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Darshan Oils Ltd.

BSE: 526249 Sector: Industrials
NSE: N.A. ISIN Code: INE667D01012
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Darshan Oils Ltd. (DARSHANOILS) - Auditors Report

Company auditors report

DARSHAN OILS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT TO THE MEMBERS We have audited the attached Balance Sheet of DARSHAN OILS LIMITED, Udai Singh Jain Road, Aligarh (U.P.) as at 31st March, 2003 and also the Profit & 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 opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan anal 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 and principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The audit has been completed on the date mentioned here in below on the requirement of the management of the company. 2. As required by the Manufacturing and other Companies (Auditors' Report) Order, 1988 issued by the Central Government of India in terms of sub- section (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 other enclose in the Annexure referred to above, we report that :- i) 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; ii) 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: iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting statements referred to in sub- section (3C) of section 211 of the Companies Act, 1956. v) On the basis of the written representations received from the directors, as on 31st March, 2003 and taken on record by the Board of Directors, we report that note of the directors is disqualified as on 31st March, 2003 from being appointed as a director in terms of clause (g; of the sub-~L--- on of the section 274 of the Companies Act, 1956: vi) Except that - (1) The Balances in Parties Accounts are subject to confirmation, reconciliation and realisation of cheques: (2) The balances in (i) Punjab & Sind Bank, Aligarh A/c No. 45/11 (ii) Punjab & Sind Bank, Aligarh A/c. No. 47/11 (iii) Lord Krishna Bank Limited, Noida A/c No. 1360 (iv) Punjab National Bank, Saharanpur A/c No. 1994 (v) Punjab National Bank, Delhi A/c No. CC/25 (vi) Punjab National Bank, Delhi A/c No. CC/25 (viii) ABN Amro Bank Limited, Delhi A/c No. 719421 (viii) ABN Amro Bank Limited, Delhi A/c No. 731071 (ix) Canara Bank, Aligarh A/c No. 7564 (x) Punjab National Bank Kandla A/c No. 399 (xi) NDFC Bank,, Delhi (xii) Punjab National Bank. A/c No. 6750 (xiii) Punjab National Bank, Delhi A/c No. 637 (xiv) State Bank of India, Aligarh A/c Net. 88087 (xv) Oriental Bank of Commerce, Aligarh A/c No. 1501 (xvi) Dens Bank, Aligarh A/c No. 10259 (xvii) Punjab National Bank, Delhi (L/C Payable A/c) and (xviii) U.P. Financial Corporation, Aligarh subject to confirmation. reconciliation. (3) Details of amount outstanding to S..S.l. Units not available; (4) No provision has been made for Interest on Income Tax and Trade Tax liability that may arise. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, to the manner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India: a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2003; and b) in the case of Profit & Loss Account, of the LOSS for the year ended on that date. For MITAL AND KUMAR, Chartered Accountants Place : ALIGARH (RAJEEV KUMAR, F.C A.) Date : 26.04.2003 Partner ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS' REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2003 OF DARSHAN OILS LIMITED, UDAI SINGH JAIN ROAD, ALIGARH On the basis of such checks as we considered appropriate arid in terms of the information arid explanations given to us, we state that: 1. the company has generally maintained proper records showing particulars, including quantitative details and situation of its Fixed Assets. As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, to a phased verification programme, which, in our opinion is reasonable, looking to the size of the company and the nature of its business. According to the information and explanation given to us, no discrepancies have been noticed on physical verification. 2. None of the fixed assets has been revalued during the year. 3. As explained to us, the stocks of finished goods, merchanting goods, stores, spare parts and raw materials have been physically verified during the year by the management. 4. The procedures explained to us, which are followed by the management for physical verification of the above referred stock, are in our opinion, reasonable and adequate in relation to the size of the company and nature of business. 5. According to the records produced to us for our verification, no material discrepancies were noticed on physical verification of stock referred to in 3 above, as compared to book records, whoever maintained. 6. We have examined the stock verification records of the company. Can the basis of such an examination and the assistance received from the company's commercial staff, we are satisfied that the valuation of stock is and proper in dance with the normally accepted accounting principles, and is on the same basis as in the preceding financial year. 7. According to the information and explanations given to us, the term0 and conditions interest free unsecured loans taken from the parties listed in the register maintained under section 301 of the Companies Act, 1956, are not prejudicial to the interest of the company. In respect of interest free loans taken from companies under the same management with in the meaning of section 370 (1-B) of the Companies Act, 1955, in our opinion the other terms and conditions on which loan has been taken are not prima-facie prejudicial to the interest of the company. 8. According to the information and explanations given to us, the company has not given any loans, secured or unsecured to companies, firms or other parties listed in the registers maintained undo section 301 and 370 (1-B) of the Companies Act, 1956, in which, directors are interested, as contemplated under sub-section (6) of section 299 of the said Act. 9. In our opinion and according to information and explanations given to us the company has not granted loans and advances in the nature of loan during the year except advance made in normal course of business. 10. In our opinion and according to information and explanations given to us, there are generally 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 also for sale of goods. 11. According to information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in me rear maintained under section 301 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 such for such goods, materials or services or the prices at which transactions for similar goods, materials ma 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 loss, if any, have been provided. 13. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 5&A of the Companies Act, 1956 and the Companies (Accepts of Deposits) Rules, 1975 with regard to deposits accepted from the public, except maintenance of liquidity in the form of Government Securities. 14. In our opinion. the company has maintained reasonable records for the sale and disposal of realisable waste (spent earth) and by-product. As regards other wastage, unusual broken components, spare parts and other miscellaneous items, no quantitative records are maintained and these are accounted for at the time of disposal. 15. On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that, the coverage of internal audit functions carried out by the persons appointed by the management, is commensurate with the size of the company and nature of its business. 16. We have been informed that Central Government has prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for production of vanaspati where in accordance to the information supplied and explanation given to us, the company maintained the prescribed cost records, in accordance with the Companies Act, 1956 However, we have not made detailed examination of the same. 17. According to the records of the company It is generally regular In depositing Employees Provident Fund dues with the appropriate authorities, upto August, 2002, thereafter it has not been deposited at all. ESI scheme is not applicable upon the company. 18. On the basis of the records of the company, the following undisputed amounts were payable and outstanding in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise duty, as at the last day of financial year, for a period of more than six months from the date they became payable. Income Tax A.Y. 2001-02 Rs. 8,68,267/- and Interest thereon, and compounding Trade Tax u/s 7D for F. Y. 2002-03 (upto August, 2002) Rs. 21,66,670/- and Interest thereon. 19. On the basis of (i) the examination of the books of account of the company, (ii) the vouchers examined by us on a test check basis, (iii) the explanations given to us against our inquiries, (iv) the checks and controls relating to authorising payments looking to the Company"s needs and exigencies, and to the best of our knowledge and belief, we have not come, across any expenses charged to revenue account, except for those which mere either incurred under service-contract obligations with the employees or Director which, as explained to us, were incurred in accordance with normally accepted business practices, which, in our opinion and judgement and to the best our knowledge and belief, could he regard as personal expenses. 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 in the F.Y. ended 31.03.2003 for the first time and it is suggested that the company should make a reference to the Board for Industrial and Financial Reconstruction (BIFR) u/s 15 of the said Act. 21. During the year no trading activities were conducted by the company. For MITAL AND KUMAR Chartered Accountants Place : ALIGARH Date : 26.04.2003 (RAJEEV KUMAR, F.C.A.) Partner

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