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Poona Dal and Oil Industries Ltd.

BSE: 519359 Sector: Industrials
NSE: N.A. ISIN Code: INE809E01018
BSE 00:00 | 01 Apr 23.50 1.50
(6.82%)
OPEN

22.40

HIGH

23.95

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NSE 05:30 | 01 Jan Poona Dal and Oil Industries Ltd
OPEN 22.40
PREVIOUS CLOSE 22.00
VOLUME 2044
52-Week high 36.10
52-Week low 15.60
P/E 0.88
Mkt Cap.(Rs cr) 13
Buy Price 21.85
Buy Qty 441.00
Sell Price 23.80
Sell Qty 84.00
OPEN 22.40
CLOSE 22.00
VOLUME 2044
52-Week high 36.10
52-Week low 15.60
P/E 0.88
Mkt Cap.(Rs cr) 13
Buy Price 21.85
Buy Qty 441.00
Sell Price 23.80
Sell Qty 84.00

Poona Dal and Oil Industries Ltd. (POONADALOIL) - Auditors Report

Company auditors report

To

The Members

Poona Dal and Oil Industries Limited Pune.

Report on the IND AS Financial Statements

We have audited the accompanying standalone financial statements of Poona Dal and OilIndustries Limited which comprise the Balance Sheet as at 31st March 2019 andalso the Statement of Profit and Loss and the Cash Flow Statement for the year ended onthat date annexed there to notes to the financial statements including a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the IND AS Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of these INDAS financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 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 standalone IND AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these IND AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

We conducted our audit in accordance with standards on auditing issued by the Instituteof Chartered Accountants of India and specified under section 143 (10) of Act. Thosestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the IND AS financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the IND AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theIND AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the company's preparationand fair presentation of the IND AS financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on effectiveness of the company's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and reasonableness ofaccounting estimates made by management as well as evaluating the overall presentation ofthe IND AS financial statement.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the IND AS financial statements give the information as required by theCompanies Act in the manner so required and give a true and fair view in conformity withthe accounting principles generally accepted in India:

i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2019. ii) In the case of Statement of Profit and Loss of the Profit for the yearended 31st March 2019. iii) In the case of Cash Flow Statement of the CashFlows for the year ended on that date. iv) Statement of Changes of Equity for the yearended on that date.

Other Information

The Company's Board of Directors is responsible for the preparation of the otherinformation. The Other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our Auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. if based on the work we haveperformed we conclude that there is material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Sub-section (11) of section 143 ofthe Companies act 2013 we give in the Annexure A a statement on the mattersspecified in paragraph 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 accounts as required by law have been kept by thecompany so far as appears from our examination of these books.

c) The Balance Sheet and Statement of Profit and Loss Account and Cash flow statementdealt with by the Report are in agreement with the books of accounts.

d) In our opinion the Statement of Profit and Loss Account and the Balance Sheetcomply with the accounting standards specified under section 133 of the Companies Act2013 read with the Companies (Indian Accounting Standards) Rules 2015 as amended.

e) On the basis of the written representation received from the directors as on 31stMarch 2019 and taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2019 from being appointed as a director in termsof section 164(2) of the Act.

f) As required under clause (i) of sub-section 3 of Section 143 of the companies Act2013 we give the report on internal financial controls over financial reporting in the AnnexureB a statement on the matters and statement on inherent limitations.

g) With respect to the other matters included in the Auditor's Report and to the bestof our information and according to the explanations given to us :

1) The Company does not have any pending litigations which would impact its financialposition.

2) The Company did not have any long term contract including derivatives contracts forwhich there were any material foreseeable losses.

3) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company. During the year company hastransferred Rs. 298720/- against unclaimed dividend of FY 2010-2011.

For M/s. Bora N. S. & Co.
Chartered Accountants
(Firm Registration No. 148087W)
Sd/-
CA Nikhilesh Bora
Date: 28th May 2019 Proprietor
Place: Pune (Membership No. 168182)

Annexure A to the Independent Auditor's Report

The Annexure A referred to in our report to the members of Poona Dal and Oil IndustriesLimited on the standalone Ind AS financial statements for the year ended as on 31stMarch 2019. We report that:

1) a) The company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) We are informed that the company has regular program of physical verification ofits fixed assets by which fixed assets are verified in phase manner over period of fiveyears. In accordance with this program certain fixed assets verified during the year andno material discrepancies were noticed on such verification by the management. In ouropinion this periodicity of physical verification is reasonable having regard to size ofthe company and nature of its assets. According to the information and explanations givento us no discrepancies were noticed on physical verification of fixed assets. During theyear company has disposed land & building at Chakan having gross block of INR4343769/- & 29722483/- respectively.

c) According to the information and explanations given to us the title deeds ofimmovable properties are held on the name of company except leasehold properties situatedat shikrapur and kurkumbh.

