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Bharatpur Nutritional Products Ltd.

BSE: 519393 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE839C01019
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Bharatpur Nutritional Products Ltd. (BHARATPURNUTRI) - Auditors Report

Company auditors report

BHARATPUR NUTRITIONAL PRODUCTS LIMITED (Formerly known as Dalmia Industries Limited) ANNUAL REPORT 2001-2002 AUDITORS' REPORT To The Shareholder's of BHARATPUR NUTRITIONAL PRODUCTS LIMITED (Formerly known as Dalmia Industries Ltd.) We have audited the attached Balance sheet of BHARATPUR NUTRITIONAL PRODUCTS LIMITED 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 Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis to for our opinion. We report that: 1. As required by the Manufacturing and other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956 we annex a statement on the matters specified in paragraph 4 & 5 of the said Order. 2 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, subject to our comments below under para 2(b), 2(c), 2d(ii), 2d(iii), 2d(iv), 2d(v), 2d(vi), 2d(vii), 2d(viii), 2d(ix), 2d(xi), 2d(xii) 2d(xiii) and 2d (xiv). b) We have conducted audit (Note No. 5 of Schedule 14) in respect of Kolkata Sales Office and Bharatpur Works on the basis of data/details available with other office/establishments of the Company and authenticated by the management in the absence of books and original/primary records maintained at respective office/works. Consequential impact arising out of verification of records, on various revenue heads, sundry debtors, sundry creditors and other balances, will be accounted for in the year of verification. c) The accounts of the company have been prepared on the basis that it is a going concern. However, in view of its accumulated losses whereby the net worth of the Company has become negative and suspension of manufacturing and other operations of the Company, we are unable to express our opinion on its ability to continue as a going concern. In the event of the same not being held to be a going concern and various assets and liabilities being consequently adjusted with respect to their realisable value, the impact thereof has not been ascertained and therefore cannot be commented upon by us. d) Attention is drawn on the following notes of Schedule 14 to the accounts: (i) Note No. 4 - regarding preparation of accounts on "Going Concern Basis." (ii) Note No. 6 regarding non-availability of certain Secretarial records to the extent stated in the said note. (iii) Note No. 7 & 12 - regarding pending confirmation/reconciliation of balances of respective parties, and balances of Financial Institutions and certain banks and their impact on the profit and loss account and state of affairs not being ascertained. (iv) Note No. 8 - regarding non-provision against diminution in value of stores & spares and raw materials (amount unascertained). (v) Note No. 10 - regarding non-provision of penal interest and liquidated damages on loans/debentures/credit facilities (amount unascertained). (vi) Note No. 11 - regarding accounting of interest income on ICD as stated in said note on receipt basis for the reason stated in the said note. (vii) Note No. 13 - regarding accounting of interest on fixed deposits certain debentures, loans to Bodles Corporates and Security Deposit (amount unascertained) on payment basis. (viii) Note No. 15 - regarding non-provision against diminution in value of unquoted investments (amount unascertained). (ix) Note No. 18 - regarding non-provision against doubtful advances amounting to Rs. 228.37 lacs. (x) Note No. 19 - regarding loans and investments had been made without seeking prior approval of Financial Institutions under Section 372 (A) of the Companies Act, 1956. (xi) Note No. 20 - regarding overdue sundry debtors and loans and advances aggregating to Rs. 2199.10 lacs, the eventful recovery of which and provision there against, if any required cannot be commented upon presently. (xii) Note No. 23(b) - regarding non-provision for interest on overdue amount of SSI Units as stated in said note. (amount unascertained). (xiii) Note No. 25 - regarding non-payment of instalments to IDBI under OTS. (xiv) Note No. 28 - regarding non-provision of liability for Gratuity and Leave Encashment of Rs. 45.49 lacs. and Rs. 4.22 lacs. respectively. e) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts of the Company except as stated in 2(b) above. f) In our opinion, proper books of accounts as required by laws have been kept by the Company, so far as appears from our examination of such books, subject to para 2d(vi), d(vii), d(xii), d(xiv) regarding provision for Gratuity and Leave Encashment on cash basis. g) In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standards referred to in sub section 3(C) of section 211 of the Companies Act, 1956, except in respect of the following: (a) Non-provision against diminution (amount unascertained) in the value of investments (Refer Note No. 15 of Schedule 14) as against the requirements of AS-13 (Accounting for Investments). (b) Non-provision of liability for Gratuity and Leave Encashment (Refer Note No. 28 of Schedule 14) as against the requirements of AS-15 (Accounting for Retirement benefits). (c) We further report, without considering items mentioned in 2(b), (c), d(iv), (v), (vi), (vii), (viii), (xii), (xiii) above, the effect of which could not be determined, had the observations made by us in Para 2d (ix), (xi), (xiv) considered, the loss for the year would have been Rs. 3113.65 lacs (as against the reported figure of Rs. 636.47 lacs) current assets would have been Rs. 331.97 lacs (as against the reported figure of Rs.2759.44 lacs) and total current liabilities would have been Rs. 1677.45 lacs (as against reported figure of Rs. 1627.74 lacs.). i) On the basis of information and explanations given to us and representation received from all Directors of the Company and taken on record by Board of the Directors, we report that none of the Directors are disqualified from being appointed as Directors of the Company under clause(g) of sub-section (1) of section 274 of the Companies Act 1956. Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with other notes, give the information required by the Companies Act, 1956, in the manner. so required and also give a true and fair view, in conformity with the accounting principles generally accepted in India (i) In the case of Balance Sheet of the state of affairs of the Company as at 31.03.02. (ii) In the case of Profit and Loss Account, of the loss for the period ended on that date. ANNEXURE TO THE AUDITOR'S REPORT (Refer to in Paragraph 1 of our report of even date to the members of BHARATPUR NUTRITIONAL PRODUCTS LIMITED (formerly known as Dalmia Industries Limited)) 1. The Company is maintaining proper records to show full particulars including quantitative details and situation of fixed assets. which needs to be updated except records at Kolkatta Sales office (including North- Eastern region) and Bharatpur work, which were not made available, for the reason stated in note no. 5 (a) of schedule 14. Further, as per the programs, the management has physically verified certain fixed assets of the company and balance is in process of physical verification except the physical verification of fixed assets of the company which could not be carried out during the year for the reasons stated in note no. 5(a) of schedule 14. In view of the above, the discrepancies, if any between book records and physical verification have not been presently ascertained. 2. None of the fixed assets have been revalued during the period. 3. The stocks of finished goods, stores, spare parts and raw materials have not been physically verified by the Management at reasonable intervals during the year because of the reasons as indicated in note no. 5(b) of schedule 14. 4. We can not comment on the reasonableness and adequacy of the procedures of physical verification of stocks followed by the management because of the reasons as indicated in note no. 5(b) of Schedule 14. 5. It has not been possible to ascertain and comment on the discrepancies, if any in these stocks at the end of the year and the adjustments to be carried consequent to such verifications and ascertainment of amount thereof. In our opinion and on the basis of our examination, the valuation of stocks is fair and proper and in accordance with normally accepted accounting principles, read together with our comment in note no. 8 of schedule 14 and is on the same basis as in the previous period. 7. The Company has not taken any loan from companies, firms and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 8. The Company has not granted any loan to the companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 9. The Company has given inter corporate deposits repayable on demands amounting to Rs.106.93 lacs. Interest amounting to Rs. 199.47 lacs up to 30.09.1999 has not been received and interest for the period 1.10.99 to 31.03.2002 (amount unascertained) will be accounted for on settlement basis. Necessary steps have been or are being taken up by the Company, for recovery of the principal amount and/or interest thereon. In respect of other loans and advances in the nature of loans giver, to employees and some of the parties, the repayment of principal and interest, wherever applicable, are generally in accordance with the stipulations. Interest free advances in the nature of demand loans have also been given by the Company to its wholly owned subsidiaries. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and with regard to the sale of goods. 11. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and services in, pursuance of contract or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to Rs. 50,000 or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials or services or the prices at which transactions for similar goods or services have been made with other parties. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods and adequate provision for loss has been made in the accounts, read with our comment with note no.8 of schedule 14. 13. Except for shortfall in maintenance of liquid assets and non payment of certain deposits with due interest thereon which had become overdue for payment at 31.3.2002 (Note no.13(a) of schedule 14), in our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 58A of the Companies Act, 1956, and rules framed thereunder. 14. In our opinion, reasonable records have been maintained by the Company for sale and disposal of realisable scraps. The Company has no by-products. 15. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business but internal audit has not been carried out during the year. 16. In view of the suspension of production facilities at Bharatpur works of the Company and non availability of records as indicated in note no.5 of schedule 14, books of accounts maintained by the Company, pursuant to the Order made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, in respect of infant Milk food, could not be reviewed by us. 17. According to the records of the Company, Provident fund and employee state insurance dues have been regularly deposited during the year with the appropriate authorities. The arrears at year end for Employees State Insurance was Rs. 31,252 as per the records of the Company. 18. According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise duty, were outstanding as at 31.03.2002, for a period of more than six months from the date they became payable except Sales Tax amounting to Rs.18,57,020/-, tax deducted at source Rs.1,039/-, and professional tax Rs.14,440/-. 19. According to the information and explanations given to us, no personal expenses of employees and/or Directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The Company has become a sick industrial Company within the meaning of clause(o) of sub section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. Reference required to be made to the Board for Industrial and Finance Reconstruction under section 15 of that Act, has been made on 28.02.2001 and the same has been rejected in May'02. Against the same, the Company has gone in appeal to the Appellate Authority for Industrial and Financial Reconstruction. 21. In respect of trading activities of the Company, we are informed that the Company does not have damaged goods lying with it at the end of the period. For LODHA & CO. Chartered Accountants Place: New Delhi N.K. LODHA Date : 23rd July, 2002 Partner

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