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ઈન્ડિયા જિપ્સમ

બીએસઈ: 523066  |  ઍનઍસઈ : INDGYPSUM  |  ISIN: INE561A01013  |  Miscellaneous

શોધો ઈન્ડિયા જિપ્સમ કનેક્શન
ઓડિટર રિપોર્ટ વર્ષાન્ત : Dec '06
1.  We have audited the attached Balance Sheet of India Gypsum Limited,
 as at 31st December 2006, and the related Profit and Loss Account and
 Cash Flow Statement for the period from 1st April 2006 to 31st December
 2006 annexed thereto, which we have signed under reference to this
 report. 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.
 
 2.  We 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.
 
 3.  As required by the Companies (Auditors Report) Order, 2003, as
 amended by the Companies (Auditors Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of The Companies Act, 1956 of India (the Act) 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, we give in the Annexure a statement on the
 matters specified in paragraphs 4 and 5 of the said Order.
 
 4.  Further to our comments in the Annexure referred to in paragraph 3
 above, we report that:
 
 (a) We have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purposes of our
 audit;
 
 (b) In our opinion, proper books of account 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 and Cash Flow Statement
 dealt with by this report are in agreement with the books of account;
 
 (d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with the accounting
 standards referred to in sub-section (3C) of Section 211 of the Act;
 
 (e) On the basis of written representations received from the
 directors, as on 31st December, 2006 and taken on record by the Board
 of Directors of the company, none of the directors is disqualified as
 on 31st December, 2006 from being appointed as a director in terms of
 clause (g) of sub-section (1) of Section 274 of the Act;
 
 (f) In our opinion and to the best of our information and according to
 the explanations given to us, the said financial statements together
 with the notes thereon and attached thereto give in the prescribed
 manner the information required by the Act and read with Note 18 on
 Schedule 18, give a true and fair view in conformity with the
 accounting principles generally accepted in India:
 
 i) in the case of the Balance Sheet, of the state of affairs of the
 company as at 31st December, 2006;
 
 ii) in the case of the Profit and Loss Account, of the profit for the
 period ended on that date; and
 
 iii) in the case of Cash Flow Statement, of the cash flows for the
 period ended on that date.
 
 ANNEXURE TO AUDITORS REPORT
 
 [Referred to in paragraph 3 of the Auditors Report of even date to the
 members of India Gypsum Limited on the financial statements for the
 period from 1st April 2006 to 31st December, 2006]
 
 1.  (a) The company is maintaining proper records to show full
 particulars, including quantitative details and situation of its fixed
 assets.
 
 (b) The fixed assets are physically verified by the management
 according to a phased programme designed to cover all the items over a
 period of two years, which in our opinion, is reasonable having regard
 to the size of the company and the nature of its assets. Pursuant to
 the programme, a portion of the fixed assets has been physically
 verified by the management during the period and no material
 discrepancies between the book records and the physical inventory have
 been noticed.
 
 (c) A substantial part of fixed assets has not been disposed off by the
 company during the period.
 
 2.  (a) The inventory (excluding gypsum stock at Wada factory and
 stocks lying with third parties) has been physically verified by the
 management during the period. In our opinion, the frequency of
 verification is reasonable except for gypsum stock at Wada factory in
 respect of which the management has represented that given the huge
 volume of gypsum stock at Wada on account of the factory becoming fully
 operational during the period and the manner of its storage in the form
 of widely spread uneven heaps, physical verification of gypsum was not
 practicable during the period and would be performed subsequent to the
 period-end, when the quantities are expected to be low. In case of
 stocks lying with third parties, certificates confirming stock have
 been received.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the management are reasonable and adequate in
 relation to the size of the company and the nature of its business.
 
 (c) On the basis of our examination of the inventory records, in our
 opinion, the company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material except in respect of gypsum stock at
 Wada factory which has not been physically verified and hence
 discrepancies, if any could not be ascertained.
 
 3.  The company has neither granted nor taken any loans, secured or
 unsecured, to/from companies, firms or other parties covered in the
 register maintained under Section 301 of the Act. Consequently, clauses
 (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of the Order are
 not applicable.
 
 4.  In our opinion and according to information and explanations given
 to us, having regard to the explanation that certain items purchased
 are of special nature for which suitable alternative sources do not
 exist for obtaining comparative quotations, there is an adequate
 internal control system commensurate with the size of the company and
 the nature of its business for the purchase of inventory and fixed
 assets and for the sale of goods. Further, on the basis of our
 examination of the books and records of the company, and according to
 the information and explanations given to us, we have neither come
 across nor have been informed of any continuing failure to correct
 major weaknesses in the aforesaid internal control system.
 
