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Poona Dal and Oil Industries Ltd.

BSE: 519359 Sector: Industrials
NSE: N.A. ISIN Code: INE809E01018
BSE 00:00 | 02 Dec 56.50 -1.15
(-1.99%)
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NSE 05:30 | 01 Jan Poona Dal and Oil Industries Ltd
OPEN 57.65
PREVIOUS CLOSE 57.65
VOLUME 2693
52-Week high 113.45
52-Week low 44.55
P/E 28.25
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 57.65
CLOSE 57.65
VOLUME 2693
52-Week high 113.45
52-Week low 44.55
P/E 28.25
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 Standalone Financial Statements

We have audited the accompanying standalone financial statements of Poona Dal and OilIndustries Limited which comprise the standalone Balance Sheet as at 31stMarch 2022 and also the standalone Statement of Profit and Loss and the standalone CashFlow Statement for the year ended on that date annexed there to notes to thestandalone financial statements including a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "the standalonefinancial statements") In our opinion and to the best of our information andaccording to the explanations given to us the aforesaid standalone financial statementsgive the information required by the Companies Act 2013 ("the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2022 and profit and other comprehensive income changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountant of India together withthe ethical requirements that are relevant to our audit of the standalone financialstatements under the provision of the Act and the Rules thereunder and we have fulfilledout other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis of our opinion on the standalone financial statements.

Management's and Board of Directors Responsibility for the IND AS Standalone FinancialStatements

The Company's Management and Board of Directors are responsible for the matters insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these IND AS standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone IND AS financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditors Responsibility

Our responsibility is to express an opinion on these IND AS standalone financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the 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 standalone financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the IND AS standalone financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the IND AS standalone financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal control relevant to the company'spreparation and fair presentation of the IND AS standalone financial statements in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on effectiveness of the company's internal control. Anaudit also includes evaluating the appropriateness of accounting policies used andreasonableness of accounting estimates made by management as well as evaluating theoverall presentation of the IND AS standalone 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 Sheetof the state of affairs of the Company as at 31st March 2022. ii) In the caseof Statement of Profit and Loss of the Profit for the year ended 31st March2022. iii) In the case of Cash Flow Statement of the Cash Flows for the year ended onthat date. iv) Statement of Changes of Equity for the year ended on that date.

Key audit matters

Key audit matters (‘KAM') are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the standalone financial statements and our auditor'sreport thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report) Order 2020 ("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) (A) As required by section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccounts as required by law have been kept by the company so far as appears from ourexamination of these books. c) The standalone Balance Sheet and standalone Statement ofProfit and Loss Account and standalone Cash flow statement dealt with by the Report are inagreement with the books of accounts. d) In our opinion the standalone Statement ofProfit and Loss Account and the standalone Balance Sheet comply with the accountingstandards specified under section 133 of the Companies Act 2013 read with the Companies(Indian Accounting Standards) Rules 2015 as amended. e) On the basis of the writtenrepresentation received from the directors as on 31st March 2022 and taken onrecord by the Board of Directors none of the director is disqualified as on 31stMarch 2022 from being reappointed as a director in terms of section 164(2) of the Act. f)As required under clause (i) of sub-section 3 of Section 143 of the companies Act 2013we give the report on internal financial controls over financial reporting in the AnnexureB a statement on the matters and statement on inherent limitations.

(B) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

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

b) The Company did not have any long term contract including derivatives contracts forwhich there were any material foreseeable losses. c) There are no transactions during theyear which required to be transferred to the Investor Education and Protection Fund bythe Company.

d) (i) The management has represented that to the best of its knowledge and belief nofunds have been advanced or loaned or invested by the company to or in any other person(s)or entity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other person or entities identified inany manner whatsoever by or in behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or like on behalf of the Ultimate Beneficiary.

(ii) The management has represented that to the best of its knowledge and belief nofunds have been received by the company from any person(s) or entity(ies) includingforeign entities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor like on behalf of the Ultimate Beneficiary.

(iii) In our opinion based on such audit procedures that were considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under the sub-clause (i) and (ii) above contain anymaterial misstatement. e) The company has not declared or paid any dividend during theyear in compliance with section 123 of Companies Act 2013.

(C) With respect to the matter to be included in the Auditors' Report under section197(16) of the Act:

In our opinion and according to the information and explanation given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of section 197 of the Act. The remuneration paid to any director isnot in excess of the limits laid down under section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under section 197(16) of the Act whichare required to be commented upon by us.

For M/s. Bora N. S. & Co.
Chartered Accountants
(Firm Registration No. 148087W)
CA Nikhilesh Bora
Proprietor
Place: - Pune (Membership No. 168182)
Date: - 28th May 2022. UDIN: 22168182AJVBEY3979

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 31stMarch 2022. We report that: 1) a) A) The company has generally maintained properrecords showing full particulars including quantitative details and situation of fixedassets.

B) The company does not have any intangible assets. Hence this clause of the Order isnot applicable. b) We are informed that the company has regular program of physicalverification of its fixed assets by which fixed assets are verified in phase manner overperiod of five years. In accordance with this program certain fixed assets verifiedduring the year and no material discrepancies were noticed on such verification by themanagement. In our opinion this periodicity of physical verification is reasonable havingregard to size of the company and nature of its assets. According to the information andexplanations given to us no material discrepancies were noticed on physical verificationof fixed assets. c) According to the information and explanations given to us the titledeeds of immovable properties are held on the name of company except leasehold propertiessituated at Shikrapur and Kurkumbh. d) The company has not revalued any of its PropertyPlant and Equipment (including Right of Use assets) or intangible assets or both duringthe year. Hence this clause of the Order is not applicable. e) We are informed that noproceedings have been initiated or are pending against the company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder.

