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વિઝન ઓર્ગેનીક્સ

બીએસઈ: 532383  |  ઍનઍસઈ : VISIONLTD  |  ISIN: INE514B01010  |  Chemicals

શોધો વિઝન ઓર્ગેનીક્સ કનેક્શન
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '03
We have audited the attached Balance Sheet of Vision Organics Ltd. as
 at 31st March, 2003 and also the Profit and Loss Account of the
 Company far the year ended on that date. These financial statements are
 the responsibility of the Companys management. Our responsibility is
 to express an opinion on these financial statements based on our audit.
 
 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 misstatement. An audit also
 includes examining on a test basis, evidence supporting the amounts and
 disclosures in trie financial statements. An audit also includes
 assessing the accounting principle used and significant estimates made
 by the management, as well as evaluating the over all financial
 statements presentation. We believe that our audit provides a
 reasonable basis for our opinion.
 
 As required by the Manufacturing and other Companies (Auditors Report)
 Order, 1988 issued by the Central Government under Section 227 (4A) of
 the companies Act, 1956, We enclose in the annexure of statement on
 the matters specified In paragraphs 4 & 5 of the said order.
 
 We further report that:
 
 1. We have1 obtained all the information and explanations which to the
 best our knowledge and belief were necessary for the purposes of our
 audit;
 
 2. In our opinion proper books of account as required by taw have been
 kept by the company so for as appears from our examination of those
 books:
 
 3. The Balance Sheet aha Profitand Loss Account dealt with by this
 report are in agreement with the books of account of the Company.
 
 4. In Our opinion the Profit & Loss Account and Balance Sheet dealt
 with by this report comply with the Accounting standards referred to in
 section 211(3C) of the Companies Act, 1956 except for AS 6 and AS 10 as
 stated In 6(d).
 
 5. On the basis of written representations received from the directors
 as on 31st March, 2003, and taken on record by the Board of Directors,
 we report that none of the directors is disqualified from being
 appointed as a director as on 31st March, 2003, In terms of clause (g)
 of subsection (1) of Section 274 of the Companies Act, 1956.
 
 6. (a) The compansis less profit & loss account debit balance is
 presently for nor ascertainable the resons mentioned in the respective
 notes:
 
 I) The company has not made a provision for interest on working capital
 demand loan and term loan from banks as mentioned in note. No. 14.
 
 II) Modvat accounting as mentioned in note no 13
 
 III) The outstanding amount of Rs. 331445808 receivable aa on 31 March,
 2003 from debtors, Based on written off bad debts to the extent of Rs.
 345519983 during the year, we are unable to comment upon the
 outstanding debtors, corresponding Impact of which however could be
 material on the Companys Ioss, is not presently ascertainable
 
 (b) Debtors and creditors are subject to reconciliation and
 Confirmation.
 
 (c) The Company has not provided for depreciation for the year
 amounting to Rs. 152031611 (P.Y. 16566815). Accordingly, the loss for
 the year has been shown lower by.Rs. 15203611 (P.Y. Rs. 16566815) and
 accordingly the fixed assets have been shown higher by Rs. 31770426.
 
 7. Subject to matters mentioned above in paragraph 6. M our opinion
 and to the best of our information and according to the explanations
 given to us, the said Balance Sheet and Profit and Loss Account 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, 2003
 
 ii) In the case of the Profit and Loss Account, of the loss for the
 year ended on that date.
 
 iii) In case of the Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
                                               For Dilip K Thakkar & Co.
                                                   Chartered Accountants
                                                                    Sd/-
 PLACE: Vadodara                                         (Dilip Thakkar)
 DATE: 30.06.2003                                             Proprietor
 
 ANNEXURE TO THE AUDITORS REPORT
 
 (Referred to our Report of even date on the Accounts for the year ended
 on 31st March, 2003 of Vision Organics Ltd.)
 
 In our opinion, and on the basis of such checks of the books and
 records as we considered appropriate and according to the information
 and explanations given to us during the normal course of audit, which
 were necessary to the best of our knowledge and belief we report that:
 
 1 The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets. As
 explained to us that the fixed assets have been physically verified by
 the Management at reasonable intervals and no material discrepancies
 were noticed on such verifications.
 
