Jun 30, 2011
1. We have audited the attached Balance Sheet of AMAR REMEDIES LIMITED
as at 30th June, 2011 and also the Profit & Loss Account and Cash Flow
statement for the year ended on that date attached thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 (Auditors Report) Order, 2003, as
amended, 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 hereto a statement of the matter specified in
paragraphs 4 & 5 of the said order.
4. Further to our comments in the annexure referred to in paragraph 2
above, we report that :
a) We have obtained all the information and the 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 accounts, as required by law have
been kept by the company so far as appears from our examination of
books of accounts.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion the Balance Sheet and Profit & Loss Account referred
to in this report; comply with the accounting standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
Based on the representations made by all the Directors of the Company
and the information and explanations as made available to us by the
company, we report that none of the Directors of the company has prima
facie any disqualification as referred to in clause (g) of sub-section
(1) of section 274 of the Act.
e) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the and
subject to the notes to the accounts relating to Balance Sheet and
Profit & Loss account give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view.
i. In the case of Balance Sheet of the state of Affairs of the Company
as at 30th June, 2011.
ii. In the case of Profit & Loss account, of the Profit of the Company
for the year ended on that date.
iii. In case of Cash Flow statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to paragraph 3 of the Auditors Report of even date to the
members of Amar Remedies Limited on financial statements for the year
ended June 30,2011.
1 (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its Fixed
Assets. Fixed Assets were physically verified by the management during
the period ended on 30th June, 2011.
(b) We were informed that no material discrepancies were noticed by the
management on such verification. In our opinion, the frequency of
verification is reasonable having regards to the size of the Company
and the nature of the assets. None of the Fixed Assets have been
revalued during the period ended on 30th June, 2011.
(c ) According to the information and explanation given to us, the
company has not disposed off substantial part of any fixed assets
during the year.
2 (a) The inventory have been physically verified during the year by
the management. In our opinion the frequency of the verification is
reasonable.
(b) The procedure for physical verification of stock followed by the
Company are reasonable & adequate in relation to the size of the
Company & the nature of its business.
(c) The Company has maintained proper records of Inventories. The
Discrepancies, if any, noticed on physical verification of Stock as
compared to book records have been properly dealt within the books of
Accounts.
3 (a) As per information furnished, the Company has granted interest
free unsecured loans, to wholly owned subsidiary company and Associate
Firm. The Maximum amount outstanding during the year was Rs. 1818.46
Lacs and the year end balance of such loan was Rs. 1818.46 Lacs.
(b) In our opinion, other terms and conditions on which loans have been
granted to wholly owned subsidiary company and Associate Firm are not,
prime facie, prejudicial to the interest of the company.
(c) In the case of loans granted to wholly owned subsidiary company and
Associate Firm, where stipulation have been made, the borrowers have
been regular in repaying the principal amounts as stipulated.
(d) There is no overdue amount of more than Rupees One Lakh in respect
of loan granted to parties covered in the register maintained under
section 301 of the companies Act, 1956
(e) As per information furnished, the Company has not taken interest
free unsecured loans, from parties covered in the register maintained
under section 301 of the companies Act, 1956. Therefore, clause of (f)
& (g) are not applicable.
4 In our opinion and according to the information and explanation given
to us , there are adequate internal control procedure commensurate with
the size of the company and the nature of its business for the purchase
of inventory fixed assets and also for the sale of goods. During the
course of our audit, we have not observed any major weakness in
internal controls.
5 (a) In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301 of the companies act 1956, have been so entered.
(b) According to the information and explanation given to us, we are of
the opinion that the transaction made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6 In our opinion and according to the information and explanation given
to us, the company has not accepted any deposit from public during the
year, within the meaning of section 58A and 58AA and other relevant
provisions of the companies Act, 1956 and rules frames there under.
7 In our opinion, the internal audit system of the company is
commensurate with the size and its nature of business.
8 According to the information and explanations given to us, the
maintenance of cost records are not applicable as prescribed by the
Central Government under section 209(1) (d) of the Companies Act,1956.