Hence this clause of the Order is not applicable.

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. b) During the year thecompany has been sanctioned working capital limits in excess of five crore rupees inaggregate from banks on the basis of security of current assets; the statements filed bythe company with bank are generally in agreement with the books of account of the Company.

3) According to information and explanation given to us and on the basis of ourexamination of the records of the Company the Company has not made any investments in orprovided security to companies firms limited liability partnerships or any other partiesduring the year. The Company has granted loans and advances in the nature of loans duringthe year to other parties details of which are stated below. The Company has not providedguarantees or granted loans or advances in the nature of loans during the year to firms orlimited liability partnerships. (a) (A) Based on the audit procedures carried out by usand as per the information and explanation given to us the Company has not given suchloans or advances and guarantees or security to subsidiaries joint ventures andassociates.

(B) Based on the audit procedures carried out by us and as per the information andexplanation given to us the Company has granted advances to the employees. The aggregateamount during the year Rs.523318 and balance outstanding at the balance sheet dateRs.363392.

(b) The investments made guarantees provided security given and the terms andconditions of the grant of all loans and advances in the nature of loans and guaranteesprovided are prima facie not prejudicial to the interest of the company; (c) In respect ofloans and advances in the nature of loans the schedule of repayment of principal andpayment of interest has not been stipulated but the repayments or receipts are regular;(d) The amount is not overdue for more than ninety days. Hence this clause of the Order isnot applicable. (e) According to the information and explanation given to us and on thebasis of our examination of the records of the Company there is no loan or advance in thenature of loans granted falling due during the year which has been renewed or extended orfresh loans granted to settle the over dues of existing loans or advances in the nature ofloans given to same parties.

(f) The company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment. Hence thisclause of the Order is not applicable.

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 this clause of theOrder is not applicable.

6) The maintenance of cost records has been specified by the Central Governmentunder subsection (1) of section 148 of the Companies Act and such accounts and recordshave been so made and maintained by the company.

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) The statutory dues referred to in sub-clause (a) have been deposited within duedates & there are no any disputed dues.

8) There are no any transactions which are not recorded in the books of accounthave been surrendered or disclosed as income during the year in the tax assessments underthe Income Tax Act 1961 (43 of 1961). Hence this clause of the Order is not applicable.

9) a) The company does not have any outstanding over dues of any loan or borrowingsto any financial institutions banks and Government or debenture holders during the year.b) The company is not declared as wilful defaulter by any bank or financial institution orother lender; c) The company has not obtained any term loans. Hence this clause of theOrder is not applicable. d) The company has not raised funds on short term basis whichhave been utilised for long term purposes.

Hence this clause of the Order is not applicable. e) The company has not taken anyfunds from any entity or person on account of or to meet the obligations of itssubsidiaries associates or joint ventures. Hence this clause of the Order is notapplicable. f) The company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies. Hence thisclause of the Order is not applicable.

10) a) The company did not raise any money by way of initial public offer orfurther public offer (including debt instruments) and also not availed any term loansduring the year. b) According to the information and explanation given to us and based onour examination 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.

11) a) 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. b) Any report undersub-section (12) of section 143 of the Companies Act has not been filed by the auditors inForm ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 withthe Central Government as this clause of Order is not applicable. c) There are nowhistle-blower complaints received during the year by the company.

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

Hence this clause of the Order is not applicable.

13) Based on the representation and explanation received by us from the board ofdirectors and based on our examination of the records of the Company transactions withthe related parties have been disclosed in the financial statements as required by theapplicable IND AS. These transactions are in compliance with section 177 and 188 of thecompanies Act 2013. Since the transactions are in ordinary course of business and onarm's length basis therefore the company is exempted from obtaining prior approval but asa part of Good Governance the company has obtained prior approval from members in previousAGM held on 30th September 2021.

14) a) The company have an internal audit system commensurate with the size andnature of its business; b) We have considered the internal audit report of the Companyissued for the period under audit.

15) The Company has not entered into non-cash transactions with directors orpersons connected with them. Hence this clause of the Order is not applicable.

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

17) The company has not incurred any cash losses in the financial year and in theimmediately preceding financial year.

Hence this clause of the Order is not applicable.

18) There has been no resignation of the statutory auditors during the year. Hencethis clause of the Order is not applicable.

19) On the basis of the financial ratios ageing and expected dates of realisationof financial assets and payment of financial liabilities other information accompanyingthe financial statements the auditor's knowledge of the Board of Directors and managementplans the auditor is of the opinion that no material uncertainty exists as on the date ofthe audit report that company is capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date.

20) In our opinion and according to the information and explanations given to usthere is no unspent amount under subsection (5) of section 135 of the Act pursuant to anyproject. Accordingly clauses 20(a) & (b) of the order are not applicable.

21) This report is prepared on the basis of standalone financial statements.Consolidated financial statements is not applicable to the company. Hence this clause ofthe Order is not applicable.

For M/s. Bora N. S. & Co.
Chartered Accountants
(Firm Registration No. 148087W)
CA Nikhilesh Bora
Proprietor
Place: - Pune (Membership No. 168182)
Date: - 28th May 2022. UDIN: 22168182AJVBEY3979

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 2022. 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 2022 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 2022 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)
CA Nikhilesh Bora
Proprietor
Place: - Pune (Membership No. 168182)
Date: - 28th May 2022. UDIN: 22168182AJVBEY3979

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