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Indo Vanillon Chemicals Ltd.

BSE: 531267 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Indo Vanillon Chemicals Ltd. (INDOVANILLON) - Auditors Report

Company auditors report

INDO VANILLON CHEMICALS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of INDO VANILLON CHEMICALS LTD. We have audited the attached Balance Sheet of M/S INDO VANILLON CHEMICALS LTD. as at March 31, 2005 and also the Profit and Loss Account for of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. 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. 1) We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining on a test base, evidence supporting the amounts and disclosures in the financial statements. All audit also includes assessing the accounting 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. 2) As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 we give in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. 3) Further to our comments in the Annexure referred to the paragraph above:- (a) 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. (b) In our opinion, proper books of accounts as required by the law have been kept by the company so far as it appears from our examination of the books. (c) The Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts. (d) In our opinion, the Balance Sheet and the Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956. e) On the basis of written representations received from the directors, (except Kamini Khanna, S.K. Jain and - V.K. Chadha ) as on 31.03.2005 and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31.03.2005 from being appointed as directors in terms of clause (g) of Sub-section (1) 274 of the Companies Act,. 1956; f) The company's operation have remained suspended since January 2001. The company has suffered continued losses and erosion of equity the accounts are continued to be prepared on going concern basis in the absence of adequate data for compilation on and alternative basis. Consequently. no adjustment are made in the accounts relating to recoverability of recorded assets amount and in respect of recorded liabilities and contingent liabilities. In our opinion and to the our information and according to explanations given to us, the said accounts which has been prepared on the principal of going concern, subject to the above and note no. 2 c of Schedule 17 regarding non-provision against work-in-progress, note no. 12 of Schedule 17 regarding non-provision of depreciation on assets amounting to Rs.24.45 Lacs and note no. 21 8 22 regarding confirmation of debit and credit balances along with the provision of interest on estimated basis read together with other notes on accounts and Accounting Policies given in Schedule II give the information required by the Companies Act, 1956, in the manner so require and present a true and fair view in conformity with the accounting principles generally accepted in India ; i) In so far as it relates to Balance Sheet, of the State of Affairs of Company as at March 31. 2005; ii) In so far as it relates to Profit and Loss Account, of the Loss of the Company for the year ended on that date; and iii) In so far as it relates to the Cash Flow statement, of the cash flow of the Company and for the year ended on that date. For J P S & COMPANY CHARTERED ACCOUNTANTS PLACE : NEW DELHI J C VERMA DATED : 01.09.2005 PARTNER M.No.83210 ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF 'M/S INDO VANILLON CHEMICALS LTD.' ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2005. (REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE) 1. (a) The company is not in possession 1of complete records / register showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets have not been physically verified by the management during the year. Discrepancies, if any, are not known. (c) No such substantial part of fixed asset have been disposed off during the year to affect the going concern principle. 2. (a) The inventory has not been verified by the management during the year. (b) In the absence of physical verification, comments on procedure for physical verification of inventories are not offered. (c) The unit is closed and management did not conduct physical verification of inventory. 3. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties as listed in the register maintained under Section 301 or to the Companies under the same management as defined under sub-section (I-B) of Section 370 of the Companies Act, 1956. Accordingly paragraph of clauses 4(iii)(b), (c) & (d) of the Order are not applicable to the company. 4. In our opinion and on the basis of the information and explanations given to us, there are adequate and reasonable systems and procedures for physical verifications of stocks but they have not been followed by the management during the period. Due to, suspension of manufacturing activities since January 2001. 5. In our opinion and according to the information and explanation given to us, the company has not entered into any transactions for the purchase or sale of goods, materials or services in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956 as there is no manufacturing activity. 6. According to the information and explanation given to us, the company has not taken any deposits from the public during the year. 7. Since company's operations are suspended since January 2001 the management does not feel the requirement of internal audit. 8. The Central Government has not prescribed maintenance of cost records u/s 209 (1)(d) of the Companies Act 1956. 9. (a) The company is regular in depositing appropriate authorities - undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. (b) According to the information and explanation given to us, the dues of Sales Tar, Income Tax, Excise Duty, Custom Duty, Wealth Tax and Cess which have not been deposited on account of any dispute are as under :- Nature of Dues Amount in Period to which Forum where Rs. amount due dispute is pending Excise Duty 85,31,026/- Raid on CEGAT Demand 23.09.1998 10. In our opinion, accumulated losses of the Company are more than 50 per cent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and immediately proceeding financial year. 11. In our opinion and according to the information and explanation given to us the Company has defaulted in the repayment of dues to financial institution, bank's or debenture holder and has filed a reference before the BIFR. The accumulated default including interest are as under. IDBI 746.04 Lacs HFC 487.90 Lacs OBC C/C 424.36 Lacs 12. The company has not granted Loans and Advances on the basis of security by way of pledge of shares, debentures and other security. 13. In our opinion the company is not a Chit fund or a Nidhi /Mutual benefit fund/ Society. 14. In our opinion the company is not dealing in 'or trading in shares, securities, debentures and other investments. 15. According to information and explanation given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions. 16. According to the information and explanation given to us, the company had not raised any term loan during the year tinder audit. 17. According to information and explanation given to us and on an overall examination of balance sheet of the company, we report that no funds, raised on short term basis, have been used for long term investments. No long term fund have been used to finance short term assets except permanent working capital. 18. According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Companies Act, 1956. 19. According to the information and explanation given to us, no debenture have been issued during the year under audit. 20. According to the information and explanation given to us, no money has been raised by any of public issue during the year under audit. Therefore, the provisions of paragraph 4(xix) of the said order is net applicable to the company. 21. According to the information and explanation given to us, no fraud on or by company has been noticed or retorted during the year under audit. For J P S & COMPANY CHARTERED ACCOUNTANTS PLACE : NEW DELHI J C VERMA DATED : 01.09.2005 PARTNER M.No.83210