Mar 31, 2016
To the Members of,
Vimal Oil & Foods Limited
1. Report on the Financial Statements
We have audited the accompanying financial statements of Vimal Oil & Foods Limited which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in the section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedure that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentations of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
4. Opinion
In our opinion and to the best of our information and according to the explanations given to us and subject to Note no. 24.4 (Non provision of Doubtful Trade Receivables), Note no. 26 (Non provision of Interest) and Note no. 27 (Purchase belonging to preceding year), the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; of the state of the affairs of the company as at 31st March 2016, and its profits and cash flows for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
i. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of section (11) of section 143 of the Companies Act,2013 we give in the "Annexure-A" a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.
ii. As required by section 143(3) of the Act, 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 those books
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and accordance to the explanation given to us:
i. The company has disclosed the impact of pending litigations on its financial position in its financial statements â Refer note 24.2 to financial statements;
ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company â Refer note 24.6 to financial statements.
Annexure-A to Independent Auditors'' Report
Referred to in Paragraph 5(i) under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date.
1. In respect of Fixed Assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.
b. All the Fixed Assets of the Company have been physically verified by the management at reasonable period during the year and no material discrepancies have been noticed on such verification.
c. Title Deeds of immovable properties are held in the name of company.
2. In respect of Inventories:
a. As explained to us, Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
b. As per information given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c. In our opinion and according to the information and explanations given to us by the management, the Company has generally maintained & verified all records of its inventories and no material discrepancies were noticed on physical verification.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013.
4. The company has not given guarantees or provided security requiring compliance under section 185 or 186 of the act. However, company has made investments in Brinda Exports Ltd. making it a wholly owned subsidiary where in the company has complied with the provisions of section 186 of the act.
5. During the year, the company has not accepted any deposits from public.
6. We have broadly reviewed the cost records maintained by the company pursuant to section 148 (1) of the Companies Act, 2013. We have broadly reviewed the books of accounts maintained by the company and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7. In respect of Statutory Dues:
a. According to the information and explanations given to us and the records examined by us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value added tax, cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed dues, payable in respect of above as at 31st March, 2016 for a period of more than six months from the date on which they became payable.
b. According to the information and explanations given to us and on the basis of our examination of books of account and record, the details of aforesaid statutory dues as at March 31, 2016 which have not been deposited with the appropriate authorities on account of any dispute, are given below:
Name of Statute |
Nature of dues |
Amount (Rs.) |
Accounting Period to which the amount relates |
Forum where dispute is pending |
Gujarat Sales Tax Act, 1961 and Central Sales Tax Act, 1956 |
Sales Tax and CST |
211.72 Lacs |
2001-02 to 2003-04 |
Appellate Authority |
Rajasthan Sales tax Act, 1994 |
Sales Tax |
139.48 Lacs |
2002-03 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
53.83 Lacs |
1999-00 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
27.72 Lacs |
2006-07 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
36.9 Lacs |
2007-08 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
3.97 Lacs |
2008-09 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
0.05 Lacs |
2011-12 |
Appellate Authority |
Income Tax Act, 1961 |
Income Tax |
0.18Lacs |
2013-14 |
Appellate Authority |
c. During the year, the amount required to be transferred to investor''s education and protection fund has been so transferred.
8. In our opinion and according to the information and explanation given to us, the Company has defaulted in repayment of dues to banks as detailed below.
Sr. No. |
Name of Bank |
Amount of default for repayment !Rs. In Lacs) |
1 |
Bank of India |
14359.57 |
2 |
Bank of Baroda |
13891.10 |
3 |
Dena Bank |
11421.75 |
4 |
Andhra Bank |
8181.32 |
9. In our opinion and on the basis of information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.
10. To the best of our knowledge and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.
11. The managerial remuneration has been paid and provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the companies act, 2013.
12. The company is not a Nidhi company. As such The Nidhi rules, 2014 are not applicable.
13. All transactions with the related parties are in compliance with the sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the financial statements as required by applicable accounting standards.
