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Chakan Vegoils Ltd.

BSE: 519459 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Chakan Vegoils Ltd. (CHAKANVEGOILS) - Auditors Report

Company auditors report

CHAKAN VEGOILS LIMITED ANNUAL REPORT 1999-2000 AUDITOR'S REPORT Report to the Members of CHAKAN VEGOILS LIMITED. I have audited the attached Balance Sheet of CHAKAN VEGOILS LIMITED as at 30th Sept. 2000 and the Profit and Loss Account of the Company for the period ended on that date annexed thereto, and report that : 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of Companies Act, 1956, I enclose in the Annexure a Statement on the matters specified in paragraph 4 and 5 of the said Order. 2. Further to my comments in the annexure referred to in paragraph 1 above:- (a) I have obtained all the information and explanation which to the best of my knowledge and belief were necessary for the purpose of my audit. (b) In my opinion, proper books of account as required by law have been kept by the Company so far as it appears from my examination of such books. (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. (d) In my opinion the Profit & Loss account and the said Balance Sheet comply with the Accounting Standard as referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956. (e) In my opinion, and to the best of my information and according to the explanation given to me, the said Balance Sheet & the Profit & Loss Account are subject to (1) note No. 6 of Notes to Accounts regarding non provision of retirement benefits, the effect of which on loss for the year, reserves and assets as on 30.09.2000, cannot be quantified, (2) Note 4 of Notes to Accounts regarding receivable from Nav Maharashtra Chakan Oil Mill Ahmednagar, (3) Note 3 of Notes to Accounts regarding Loan from Sicom Limited, and read together with other notes thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view : i) in the case of the Balance Sheet, of the state of affairs of the Company as at 30th Sept., 2000 and ii) in case of the Profit and Loss Account, of the Loss for the period ended on that date. Place: Pune R.C.DOSHI Date : 01/03/2001 Chartered Accountant ANNEXURE TO THE AUDITOR'S REPORT As required by the Manufacturing and other companies (Auditor's Report) order, 1988; issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, I further report that: (1) The Company has maintained records showing full particulars including quantitative details and situation of Fixed Assets. The Company's programs of physical verification of its fixed assets is, in my opinion reasonable having regard to the size of the Company and the nature of its assets. As explained to me, no material discrepancies have been noticed on such verification. (2) None of the fixed assets of the Company have been revalued during the year. (3) The stock of finished goods and raw materials have been physically verified at reasonable intervals during the year by the agreement. (4) In my opinion and according to the information and explanation given to me, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (5) The discrepancies noticed on physical verification of the stock as compared to book records were not material and have been properly dealt with in the books of account. (6) In my opinion the valuation of stock, is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. (7) The terms and conditions of the loans taken from the parties listed in the register maintained under Section 301 of the Companies Act,1956, and/or from the Companies under the same management within the meaning of Section 370 (1 B) of the Compares Act, 1956 are not prima facie prejudicial to the interest of the Company. (8) According to the information arid explanation given to me, the Company has granted loans to Companies and other parties listed in the register maintained under Section 301 of the Companies Act, 1956, and the terms and conditions are not prejudicial to the interest of the Company except in the case of amounts receivable from Nav Maharashtra Chakan Oil Mills, Ahmednagar referred to in Note 4 of notes to Accounts. (9) The parties to whom loans or advances in the nature of loans have been given by the Company are repaying the principal amounts as stipulated excepting the advances made to employees who have left the Company in respect of which as explained the Company has taken necessary steps for their recovery. (10) In my opinion and according to the information and explanation given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of stores, raw materials including components, plant and machinery, equipment and other assets, and with regard to sale of goods. (11) The Company purchases as well as sells, goods and materials in normal course of business exceeding Rs.50,000/- in value to/ from parties listed in the register maintained under Section 301 of the Companies Act, 1956, at the prices which as explained are reasonable as compared to the prices prevailing at the time of transaction or with the quotations and other relevant data furnished for these items. (12) As explained to me, there is no unserviceable or damaged stores, raw materials and finished goods other than those for which necessary provision has been made in the books of accounts. (13) In my opinion and according to the information and explanation given to me the provisions of Section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, are not applicable. (14) In my opinion, the Company has an adequate internal audit system commensurate with the nature of its business. (15) The Company has maintained reasonable records for sale of realisable by-products. We are informed that, no scrap is generated in the manufacturing process and therefore no record in respect thereof is Kept. As and when the miscellaneous scrap is sold the same is accounted for. (16) As required under the rules made by the Central Government U/S 209(1)(d) of the Companies Act, Company is required to maintain records in respect of activities of Vanaspati Unit Since however during the period cost records are under preparation. I have not been able to review the records maintained under the said rules. (17) According to the information & explanation given the company is not regular in depositing Provident Fund dues in time & the provisions of ESI Act are not applicable to the Company. (18) According to the information and explanation given to me, the undisputed amounts payable in respect of Income Tax, Sales Tax, Profession Tax were outstanding as at 30.09.2000 for a period of more than six months from the data they became payable are : (a) Income Tax - Rs. 2,75,361.93 (b) Sales Tax - Rs. 8,14,135.73 (c) Profession Tax Collected - Rs. 1,26,946.74 (19) According to the information and explanation given to me and on my examination of the books of account carried out in accordance with the generally accepted auditing practice, no personal expenses have been charged to revenue account other than those payable under contractual obligation or in accordance with generally accepted business practices. (20) The Company has become a Sick Industrial Company within the meaning Clause (O) of Sub section (1) of Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. (21) In relation to trading activity of the Company, damaged goods have been determined and provision for loss wherever necessary, has been made in the accounts. Place: Pune R.C.DOSHI Date : 01.03.2001 Chartered Accountant

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