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Nitta Gelatin India Ltd.

BSE: 506532 | NSE: KERALACHEM | Series: NA | ISIN: INE265B01019 | SECTOR: Chemicals

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Nitta Gelatin India is not listed on NSE

Annual Report

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

Auditor's Report

We have audited the attached BALANCE SHEET OF KERALA CHEMICALS & PROTEINS 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 manage- ment. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with audit- ing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstate- ment. 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 sig- nificant estimates made by management, as well as evaluating the overall financial statement presenta- tion. We believe that our audit provides a reason- able basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in para- graphs 4 and 5 of the said Order. 2. 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 purpose of our audit; ii) In our opinion, proper books of account as required by law have been kept by the com- pany, 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 the report are in agreement with the books of accounts; iv) In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-sec- tion (3C) of Section 211 of the Companies Act, 1956; v) On the basis of written representations received from directors as on 31st March 2007 other than from three foreign directors, who, as certified to us by the management of the company are not directors of any other Indian Company 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 (1) of Section 274 of the Companies Act, 1956; vi) Attention is invited to Note No. B6 attached to accounts regarding investments in and advances to subsidiary company, for which no provision is made, for the reasons stated therein. vii) Further to the above, in our opinion and to the best of our information and according to the explanations given to us, subject to Note No. B9 regarding duty draw back claims aggregating to Rs. 64.62 lakhs included under Other Assets considered realisable and not provided for, for the reason stated therein; the readability of which is not acertainable at this stage, as also Note No.B12(b)(i) b) regarding non-provision of disputed sales tax demands aggregating to Rs. 10.54 lakhs disclosed as contingent liability and not provided for, in respct of which the final liability if any, is not ascertainable at this stage and read together with the Accounting policies and other notes attached thereto, give the in- formation 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 ac- cepted in India: i) in the case of the Balance Sheet, of the state of. affairs of the Company as at 31st March, 2007; b) in the case of the Profit and Loss Account, of the profit 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. For VARMA& VARMA Chartered Accountants R. RAJASEKHARAN Kochi-16 M. No. 22703 05-05-2007 Partner ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR AUDIT REPORT OF EVEN DATE 1. a) The company is maintaining proper records showing full particulars including quanti- tative details and situation of fixed assets. b) We are informed that major items of the fixed assets have been physically verified by the management at the end of the year, which, in our opinion is reasonable having regard to the size of the company and the na- ture of its assets and that no material discrep- ancies have been noticed on such verification. c) The Company has not disposed off a sub- stantial part of fixed assets during the year. 2. a) We are informed that the physical verification of inventory has been conducted by the management at the end of the year, which in our opinion, is reasonable having regard to the size of the company and the nature of its business. b) In our opinion and according to the expla- nations given to us, the procedures for physical verification of inventory followed by the management are generally reasonable and adequate in relation to the size of the company and the nature of its business, but offers scope for improvement. c) The Company is maintaining proper records of inventory and no material discrepancies were no- ticed on physical verification, by the management. 3. a) The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register main- tained under section 301 of the Companies Act, 1956. b) The Company has taken an unsecured for- eign currency loan from a body corporate listed in the register maintained under Sec- tion 301 of the Companies Act, 1956, the rupee equivalent of the loan taken and out- standing translated at the exchange rate as at the end of the year is Rs. 2,588,400/-. Except the above, the Company has not taken any loans, secured or unsecured from companies, firms or other parties requiring to be entered in the register in terms of Section 301 of the Companies Act, 1956. c) In our opinion, the rate of interest and other terms and conditions of loan taken by the Company from a party listed in the register maintained u/s 301 of the Act, as above, are not prima-facie prejudicial to the interest of the Company. d) The payment of principal amount of the loan and the interest are regular. 4. In our opinion and according to the informa- tion and explanations given to us, there is adequate internal control system commensu- rate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for sale of goods. During the course of our audit no major weak- ness has been noticed in the internal controls. 5 a) According to the information and explana- tions given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register main- tained u/s 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the informa- tion and explanations given to us, the trans- actions made in pursuance of such contract or arrangements with parties referred to in (a) above, have been made at prices which are reasonable having regard to the prevail- ing market prices at the relevant time. 6. The Company has not accepted any deposits from the public during the year and hence the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder are not applicable. 7. In our opinion, the company has an internal audit system, the scope and coverage of which is commensurate with its size of the Company and nature of its business. 8. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the products of the Company; 9. a) As per the information and explanations furnished to us and according to our exami- nation of the records of the Company, except for certain minor delays in remittance of induspited Income Tax deducted at source, Employees State Insurance and Provident, the Company has been generally regular in depositing undisputed statutory dues with the appropriate authorities during the year. There are no arrears of undis- puted statutory dues outstanding as at the last day of the financial year, for a period of more than six months from the date on which they became payable. b) According to the information and explana- tions given to us and the records of the Company examined by us, disputed amounts of taxes have not been deposited with the authorities as at 31st March 2007 as per de- tails given below: Name of the Nature of the Amount statute dues (Rs.) Income Tax Income Tax and 31,02,609 Act 1961 Interest thereon Income Tax Interest 6,86,785 Act, 1961 The Central Sales Tax 5,63,639 Sales Tax Act Period to which the Forum where the amount relates dispute is pending Financial year Income Tax Appellate 2001-2002 Tribunal Financial year Commissioner of 1998-99 Income Tax (Appeals) Financial year Sales Tax Appellate 2000-01 Tribunal 10. The accumulated losses of the company as at the end of the financial year are less than fifty per cent of its net worth and the company has not incurred cash losses in the financial year and in the immedi- ately preceding financial year. 11. According to the information and explanations given to us and the records of the Company examined by us, the Company has not de- faulted in repayment of dues to the financial institutions and banks. 12. The Company has not given any loans or advances in the nature of loans on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund/nidhi/mutual benefit fund/society and hence the provisions thereof are not applicable. 14. The Company is not dealing or trading in shares, securities, debentures or other investments and accordingly the relative reporting requirements of the order are not applicable to the Company. 15. According to the information and explanations given to us and the records of the Company examined by us, the company has not given any guarantee for loans taken by others from banks or financial institutions. 16. According to the information and explanations given to us and the records of the Company examined by us, the term loans availed by the company has been applied for the purpose for which the loans were obtained. 17. According to the information and explanations given to us and the records of the Company ex- amined by us, the funds raised on short-term basis have not been used for long-term investment. 18. The Company has not made any preferential allotment of shares to parties and companies requiring to be entered in the Register pursu- ant to Section 301 of the Act. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issues during the year. 21. According to the information and explanations given to us and the records of the company exam- ined by us, no fraud either on or by the company, has been noticed or reported during the year. For VARMA & VARMA Chartered Accountants R. RAJASEKHARAN Kochi-16 M. No. 22703 05-05-2007 Partner