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कोची रिफाइनरीज

बीएसई: 500873  |  NSE: COCHINREFN  |  ISIN: INE123A01012  |  Refineries

खोजें कोची रिफाइनरीज कनेक्शन
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '05
We have audited the attached Balance Sheet of KOCHI REFINERIES LIMITED,
 as at 31st March 2005, the Profit and Loss Account and also the Cash
 Flow Statement for the year ended on that date annexed thereto. These
 financial statements are the responsibility of the Company's
 management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 We conducted our audit in accordance with Auditing Standards generally
 accepted in India. Those standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free of material misstatement. 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.
 
 I.  As required by Companies (Auditor's Report) Order, 2003, issued by
 the 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.
 
 II. Further to our comments in the Annexure referred to above, we report
 that:
 
 (i) We have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit.
 
 (ii) In our opinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 (iii) The Balance Sheet, Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
 Flow Statement dealt with by this report comply with the Accounting
 Standards referred to in sub-section (3C) of Section 211 of the
 Companies Act, 1956.
 
 (v) As per the Notification No. G.S.R. 829 (E) dated 21-10-2003, issued
 by the Central Government, Clause (g) of Sub-section (1) of Section 274
 of Companies Act, 1956, is not applicable to a government company and
 hence we offer no comment as to whether any of the directors are
 disqualified from being appointed as a director in terms of the said
 section.
 
 (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 the
 accounting policies and other notes attached thereto, 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;
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2005;
 
 b) in the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
                                         For ELIAS GEORGE & CO.
                                         Chartered Accountants
 
                                         THOMSON THOMAS
 Kochi - 682 020                         Partner
 20th May, 2005                          Membership No. 25567
 
 ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR AUDIT REPORT OF EVEN DATE OF
 KOCHI REFINERIES LIMITED
 
 I. (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets, except in the case of certain assets acquired on a turnkey
 basis under the Refinery Construction Contract, in respect of which
 quantitative particulars and cost of individual assets are not
 available, though the total cost of such assets is available, which as
 explained to us, have almost fully been depreciated.
 
 (b) As explained to us, there is a regular programme of verification of
 fixed assets in a cycle of five years, which in our opinion is
 reasonable having regard to the size of the Company and the nature of
 assets. During the year, as informed to us, no material discrepancies
 have been noticed on such verification.
 
 (c) During the year, the company has not disposed off substantial part
 of its fixed assets.
 
 II. (a) As explained to us, the stocks of finished products, stock in
 process, raw materials and packages other than stock in transit have
 been physically verified by the management during the year. Stocks of
 stores and spare parts are reported to be physically verified in
 accordance with the procedure followed by the management so as to
 complete the verification of all items over a period of 3 years. In our
 opinion, the frequency of such physical verification of stocks is
 reasonable.
 
 (b) In our opinion, 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) The company is maintaining proper records of inventory. It is
 explained to us that no material discrepancies were noticed during the
 year.
 
 III. (a) The company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 301 of the Act. Hence the provisions relating to rate of
 interest and other terms and conditions, regularity of receipt of
 principal and interest, and overdues in excess of Rupees One Lakh, are
 not applicable.
 
 (b) The Company has not taken any loans, secured or unsecured, from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. Hence the provisions relating to rate of
 interest and other terms and conditions, and regularity of payment of
 principal and interest, are not applicable.
 
 IV. In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the company and the nature of its business with regard
 to the purchase of inventory, fixed assets and with regard to the sale
 of goods. During the course of our audit, no major weaknesses have been
 noticed in the internal control system.
 
 V.  As explained to us, during the year, there has not been any
 transactions required to be entered in the register maintained under
 Section 301 of the Companies Act, 1956.
 
 VI. In our opinion and according to the information and explanations
 given to us, the company has not accepted deposits from the public.
 Hence the provisions of Section 58A, 58AA or any other relevant
 provisions of the Companies Act, 1956, and the Rules framed there under
 are not applicable. In company's case, no order has been passed by the
 Company Law Board or National Company Law Tribunal or any court or any
 other tribunal.
 
 VII. In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 VIII. We have broadly reviewed the books of account 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 we are of the opinion that, prima facie, the prescribed
 accounts and records have been made and maintained. We have not,
 however, made a detailed examination of the records with a view to
 determining whether they are accurate or complete.
 