14. The company has not made any preferential allotment or Private placement of shares of fully or partly convertible debentures during the year under review.
15. The company has not entered into any non cash transactions with directors or persons connected with it.
16. The company is not required to be registered u/s. 45-IA of the Reserve Bank of India Act, 1934.
Annexure-B to Independent Auditors'' Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Vimal Oil & Foods Limited ("the Company") as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For, S. D. Mehta & Co.
Chartered Accountants
Firm''s Registration Number: 137193W
Shaishav Mehta
Place : Ahmedabad Partner
Date: 10th May, 2016 Membership Number: 032891
Mar 31, 2015
We have audited the accompanying financial statements of Vimal Oil &
Foods Limited which comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in the section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
3. Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation of the
financial statements that give true and fair view in order to design
audit procedure that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial control system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentations of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India; of the state of the affairs of the company as at 31st March
2015, and its profits and cash flows for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
i. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of section
(11) of section 143 of the Companies Act,2015 we give in the Annexure a
statement on the matters specified in the paragraphs 3 and 4 of the
Order, to the extent applicable.
ii. As required by section 143(3) of the Act, 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 those
books
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
the Rule 7 of the Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
accordance to the explanation given to us:
i. The company has disclosed the impact of pending litigations on its
financial position in is financial statements  Refer note 24.2 to
financial statements;
ii. The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company  Refer note 24.5 to financial statements.
Annexure to Independent Auditors' Report
Referred to in Paragraph 5(i) under the heading of "Report on Other
Legal and Regulatory Requirements" of our report of even date.
1. In respect of Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of its Fixed Assets.
b. All the Fixed Assets of the Company have been physically verified
by the management at reasonable period during the year and no material
discrepancies have been noticed on such verification.
2. In respect of Inventories:
a. As explained to us, Inventory has been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable.
b. As per information given to us, the procedures of physical
verification of stocks followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
c. In our opinion and according to the information and explanations
given to us, by the management, the Company has generally maintained &
verified all records of its inventories and no material discrepancies
were noticed on physical verification.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013.
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 purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any major weakness in internal control.
5. During the year, the company has not accepted any deposits from
public.
6. We have broadly reviewed the cost records maintained by the company
pursuant to section 148 (1) of the Companies Act, 2013. We have broadly
reviewed the books of accounts maintained by the company and are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained. We have however not, made a detailed examination
of the records with a view to determine whether they are accurate or
complete.
7. In respect of Statutory Dues:
a. According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employees' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of
Customs, Duty of Excise, Value added tax, cess and any other statutory
dues with the appropriate authorities. According to the information and
explanations given to us, there are no undisputed dues, payable in
respect of above as at 31st March, 2015 for a period of more than six
months from the date on which they became payable.
b. According to the information and explanations given to us and on
the basis of our examination of books of account and record, the
details of aforesaid statutory dues as at March 31, 2015 which have not
been deposited with the appropriate authorities on account of any
dispute, are given below:
Name of Statute Nature of dues Amount (Rs.)
Gujarat Sales Tax Act, Sales Tax and CST 211.72 Lacs
1961 and Central Sales
Tax Act, 1956
Rajasthan Sales Tax 139.48 Lacs
Sales tax Act, 1994
Income Tax Act, 1961 Income Tax 53.83 Lacs
Income Tax Act, 1961 Income Tax 27.72 Lacs
Income Tax Act, 1961 Income Tax 17.93 Lacs
Income Tax Act, 1961 Income Tax 5.47 Lacs
Income Tax Act, 1961 Income Tax 4.44Lacs
Name of Statute Accounting Forum where dispute
Period to which the is pending
amount relates
Gujarat Sales Tax Act, 2001-02 to 2003-04 Appellate Authority
1961 and Central Sales
Tax Act, 1956
Rajasthan 2002-03 Appellate Authority
Sales tax Act, 1994
Income Tax Act, 1961 1999-00 Appellate Authority
Income Tax Act, 1961 2006-07 Appellate Authority
Income Tax Act, 1961 2007-08 Appellate Authority
Income Tax Act, 1961 2008-09 Appellate Authority
Income Tax Act, 1961 2009-10 Appellate Authority
c. During the year, the amount required to be transferred to
investor's education and protection fund has been so transferred.
