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Refnol Resin Ltd.

BSE Live

Nov 26, 16:00
31.95 0.55 (1.75%)
Volume
AVERAGE VOLUME
5-Day
1,530
10-Day
1,328
30-Day
1,536
265
  • Prev. Close

    31.40

  • Open Price

    32.05

  • Bid Price (Qty.)

    29.80 (1)

  • Offer Price (Qty.)

    31.95 (99)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Refnol Resin is not listed on NSE

Annual Report

For Year :
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Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT TO THE SHAREHOLDERS 1. We have audited the attached Balance Sheet of REFNOL RESINS AND CHEMICALS LIMITED as at March 31, 2006 and also 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 Company's 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 mis-statements. 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. Further to our comments in the 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 purposes 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 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 ; (d) in our opinion Balance Sheet, Profit & 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 ; (e) on the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2006 from being appointed as a Director in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956. (f) attention is invited to the Note No. : 3 of schedule 21 The Accounts of the Company has been prepared on the basis that the Company is a going concern. (e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with other notes 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. (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006 (ii) in the case of the Profit & Loss Account, of the 'Profit' of the Company for the year ended on that date and (ii) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. 4. As required by the Companies (Auditors' Report) Order,2003 ('the Order') issued by the Central Government of India in items of Sub-section 4A of Section 227 of the Companies Act, 1956, on the matters specified in paragraphs 4 and 5 of the said order, we further report that : 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 on the basis of available information. 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 nature of its assets. No material discrepancies were noticed on such physical verification. c. No substantial part of Fixed Assets has been disposed off during the year, which has bearing on the going concern assumption. 2. In respect of its inventories : a. As explained to us, inventories have been physically verified by the management at regular intervals during the year. 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 has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. a. 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 Act. Accordingly, clauses (iii)(b) to (iii)(d) of paragraph 4 of the Order are not applicable to the company for the current year. b. The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses(iii)(f) and (iii)(g) of paragraph 4 of the Order are not applicable to the company for the current year. 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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Act during the year that need to be entered in the register maintained under that Section Accordingly, clause (v) (b) of paragraph 4 of the Order is not applicable to the company for the current year. 6. The Company has not accepted any deposits from the pubic and hence the directives issued by the Reserve bank of India and the provisions of Sec. 58A, 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 1975 with regard to the deposits accepted from the public are not applicable to the Company. 7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 8. The Central Government has prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. 9. In respect of statutory dues : a. According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- Tax, Sales-tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2006 for a period of more than six months from the date of becoming payable. b. The disputed statutory dues, that have not been deposited on account of matters pending before appropriate authorities are as under : Sr. No. Name of the Status Nature of the Dues 1 Gujarat Sales Tax Act Sales Tax 2 Central Excise Act,1944 Excise Duty 3 Income Tax Act, 1961 Income Tax Sr. No. Name of the Status A B 1 Gujarat Sales Tax Act Gujarat High Court 6.79 2 Central Excise Act,1944 CEGAT, New Delhi 27.18 3 Income Tax Act, 1961 Commissioner of Income Tax (Appeals) 2.40 A = Forum where Dispute is pending B = Amount (Rs. In lacs) 10. The company has accumulated losses as at 31st March 2006 and has not incurred any cash losses in the current financial year and in the preceding financial year. 11. According to the books of account and records of the company, there has been no default in repayment of dues to bank. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company. 14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. 16. According to the information and explanations given to us, the Company has not raised any term loan during the year under review and hence question of its application does not arise. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has utilised Rs. 8.05 lac from short term sources towards acquisition of fixed assets. 18. During the year, 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. The Company has not issued any debentures. 20. The Company has not raised any money by way of public issue during the year. 21. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud by the Company, noticed or reported during the year, nor have we been informed of any such case by the management. For, G. P. KAPADIA & CO. Chartered Accountants Uday R. Parikh Partner Membership No. 10217 Place : Ahmedabad Date : June 30th, 2006