You are here » Home » Companies » Company Overview » Oriental Veneer Products Ltd

Oriental Veneer Products Ltd.

BSE: 531859 Sector: Others
NSE: N.A. ISIN Code: INE457G01011
BSE LIVE 15:18 | 14 Dec 449.00 4.05
(0.91%)
OPEN

431.00

HIGH

449.00

LOW

431.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 431.00
PREVIOUS CLOSE 444.95
VOLUME 96
52-Week high 540.00
52-Week low 168.50
P/E 32.80
Mkt Cap.(Rs cr) 242
Buy Price 431.00
Buy Qty 5.00
Sell Price 449.00
Sell Qty 4.00
OPEN 431.00
CLOSE 444.95
VOLUME 96
52-Week high 540.00
52-Week low 168.50
P/E 32.80
Mkt Cap.(Rs cr) 242
Buy Price 431.00
Buy Qty 5.00
Sell Price 449.00
Sell Qty 4.00

Oriental Veneer Products Ltd. (ORIENTALVENEER) - Auditors Report

Company auditors report

Independent Auditors’ Report

To the Members of Oriental Veneer Products Limited Report on the standalone Financialstatements

We have audited the accompanying financial statements of M/s. Oriental Veneer ProductsLimited (‘the Company’) which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Emphasis of Matters

We draw attention to followings notes to the financial statements :

1. We draw attention to Note 38 to the financial statements with respect to ' 18.16Crore (Previous Year ' 14.01 Crore) of debtors as at March 31 2015. As explained to usthe Company is in discussion to expedite the recoverability of the above aforesaidoutstanding amounts and believes that the entire amount is fully recoverable. Pending theultimate outcome of such discussion relation to recovery of the amounts from the debtorsno adjustments have been considered necessary by the management in these financialstatements in this regard. We have not been provided the basis of management estimate ofrecovery. We are unable to comment if any of the extent of recoverability of abovedebtors.

2. The outstanding balances as on 31st March 2015 in respect of balances from tradepayables trade receivables and other loans and advances are subject to confirmation fromrespective parties and consequential reconciliation and adjustments arising there from ifany. In absence of sufficient information in the possession of company we are unable tocomment on the future impact on the same.

3. We invite to the members the Company has not complied the provision of section203(1) of Companies Act 2013 with respect to non-appointment of Company Secretary.

Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors are notdisqualified as on 31st March 2015 from being appointed as a director in terms ofSection 274(1)(g) of the Act.

For Anil Bansal & Associates For NBS & Co.
Chartered Accountants Chartered Accountants
FRN : 100421W FRN : 110100W
Anil Bansal Devdas Bhat
Proprietor Partner
Membership No. 043918 Membership No. 48094
Place : Mumbai Place : Mumbai
Date : 28th May 2015 Date : 28th May 2015

Annexure to the Auditors’ Report

ANNEXURE TO THE AUDITORS’ REPORT

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date.

Re: Oriental Veneer Products Limited

1. In respect of Fixed Assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets.

2. in respect of inventories:

(a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory. Discrepancies noted onphysical verification of inventories were not material and have been properly dealt within the books of account.

3. in respect of loans:

(a) According to the information and explanation given to us the company has grantedunsecured loans to one party or company covered in the register maintained under section189 of the Companies Act 2013. The Maximum amount involved during the year was Rs. 8.96Crore and year-end balance of such loans amounts to be Rs 6.17 Crore.

(b) As per information and explanation given to us the principal & interestamounts are repayable on demand and there is no repayment schedule

4. in respect of internal controls:

In our opinion and according to the information and explanation given to us there isan adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventories and fixed assets and sale ofgoods. However the internal control system for purchase of Fixed Assets is inadequatesince the purchases are made without inviting quotations. In our opinion this is acontinuing failure to correct a major weakness in the internal control system.

5. The Company has not accepted any deposits whether the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed thereunder where applicableAccordingly the provision of clause V of the Order are not applicable to the Company andhence not commented upon.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the central government undersection 148(1)(d) of the Companies Act 2013 and are of the opinion that Prima Facie theprescribed accounts and cost records have been maintained. we have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.

7. According to the information and explanations given to us in respect of statutorydues:

a) According to Information and explanation given to us undisputed statutory duesincluding Provident Fund Employees State Insurance Income Tax Sales Tax Wealth TaxService Tax Duty of Customs Duty of Excise Value added Tax Cess and other materialstatutory dues have generally regularly deposited with the appropriate authorities.According to information and explanation given to us no undisputed amounts payable inrespect of the aforesaid dues were outstanding as at March 31 2015 for a period of morethan six months from the date of becoming payable.

b) As per information and explanation provided to us the following are the details ofdisputed Tax liabilities and the forum in which they are pending [referred in Note 39 tothe financial statement]:

sl. No. Financial Year amount (Rs in Lakhs) Type of liability Forum Where Dispute is Pending
1. 1997-98 14.27 Central Excise Appeal Filed with Custom Excise and Service Tax Appellate Tribunal Mumbai
2. 2005-06 181.35 Income Tax ITAT Mumbai

c) According to the information and explanation given to us there has not been anoccasion in case of the company during the year under report to transferred to Investoreducation and protection fund in accordance with the relevant provisions of the CompaniesAct 1956 (1 of 1956) and rules made thereunder has been transferred to such fund withintime.

10. The Company neither has accumulated losses at the end of the financial year norhas incurred cash losses both in the financial year under report and in the immediatelypreceding financial year.

11. Based on our audit procedure and as per the information and explanation given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution or banks. According the information and explanation givento us and records produced before us the Company has not given any guarantee for loanstaken by others from banks or financial institution during the year. Accordingly thisclause is not applicable to the Company.

12. According to the information and explanation given to us and based on the documentsand records produced before us the company has not granted loans and advances on thebasis of security by way of the pledge of shares debenture and other securities.

13. In our opinion the company is not a chit fund or a nidhi/mutual benefitfund/society. Therefore the provisions of clause 4(xiii) of the Companies (AuditorsReport) Order 2003 (as amended) are not applicable to the company.

14. In our opinion the company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provision of clause 4(xiv) of theCompanies (Auditor’s Report) Order 2003 (as amended) are not applicable to thecompany.

15. According to the information and explanation given to us the company has not givenany guarantee for loan taken by others from banks or financial institutions.

16. Based on the information and explanations given to us by the management no termloan has been

raised during the year therefore clause (xvi) of Paragraph 4 is not applicable to thecompany.

17. According to the information and explanation given to us and on an overallexamination of the balance sheet of the company we report that no funds raised onshort-terms-basis have been used for longterm-investments.

18. The Company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under Section 301 of the Companies Act 1956.

19. The Company did not have any outstanding debentures during the year

20. The Company has not raised money through public issue during the year.

21. In our onion and accordance to the information and explanations given to us nomaterial fraud on or by the Company has been noticed or reported during the year.

For Anil Bansal & Associates For NBS & Co.
Chartered Accountants Chartered Accountants
FRN : 100421W FRN : 110100W
Anil Bansal Devdas Bhat
Proprietor Partner
Membership No. 043918 Membership No. 48094
Place : Mumbai Place : Mumbai
Date : 28th May 2015 Date : 28th May 2015