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Vision Organics Ltd.

BSE: 532383 Sector: Industrials
NSE: VISIONLTD ISIN Code: INE514B01010
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Vision Organics Ltd. (VISIONLTD) - Auditors Report

Company auditors report

VISION ORGANICS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT To, The Members of Vision Organics Ltd. We have audited the attached Balance Sheet of Vision Organics Ltd. as at 31st March,2003 and also the Profit and Loss Account of the Company 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. We conducted our audit in accordance with the 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 statement. An audit also includes examining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principle used and significant principle used and significant estimates made by the management, as well as evaluating the over all financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and other Companies (Auditor's Report) Order,1988 issued by the Central Government under Section 227(4A) of the companies Act.,1956, We enclose in the annexure of statement on the matters specified in paragraphs 4 & 5 of the said order. We further report that: 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 account as required by law have been kept by the company so far as appears from our examination of those books; 3.The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account of the company. 4. In our opinion the Profit & Loss Account and Balance Sheet dealt with by this report comply with the Accounting standards referred to in section 211(3C) of the Companies Act,1956 except for AS 6 and AS 10 as stated in 6(d). 5. On the basis of written representations received from the directors as on 31st March,2003,and taken on record by the Board of Directors,we report that none of the directors is disqualified from being appointed as a director as on 31st March 2003,in terms of clause(g) of subsection(1) of Section 274 of the Companies Act, 1956. 6.(a) The company's profit and loss account debit balance is presently not ascertainable for the reasons mentioned in the respective notes: i) The company has not made a provision for interest on working capital demand loan and term loan from banks as mentioned in note No 14. ii) Modvat accounting as mentioned in note no 13. iii) The outstanding amount of Rs 331445808 receivable as on 31 March,2003 from debtors,Based on written off bad debts to the extent of Rs 345519983 during the year,we are unable to comment upon the outstanding debtor's,corresponding impact of which however could be material on the Company's loss is not presently ascertainable. (b) Debtors and creditors are subject to reconcillation and Confirmation. (c) The Company has not provided for depreciation for the year amounting to Rs. 15203611 (P.Y. 16566815).Accordingly,the loss for the year has been shown lower by Rs. 15203611 (P.Y. Rs 16566815) and accordingly the fixed assets have been shown higher by Rs 31770426. 7.Subject to matters mentioned above in paragraph 6.in our opinion and to the best of our information and according to the explanations given to us,the said Balance Sheet and Profit and Loss Account read together with notes thereon,give the information required by the Companies Act 1956 in the manner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India. i) In the case of the Balance Sheet,of the state of affairs of the Company as at 31st March,2003. ii) In the case of the Profit and Loss Account,of the loss for the year ended on that date. iii) In case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Dilip K.Thakkar & Co. Chartered Accountants Sd/- PLACE : Vadodara (Dilip Thakkar) DATE : 30.06.2003 Proprietor ANNEXURE TO THE AUDITOR'S REPORT (Referred to our Report of even date on the Accounts for the year ended on 31st March,2003 of vision organics Ltd). In our opinion,and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us during the normal course of audit,which were necessary to the best of our knowledge and belief we report that: 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us that the fixed assets have been physically verified by the Management at reasonable intervals and no material discrepancies were noticed on such verifications. 2. None of the Fixed Assets of the company have been revalued during the year. 3. Physical verification has been conducted by the Management,at reasonable intervals in respect of finished goods,stores,spare parts and raw materials. 4. In our opinion and according to information and explanations given to us,the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to then size of the Company and the nature of its business. 5. The discrepancies noticed on verification between the physical stocks and the books records were not material in relation to the operations of the company. 6. On the basis of our examination of stock records,the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles,and is on the same basis as in the previous year. 7. We are informed that the Company has taken loans,secured or unsecured from the companies,firms or other parties,listed in the register maintained under Section 301 of the Companies Act,1956,or from the Companies under same management within the meaning of Section 370(1-B) of the Companies Act,1956 and the rate of interest and other terms and conditions of such loans are not prima facie,prejudicial to the interests of the company. 8.The Company has not granted loans,to the Companies,firms or other parties,listed in the register maintained under section 301 of the Companies Act 1956 and/or to the Companies under same management within the meaning os section 370(1-B) of the Companies Act,1956. 9. The Company has not given loans and advances in the nature of loans. 10. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business,for the purchase of stores,raw materials,including components,plant & machinery,equipment and other assets and with regard to the sale of goods. 11. In our opinion and according to the information and explanations given to us,the transaction of purchase of goods and material,and sale of goods,materials and services made in pursuant of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act,1956 aggregating during the year to Rs 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to prevailing market prices for such goods,materials and services or the prices at which transactions for similar goods,materials or services have been made with other parties. 12. As explained to us,the Company has a regular procedure for the determination of unserviceable or damaged stores,raw materials and finished goods. In our opinion adequate provision has been made in the books of accounts for the loss arising on items so determined. 13. In our opinion and according to the information and explanations given to us,the company has complied with the provisions of Section-58A of the Companies Act,1956 and the Companies(Acceptance of Deposits)Rules,1975 with regard to the deposits accepted from the public during the year. 14. As explained to us, the company has maintained reasonable records for sale and disposal of realisable by products and scraps. 15. The Company has an Internal Audit System However there is a scope for increasing the coverage so as to be commensurate with the size and nature of its business. 16. We have been informed that Central Government has not prescribed maintenance of cost records under Section 208(1)(d) of the Companies Act,1956. 17. According to the informations and explanations given to us,The Employees (Provident Fund & Misc Provisions) Act, 1958 and Employees State Insurance Act is not applicable to the Company. 18. According to the information and explanations given to us,there are no undisputed amounts payable in respect of Income Tax,Wealth Tax,Sales Tax, Custom Duty and Excise Duty which are outstanding as on 31st March 2003 for a period of more than six month from the date they become payable. 19. On the basis of examination of books of account carried out by us in accordance with generally accepted auditing practices and according to the information and explanation given to us,no personal expenses of the employees or directors have been charged to the profit and loss account,other than those payable under contractual obligations or in accordance with the generally accepted business practices. 20. The Company is a sick industrial company within the meaning of clause(0) of Sub-Section(1) of Section 3 of the Sick Industrial Companies(Special Provision) Act,1985 as amended by the Sick Industrial Companies (Special provisions) Amendment Act 1993. 21. As explained to us,in respect of trading activity,the company has a regular procedure for determination of damaged goods,However we are informed that there is no loss arising on such items during the year. For Dilip K.Thakkar & Co, Chartered Accountants Sd/- PLACE : Vadodara (Dilip Thakkar) DATE : 30.06.2003 Proprietor