8. The company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and immediately
preceding financial year.
9. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of any dues to
a financial institutions and banks.
10. The Company has given Guarantee for loan taken by others from
banks. According to information and explanation given to us we are of
the opinion that the terms and conditions thereof are not prima facie
prejudicial to the interest on the company.
11. In our opinion and on the basis of information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
12. To the best of our knowledge and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the year.
For RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R. Shah
Ahmedabad Partner
Date: 30th May, 2015 Membership No.: 034549
Mar 31, 2014
We have audited the accompanying financial statements of Vimal Oil &
Foods Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss, and Cash Flow
Statement for the year then ended, and a summary of significant
account- ing policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The proce-
dures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by manage- ment, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act 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 March 31, 2014,
(b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
order. Independent Auditors' Report
2. As required by section 227(3) of the Act, 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 pur- pose 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors' Report
1. In respect of its Fixed Assets:
a. As informed to us the company has maintained proper records showing
full particulars including quantitative details and situation of its
Fixed Assets.
b. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company,
which in our opinion is reasonable, having regard to the company and
nature if its assets. No material discrepancies were noticed on such
verification.
c. In our opinion, the company has not disposed off substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of its Inventories:
a. As explained to us, inventory has been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable. Regarding stock lying with outside agency,
the company has obtained stock confirmation from the respective agency.
b. As per the information and explanations given to us, the procedures
of physical verification of inventory 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 of the inventory records, we are of
the opinion that, the company is maintaining proper records of
inventory. As informed to us no material discrepancies were noticed on
verification between the physical stocks and the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956;
During the year the company has not granted/ taken any loans, secured
or unsecured, to any party covered in the register maintained under
section 301 to the Companies Act, 1956 Consequently the requirements of
Clauses (iii)(b) to (iii)(g) of paragraph 4 of the order is not
applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control proce- dures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, we have not
noticed any continuing failure to correct the major weaknesses in such
internal control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a. According to the information and explanations given to us, we are of
the opinion that the particulars of transactions that need to be
entered into the register maintained under section 301 of the company
Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and ex- ceeding the value of ' 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
6. According to the information and explanations given to us, the
company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained.
9. In respect of Statutory Dues
a. According to the records of the company, undisputed statutory dues
including provident fund, investor education and protection fund,
income tax, sales tax, service tax, customs duty, excise duty, cess
have generally been regularly depos- ited with the appropriate
authorities. According to the information and explanations given to us,
there were no undis- puted statutory dues, outstanding at the year
ended on 31st March 2014, for a period of more than six months from the
date they became payable.
b. According to the information and explanation given to us disputed
government dues that have not been deposited as on 31st March 2014 are
as follows:
Name of Statute Nature of dues Amount (?)
Gujarat Sales Tax Act, Sales Tax and CST 211.72 Lacs
1961 and Central Sales
Tax Act, 1956
Rajasthan Sales Tax 139.48 Lacs
Sales tax Act, 1994
Income Tax Act, 1961 Income Tax 53.83 Lacs
Income Tax Act, 1961 Income Tax 27.72 Lacs
Income Tax Act, 1961 Income Tax 63.99 Lacs
Income Tax Act, 1961 Income Tax 3.97 Lacs
Income Tax Act, 1961 Income Tax 5.59 Lacs
Name of Statute Accounting Forum where dispute
Period to which the is pending
amount relates
Gujarat Sales Tax Act,
1961 and Central Sales
Tax Act, 1956 2001-02 to 2004-05 Appellate Authority
Rajasthan
Sales tax Act, 1994 2002-03 Appellate Authority
Income Tax Act, 1961 1999-00 Appellate Authority
Income Tax Act, 1961 2006- 07 Appellate Authority
Income Tax Act, 1961 2007- 08 Appellate Authority
Income Tax Act, 1961 2008- 09 Appellate Authority
Income Tax Act, 1961 2009- 10 Appellate Authority
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company based on security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provision of clause 4(xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. The company has maintained proper records of transaction and
contracts in respect of shares, securities and other investments and
timely entries have been made therein. All shares, securities and other
investments have been held by the company in its own name.