2) a) The Management of the company is maintaining proper records of inventory. Weare informed that the physical verification of inventory has been conducted during theyear at reasonable intervals by the management. No material discrepancies were noticed onphysical verification of inventory as compared to book records.

3) The company has granted loans secured or unsecured to the companies firmsLimited liability partnership or other parties covered in the register maintained undersection 189 of the Companies Act.

a) Interest free loans for the short term have been granted to the parties covered inthe register maintained under section 189 of the Companies Act and prima facie notprejudicial to the interest of the company.

b) In case of loans granted to the bodies corporate listed in the registered maintainedu/s 189 of the companies Act 2013 borrowers have been regular in repayment of the same asstipulated.

c) There is no overdue amount in respect of loan granted to the bodies corporate listedin the register maintained u/s 189 of the Companies Act 2013.

4) In our opinion and according to the information and explanation given to us thecompany has complied with provisions of section 185 and 186 of the Companies act 2013with respect to loans and investment made.

5) In our opinion and according to the information and explanations given to usthe company has not accepted any deposits during the year from the public as perdirectives issued by RBI and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and rules framed there under. Hence the clause is notapplicable.

6) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Accounting Records) Rules 2011 prescribed by the Central Governmentunder Section 148(1) of the Companies Act and are of the opinion that prima facie theprescribed cost records have been made and maintained. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or not.

7) a) In our opinion & according to the information and explanations given tous; and on the basis of the records produced before us the company is generally regularin depositing with appropriate authorities undisputed statutory dues including ProvidentFund Employees' State Insurance Income Tax Customs Duty GST and any other materialstatutory dues applicable to it. There is no overdue amount payable for more than sixmonths.

b) According to the information and explanations given to us there is a disputed duesof Income Tax for AY 2011-12 which is in appeal with CIT (A) amounting to Rs. 326905/-.

8) The company does not have any outstanding over dues of any loan or borrowings toany financial institutions banks and Government or debenture holders during the year.

9) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and also not availed any term loans during theyear.

10) On the basis of our examination and according to the information andexplanation given to us no fraud by the company or in the company by its officers /employees has been noticed or reported during the course of our audit.

11) Company has paid / provided managerial remuneration in accordance withrequisite approvals mandated by the provision of the section 197 read with schedule V ofthe companies Act 2013.

12) In our opinion and according to the information and explanation given to usthe company is not Nidhi Company.

Hence this clause of the Order is not applicable.

13) According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with the related parties have beendisclosed in the financial statements as required by the applicable IND AS. Thesetransactions are in compliance with section 177 and section 188 of the Companies Act2013.

14) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15) The Company has not entered into non-cash transactions with directors orpersons connected with them.

16) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For M/s. Bora N. S. & Co.
Chartered Accountants
(Firm Registration No. 148087W)
Sd/-
CA Nikhilesh Bora
Date: 28th May 2019 Proprietor
Place: Pune (Membership No. 168182)

Annexure B to the Independent Auditor's Report

The Annexure B referred to in our report to the members of Poona Dal and Oil IndustriesLtd. for the year ended 31st March 2019. We report that:

Report on the Internal Financial Controls over Financial Reporting

We have examined the internal financial control over financial reporting of Poona Daland Oil Industries Limited as of 31st March 2019 in conjunction with ouraudit of financial statements of the company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the company considering the essential components of internal control statedin the guidance note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial statements asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing (SAs) specified under section 143 (10) of the CompaniesAct 2013. Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the Companies Act2013 and the Rules there under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand code of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(a) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(c) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the guidance note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s. Bora N. S. & Co.
Chartered Accountants
(Firm Registration No. 148087W)
Sd/-
CA Nikhilesh Bora
Date: 28th May 2019 Proprietor
Place: Pune (Membership No. 168182)