 2. None of the Fixed Assets of the company have been revalued during
 the year
 
 3. Physical verification has been conducted by the Management, at
 reasonable intervals In respect of finished goods, stores, spans parts
 and raw materials.
 
 4. In our opinion and according to information and explanations 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 at its business.
 
 5. The discrepancies noticed on verification between the physical
 stocks and the books records records not material, in relation to the
 operations or the company.
 
 6. On the basis of our examination of stock records, the valuation of
 stock is fair and proper in -accordance with the normally accepted
 accounting principles, and is on the same basis as in the previous
 year.
 
 7. We are informed that the Company has taken loans, secured or
 unsecured from the companies, firms or other parties, listed in the
 register maintained under Section 301 of the Companies Act, 1956, or
 from the Companies under same management within the meaning of Section
 370 (1-B) of the Companies Act, 1956 and the rate of interest and other
 terms and conditions of such loans are, not, prima facie, prejudicial
 to the interests of the company.
 
 8. The Company has not granted loans, to the Companies, firms or other
 parties, listed in the register maintained under Section 301 of the
 Companies Act. 1956 and/or to the Companies under same managerial with
 the meaning of section 370 (1 - B) of the Companies Act, 1956.
 
 9. The Company has not given loans and advances in the nature of loans.
 
 10. In our opinion and according to. the information and explanations
 given to us. there is an adequate internal control procedure
 commensurate with the size of the company and the nature of its
 business, for the purchase of stores raw materials, including
 components, plant & machinery, equipment and other assets and with
 regard to the sale of goods.
 
 11 In our opinion and according to the information and explanations
 given to us, the transaction Of purchase of goods and material, and
 sale of goods, materials and services made in pursuant of contracts or
 arrangements entered in the register maintained under Section, 301 of
 the Companies Act, 1956 aggregating during the year to Rs.; 50,000/- or
 more in respect of each party have been made at prices which are
 reasonable having regard to prevailing market prices for such goods
 materials and services or the prices at which transactions for similar
 goods, materials or services have been made with other parties.
 
 12. As explained to us, the Compare has a regular procedure for the
 determination of unserviceable or damaged stores, raw materials and
 finished goods. In our opinion adequate provision, has been made in
 the books of accounts for the loss arising on items so determined.
 
 13. In our opinion and according, to the information and explanations
 given to us the company has complied with the provisions of Section-58A
 of the Companies Act, 1956 and the Companies, (Acceptance of Deposits)
 Rules, 1975 with regard to the deposits accepted from the public;
 during the year.
 
 14. At explained to us, the Company has maintained reasonable records
 for sale and disposal of realisable by products and scrape
 
 15. The Company has an Internal Audit System. However there is a scope
 for increasing the coverage so as to be commensurate with the size ana
 nature of its business:
 
 16 We we been informed that Central Government has not prescribed
 maintenance of cost records under fSection 209(1) (d) of the Companies
 Act, 1956.
 
 17. According to the information and explaination is given to us, The
 Employees (Provident Fund & Misc. Provisions) Act, 1958 and employees
 State Insurance Act is not applicable to the company.
 
 18. According to the information and explanations given to us, there
 are no undisputed amounts payable in respect of Income Tax, Wealth Tax,
 Sales Tax, Custom Duty and Excise Duty which are outstanding as on 31st
 March 2003 for a period of more than six month from the date they
 become payable.
 
 19. On the basis of examination of books of account earned out by us in
 accordance with generally accepted auditing practices and according to
 the information and explanation given to us, no personal expenses of
 the employees or directors have been charged to the profit and loss
 account, other than those payable under contractual obligations or in
 accordance with the generally accepted business Practice
 
 20. The Company is a Sick industrial company within the meaning of
 clause (o) of Sub-Section (1) of Section 3 of the Sick Industrial
 Companies (Special Provision) Act, 1985 as amended the Sick Industrial
 Companies (Special Provisions) Amendment Act, 1993.
 
 21. As explained to us, in respect of trading activity, the company has
 a regular procedure for determination of damaged goods. However we are
 informed that, there is no loss arising on such items during the year.
 
                                                For Dilip K Thakkar & Co
                                                   Chartered Accountants
                                                                    Sd/-
 PLACE: Vadodara                                         (Dilip Thakkar)
 DATE: 30.06.2003                                             Proprietor
સ્તોત્ર: રેલીગેર ટેકનોવા


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