Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

DIRECTOR’S AKC DEVELOPERS REPORT LIMITED
ANNEXURE TO THE AUDITOR’S REPORT OF AKC DEVELOPERS LIMITED
FOR THE YEAR ENDED 31ST MARCH 2009
(Referred to in paragraph (3) of our Report of even date)
1. FIXED ASSETS
UFLEX LIMITED
i. The Company has maintained proper records showing full particulars, including quantitative details and situation of fi xed
assets on the basis of available information;
ii. As explained to us, the fi xed assets have been physically verifi ed by the management at the year end, which in our opinion
is reasonable, no discrepancy has been noticed on such physical verifi cation;
iii. In our opinion, substantial part of fi xed assets has not been disposed off during the year, which could aff ect the going
concern status of the Company.
2. INVENTORY
i. As explained to us, the management at the year end has physically verifi ed the inventory. In our opinion, the frequency of
such physical verifi cation is reasonable;
ii. In our opinion and according to the information and explanations given to us, the procedures of physical verifi cation
of inventory followed by the management are reasonable and adequate, in relation to the size of the Company and the
nature of its business;
iii. The Company is maintaining proper records of inventory. As explained to us, no material discrepancies were noticed on
physical verifi cation of inventory as compared to the book records.
3. i. The Company has not granted any loan, secured or unsecured to company, fi rm or other party covered in the register
maintained under section 301 of the Companies Act, 1956;
ii. The provision of clause 4(iii)(b) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company, hence
not commented upon;
iii. The provision of clause 4(iii)(c) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company, hence
not commented upon;
iv. The provision of clause 4(iii)(d) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company, hence
not commented upon;
v. The Company has not taken any loan, secured or unsecured from company, fi rm or other party covered in the register
maintained under section 301 of the Companies Act, 1956;
vi. The provision of clause 4(iii)(f) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company, hence
not commented upon;
vii. The provision of clause 4(iii)(g) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company, hence
not commented upon;
4. In our opinion and according to the information and explanations given to us, 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 fi xed assets and
for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major
weaknesses in the internal control system.
5. In our opinion and according to the information and explanations given to us, there were no contracts or arrangements that
needed to be entered into the register required to be maintained under Section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public, under the directives issued by the Reserve Bank of India and the
provisions of Sections 58A, 58AA or any other relevant provision of the Act and the Companies (Acceptance of Deposits) Rules,
1975 with regard to deposits accepted from the public and the rules framed there under, where applicable.
7. According to the information and explanations given to us we are of the opinion that, the Company has an adequate internal
audit system commensurate with the size and nature of its business.
8. As explained to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section
(1) of Section 209 of the Companies Act, 1956.
9. i. According to the information and explanation given to us the company generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Income Tax, and other statutory dues wherever applicable
TWENTIETH ANNUAL REPORT 2008 - 2009 | 159 |
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