Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of
ALAN SCOTT INDUSTRIESS LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in 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 accounting records, 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.
Auditors' 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 the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures 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 controls 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 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books and proper returns adequate for the purposes of our audit
have been received from the branches not visited by us.
( c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account and with the returns received from the branches not
visited by us.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on March 31, 2015 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 and to the best of our information and according to the
explanations given to us: i. The Company does not have any pending
litigations which would impact its financial position;
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.
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date of Alan Scott
Industries Limited for the year ended March 31, 2015)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As informed to us all the assets have been physically verified by
the management during the year at reasonable intervals and there is no
material discrepancies were noticed on such verification.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals;
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were 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, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) According to the information and explanations given to us, 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 Act.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in such internal control system.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit from the public during the year in
terms of the provisions of Sections 73 and 76 or any other relevant
provisions of the Act.
(vi) According to information and explanation given to us, the Central
Government has not prescribed the maintenance of cost records under
sub-section (1) of Section 148 of the Companies Act, 2013.
(vii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Value Added Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other material statutory dues applicable to it
with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees' State Insurance, Income-tax, Sales Tax, Value Added
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues in arrears as at March 31, 2015 for a period of
more than six months from the date they became payable.
(c ) The company has been regular in transferring amounts to the
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and Rules made there
under within time.
(viii) The company has accumulated losses at the end of the financial
year, which are more than 50% of its net worth. However, company has
earned cash profits during the financial year covered by audit & in the
immediate preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, and based on the records of the Company, the Company has
not defaulted in the repayment of dues to financial institutions, banks
and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not obtained any term loans during the
year.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year nor have we
been informed of such case by the management.
For H A M & Co
Chartered Accountants
(Firm's Registration No. 136368W)
Hardik Shah
Partner Mumbai, May 27, 2015 Membership No. 137026
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Alan Scott
Industries 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
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 principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956 read with
General Circular 15/2013 dated 13th September 2013, issued by the
ministry of Corporate Affairs, in respect of section 133 of the
Companies Act, 2013. 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, subject to Note 32 of the Significant
accounting policies, the financial statements 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 March 31, 2014;
(b) in the case of the Statement of Profit and Loss , of the profits
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.
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 Companies Act, 1956 we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
2. As required by section 227(3) of the Companies Act, 1956 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 notified
under the Companies Act, 1956 read with General Circular 15/2013 dated
13lh September 2013, issued by the ministry of Corporate Affairs, in
respect of section 133 of the Companies Act, 2013; except with
Accounting Standard 15 "Employees Benefits"
(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 THE AUDITOR''S REPORT
(Referred to in paragraph 1 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets;
(b) As informed to us all the assets have been physically verified by
the Management during the year at reasonable intervals and no material
discrepancies were noticed on verification;
(c) During the year, the company has not disposed off substantial part
of the fixed assets;
(ii) (a) In our opinion and according to information and explanation
given to us, the company does not have stock of shares in physical form
at the year end. The management has verified and reconciled the stock
of shares lying in Demat form during the year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion, the procedures of verification of stock of shares
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of business.
(c) The company is maintaining proper records of stock of shares. No
discrepancies were noticed on verification between the stocks of shares
in Demat and the book records.
(iii) (a) The Company has granted not granted any loan, secured or
unsecured to the Companies firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956..
(b), (c) & (d) Since no loans are granted during the year, comment
under these clauses are not given.
(e) The company has accepted loans from one company covered in the
Register maintained u/s 301 of the Act. The maximum amount outstanding
during the year & the balance at the year-end is Rs 503,895. As per
the information and explanation given to us the above unsecured loan
was taken interest free and is repayable on demand. Hence, comments
under clause (f) and (g) are not given.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
shares and services.
(v) In our opinion, and according to the information and explanation
given to us the company has not entered into any transactions for the
purchase and sale of goods and services, with companies, firms or other
parties listed in the register maintained under section 301of the
Companies Act, 1956 and aggregating during the year to Rs.500,000/- or
more in respect for each party.
(vi) The company has not accepted any deposits from the Public and
consequently, the directives issued by the Reserve Bank of India, 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.