15. The Company has given guarantee for loan taken by others from
banks. According to information and explanation given to us we are of
the opinion that the terms and conditions thereof are not prima facie
prejudicial to the interest of the company.
16. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet and cash flow statement of the
company, we are of the opinion that there are no funds raised on
short-term basis that have been used for long-term investment.
18. During the year, the company has made preferential allotment to the
three parties covered under the register maintained u/s 301 of the Act.
In our opinion, the price at which shares have been issued is not
prejudicial to the interest of the company.
19. The company has not issued any debentures during the year.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed
or reported during the year.
For RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R. Shah
Partner
Membership No.: 034549
Ahmedabad
Date: 28-05-2014
Mar 31, 2013
Report On the Financial Statements
We have audited the accompanying financial statements of Vimal Oil &
Foods Limited("the Company"), which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss, and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act 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 March 31, 2013,
(b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, the said order is applicable to
the company during the year under review the report on the same is
annexed to our Auditor''s Report.
Independent Auditors'' Report
2. As required by section 227(3) of the Act, 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 those
books
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
1. a. The company has maintained the proper records showing full
particulars including quantitative details and situation of its Fixed
Assets.
1. a. As informed to us the company has maintained proper records
showing full particulars including quantitative details and situation
of its Fixed Assets.
b. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company.
Which in our opinion is reasonable, having regard to the company and
nature if its assets. To the best of our knowledge, no material
discrepancies were noticed on such verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. a. As explained to us, inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable. Regarding stock lying with outside agency,
the company has obtained stock confirmation from the respective agency.
b. As per the information and explanations given to us, the procedures
of physical verification of inventory 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 of the inventory records, we are of
the opinion that, the company is maintaining proper records of
inventory. As informed to us no material discrepancies were noticed on
verification between the physical stocks and the book records.
3. In respect of loans / deposits taken or given from or to any
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, we report that:
a. The company has not granted any loans, secured or unsecured, to any
party covered in the register maintained under section 301 to the
Companies Act, 1956
b. During the year the company has taken unsecured loans from three
parties covered in the register maintained under section 301 to the
Companies Act, 1956. In respect of said loans, the maximum amount
outstanding at any time during the year war Rs. 1900 lacs and the year
end balance is Rs. 1900.00 lacs
c. In our opinion and according to the information and explanation
given to us, the rate of interest,
and other terms & conditions of the above loans are not prima facie
prejudicial to the interest of the company.
d. The repayment of above said loans & payment of interest are regular
and no material discrepancies were observed.
4. In our opinion, there is an adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
5. a. According to the information and explanations given to us, we
are of the opinion that the particulars of transactions that need to be
entered into the register maintained under section 301 of the company
Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us the above transactions, wherever they exceeds the threshold
limit specified, are made at a prices which are not prejudicial to the
interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from the public
within the meaning of the provisions of section 58A, section 58AA or
any other relevant provisions of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of account and records
maintained by the company pursuant to the rules made by the central
government for the maintenance of cost records under section 209 (1)(d)
of the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained.
9. a. According to the records of the company, undisputed statutory
dues including provident fund, investor education and protection fund,
income tax, sales tax, service tax, customs duty, excise duty, cess
have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
there were no undisputed statutory dues, outstanding at the year ended
on 31st March 2013, for a period of more than six months from the date
they became payable.
b. According to the information and explanation given to us disputed
government dues that have not been deposited are as follows:
Name of Statute Nature of dues Amount (Rs.)
