VINSARI FRUITECH LIMITED
ANNUAL REPORT 2000-2001
The Members of
VINSARI FRUITECH LIMITED
We have audited the attached Balance Sheet of VINSART FRUITECH LIMITED as
at 30th June, 2001 and also the Profit and Loss account of the company for
the period of fifteen months ended on that date annexed thereto:
We report as follows:
1. 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
Companies Act, 1956 and on the basis of such checks of the books and
records of the company as we considered appropriate and according to the
information and explanations given to us during the course of audit, we
enclose in the Annexure a statement on the matters specified in paragraph 4
and 5 of the said order.
2. Further to out comments in the annexure referred to in paragraph 1
a) We have obtained all the information and explanations which to the best
of our knowledge and belief was necessary for the purpose of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the company so far as it appears from our examination of such
c) The Balance Sheet and Profit and Loss Account referred to, in this
report are in agreement with Books of Account.
d) In our opinion, the Profit & Loss Account and the Balance Sheet comply
with the Accounting Standards referred to in sub section (3C) of section
211 of the Companies Act, 1956
e) In our opinion and to the best of our information and according to the
explanations given to us, the said Balance Sheet and Profit and Loss
account read together with the notes thereon, give the information required
by the Companies Act, 1956 in the manner so required and give a true and
i) In the case of the Balance Sheet, the state of affairs of the company as
at 30th June, 2001 and
ii) In the case of profit and loss account, the profit of the company for
the period of fifteen, months ended on that date.
f) On the basis of the written representations received from the directors
as on 30th June 2001 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 30th June, 2001
from being appointed as a director in terms of clause (g) of sub-section
(1) of section 274 of the companies Act, 1956".
For E. Phalguna Kumar & Co.,
E. PHALGUNA KUMAR
Place : Tirupati
Date : 29.09.2001
AMNEXURE TO THE REPORT OF THE AUDITOR
1. The Company is maintaining proper records to show full particulars
including quantitative details and situation (if fixed assets, but the same
was not updated as on 30-06-2001. We are informed that fixed assets have
been physically verified by the management and no material discrepancies
2. None of the fixed assets have been revalued during the year.
3. As explained to us, the stocks of finished goods, stores, components,
spare parts and raw-materials have been physically verified by the
management during the year.
4. In our opinion and according to the information and explanations given
to us, 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.
5. No material discrepancies have been noticed during the physical
verification of stocks as compared to book records.
6. On the basis of our examination of stock records, we are of the opinion
that the valuation of stocks is fair and proper, in accordance with the
normally accepted accounting principles and basis of valuation of stocks is
same as in the preceding year.
7. The company has taken unsecured loans from companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956, the terms and conditions of which are prima facie not
prejudicial to the interests of the company.
8. The company has not granted any loans, secured or unsecured to
companies, firms car other parties in the register maintained under section
301 of the companies act, 1956 and to companies under the same management
as defined under sub section (1B) of section 3?0 of the Companies Act,
9. The company has not granted any loans & advances in the nature of loans
10. In our opinion and according to their information and explanations
given to us, there are adequate internal control procedures commensurate
with the size of the company and nature of its business, with regard to the
purchase of stores, raw materials including components, plant and
machinery,, equipment and other assets and with regard to sale of goods.
11. In our opinion and according i o the information and explanations given
to us, the transactions for purchase of goods, material and services and
for sale of goods, material and services in pursuance of contracts or
arrangement entered in register U/s 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 regal d to prevailing
market prices for such goods, materials and services or the prices at which
transaction for similar goods and materials have been made with other
12. As explained to us, the company has a regular procedure for the
determination of unserviceable or damaged components, raw materials spare
parts and finished goods and necessary adjustments for the loss have been
made in the accounts.
13. In our opinion and according to the information and explanations given
to us, the company has not accepted any deposits as defined under section
58A of the Companies Act 1956, and the rules framed there under.
14. In our opinion the company is maintaining reasonable records for sale
and disposal of scrap. We are informed that the company has no by -
15. The company has adequate Internal Audit System, commensurate with its
size and nature of its business.
16. Maintenance of Cost Records under section 209-(1) (d) of the Companies
Act 1956, is not applicable to this company.
17. The company is regular in depositing the provident fund dues with the
18. According to the books and records examined by us and the information
and explanations given to, there were no undisputed amounts payable in
respect of income tax, wealth tax, sales tax, customs duty and excise duty
which have remained outstanding as at June 30th 2001 for a period exceeding
six months from the date they became payable.
19. According to the information and explanations given to us, no personal
expenses of employees or directors have been charged to revenue account,
other than those payable under contractual obligations or in accordance
with generally accepted business practice.
20. The company is not c sick industrial company within the meaning of
clause (o) of subsection (1) of section 3 of the Sick Industrial Companies
(Special Provisions) Act. 1985.
For E. Phalguna Kumar & Co.,
E. Phalguna Kumar
Place : Mumbai
Date : 29.09.2001
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