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Diamines and Chemicals Ltd.

BSE: 500120 | NSE: | Series: NA | ISIN: INE591D01014 | SECTOR: Petrochemicals

BSE Live

Oct 26, 13:46
272.70 7.50 (2.83%)
Volume
AVERAGE VOLUME
5-Day
12,555
10-Day
11,122
30-Day
14,411
1,847
  • Prev. Close

    265.20

  • Open Price

    274.85

  • Bid Price (Qty.)

    271.50 (20)

  • Offer Price (Qty.)

    272.70 (5)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
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  • Prev. Close

    -

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Diamines and Chemicals is not listed on NSE

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 DIAMINES AND CHEMICALS LIMITED as at March 31, 2009 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement 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 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 misstatement. 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. 4. Further to our comments in Annexure referred to in paragraph 3 above, we report that: a. 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; b. 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 the books; c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d. in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e. On the basis of the written representations received from the public companies in which the Directors of the Company are directors, as on March 31, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f. Without qualifying our opinion, we draw attention to Advances received from / other payable to customers under Schedule 11 on Current Liabilities. These are subject to confirmation and consequential adjustments as referred to in Note 3 to Schedule 19. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, 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: i. in the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2009; ii. in the case of Profit and Loss Account, of the profit for the year ended on that date; and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure referred to in paragraph 3 of the Auditors Report of even date to the members of DIAMINES AND CHEMICALS LIMITED on the accounts for the year ended March 31, 2009. On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that: i. a. The Company is generally maintaining proper records to show full particulars, including quantitative details and situation of fixed assets. b. According to the information and explanations given to us, no physical verification of fixed assets has been conducted by the management during the year. Hence, we are unable to comment on any material discrepancy, if any, on fixed assets. c. The Company has not disposed off any substantial part of its fixed assets during the year. ii. a. The Inventory, except materials lying with third parties for which confirmations are obtained, has been physically verified by the management during the year. 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. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between physical inventories and book records were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account. iii. a. As per the information furnished, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register, maintained under Section 301 of the Companies Act, 1956; As the Company has not granted any such loans, Clause (iii)(b) of the Order relating to the rate of interest and other terms and conditions, whether prima facie prejudicial to the interest of the Company, Clause (iii)(c) relating to regularity of the receipt of principal amount and interest and Clause (iii)(d) relating to steps for recovery of overdue amount of more than rupees one lakh, are not applicable, b. As per the information furnished, the Company had taken unsecured inter corporate deposits from two companies covered in the register maintained under Section 301 of the Companies Act, 1956; The deposit of one such company was repaid during the year. The maximum amount involved being Rs. 74,97,737. The year end balances for one such company was Rs. 25,87,157. The rate of interest and other terms and conditions of these loans are not, prima facie, prejudicial to the interest of the Company. The Company is regular in repayment of the principal amounts as stipulated and as also in the payment of interest. iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for the sale of goods. However, the Company is not engaged in the sale of any service. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system, v. a. According to the records of the Company examined by us and the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the Register required to be maintained under that Section; and b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time, wherever applicable, vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public during the year and hence, the question of complying with the provisions of Section 58A and 58AA or any other relevant provisions of the Act and the rules framed thereunder, does not arise. vii. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii. As maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 for the products manufactured by the Company, the question of commenting on maintenance of such records does not arise. ix. a. According to the information and explanations given to us and the records examined by us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Service-tax, Customs duty, Excise duty, Cess and other material Statutory dues applicable to it and there were no arrears of such Statutory dues as on March 31, 2009 for a period of more than six months from the date they became payable. b. According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, as may be applicable, which have not been deposited on account of any dispute. x. Though there are accumulated losses of the Company as on March 31, 2009, the same are not exceeding fifty percent of the net worth at the end of the financial year; the Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi. According to the information and explanations given to us and records of the Company examined by us, the Company has not defaulted in repayment of dues, if any, to a financial institution, bank or debenture holders. xii. According to the information and explanations given to us, the Company has not granted any loans and / or advances on the basis of security by way of pledge of shares, debentures and other securities. Xiii. As the Company is not a chit fund, nidhi, mutual benefit fund or society, Clause (xiii) of the Order is not applicable. xiv. According to the information and explanations given to us, as the Company is not dealing or trading in shares, securities, debentures and other investments, the requirements of Clause 4(xiv) of the Order are not applicable. xv. According to the information and explanations given to us, as the Company has not given any guarantee for loans taken by others from banks or financial institutions, the requirements of Clause 4(xv) of the order to comment on whether the terms and conditions, whereof are prejudicial to the interest of the Company, is not applicable. xvi. According to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised other than amounts temporarily invested pending utilisation of the funds for the intended use. xvii. 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 funds raised on short-term basis have not been used for long-term investments. xviii. According to the information and explanations given to us, as the Company has not made any preferential allotment of shares during the year, Clause 4(xviii) of the Order is not applicable. xix. According to the information and explanations given to us, as the Company has not issued any debentures, Clause 4(xix) of the Order is not applicable. xx. As the Company has not raised any money by public issue during the year, Clause 4(xx) of the Order is not applicable. xxi. Based on the audit procedures performed and information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For BANSI S. MEHTA & CO. Chartered Accountants PARESH H. CLERK Place : Vadodara Partner Dated : May 15, 2009. Membership No.: 36148