Gujarat Sales Tax Act, Sales Tax and CST 211.72 Lacs
1961 and Central
Sales Tax Act, 1956
Rajasthan Sales Tax 139.48 Lacs
Sales tax Act, 1994
Income Tax Act, 1961 Income Tax 53.83 Lacs
Income Tax Act, 1961 Income Tax 27.72 Lacs
Income Tax Act, 1961 Income Tax 63.99 Lacs
Income Tax Act, 1961 Income Tax 1.17 Lacs
Income Tax Act, 1961 Income Tax 5.59 Lacs
Accounting Forum where dispute
Period to which the is pending
amount relates
2001-02 to 2004-05 Appellate Authority
2002-03 Appellate Authority
1999-00 Appellate Authority
2006-07 Appellate Authority
2007-08 Appellate Authority
2008-09 Appellate Authority
2009-10 Appellate Authority
10 The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
audit and in the immediately preceding financial year.
11. According to the records of the company and the information and
explanation given to us, the company has not defaulted in repayment of
dues to a financial institution or banks.
12. According to the information and explanation given to us, the
company has not granted any loans and advances based on security by way
of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provision of clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. In respect of commodity, future trading, in our opinion and
according to the information and explanations given to us, proper
records has been maintained and the transactions are timely entered
therein.
Annexure referred to in our report of even date to the members of Vimal
Oil & Foods Limited
15. According to the information and explanations given to us, the
company has not provided any corporate guarantee for loans taken by
others.
16. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet and cash flow statement of
the company, we report that funds raised on short-term basis have not
been used during the yearfor long- term investment.
18. According to the information and explanations given to us during
the year, the company has not made preferential allot- ment to the
parties and companies covered under the register maintained u/s 301 of
the Act.
19. The company has not issued any debenture during the year.
20. The company has not raised fund from public during the year.
21. To the best of our knowledge and according to the information and
explanation given to us, no fraud by the company and no fraud on the
company has been noticed or reported during the year.
For RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R. Shah
Partner
Membership No.: 034549
Ahmedabad
Date: May 31, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of Vimal Oil & Foods Limited
as at 31st March, 2012 and the Statement of Profit & Loss and the Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the respon- sibility of the company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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.
As require by the Companies (Auditor's 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.
Further to our comments in 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 accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report, are in agreement with the books of
Account;
(iv) In our opinion Balance Sheet, Statement of Profit & Loss and Cash
flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of Companies
Act, 1956.
(v) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March,
2012 from being appointed as a Director in terms of clauses (g) of sub
sections (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
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:
(i) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March, 2012
(ii) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in our report of even date to the members
1. a. The company has maintained the proper records showing full
particulars including quantitative details and situation of its Fixed
Assets.
b. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the company.
Which in our opinion is reasonable, having regard to the company and
nature if its assets. To the best of our knowledge no material
discrepancies were noticed on such verification.
c. In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. a. As explained to us, inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable. Regarding stock lying with outside agency,
the company has obtained stock confirmation from the respective agency.
b. As per the information and explanations given to us, the procedures
of physical verification of inventory 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 of the inventory records, we are of
the opinion that, the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3. In respect of loans / deposits taken or given from or to any
companies, firms or other parties covered in the register main- tained
under Section 301 of the Companies Act, 1956, we report that:
a. The company has not granted any loans, secured or unsecured, to any
party covered in the register maintained under section 301 to the
Companies Act, 1956
b. The company has not taken unsecured loans from any parties covered
in the register maintained under section 301 to the Companies Act,
1956.
c. In our opinion and according to the information and explanation
given to us, the rate of interest, and other terms & conditions of the
above loans are not prima facie prejudicial to the interest of the
company.
4. In our opinion, there is an adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
5. a. According to the information and explanations given to us, we
are of the opinion that the particulars of transactions that need to be
entered into the register maintained under section 301 of the company
Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us the above transactions, wherever they exceeds the threshold
limit specified, are made at a prices which are not prejudicial to the
interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from the public
within the meaning of the provisions of section 58A, section 58AA or
any other relevant provisions of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of account and records
maintained by the company pursuant to the rules made by the central
government for the maintenance of cost records under section 209 (1)(d)
of the Companies Act, 1956 and are of the opinion that the prescribed
accounts and records have been maintained.