9 (a) According to the information, explanation given to us and records
of the company examined by us, in our opinion the company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other
material dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and
records of the company examined by us, no dues in respect of Sales Tax,
Income Tax, Custom Duty, Excise Duty ,Cess and other material dues have
been deposited on account of dispute.
10 The company does not have accumulated losses and has not incurred
any cash losses during the period ended on 30th June, 2011 covered by
our audit or 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 institution, banks or
debentures holders.
12 According to the information and explanations given to us, the
company has not granted any loan or advances on the basis of security
by way of pledge share, debenture or other security.
13 In our opinion the company is not a chit fund or 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.
14 In our opinion and according to the information and explanations
given to us, the company is not dealing in shares securities and
debentures and other investment. Therefore the provisions of clause 4
(xiv) of the order are not applicable to the company.
15 In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loan taken by
others from bank or financial institutions.
16 According to the information and explanations given to us and the
records examined by us, on an overall basis, the term loans have been
applied for the purpose for which the loans were obtained.
17 In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance sheet of the
company, we report that no funds raised on short term basis have been
utilized for long term investment.
18 According to the information and explanations 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 Companies act, 1956.
19 According to the information and explanations given to us, the
company has not issued any debenture during the period covered by our
report. Accordingly, the provisions of clause (xix) of the order are
not applicable to the company.
20 During the year the company has not raised any amount by way of
public issue.
21 During the course of our examination of the books and records of the
company, carried in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across by instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
FOR SHYAM C. AGRAWAL & CO.
CHARTERED ACCOUNTANTS
FIRMS REGISTRATION NO.110243W
Sd/-
PLACE: MUMBAI SHYAM C. AGRAWAL
DATE: 26TH AUGUST, 2011 PROPRIETOR
(MEMBERSHIP NO. 31774)
Jun 30, 2010
We have audited the attached Balance Sheet of AMAR REMEDIES LTD. as at
30th June2010 and its Profit & Loss Account & the cash flow statement
for the year ended on that date attached 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 statement. 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.
2. 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
hereto a statement of the matter specified in paragraphs 4 & 5 of the
said order.
3. Further to our comments in the annexure referred to in paragraph 2
above, we report that :
a) We have obtained all the information and the 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 accounts, as required by law have
been kept by the company so far as appears from our examination of
books of accounts.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion the Balance Sheet and Profit & Loss Account referred
to in this report, comply with the accounting standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
e) Based on the representations made by all the Directors of the
Company and the information and explanations as made available to us by
the company, None of the Directors of the company has prima facie any
disqualification as referred to in clause (g) of sub-section (1) of
section 274 of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the and
subject to the notes to the accounts relating to Balance Sheet and
Profit & Loss account give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view.
i) In the case of Balance Sheet of the state of Affairs of the Company
as at 30th June, 2010.
ii) In the case of Profit & Loss account, of the profit of the Company
for the year ended on that date.
iii) In case of cash flow statement, cash flow for the year ended on
that date.
ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 2 of our
report of even date
1 In respect of its Fixed Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its Fixed Assets. Fixed
Assets were physically verified by the management during the period
ended on 30th June, 2010.
b) We were informed that no material discrepancies were noticed by the
management on such verification. In our opinion, the frequency of
verification is reasonable having regards to the size of the Company
and the nature of the assets. None of the Fixed Assets have been
revalued during the period ended on 30th June, 2010.
c) According to the information and explanation given to us, the
company has not disposed off substantial part of fixed assets during
the year
2 In respect of Inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the period ended on 30th June,
2010.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The company has maintained proper records on inventories. As
explained to us there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
d) The company has reasonable system of authorization at proper levels
and an adequate system of internal control commensurate with the size
of the nature of its business on issue of its business on issue of
stores and allocation of stores and labour to jobs.
3 The company had neither granted loan to any person nor taken any loan
from any person.
4 In our opinion and according to the information and explanation given
to us , there are adequate internal control procedure commensurate with
the size of the company and the nature of its business for the purchase
of inventory fixed assets and also for the sale of goods. During the
course of our audit, we have not observed any major weakness in
internal controls.
