| We have audited the attached Balance Sheet of
E.I.D. PARRY (INDIA) LIMITED, as at 31st March, 2004, and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report in which a report of Dewas Parryware unit and Nelton unit audited by branch auditors and forwarded to us have been appropriately dealt with. These financial statements are the responsibility of the Company's 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.
As required by the Companies (Auditor's Report) Order, 2003 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.
Further to our comments in the Annexure referred to in
paragraph 3 above, we report that:
- 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;
- 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;
- The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;
- In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply in all material aspects with the accounting standards referred to in sub. section (3C) of Section 211 of the Act;
- On the basis of written representations received from the directors, and taken on record by the Board of Directors of the Company, none of the directors are disqualified as on 31" March, 2004 from being appointed as a director in terms of clause (g) of sub. section (1) of section 274 of the Act;
- In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, Profit and Loss account and Cash Flow Statement together with the notes thereon and attached there to give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India:
- in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2004;
- in the case of the Profit and Loss Account, of
the profit for the year ended on that date; and
- in the case of Cash Flow Statement, of the cash
flows for the year ended on that date.
Chennai
31st May, 2004 |
N. RAMESH RAJAN
Partner
Membership Number 223311
For and on behalf of
LOVELOCK & LEWES
Chartered Accountants |
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