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Omni Dye-chem Exports Ltd.

BSE: 524384 Sector: Industrials
NSE: N.A. ISIN Code: INE529C01016
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Omni Dye-chem Exports Ltd. (OMNIDYECHEM) - Auditors Report

Company auditors report

OMNI DYE CHEM EXPORTS LIMITED ANNUAL REPORT 2005-2006 AUDITORS' REPORT To The Members of OMNI DYE CHEM EXPORTS LIMITED We have audited the attached Balance Sheet of OMNI DYE CHEM EXPORTS LIMITED as at 31st March 2006 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These Financial Statement are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We have 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 misstatements. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub-section(4A) of section 227 of the Companies Act, 1956, and on the basis of the books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclosed 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 state that: 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 account as required by law have been kept by the Company, so far as it appear from our examinations of such books; c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt by this report comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act, 1956; e) On the basis of written representation from directors as on 31st March, 2006 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2006, from being appointed as a director in terms of clause (g) of sub- section(1) of Section 274 of the Companies Act 1956; f) 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 in the manner so required and 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 31st March, 2006; (ii) In the case of profit and Loss Account, of the 'Loss' of the Company for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For MEHRA ANIL & ASSOCIATES Chartered Accountants Place: Ahmedabad (ANIL MEHRA) DATE : 05/08/2006 PROPRIETOR (M. No.: 33052) ANNEXURE REFERRED TO IN PARAGRAPH (1) OF EVEN DATE To The Members of OMNI DYE CHEM EXPORTS LIMITED on the Financial Statement for the year ended 2006. 1. The Company has not maintained proper records of fixed assets showing full particulars including quantitative details and location. We have been informed that this exercise in process. The Company has a regular programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. In our opinion with this programme certain fixed assets were physically verified by management during the year and no material discrepancies were noticed on such verification. Company has sold machinery during the year but the same is not affected the going concern status of the Company. 2. As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of stocks having regard to the size of the operations of the Company. 3. We are informed that the Company has not granted loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or from under Section 370(1B) of the Companies under the same management has defined the Companies Act, 1956. We are informed that the Company has not granted loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or from the Companies under the same management has defined under Section 370(1B) of the Companies Act, 1956. The relevant details of such transactions are under: Nos. Amount of Loans TWO 8.40 Lacs 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given o us, there is no continued failure to correct major weakness in internal control. 5. In our opinion and according the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs.500000/- or more in value in respect of each party, have been made at the prices which are reasonably having regard to prevailing market prices as available with the company. 6. In our opinion and according to the information and explanations given to us, the Company has not complies with the provisions of Section 58A & 58AA of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 7. In our opinion, the internal audit system of the company is commensurate with its size and nature of business. 8. The Central Government has not prescribed by the maintenance of cost records has under Section 209(1)(d) of the Companies Act, 1956, in respect of the Company. 9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees state Insurance, Income-Tax, Sales-Tax, Wealth-Tax, Custom Duty, Excise Duty, cess which are outstanding as at 31/03/2006 for a period of more than six months from the date they became payable. 10. The Company has incurred cash losses during the year and during the immediately preceding the financial year. 11. The Company has not defaulted in repayment of dues to financial institution or Bank. It has not issued any debenture. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and in our opinion, adequate documents and records are maintained. 13. Special statute applicable to chit fund are not applicable to the Company being a non-chit fund company. 14. According to the information and explanations given to us, proper records have been maintained in respect of transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares and other securities have been held by the company in its own name. 15. According the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions. 16. The Company has not taken any term loans and hence recruitment of reporting regarding application of term loans does not arise. 17. No funds raised on short term basis have been used for long term investments and vice versa. 18. We are informed that the company has not made any preferential allotment of shares to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 19. The Company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise. 20. The company has not made any public issue of any securities during the year. 21. No fraud on or by the company was noticed or reported during the year. For MEHRA ANIL & ASSOCIATES Chartered Accountants Place: Ahmedabad (ANIL MEHRA) DATE : 05/08/2006 PROPRIETOR (M. No.: 33052)