(vii) In our opinion, there is an internal audit system commensurate
with the size of the company''s operations and the nature of its
business.
(viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of section 209 of the Companies
Act, 1956 in respect of the services carried out by the Company.
(iX) (a) According to the records of the company and information and
explanation US undisputed statutory dues including provident fund,
Income tax Wealth Tax, Service Tax, Sales Tax, Custom Duty, ESIC and
other material statutory dues applicable to it have generally been
regularly deposited with the appropriate authorities though the delays
in deposit have not been serious. There are no statutory dues
outstanding for more than 6 months except liability of Rs 8,273/- on
account of Tax Deducted at Source.
(b) According to the information and explanation given to us, there are
no dues outstanding on account of dispute.
(x) The company has accumulated losses at the end of the financial
year, which are more than 50% of its net worth. However, the company
earned cash profits during the financial year covered by our audit & in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and any other securities.
(xiii) The provisions of any special statute applicable to a chit fund,
nidhi, mutual benefit or a society are not applicable to the Company.
(xiv) According to the information and explanation given to us, the
company is dealing in shares, securities, debentures and other
investments.
i) The company has maintained proper records of the transactions and
contracts entered,
ii) Timely entries have been made in the records maintained,
iii) The investments made and the contracts entered are in the name of
the company.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or any financial institutions during the year
(xvi) According to the information and explanation given to us, the
company has not obtained any term loans during the year.
(xvii) According to the Cash Flow Statement and the records examined by
us and according to the information and explanation given to us, the
Company has not raised funds on short term basis. Hence, comment under
this clause is not given.
(xviii) According to the information and explanation given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(xix) According to the information and explanation given to us, the
company has not issued any debentures during the year.
(xx) According to the information and explanation given to us, the
company has not raised any money by way of public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit;
For Jayesh Dadia & Associates,
Chartered Accountants
FRN: 121142W
Jayesh Dadia
Partner
M.No. 033973
Mumbai, Dated: 30.05.2014
Mar 31, 2013
We have audited the accompanying financial statements of Alan Scott
Industries Limited, which comprise the Balance Sheet as at 31st March,
2013 and the Statement of Profit and Loss 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 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 have 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;
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 paragraphs 4 and 5 of the
Order .
2. As required by section 227(3) of the Act, 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 and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss,
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956, except with Accounting Standard
15 ''Employee Benefits''.
(v) 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 THE AUDITOR''S REPORT (Referred to in paragraph 1 of our
report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situationof fixed
assets;
(b) As informed to us all the assets have been physically verified by
the Management during the year at reasonable intervals and no material
discrepancies were noticed on verification;
(c) During the year, the company has not disposed off substantial part
of the fixed assets;
(ii) (a) In our opinion and according to information and
explanation given to us, the company does not have stock of shares in
physical form at the year end. The management has verified and
reconciled the stock of shares lying in Demat form during the year. In
our opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedures of verification of stock of shares
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of business.
(c) The company is maintaining proper records of stock of shares. No
discrepancies were noticed on verification between the stocks of shares
in Demat and the book records.
(iii) (a) The Company has granted interest free loan to one party
listed in the register maintained under Section 301 of the
Companies Act, 1956. The maximum outstanding balance during the year
was Rs 4,50,412 and the year-end balance was Rs 40,233
(b) In our opinion and according to the information & explanation given
to us, the terms & conditions on which the loan have been given are not
prima-facie prejudicial to the interest of the Company.
(c) &(d) As the loan given is repayable on demand, the question of
overdue amounts does not arise.
(e) The company has accepted loans from one company covered in the
Register maintained u/s 301 of the Act. The maximum amount outstanding
during the year Rs13,30,065 and the balance at the year-end is
Rs130,065. As per the information and explanation given to us the
above unsecured loan was taken interest free and is repayable on
demand. Hence, comments under clause (f) and (g) are not given.
(iv) In our opinion and according to the information and
explanations given to us, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services.
(v) In our opinion, and according to the information and
explanation given to us the company has not entered into any
transactions for the purchase and sale of goods and services, with
companies, firms or other parties listed in the register maintained
under section 301of the Companies Act, 1956 and aggregating during the
year to Rs.500,000/- or more in respect for each party.
