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Shivani Vanaspati Ltd.

BSE: 531722 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Shivani Vanaspati Ltd. (SHIVANIVANAS) - Auditors Report

Company auditors report

SHIVANI VANASPATI LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT SAMANTRY & CO. CHARTERED ACCOUNTANTS DAS SAHI, BISINABAR CUTTAK-753012 Ph. No.: 0671-314343 To, The Members, SHIVANI VANASPATI LTD. We have audited the attached Balance Sheet of SHIVANI VANASPATI LTD., Kapursingh, Po - Oranda, Dist - Cuttack as at 30th June, 2002 and the annexed Profit & Loss Account for the year ended on that date signed by us under reference to this report. WE REPORT AS FOLLOWS:- A. We conduct 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 statement are free to material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. 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. B. As required by Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in Annexure a statement of matters specified in the said order. C. The Attention of the members is also drawn to the following: 1. Note No -10 regarding import of Raw Materials through RSIL. 2. Note No -11 Relating to Provisions of Rs. 140 Lakhs made in accounts in respect of supply of Raw Materials by RSIL. 3. Note No -15 Contingent Liability in respect of Sales Tax amounting Rs. 3,69,55,905. D. Further to our comments in the Annexure referred to in paragraph "B" and "C" above we report that: 1. We have obtained all information and explanations which to be 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 kept by the Company so as far appears from our examination of those books. 3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. 4. In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report are in compliance with accounting standard referred to in Section 211(3C) of the Companies Act, 1956. 5. According to the information and explanations given to us, we report that none of the Directors is disqualified as on 30th June, 2002 from being appointed as a Director in terms of clause (g) of sub-section(1) of section-274 of the Companies Act, 1956. 6. In our opinion and to the best our information and according to the explanations given to us, the said Balance Sheet & the Profit & Loss Account together with the notes there on, give the information as 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 at 30th June, 2002. ii) In case of Profit & Loss Account, of the Loss incurred by the Company for the year ended on that date. ANNEXURE TO THE AUDITORS' REPORT (Statement referred to the Para-B of our report of even date) Observations on matters specified in Para-4 & 5 of Manufacturing and other Companies (Auditors Report) Order, 1988. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. The Company has regular programme of physical verification of Fixed Assets, which in our opinion is reasonable having regard to size of the Company and the nature of its assets. Accordingly, the physical verification of part of the Fixed Assets have been carried out by the management during the year and no material discrepancies have been noticed on such verification. 2. None of the Fixed Assets of the Company have been revalued during the year. 3. The stock of finished goods, spare parts and raw materials have been physically verified by the management at reasonable interval. In our opinion, the frequency of verification is reasonable. 4. The procedure of the physical verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. 5. The discrepancies between the physical stock and book stocks were not material and dealt with properly in the books of account. 6. In our opinion, the valuation of stock of finished goods, stores, work- in-progress, spare parts and raw materials has been fair and proper in accordance with the normally accepted accounting principles. 7. The company has not taken any loans, secured or unsecured, from Companies, Firms or other parties listed in the register maintained u/s. 301 of the Companies Act, 1956 and/or from the companies under the same management as defined under sub-section(1B) of Section 370 of Companies Act, 1956 except receiving loans from promoters/directors. However, the same is interest free and hence not detrimental to the interest of the company. 8. The company has not granted any loans or advances in nature of loans secured or unsecured to companies, firms or other parties listed in the register maintained tinder Section 301 of the Companies Act 1956 and/or to the companies under the same management as defined under sub-section(1B) of section 370 of the Companies Act, 1956. 9. The company has not given any loan or advances in nature of the loan except advances to suppliers of raw materials and employees which are being adjusted regularly as per stipulation. 10. In our opinion there is adequate internal control procedure commensurate with the size of the company and the nature of its business, for purchase of stores, raw materials, plant & machinery, equipments and other assets and for the sale of goods. 11. According to the information and explanations given to us, there were no purchase of goods, materials, and services, exceeding Rs.50,000/- in pursuance of the contracts or arrangements in which Directors of the company are interested required to be maintained under section 301 of the Companies Act, 1956. 12. As explained to us, the company has reasonable system of determination of unserviceable or damaged goods, raw materials and finished goods. The company has confirmed that there were no such materials requiring provision at the end of the year. 13. The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956. 14. The company has not generated any scrap during the year. However, adequate records are maintained for sale and disposal of by-products. 15. It is necessary that the books of account should be maintained by the company in respect of the manufacture of vanaspati and other by-products pursuant to the order made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and in our opinion the prescribed accounts are maintained, though, we have not made a detailed examination of such accounts and records. 16. The company is contributing towards E.P.F. W.E.F. 6.7.2000. The arrear amount of Rs.49,510/- for the period from 6th July, 2000 to 30th November, 2000-has remained unpaid as on 30.6.2002. Further E.P.F. relating for the period from January, 2002 to July, 2002 amounting to Rs.1,35,662/- is also remaining unpaid as on 30.6.2002. As explained to us the arrear amount is being paid in installments in current year. As on now the E.S.I. Act is not applicable to the company. 17. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax and Customs Duty out standing as at 30.6.2002 for a period of more than six months from the date they became payable except Sales Tax, the matter of which pending with the Government of Orissa and the Hon'ble High Court of Orissa. 18. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account, other than those payable under contractual obligation or in accordance with the generally accepted business practice. 19. The company is having suitable internal control system in commensurate with its nature and size of business. 20. Insurance Claim logged by the company with New India Assurance Co. Ltd. against damage/loss of Fixed Assets and stocks due to Super Cyclone occurred on October, 1999 amounting to Rs.146.35 Lakhs is yet to be received. 21. The Company has not carried on any trading activity during the year and hence, the information relating to damaged goods need not be furnished except Crude Palm Oil of 895.275 MT which has been otherwise utilized by the supplier Ruchi Soya Industries Ltd. the details of which are not available. 22. The Company is a Sick Company as per meaning of the Sick Industrial Companies (Special Provisions) Act, 1985 under section 3(1)(O). The Board of Directors has already made a reference to BIFR, New Delhi u/s. 15(1) of SICA and the matter is subjudice. SAMANTRY & CO. Chartered Accountants Place: Cuttak C.S. Sanmantry Date : 31.08.2002 Chartered Accountant