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DFM Foods Ltd.

BSE: 519588 | NSE: DFMFOODS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE456C01020 | SECTOR: Food Processing

BSE Live

Jan 24, 16:00
282.40 -8.10 (-2.79%)
Volume
AVERAGE VOLUME
5-Day
13,418
10-Day
10,874
30-Day
12,197
37,865
  • Prev. Close

    290.50

  • Open Price

    290.10

  • Bid Price (Qty.)

    278.15 (10)

  • Offer Price (Qty.)

    296.00 (1)

NSE Live

Jan 24, 16:00
280.85 -9.65 (-3.32%)
Volume
AVERAGE VOLUME
5-Day
51,773
10-Day
62,431
30-Day
95,276
55,045
  • Prev. Close

    290.50

  • Open Price

    291.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    280.85 (200)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached balance sheet of DFM Foods Limited as at 31st March, 2010. the profit and loss account and also the cash flow statement annexed thereto for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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 misstatements. 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. 3. As required by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, wc enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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; (iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31sl March, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India. (a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2010. (b) in the case of the profit and loss account, of the profit of the company for the year ended on that date; and (c) in the case of the cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) 1. In respect of its fixed assets: a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. The discrepancies noticed during the verification have been properly dealt with in the books of accounts. c) In our opinion and according to the information and explanations given to us, the company has not disposed off a substantial part of its fixed assets during the year. 2. In respect of its inventories: a) As explained to us the inventory has been physically verified at all its locations during the year by the management. In our opinion, the frequency of verification is reasonable. b) In our opinion and according to the information and explanations given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c) On the basis of our examination we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on physical verification of stocks as compared to book records have been properly dealt with in the books of accounts. 3. a) The company has granted unsecured loans to a company, listed in the register maintained under Section 301 of the Companies Act 1956. The maximum amount involved during the year was Rs. 1180.00 lacs (Previous year Rs. 1620.00 lacs) and the year end balance of loan given to such party was Rs. 360.00 lacs. (Previous year Rs. 550.00 lacs.) b) In our opinion the rate of interest and other terms and conditions of unsecured loans given are prima facie not prejudicial to the interests of the company. c) The principal amounts and wherever applicable interest thereon in respect of Loans and or Advances in the nature of loans given by the Company to parties have been recovered regularly as stipulated. d) There is no overdue amount of loan to be recovered by the company. e) The company has not taken loans from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory and fixed assets and also with regard to sale of goods and services. Further on the basis of our examination we have not observed any major weaknesses in internal control systems. 5. In our opinion and according to the explanations given to us, all the transactions made in pursuance of contracts or arrangements, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. Further in our opinion and according to the explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of each party during the year have been made at prices which are reasonable having regard to the prices at which transaction for similar goods, materials and services have been made with other parties. 6. a) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of theCompanies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 framed there under with regard to the deposits accepted from the Public. b) An amount of Rs. 1.15 Lac, (Previous year Rs.Nil) is outstanding towards matured unclaimed deposits as on 31.03.2010. c) No order has been passed against the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court/ Tribunal. 7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. 8. Maintenance of cost records has not been prescribed by the Central Government under Section 209(l)(d) of the Companies Act, 1956. 9. a) According to the information and explanations given to us and the records of the company examined by us, the company is regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, Income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed statutory dues in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess were in arrears as on 31.03.2010 for a period of more than six months from the date they became payable. c) The details of disputed dues as at 31.3.2010 in respect of Excise Duty , Sales Tax and Income Tax which have not been deposited by the company are as follows : Name of statute Nature of dues Amount Period to which (Rs.)# the amount relates Sales tax Entry Tax(Sales tax) 2,41,384 2004-05 Central Excise Excise duty* 1,23,92,053 2007-08 Laws 2,86,33,279 2008-09 1,18,61,341 2009-10 Income Tax Act Income Tax 70,550 2005-06 Name of Statue Forum where dispute is pending Sales tax High Court Central Excise Customs,Excise and Laws Service Tax Appellate Tribunal Income Tax Act CIT (Appeals), New Delhi # The amounts mentioned are as per demand orders including interest and penalty wherever indicated in the order. * The case of Excise duty has been decided in the favor of the company but department has preferred appeals at higher levels. 10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion and according to information and explanation given to us, the company is not a chit fund or a nidhi /mutual benefit fund /society. 14. In our opinion and according to the information and explanation given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. 15. In our opinion and according to the information and explanation given to us, the company has not given guarantees for loans taken by others from banks or financial institutions . 16. In our opinion and according to information and explanations given to us the term loans have been applied for the purpose for which they were raised. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has used funds raised on short-term basis for short-term investments only. 18. During the year the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. 19. According to the information and explanations given to us, the company has not issued any debentures during the year. 20. During the year the company has not raised any money through a public issue. 21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For A.K.GANGAHER & CO. Chartered Accountants Place : Delhi A.K.GANGAHER Dated :15th May, 2010 Proprietor M.No.083674 Firm ICAI Regn No. 004588N