basis of our examination of the stock records produced before us the valuation of stock is fair and proper and is in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. The Company has not taken any loans secured or unsecured from the Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956 and /or from Companies under the same management as defined under sub section (1 B) of section 370 of the Companies Act, 1956. 8. According to the information and explanations given to us, the Company has not granted any loans to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956 9. The principal amounts and/or interests wherever applicable, in respect of Loans and advances in the nature of loans given by Company to the employees and/ or others have generally been recovered as per stipulations. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company with regard to purchase of raw materials, Fixed assets and for sale of goods. 11. In our opinion, the transactions of purchase of goods and materials and sales of goods and materials made in the 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. have been made at prices which are reasonable having regard to the prevailing market prices for such goods and materials or the prices at which transactions for similar goods and materials have been made with other parties. 12. Unserviceable or damaged stock or raw material are determined and provision of loss, wherever necessary, has been made in the accounts. 13 The company has not accepted any deposits, under the provisions of Section 58A of the Companies Act, 1956. 14. The company has an in-house internal audit system which is commensurate with its size and nature of the business. 15. As explained, the requirement of maintenance of Cost records under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the Company. 16. As explained, the provisions of Employees Provident Fund Act and other allied Acts are not applicable to the Company . 17. There is no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax etc., as at 31 st March 1999 for a period of more than 6 months from the date they become applicable. 18. According to the Information and explanation given to us no personal expenses have been charged to revenue account. 19 The Company is not a sick company within the meaning of clause (O) of the Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. 20. Payments against supplies from small scale and ancillary undertakings are made in accordance with the agreed terms where ever applicable and to the extent ascertained from available information, there was no amount overdue as on 31st March 1999. 21. In respect of Trading activities of the Company there are no damaged goods for which provisions for loss is required at the year-end. Further to above, 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. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those books. In our opinion and to best of our information and according to the explanations given to us together with significant accounting policies and notes in schedule N given in the prescribed manner the information required by the Companies Act, 1956, give a true and fair view: i) In the case of Balance Sheet, of state of affairs of the Company as at 31st March 1999; ii) In the case of Profit & Loss account, of the Profit for the Year ended on that date For RAJENDRA N. AGARWAL & CO. CHARTERED ACCOUNTANTS Place: Mumbai. R. P. AGARWAL Date: 31st May, 1999 PROPRIETOR.