 IX. (a) As per the records of the Company, the Company is regular in
 depositing with the appropriate authorities undisputed statutory dues
 including Provident Fund, Investor Education and Protection Fund,
 Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Custom Duty, Excise Duty, Cess and any other statutory dues
 applicable to it.
 
 (b) According to the records of the Company, there are.no dues of
 Income Tax, Sales Tax, Wealth Tax, Service Tax or Cess which have not
 been deposited on account of any dispute. In the case of Customs Duty
 and Excise Duty, particulars of amounts not deposited on account of
 disputes are reported herein below:-
 
 Sl. Name of        Nature of      Amount of           Nature of
 No. Statute        Dues           Dispute             Dispute
                                (Rs. in Millions)
 
 1. Customs Act     Customs Duty       1.82        Valuation Dispute
    & Rules
 
 2. Central Excise  Excise Duty      458.71        Valuation
    Act & Rules                                    Dispute
 
 3. -do-             -do-              0.63        Duty on Products
                                                   used within
                                                   the refinery
 
 4. -do-             -do-              0.56        Valuation Dispute
 
 5. -do-             -do-             18.59        Classification
                                                   Dispute
 
 6. -do-             -do-            517.60        Condonation of
                                                   Transit Loss/
                                                   Storage Loss
 
 Forum where             Status of
 Dispute is              the Case
 Pending
 
 Commissioner            Awaiting
 (Appeals)               personal hearing
 
 CESTAT,                 CESTAT
 Bangalore &             appeal pending
 Committee of
 Disputes
 
 -do-                    COD Permission
                         Pending
 
 Commissioner            Awaiting final
 (Appeals)               decision
                         of Commissioner
                         (Appeals)
 
 Asst. Commr.            Awaiting De-
 (for de-novo            Novo decision
 decision)               from the Asst.
                         Commissioner.
 
 Commissioner            Awaiting decision
 (Appeals)               of Commissioner
                         (Appeals)
 
 X. The company does not have accumulated losses nor has it incurred
 cash losses during the financial year covered by our audit and in the
 immediately preceding financial year.
 
 XI. Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in repayment of dues to a financial
 institution or banks.
 
 XII. The company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities of
 a similar nature and hence maintenance of documents and records
 relating to such items are not applicable.
 
 XIII. In our opinion, the company is not a chit fund or a nidhi/mutual
 benefit fund/society.Therefore the provisions of clause 4(xiii) of
 the Companies (Auditors' Report) Order, 2003, are not applicable to the
 company.
 
 XIV. In our opinion, the company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditors' Report) Order,
 2003, are not applicable to the company.
 
 XV. The company has not given any guarantee for loans taken by others
 from banks or financial institutions.
 
 XVI. The company has not taken any term loans during the year covered
 by our audit. In the case of term loans taken during earlier years and
 outstanding as at the year end, we have not come across cases where
 such loans were applied for the purpose other than the purpose for
 which the loans were obtained.
 
 XVII. Based on our examination of the books of account and Balance
 Sheet of the Company, we are of the opinion that funds raised on short
 term basis have not been .used for long term investments. During the
 year, the company has not raised funds on long term basis.
 
 XVIII. The company has not made any preferential allotment of shares
 during the year.
 
 XIX. The company has not issued any debentures.
 
 XX. The company has not raised any money by public issues during the
 year.
 
 XXI. Based upon the audit procedures performed and information and
 explanations given by the management, we report that no fraud on or by
 the company has been noticed or reported during the course of our
 audit.
 
                                      For ELIAS GEORGE & CO.
                                      Chartered Accountants
 
                                      THOMSON THOMAS
 Kochi - 682 020                      Partner
 20th May, 2005                       Membership No. 25567
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1008 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `538 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `379 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `656 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1075 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `36 Cr की बिकवाली की
  • MS ON BPCL : Overweight रेटिंग, लक्ष्य `571/Sh
  • CS ON AARTI IND : Outperform रेटिंग, लक्ष्य `980/Sh
  • CS ON APOLLO HOSP : लक्ष्य `1,300 से बढ़ाकर `1,600/Sh
  • NOMURA ON ESSAR CASE : बैंकों की अब 90% तक रकम की रिकवरी संभव

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