9. a. According to the records of the company, undisputed statutory
dues including provident fund, investor education and protection fund,
income tax, sales tax, service tax, customs duty, excise duty, cess
have generally been regularly depos- ited with the appropriate
authorities. According to the information and explanations given to us,
there were no undis- puted statutory dues, outstanding at the year
ended on 31st March 2012, for a period of more than six months from the
date they became payable.
Name of Statute Nature of dues Amount (Rs.)
Gujarat Sales Tax Act, Sales Tax and CST 211.72 Lakhs
1961 and Central Sales
Tax Act, 1956
Rajasthan Sales Tax 139.48 Lakhs
Sales tax Act, 1994
Income Tax Act, 1961 Income Tax 53.83 Lakhs
Income Tax Act, 1961 Income Tax 67.00 Lakhs
Income Tax Act, 1961 Income Tax 5.97 Lakhs
Name of Statute Accounting Forum where dispute
Period to which the is pending
amount relates
Gujarat Sales Tax Act, 2001-02 to 2004-05 Appellate Authority
1961 and Central Sales
Tax Act,1956
Rajasthan Sales tax
Act,1994 2002-03 Appellate Authority
Income Tax Act,1961 1999-2000 Appellate Authority
Income Tax Act,1961 2007-08 Appellate Authority
Income Tax Act,1961 2008-09 Appellate Authority
b. According to the information and explanation given to us disputed
government dues that have not been deposited are as follows:
10 The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
audit and in the immediately preceding financial year.
11. According to the records of the company and the information and
explanation given to us, the company has not defaulted in repayment of
dues to a financial institution or banks.
12. According to the information and explanation given to us, the
company has not granted any loans and advances based on security by way
of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provision of clause 4(xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. In respect of commodity, future trading, in our opinion and
according to the information and explanations given to us, proper
records has been maintained and the transactions are timely entered
therein.
Annexure referred to in our report of even date to the members of Vimal
Oil & Foods Limited
15. According to the information and explanations given to us, the
company has not provided any corporate guarantee for loans taken by
others.
16. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet and cash flow statement of
the company, we report that funds raised on short-term basis have not
been used during the yearfor long- term investment.
18. According to the information and explanations given to us during
the year, the company has not made preferential allot- ment to the
parties and companies covered under the register maintained u/s 301 of
the Act.
19. The company has not issued any debenture during the year.
20. The company has not raised fund from public during the year.
21. To the best of our knowledge and according to the information and
explanation given to us, no fraud by the company and no fraud on the
company has been noticed or reported during the year.
FOR, RRS & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. : 118336W
PLACE : AHMEDABAD
DATE : 28th AUGUST, 2012 (RAJESH R. SHAH)
PARTNER
MEMBERSHIP NO. 034549
Mar 31, 2011
We have audited the attached Balance Sheet of Vimal Oil & Foods Limited
as at 31st March, 2011 and the Profit & Loss Account and the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the CompanyÃs
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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.
As require by the Companies (AuditorÃs 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.
Further to our comments in 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 accounts as required by the law
have been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss account and Cash Flow Statement
dealt with by this report, are in agreement with the books of Account;
(iv) 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 Companies
Act, 1956.
(v) On the basis of written representations received from the Directors
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31/03/11
from being appointed as a Director in terms of clauses (g) of sub
sections (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
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:
(i) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2011 and
(ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF
VIMAL OIL & FOODS LIMITED
1. a. The Company has maintained the proper records showing full
particulars including quantitative details and situation of its
Fixed Assets.
b. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals in a phased manner in
accordance with a programme of verification adopted by the Company.
