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Oswali Chemicals Ltd.

BSE: 506916 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Oswali Chemicals Ltd. (OSWALICHEMICALS) - Auditors Report

Company auditors report

OSWALI CHEMICALS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT TO THE MEMBERS OF OSWALI CHEMICALS LIMITED We have audited the attached Balance Sheet of OSWALI CHEMICALS LIMITED as at March 31, 2011 and the Profit and Loss account for the period ended 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 on 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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 accounts as required by law have been maintained by the Company so far as appears from our examination of those books. 3. The Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of accounts. 4. In our opinion, the Profit and Loss account and the Balance Sheet comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. 5. On the basis of written declarations received from the Directors as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2011 from being appointed as a Director in terms of clause (g) of sub section (1) of Sec 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, the accounts subject to: Note no.2 regarding contingent liabilities being stated to the extent information was available and read with the other notes to accounts thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) in the case of the Balance Sheet, of the state of affairs of the Company as on March 31, 2011, ii) in the case of the Profit and Loss account, of the Profit for the year ended that date. As required by the Manufacturing and Other Companies (Auditors' Report) order, 2003 issued by the Central Govt. under section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as were considered appropriate and the information and explanations given to us during the course of our audit, we further report that 1. The Company has repaid the unsecured loan during the year. The balance of Secured loan is Rs. 13.25 lakhs (one party). 2. The amount overdue in respect of the secured loan is more than Rs.1 lakh and since the Company is sick, it has not been able to repay these overdue loans. 3. The Company has not given any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. We are informed that there are no Companies under the same management as defined under section 370 (1 B) of the Companies Act, 1956. 4. The Company has not given any loans or advances in the nature of loans. 5. The Company had no transactions of goods / materials / services aggregating during the year to Rs. 50,000 or more from/to firms, Companies or other parties in which the Directors are interested, as listed in the register maintained under section 301 of the Companies Act, 1956. 6. The Company has an Internal Audit system commensurate with the size of the Company and nature of its business. 7. The Company has not accepted any deposit from the public to which the provisions of section 58A of the Companies Act, 1956 apply. 8. There were no undisputed amounts payable in respect of income tax, Sales tax, Customs duty and Excise duty outstanding for more than six months from the date they became payable. 9. No personal expenses of Directors have been charged to revenue. 10. No fraud on or by the Company was noticed during the year. 11. The Company is a Sick Company within the meaning of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. The Company had made a reference to the BIFR under section 15 of the Act, who ordered winding up of the Company. The Company's appeal to the AAIFR against the winding up order was also dismissed. The Company filed a writ petition in the High Court of Karnataka against the order of the BIFR and AAIFR. The petition has been dismissed, as the Company has since discharged its liabilities to SIPCOT and TIIC. 12. The other provisions of the order do not seem to be applicable to the Company for the period. For M.A. NARAYAN & Co. Chartered Accountants (Firm Regn. no. 002361S) Place: Bangalore M.G. GURURAJA RAO Partner Date : 6th August, 2011 Mem. No. 021261