Penden Cement Authority Ltd. (Bhutan)

The Company produces special types of cement for user specific application for institutional and bulk buyersconsumers .
The Company was incorporated on 27th December, 1990.
The Company Address:GOMTU BHUTAN,GOMTU, SAMTSE DISTRICT.
As required under the General terms of references for the auditors and minimum audit examination and reporting requirements , (section 75 of the Companies Act of the Kingdom of Bhutan, 2000) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we report that, in our opinion:
1.The Company has maintained records to show particulars including quantitative details and situation of fixed assets. The fixed assets of the Company have been physically verified by the management as well as independent audit firm during the year. As explained by the Management, no significant discrepancies were detected during such verification.
2. The fixed assets of the Company have not been revalued for the purpose of consideration in the accounts.
3. Physical verification of finished goods, raw materials, stores spares were conducted during the year, in a phased manner in line with the policy of the company in this regard.
4. Procedure of physical verification followed by the management is reasonable and adequate in relation to the size of the Company and the nature of the business.
5.The discrepancies noticed on physical verification of stocks compared to book records maintained in the location have been properly dealt with in the books of accounts and were not material.
6.The valuation of stocks is fair and proper and in accordance with the normally accepted accounting principles.
7.The Company has not availed any loans, secured or unsecured, from companies, firms or other parties during the year under audit
The Company is listed on Royal Securities Stock Exchange on 1993.