Which in our opinion is reasonable, having regard to the Company and
nature if its assets. To the best of our knowledge no material
discrepancies were noticed on such verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. a. As explained to us, inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable. Regarding stock lying with outside agency,
the Company has obtained stock confirmation from the respective agency.
b. As per the information and explanations given to us, the procedures
of physical verification of inventory 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 of the inventory records, we are of
the opinion that, the Company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3. In respect of loans / deposits taken or given from or to any
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, we report that:
a. The Company has not granted any loans, secured or unsecured, to any
party covered in the register maintained under section 301 to the
Companies Act, 1956
b. The Company has taken unsecured loans from five parties covered in
the register maintained under section 301 to the Companies Act, 1956.
The maximum amounts of loan taken and year-end balance were Rs. 1500
Lacs and Rs. 399.80 Lacs respectively.
d. In our opinion and according to the information and explanation
given to us, the rate of interest, and other terms & conditions of the
above loans are not prima facie prejudicial to the interest of the
Company.
4. In our opinion, there is an adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
5. a. According to the information and explanations given to us, we
are of the opinion that the particulars of transactions that need to be
entered into the register maintained under section 301 of the Company
Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us the above transactions, wherever they exceeds the threshold
limit specified, are made at a prices which are not prejudicial to the
interest of the Company.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the provisions of section 58A, section 58AA or
any other relevant provisions of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. The company is having Internal Audit System. However, in our
opinion, the scope of internal audit is required to be strengthened and
enlarged to make it commensurate with the size and nature of its
business.
8. As explained 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. According to the records of the Company, undisputed statutory
dues including provident fund, investor education and protection fund,
income tax, sales tax, service tax, customs duty, excise duty, cess
have generally been regularly deposited with the appropriate
authorities.
b. According to the information and explanations given to us, there
were no undisputed statutory dues, outstanding at the year end, for a
period of more than six months from the date they became payable.
c. According to the information and explanation given to us disputed
government dues that have not been deposited are as follows:
Name of the Nature of the Amount Period to Forum where
Statute Dues (In Lacs) which the dispute is
amount pending
relates
Gujarat Sales Sales Tax and 211.72 2001-02 to Appellate
Tax Act, 1961 CST 2004-05 Authority
and Central
Sales Tax Act,
1956
Rajasthan Sales Sales Tax 139.48 2002-03 Appellate
Tax Act, 1994 Authority
Income Tax Act, Income Tax 67.00 2008-09 Appellate
1961 Authority
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
audit and in the immediately preceding financial year.
11. According to the records of the Company and the information and
explanation given to us, the Company has not defaulted in repayment of
dues to a financial institution or banks.
12. According to the information and explanation given to us, the
Company has not granted any 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 the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provision of clause 4(xiii) of the
Companies (AuditorÃs Report) Order, 2003 are not applicable to the
Company.
14. In respect of commodity future trading, in our opinion and
according to the information and explanations given to us, proper
records has been maintained and the transactions are timely entered
therein.
15. According to the information and explanations given to us, the
Company has not provided any corporate guarantee for loans taken by
others.
16. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet and cash flow statement of
the Company, we report that funds raised on short-term basis have not
been used during the year for long-term investment.
18. During the year, the Company has allotted 6,00,0000 equity shares
of Rs. 10 each to the promoters on preferential allotment basis at a
price of Rs. 50.16 per equity share.
19. The Company has not issued any debenture during the year.
20. The Company has not raised fund from public during the year.
21. To the best of our knowledge and according to the information and
explanation given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For, R R S & ASSOCIATES
Chartered Accountants
Firm Reg. No. : 118336W
(RAJESH R. SHAH)
Partner
(M.N. 34549)
Place : Ahmedabad
Date : 29th August, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Vimal Oil & Foods Limited
as at 31st March, 2010 and the Profit & 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 an opinion on these
financial statements based on our audit.
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.
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.
Further to our comments in 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 accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss account and Cash Flow Statement
dealt with by this report, are in agreement with the books of Account;
(iv) 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 Companies
Act, 1956.