(vi) The company has not accepted any deposits from the Public and
consequently, the directives issued by the Reserve Bank of India, 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.
(vii) In our opinion, there is an internal audit system commensurate
with the size of the company''s operations and the nature of its
business.
(viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of section 209 o,f the Companies
Act, 1956 in respect of the services carried out by the Company.
(ix) (a) According to the records of the company and information
and explanation given to us undisputed statutory dues including
provident fund, Income tax, Wealth Tax, Service Tax, Sales Tax, Custom
Duty, ESIC and other material statutory dues applicable to it have
generally been regularly deposited with the appropriate authorities
though the delays in deposit have not been serious. There are no
statutory dues outstanding for more than 6 months except liability of
Rs 12,205/- on account of Tax Deducted at Source.
(b) According to the information and explanation given to us, there are
no dues outstanding on account of dispute.
(x) The company has accumulated losses at the end of the financial
year, which are more than 50% of its net worth. However, the company
earned cash profits during the financial year covered by our audit but
incurred cash losses in the immediately preceding financial year.
(xi) In our opinion and according to the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institution, bank or debenture holders.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and any other securities.
(xiii) The provisions of any special statute applicable to a chit fund,
nidhi, mutual benefit or a society are not applicable to the Company.
(xiv) According to the information and explanation given to us, the
company is dealing in shares, securities, debentures and other
investments.
i) The company has maintained proper records of the transactions and
contracts entered,
ii) Timely entries have been made in the records maintained,
iii) The investments made and the contracts entered
are in the name of the company.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or any financial institutions during the year
LIMITED REVIEW REPORT
Review Report to M/S. ALAN SCOTT INDUSTRIES LIMITED
We have reviewed the accompanying statement of unaudited financial
results of M/s. Alan Scott Industries Limited for the quarter ended
30th September, 2014 except for the disclosures regarding ''Public
Shareholding'' and ''Promoter and Promoter Group Shareholding'' which have
been traced from disclosures made by the management and has not been
audited by us. This statement is the responsibility of the Company''s
Management and has been approved by the Board of Directors/ Committee
of Board of Directors. Our responsibility is to issue a report on these
financial statements based on our review.
We conducted our review in accordance with the Standard on Review
Engagement (SRE) 2400, Engagements to Review Financial Statements
issued by the Institute of Chartered Accountants of India. This
standard requires that we plan and perform the review to obtain
moderate assurance as to whether the financial statements are free of
material misstatement. A review is limited primarily to inquiries of
company personnel and analytical procedures applied to financial data
and thus provide less assurance than an audit. We have not performed an
audit and accordingly, we do not express an audit opinion.
Based on our review conducted as above, nothing has come to our
attention that causes us to believe that the accompanying statement of
unaudited financial results prepared in accordance with applicable
accounting standards and other recognized accounting practices and
policies has not disclosed the information required to be disclosed in
terms of Clause 41 of the Listing Agreement including the manner in
which it is to be disclosed, or that it contains any material
misstatement.
For Jayesh Dadia & Associates
Chartered Accountants
Frm Reg No: 121142W
Jayesh Dadia Partner
Membership No. 033973
Place : Mumbai
Date : 30th October, 2014.
Mar 31, 2012
1. We have audited the attached Balance Sheet of ALAN SCOTT
INDUSTRIES LIMITED as at 31st March, 2012 and also Statement of
Profit and Loss for the year ended on that date annexed thereto. These
financial statements are the responsibility of the CompanyÂs
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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.
3. As required by the Companies (AuditorÂs Report) (Amendment) 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.
4. 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 accounts as required by the
law have been kept by the company as it appears from our
examination of the books;
(iii) The Balance Sheet and the Statement of Profit and Loss dealt
with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and the Statement of Profit
and Loss dealt with by this Report comply with the Accounting
Standards, except with Accounting Standard 15 ÂEmployee
Benefits referred to in sub section (3C) of Section 211 of the
Companies Act, 1956
(v) On the basis of 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 director is disqualified as on
31st March 2012 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956;
(vi) Attention is invited to sub note A)(e) of Note Â20Â regarding
non provision of Retirement Benefits as per Accounting Standard 15.