 5.  According to the information and explanations given to us, there
 have been no contracts or arrangements referred to in Section 301 of
 the Act during the period to be entered in the register required to be
 maintained under that Section. Accordingly, commenting on transactions
 made in pursuance of such contracts or arrangements does not arise.
 
 6.  The company has not accepted any deposits from the public within
 the meaning of Sections 58A and 58AA of the Act and the rules framed
 thereunder.
 
 7.  In our opinion, the company has an internal audit system
 commensurate with its size and nature of its -business.
 
 8.  The Central Government of India has not prescribed the maintenance
 of cost records under clause (d) of sub-section (1) of Section 209 of
 the Act for any of the products of the company.
 
 9.  (a) According to the information and explanations given to us and
 the records of the company examined by us, in our opinion, the company
 is generally regular in depositing undisputed statutory dues including
 provident fund, investor protection and education fund, employees
 state insurance, income-tax, sales-tax, wealth-tax, service tax, custom
 duty, excise duty, cess and other material statutory dues as applicable
 with the appropriate authorities.
 
 (b) According to the information and explanations given to us and the
 records of the company examined by us, there are no dues of income-tax,
 wealth tax, service tax, customs duty, excise duty and cess as at 31st
 December, 2006 which have not been deposited on account of any dispute.
 The particulars of sales tax and entry tax as at 31st December, 2006
 which have not been deposited on account of a dispute are as follows:
 
 Name of the statute              Nature of dues            Amount
                                                             (Rs.)
 
 Central Sales Tax Act, 1975      Sales tax including      194,267
                                  interest and penalty,
                                  as applicable
 
 Tamil Nadu General Sales         Sales tax including       36,012
 Tax Act, 1959                    interest and penalty,
                                  as applicable
 
 Tamil Nadu General               Sales Sales tax
                                  including                275,519
 Tax Act, 1959                    interest and penalty,
                                  as applicable
 
 West Bengal Sales Tax Act,       Sales tax including    2,100,000
  1994                            interest and penalty,
                                  as applicable
 
 Tamil Nadu General Sales         Sales tax              2,633,980
 Tax Act, 1959
 
 Entry Of Goods into              Entry tax levied on    2,473,466
 Local Areas Act, 2001            the paper bought
                                  from outside the state
 
 Period to which                      Forum where
 the amount relates                   the dispute is pending
 
 1998-1999                            Deputy
                                      Commissioner of Sales Tax
 1999-2000                            Deputy
                                      Commissioner of Sales Tax
 2001-2002                            Appellate Assistant
                                      Commissioner (CT)III
 2002-2003                            Assistant
                                      Commissioner of Sales Tax
 2003-2004                            Assistant
                                      Commissioner of Sales Tax
 2000-2001                            The High Court of
                                      Madras
 
 10.  The company has no accumulated losses as at 31st December, 2006
 and has not incurred any cash losses in the financial period ended on
 that date or in the immediately preceding financial year.
 
 11.  According to the records of the company examined by us and the
 information and explanations given to us, the company has not defaulted
 in repayment of dues to any bank as at the balance sheet date.
 
 12.  The company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13.  The provisions of any special statute applicable to chit
 fund/nidhi/mutual benefit fund/societies are not applicable to the
 company.
 
 14.  In our opinion, the company is not a dealer or trader in shares,
 securities, debentures and other investments.
 
 15.  In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loans taken by
 others from banks or financial institutions during the period.
 
 16.  In our opinion, and according to the information and explanations
 given to us, on an overall basis, the term loans have been applied for
 the purposes for which they were obtained.
 
 17.  On the basis of an overall examination of the balance sheet of the
 company, in our opinion and according to the information and
 explanations given to us, there are no funds raised on a short-term
 basis which have been used for long-term investment.
 
 18.  The company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Act during the period.
 
 19.  The company has not issued any debentures.
 
 20.  The company has not raised any money by public issues during the
 period.
 
 21.  During the course of our examination of the books and records of
 the company, carried out in accordance with the generally accepted
 auditing practices in India, we have neither come across any instance
 of fraud on or by the company, noticed or reported during the period,
 nor have we been informed of such case by the management.
 
                                                        Thomas Mathew
                                                              Partner
 
                                                 Membership No. 50087
                                                 For and on behalf of
                                                     Price Waterhouse
 
 Place : Mumbai                                 Chartered Accountants
 Date : 5th June, 2007
સ્તોત્ર: રેલીગેર ટેકનોવા


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