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Gujchem Distillers India Ltd.

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Mar 06, 16:00
280.00 9.25 (3.42%)
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Gujchem Distillers India is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of. GUJCHEM DISTILLERS INDIA LIMITED as at 31st March, 2007, the Profit and Loss Account and the Cash Flow Statement for the year ended on-that date annexed-thereto. These financial statements are the responsibility of the Companys management. Our responsibility-is to express ah bpinioribn these financial statements based on our audit; i).We conducted bur -audit in accordance with auditing standards generally accepted in India Those Standards require that we plan and perfornrthe audit to obtain reasonable assurance about whether the financial statements are free of material misstetement. 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. ii) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement, on the matters specified in paragraphs 4 and 5 of the said order. iii) Further to our comments in the Annexure, referred to 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 purposes of our. audit; b) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as it appears from our examination of those 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 of the Company; d) In our opinion the Balance Sheet, Profit & Loss Account and CashFlow 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. e) On the basis of the v ritten representations received from the Directors as on 31st March 2007, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2007 from being appointed as, a_Director in terms of clause (g) of sub section 274 of the Companies Act, 1.956. f) Attention is drawn to a. Note no.1 regarding the Company being declared as a sick industrial undertaking under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 and the accounts being drawn on a going concern basis in spite of the net worth of the company being negative. b. Note No. 4 regarding waiver from repayment of principal amount of working capital loan credited to capital reserve account. c. Note no. 7(b) regarding remuneration payable to Managing Director as per the approval of the Central Government subject to furnishing of N.Q.C. from the concerned Banks / FIs to the Department of Company Affairs, Ministry of Finance. 1: . Effect of note f(b) above would be profit for the year shown less by Rs. 117.46 lacs, reserve and surplus is overstated by Rs. 117.46 lacs and debit balance of profit and loss account is overstated by Rs. 117.46 lacs. - Subject to the forgoing, in our opinion and according to the explanations given to us, the said accounts read with note ^ of schedule N regarding :- a) Setting up as recoverable under loans and advances an amount of Rs.11.30 lacs being excise duty and sales-tax and other administrative fees of Rs.4.40 Lacs: b) Rs. 1.55 Lacs paid on invocation of performance guarantee, for alleged non performance of contract not provided for, since disputed by the company; and read together with the other notes and the accounting policies appearing in schedule N 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 the companys, affairs as at 31st March 2007. II. In the case of the Profit and Loss, of the Profit for the year ended on that date. III. In the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph(2) of our Report of even date). 1. - (a) - The Company has maintained proper records-showing full particulars includings quantitative details and situation of fixed assets (b) All the fixed assets have -not been-.physically verifiedby the management during (he-year but there is a regular programme of verification which in our opinion is reasonable having;regard to the size of Company and the nature of its assets. No material discrepancies were notice on such verification., : , (c) There has-not been any substantial disposal of fixed assets during.the year. 2 (a) .Asrexplained to us, the.-inventory has been physically verified during the year by the management. In-our opinion, the frequency of verification is reasonable. ., -..-... (b) Inour opinion, 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) ln our opinion, the company is maintaining proper records of inventoryand no material discrepancies were noticed on. physical verification 3. (a) .The.company had not taken \ granted any loans, secured or unsecured from / to. the companies and -firms listed in the register maintained under; sectioh301 of the Companies act, 1956.Howey,er, the/company had taken interest free Fixed bepositsfrom two directors and the amount outstanding at the year end was Rs.51.50 lacs (b) In our opinion, other terms and conditions of such interest free_ Fixed. Deposits, taken from directors, are not,-, prima facie, prejudicial to the interest of the CompariyV (c) Pursuantto the order of the BIFR interest free-Fixed Deposits are not due .for repayment during the year. (d) There is no overdue ampunt of. more than Rupees One Lap in respect of interest free Fixed Deposits-taken from,; the directors. 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.cpmp7any.and.the nature of its.;business withregard to purchase^ of inventory , fixed assets and with regard, to the sale of goods and services During the Bourse of audit,-we have not .observed ahycontinuing failure to, correct major, weakness ;in internal controls. 5. (a) According to the information and explanations given-to us, we are of the opinion that the transaction that- need to be entered into the register .maintained under section 301 of Companies Act, 1.956 have been so entered. (b) . In our opinion and according to. the information and explanations given to us there are no transactions made in pursuance, of contract, or arrangements entered in the register maintained under section- 301 of the Companies Act, 1956. and exceeding .the value of rupees five lakhs in respect of any party during the year, 6. in our opinion and raccording to the information and explanation givento us the Company has generally. complied with the provisions of section 58A and 58AA of the Companies Act, 1956 -and the Companies (Acceptance of Deposit) Rule, 1975, except for delays in filing of return of deposits,. with regard to the deposits accepted from the public. During the year, no order has been passed by the Company Law Board, National Company-Law, Tribunal or Reserve Bank of India or any Court or any other Tribunal As regard repayment of fixed deposits, the company has .started repayment of principal amount .of outstanding fixed deposits as per the rehabilitation scheme approved by BIFR vide its order letter dated 16.03. 2003. 7. Until the year 1993.-94 the company had appointed an independent firm .of .Chartered Accountants as infernal . auditors. Due to stoppage of the manufacturing,activities of the company the internal audit functions .has not been carried out since then 8. Pursuant to the order made, by the Central Government for the maintenance -of cost records under section 209 (1) (d) of the Companies.Act, 1956 the company is required to maintain cost reeords in respect of manufacture of Industrial Alcohol and Chemical However, in view of non manufacture of the aforesaidproducts during the year the maintenance of such-records and review there of was not necessary. Further, in view of letters received from; Cost Audit Branch, Ministry of Company Affairs, Government of. India dated 22-12-2005and 27-02-2006-in respect of Industrial Alcohol and Chemicals, respectively, the requirement of conducting cost audit is stands withdrawn wef. 1-4-2004 and 1-4-2005 respectively. 9. (a) - The company has been-regular in depositing with appropriate authorities; undisputed statutory .dues in respect of investor education and protection fund; wealth tax; service tax, custom duty, excise duty, cess wherever applicable to it. Undisputed dues in respect of Provident Fund, Employees State Insurance, Sales Tax and Income Tax have been settled by the company after the due date. (b) According to the information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31 st March, 2007 for a period of more than six months the date they become payable. (c) According to the information and explanations given to us, the following disputed dues have not been deposited since the matters are pending.with the relevant forum. Statement of Disputed Dues Nature of Statute Nature of the dues Amount Period to which the Forum where (Rs. in lacs) amount relates dispute is pending Central Excise & Central Excise 16.62 1985-86 & 86-87 A.O.Central Excise Salt Act Department 10. The accumulated losses of the company are more then fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit as well as during the immediately preceding financial ear. Pursuant to the BIFR order letter date. 16.09.2003, in our opinion and according to the. information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions, debenture holders and banks. 12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of share, debentures and other securities. 13. In our opinion that company is not a chit fund or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. 14. According to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and investment. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. 15. According to the information and explanation given to us, the company has not given any guarantee forloan taken by others from banks or financial institution. 16. According to the information and explanation given to us, the company has not accepted any term loan during the year. 17. According to the information and explanations given to us and on overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. 18. According to the information and explanations given to us, the company has not made any preferential allotment : of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. During the year, no debentures have been issued by the Company and the question of creating securities in respect thereof does not arise. 20. During the year, the Company has not raised money by way of 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. . SHARP &TANNAN Chartered.Accountants By the hand of M.P.Phadke 10th August, 2007, Mumbai Partner Mem.No. 33013