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Bemco Jacks & Allied Products | Auditor's Report > Pumps > Auditor's Report from Bemco Jacks & Allied Products - BSE: 522055, NSE: N.A
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Bemco Jacks & Allied Products

BSE: 522055|SECTOR: Pumps
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Auditor's Report (Bemco Jacks & Allied Products) Year End : Mar '02
We have audited the attached Balance Sheet of Bemco Jacks & Allied
 Products Limited, Belgaum as at 31st March 2002 and also the Profit and
 Loss Account for the year ended on that date annexed thereto. These
 financial Statements are the responsibility of the companys
 management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 We have conducted our audit in accordance with the auditing standards
 generally accepted in India. Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement. An audit
 includes examining on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by management as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 1. As required by the manufacturing and other Companies (Auditors
 Report) Order, 1988 issued by the Central Government of India in terms
 of Sub-Section (4A) of section 277 of the Companies Act, 1956. We
 enclose in the Annexure a Statement on the matters specified in
 paragraphs 4 and 5 of the said order.
 
 2. Further to our comments in the Annexure referred to above, we
 report that:
 
 a) We have obtained all the information & explanations which to the
 best of our knowledge & belief were necessary for the purpose of our
 Audit.
 
 b) 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.
 
 c) The Balance Sheet & Profit and Loss Account dealt with by this
 report are in the agreement with the books of account.
 
 d) In our opinion, the Balance Sheet and the Profit and Loss Account
 dealt with by this report do not comply with the Accounting Standards
 referred to in Sub-Section (3C) of the Section 211 of the Companies
 Act, 1956 in as much as required disclosures as per AS 17 and 18 are
 not made.
 
 e) On the basis of written representation received from the Directors
 as on 31st March 2002 and taken on record by the Board of Directors, we
 report that none of the Directors is disqualified as on 31st March,
 2002 from being appointed as a Director interms of clause (g) of
 sub-section (1) of section 274 of the Companies Act, 1956.
 
 3. In our opinion and to the best of our information and according to
 the explanations given to us subject to No. 13, & 14 of the said
 accounts give the information required by the Companies Act, 1956, in
 the manner so required and give a true and fair view in comformity with
 the accounting principles generally accepted in India.:
 
 a) In the case of Balance Sheet, of the state of affairs of the Company
 as at 31st March 2002.
 
 b) In the case of Profit & Loss Account, of the Loss for the year ended
 on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 Referred to in paragraph 1 of my Report of even date.
 
 1. The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets. All the
 assets have been physically verified by the Management during the year
 but there is regular programme of verification which in my opinion is
 reasonable having regard to the size of the Company and the nature of
 its assets. No material discrepancies were noticed on verification.
 
 2. None of the fixed assets have been revalued during the year.
 
 3. The stocks of the finished goods, spare parts and raw material have
 been physically verified during the year by the Management. In my
 opinion, the frequency of verification is reasonable.
 
 4. 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 verification between the physical stock
 and the book records were not material.
 
 6. On the basis of my examination of stock records, I am of the opinion
 that the valuation of the stocks is fair & proper in accordance with
 the normally accepted accounting principles, and is on the same basis
 as in the preceeding year.
 
 7. The Company has taken loans from companies, firms or other parties
 listed in the register maintained under Section 301 and 370(1-C) of the
 Companies Act. 1956. In our opinion, the terms and conditions on which
 these loans were taken are prima facie not prejudicial to the interest
 of the Company.
 
 8. Loans and Advances in the nature of loans have been given only to
 the employees of the Company and they are repaying the principal
 amounts as stipulated. No interest has been charged on such advances.
 
 9. In my opinion and according to the information & explanations given
 to me, there are adequate internal control procedures commensurate with
 the size of the company and the nature of its business with regard to
 the purchase of stores, raw material including components, plant and
 machinery, equipments and other assets and with regard to the sale of
 goods.
 
 10. The company has not entered into any transactions with parties
 listed in the Register of Contracts maintained under Section 301 of
 the Companies Act, 1956. and agreegating during the year to Rs.
 50,000/- or more in respect of each party.
 
 11. As explained to me, the Company has regular procedure for the
 determination of unserviceable or damaged stores, raw materials and
 finished goods. Adequate provisions has been made in the accounts for
 loss arising on the items so determined.
 
 12. In my opinion, reasonable records have been maintained by the
 Company for the sale & disposal of scrap. There are no by-products.
 
 13. The internal audit is carried out by the Company. In my opinion,
 the same is commensurate with the size and nature of its business.
 
 14. The Central Government has not prescribed the maintenance of cost
 records under section 209(1) (d) of the Companies Act. 1956.
 
 15. According to the records of the Company, there have been delay in
 depositing Provident Fund & Employees State Insurance dues with the
 appropriate authorities during the year.
 
 16. According to the information & explanations given to me, the Tax
 deducted at source during the year aggregating to a sum of Rs.
 2,45,997/- is outstanding as at 31-03-2002. and further PF, ESI LIC &
 Welfare fund of Rs. 855919.99 and Sales Tax amounting to Rs. 1733078.80
 were outstanding for a period of more than six month from the date
 became payable.
 
 17. According to the information & explanations given to me, 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.
 
 18. Though the net worth of the Company is eroded by accumulated
 losses, the Company is not a Sick Industrial Company within the meaning
 of Section 3 (1) (O) of the Sick Industrial Companies (Special
 Provisions) Act, 1985 as the Company is a registered Small Scale
 Industry.
 
                                                   PRABHAKAR K. LATKAN
                                                  Chartered Accountant
 Place: BELGAUM
 Date: 30-08-2002
Source : Dion Global Solutions Limited
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