(vii) In our opinion and to the best of our information and
according to the explanations given to us, and subject to forgoing,
the said accounts 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 case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012; and
(b) In case of the Statement of Profit and Loss, of the Loss for
the year ended on that date.
(c) In case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing
full particulars including quantitative details and
situation of fixed assets;
(b) As informed to us all the assets have been physically
verified by the Management during the year at
reasonable intervals and no material discrepancies
were noticed on verification;
(c) During the year, the company has not disposed off
substantial part of the fixed assets;
(ii) (a) in our opinion and according to information and explanation
given to us, the company does not have stock of shares in physical form
at the year end. The management has verified and reconciled the stock
of shares lying in Demat form during the year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion, the procedures of verification of stock of shares
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of business.
(c) The company is maintaining proper records of stock of shares.
The discrepancies noticed on verification between the stocks of shares
in Demat and the book records were not material.
(iii) (a) The Company has not granted any loans to any companies,
parties or firms listed in the register maintained under Section 301
of the Companies Act, 1956.
(b), (c), (d) Since no loans are granted during the year comment
under these clauses are not given.
(e) The company has accepted loans from one party & one
company covered in the Register maintained u/s 301 of the
Act. The maximum amount outstanding during the year
Rs. 810,286(P. Y. Rs. 324,148) and the balance at the year end is
Rs. 569,874. As per the information and explanation given to us
the above unsecured loan was taken interest free and is
repayable on demand. Hence, comments under clause (f) and
(g) are not given.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and
with regard to the sale of goods and services.
(v) In our opinion, and according to the information and explanation
given to us the company has not entered into any transactions for
the purchase and sale of goods and services, with companies, firms
or other parties listed in the register maintained under section
301of the Companies Act, 1956 and aggregating during the year to
Rs.500,000/- or more in respect for each party.
(vi) The company has not accepted any deposits from the Public and
consequently, the directives issued by the Reserve Bank of India,
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.
(vii) In our opinion, there is an internal audit system commensurate
with the size of the companyÂs operations and the nature of its
business.
(viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost
records under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 in respect of the services carried out by the
Company.
(ix) (a) According to the records of the company and information and
explanation given to us undisputed statutory dues including
provident fund, Income tax, Wealth Tax, Service Tax, Sales
Tax, Custom Duty, ESIC and other material statutory dues
applicable to it have generally been regularly deposited with
the appropriate authorities though the delays in deposit have
not been serious. There are no statutory dues outstanding for
more than 6 months except liability of Rs.8,273/- on account
of Tax Deducted at Source.
(b) According to the information and explanation given to us,
there are no dues outstanding on account of dispute.
(x) The company has accumulated losses at the end of the financial
year, which are more than 50% of its net worth. The company has
incurred cash losses during the financial year covered by our audit
as well as in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
a financial institution, bank or debenture holders.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and any other
securities.
(xiii) The provisions of any special statute applicable to a chit fund,
nidhi, mutual benefit or a society are not applicable to the
Company.
(xiv) According to the information and explanation given to us, the
company is dealing in shares, securities, debentures and other
investments.
i) The company has maintained proper records of the
transactions and contracts entered,
ii) Timely entries have been made in the records
maintained,
iii) The investments made and the contracts entered are in
the name of the company.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others
from bank or any financial institutions.
(xvi) According to the information and explanation given to us, the
company has not obtained any term loans during the year.
(xvii) According to the Cash Flow Statement and the records examined
by us and according to the information and explanation given to
us, on overall basis, funds raised on short term basis have, prima
facie, not been used during the year for long term investment and
vice versa.
(xviii) According to the information and explanation given to us, the
company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under
section 301 of the Act.
(xix) According to the information and explanation given to us, the
company has not issued any debentures during the year.
(xx) According to the information and explanation given to us, the
company has not raised any money by way of public issues during
the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during
the course of our audit;
For Jayesh Dadia & Associates,
Chartered Accountants.
FRN: 121142W
Samir Shah
Partner
M.No.: 124298
Mumbai,
Dated :04/9/12