(v) On the basis of written representations received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31/03/10
from being appointed as a Director in terms of clauses (g) of sub
sections (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
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:
(i) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March, 2010 and
(ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF VIMAL
OIL & FOODS LIMITED
1. a. The Company is in the process for updating of proper records
showing full particulars including quantitative details and situation
of its Fixed Assets.
b. As explained to us, major fixed assets of the Company are
physically verified by the management once in every three years which
in our opinion is reasonable having regard to the size of the Company
and nature of its assets.
c. The company has not disposed of any substantial part of Fixed
Assets during the year that affects the going concern assumption.
2. a. As explained to us, inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable. Regarding stock lying with outside agency,
the company has obtained stock confirmation from the respective agency.
b. As per the information and explanations given to us, the procedures
of physical verification of inventory 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 of the inventory records, we are of
the opinion that, the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3. In respect of loans / deposits taken or given from or to any
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956, we report that:
a. The Company has not granted any loans, secured or unsecured, to any
party covered in the register maintained under section 301 to the
Companies Act, 1956
b. The Company has taken unsecured loans from six parties covered in
the register maintained under section 301 to the Companies Act, 1956.
The maximum amounts of loan taken and year end balance were Rs. 1750
Lacs and Rs. 1500 Lacs respectively.
c. In our opinion and according to the information and explanation
given to us, the rate of interest, and other terms & conditions of the
above loans are not prima facie prejudicial to the interest of the
Company.
d. In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal
amounts are repayable on demand.
4. In our opinion, there is an adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
5. a. According to the information and explanations given to us, we
are of the opinion that the particulars of transactions that need to be
entered into the register maintained under section 301 of the Company
Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us the above transactions, wherever they exceeds the threshold
limit specified, are made at a prices which are not prejudicial to the
interest of the Company.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of the provisions of section 58A, section 58AA or
any other relevant provisions of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. The Company does not have any Internal Auditor of any special
department/cell for Internal Audit, but looking towards the quantum &
value of transactions and the Internal Control Procedures, we are of
the opinion that the company has enough control over the transactions
of the business.
8. As explained 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. According to the records of the Company, undisputed statutory
dues including provident fund, investor education and protection fund,
income tax, sales tax, service tax, customs duty, excise duty, cess
have generally been regularly deposited with the appropriate
authorities.
b. According to the information and explanations given to us, there
were no undisputed statutory dues, outstanding at the year end, for a
period of more than six months from the date they became payable.
c. According to the information and explanation given to us disputed
government dues that have not been deposited are as follows:
Name of
Statute Nature of dues Amount Period to
which Forum where
(Rs. In
Lacs) the amount
relates dispute is
pending
Gujarat
Sales Tax Sales Tax and 211.72 2001-02 to
2004-05 Appellate
Authority
Act, 1961
and Central CST
Sales Tax
Act, 1956
Rajasthan
Sales Sales Tax 139.48 2002-03 Appellate
Authority
Tax Act,
1994
Income Tax
Act, 1961 Income Tax 80.80 2000-2001
to 2007-2008 Appellate
Authority
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
audit and in the immediately preceding financial year.
11 According to the records of the company and the information and
explanation given to us, the Company has not defaulted in repayment of
dues to a financial institution or bank or debenture holders.
12 According to the information and explanation given to us, the
Company has not granted any 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 the information and explanations
given to us, the company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provision of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. The company is not dealing or trading in shares, securities,
debentures and other investment and as such clause (xiv) of the order
is not applicable to the company.
15. According to the information and explanations given to us, the
Company has provided corporate guarantee of NIL (P.Y: 18526.62 Lacs)
for loans taken by others. According to the information and explanation
given to us, we are of the opinion that the terms & conditions, there
of were not prime facie prejudicial to the interest of the company.
16. The company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year 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 and cash flow statement of
the company, we report that no major funds raised on short-term basis
have been used for long-term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debenture during the year.
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, and according to the information and
explanation given to us, we have neither came across any instance of
fraud on or by the Company, nor such type of the case been reported or
informed to us by the management.
For, R R S & Associates
Chartered Accountants
Firm Reg. No. : 118336W
Place : Ahmedabad (Rajesh R. Shah)
Date :26th August, 2010 Partner
(M.N. 34549)
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