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Clarisis Organics Ltd.

BSE: 524806 Sector: Industrials
NSE: N.A. ISIN Code: INE654F01015
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Clarisis Organics Ltd. (CLARISISORGANIC) - Auditors Report

Company auditors report

CLARISIS ORGANICS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT To The Members of CLARISIS ORGANICS LIMITED Baroda. We have audited the attached Balance Sheet of CLARISIS ORGANICS LIMITED, as at 31st March, 2003 and also Profit and Loss Account of the Company 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 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, well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and Other Companies (Auditor's Report ) Order, 1988 issued by the Central Government of India in terms of subsection (4A) of section 227 of the Companies Act, 1956, we enclose 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 above, we report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. 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. 3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. 4. In our opinion,the Balance Sheet and Profit and Loss Account dealt with by this report except as narrated in clause(vi) below,comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable; 5. On the basis of written representations received from the directors, as on 31st March, 2003 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2003 from being appointed as a director in terms of. clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; 6. In our opinion and to the best of our information and according to the explanations given to us, Subject to note no: 9 regarding non provision of interest of Rs. 104.80 lacs on Cash Credit Account for part of the year (47.41 Lacs) and Note no :8 regarding leave encashment of Rs.1.39 lacs (3.85 Lacs) as a result of which the loss for the year by Rs. 106.19 (51.26 Icas) and liability by way of secured loans and Current Liabilities are lower by Rs. 152.21 Lacs and Rs. 5.25 Lacs respectively, read together with the notes thereon and the Statement of Significant Accounting Policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; (a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2003. AND (b) In the case of Profit and Loss account of the loss for the year ended on that date. For C.R. SHAH & COMPANY CHARTERED ACCOUNTANTS Date : 18th June, 2003 [C R SHAH] Place : Vadodara Partner ANNEXURE TO THE AUDITORS' REPORT (Referred to in our report o even date) 01. The proper records showing full particulars .including quantitative details and situation of fixed assets are in the process of being updated. We have been informed by the company that the fixed assets of the company have been physically verified by the Management at the end of the year. 02. The Company has not revalued any of the fixed assets during the year. 03. The stock of finished goods, raw Materials, consumable stores & Work in process other than the stock laying with third party have been physically verified by the Management at the end of the year. 04. As explained to us the procedure for physical verification of stocks followed by the Management are, in our opinion are reasonable & adequate in relation to the size of the company and nature of its business. 05. According to the records produced to us for verification no material discrepancies have been noticed on physical verification of stocks, as compared to book records and the same have been properly dealt with in the books of accounts. 06. On the basis of our examination of stock records. the valuation of stocks is fair & proper in accordance with the normally accepted accounting principles and is on the same basis as in the earlier year. 07. The Company has current accounts with companies under the same management, the rate of interest and other terms and conditions of the current accounts are not prima facie prejudicial to the interest of the company. The company has taken loans, secured or unsecured from companies, firms or other parties listed in the register maintained U/S 301 of the Companies Act. 1956.The rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the company. 08. The company has not granted loans to companies, firms or other parties listed in the register maintained under section 301 or to the companies under the same management as defined a/s (1 B) of section 370 of the companies Act, 1956. 09. The company has given interest free loans to the employees & such employees are repaying the principal amounts as stipulated. 10. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw materials, plant & machinery, equipments & other assets and for sale of goods. 11. The company has made purchase of goods & materials aggregating to Rs. 50,000 or more in respect of each party listed in register maintained a/s 301 of the Companies Act, 1956. The company has made sale of goods, material and services aggregating to Rs. 50,000/- or more in respect of each party listed in the register maintained under section 301 of the Companies Act, 1956. The prices paid/charged are reasonable considering the prices at which purchases/sales of similar goods have been made to other parties. 12. According to the information and explanations given to us, the company has a procedure for determination of unserviceable or damaged stores and raw materials during the year under review. 13. The company has not accepted any deposits from public and accordingly the question of compliance of section 58A of the Companies Act, 1956 does not arise. 14. The company has maintained reasonable records for the sale & disposal of realisable by-products and scrap (if any), wherever applicable. 15. The company does not a have an internal audit system during the year under review. 16. We have been informed by the company that the maintenance of cost records has not been prescribed by the Central government under section 209(1)(d) of the Companies Act, 1956 for one of the products of the company However the company has not maintained such records. 17. According to the records of the Company, Provident Fund dues have generally been regularly deposited with the appropriate authorities. We have been informed by the Company the E.S.I. Act does not apply to the Company for the year under review. 18. No undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs-duty and excise-duty were outstanding for more than 6 months from the date they became payable. 19. On the basis of (i) the examination of books of accounts, (ii) the explanations given and representations made to us on our inquiries and (iii) the checks and control relating to authorizing the expenditure on the basis of contractual obligations to the employees accepted business practices having regard to the company's needs and exigencies, we have not come across any expenses charged to revenue, which in our opinion and judgement and to the best of our knowledge and belief should be regarded as personal expenses; 20. The Company is not a Sick Industrial Company within the meaning of section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985. For C.R. SHAH & COMPANY CHARTERED ACCOUNTANTS Date : 18th June, 2003 [C R SHAH] Place : Vadodara Partner

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