5 a. In our opinion and according to the information and explanation
given to us, the transaction made in
pursuance of contracts or arrangements that needed to be entered in the
register maintained under section 301 of the companies act 1956, have
been so entered.
b. According to the information and explanation given to us, we are of
the opinion that the transaction made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6 The company has not accepted any deposit from the public.
7 In our opinion, the internal audit system of the company is
commensurate with the size of its business.
8 We have been informed that the maintenance of cost records has not
been prescribed by the central government under section 209 (1) (d) of
the companies act, 1956.
9 According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sale Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount payable in respect of aforesaid dues were outstanding
as at 30th June, 2010 for a period of more than six months from the
date they become payable.
10 The company does not have accumulated losses and has not incurred
any cash losses during the period ended on 30th June, 2010 covered by
our audit or 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 institution, banks or
debentures holders.
12 According to the information and explanations given to us, the
company has not granted any loan or advances on the basis of security
by way of pledge share, debenture or other security.
13 The company is not a chit fund or a Nidhi/ Mutual benefit fund/
Society. Therefore, the provisions of clause 4(xiii) of the order are
not applicable to the company.
14 In our opinion and according to the information and explanations
given to us, the company is not dealing in shares securities and
debentures and other investment. Therefore the provisions of clause 4
(xiv) of the order are not applicable to the company.
15 In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loan taken by
others from bank or financial institutions.
16 According to the information and explanations given to us and the
records examined by us, on an overall basis, the term loans have been
applied for the purpose for which the loans were obtained.
17 In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance sheet of the
company, we report that no funds raised on short term basis have been
utilized for long term investment.
18 According to the information and explanations 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 Companies act, 1956.
19 According to the information and explanations given to us, the
company has not issued any secured debenture during the period covered
by our report. Accordingly, the provisions of clause (xix) of the order
are not applicable to the company.
20 During the year the company has not raised any amount by way of
public issue.
21 During the course of our examination of the books and records of the
company, carried in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across by instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For SHYAM C. AGRAWAL & CO.
Chartered Accountants
SD/-
SHYAM C. AGRAWAL
Proprietor
(Membership No. 31774)
Place : Mumbai
Date : 28TH AUGUST, 2010
Jun 30, 2009
We have audited the attached Balance Sheet of AMAR REMEDIES LTD. as at
30th June2009 and its Profit & Loss Account & the cash flow statement
for the year ended on that date attached 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,
1. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 statement. 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.
2. 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
hereto a statement of the matter specified in paragraphs 4 & 5 of the
said order.
3. Further to our comments in the annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and the 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 accounts, as required by law have
been kept by the company so far as appears from our examination of
books of accounts.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion the Balance Sheet and Profit & Loss Account referred
to in this report, comply with the accounting standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
e) Based on the representations made by all the Directors of the
Company and the information and explanations as made available to us by
the company, None of the Directors of the company has prima facie any
disqualification as referred to in clause (g) of sub-section (1) of
section 274 of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the and
subject to the notes to the accounts relating to Balance Sheet and
Profit & Loss account give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view.
i) In the case of Balance Sheet of the state of Affairs of the Company
as at 30th June, 2009.
ii) In the case of Profit & Loss account, of the profit of the Company
for the year ended on that date.
iii) In case of cash flow statement, cash flow for the year ended on
that date.
Referred to in paragraph 2 of our report of even date
1 In respect of its Fixed Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its Fixed Assets. Fixed
Assets were physically verified by the management during the period
ended on 30th June, 2009.
b) We were informed that no material discrepancies were noticed by the
management on such verification. In our opinion, the frequency of
verification is reasonable having regards to the size of the Company
and the nature of the assets. None of the Fixed Assets have been
revalued during the period ended on 30th June, 2009.
c) According to the information and explanation given to us, the
company has not disposed off substantial part of fixed assets during
the year.
2 In respect of inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the period ended on 30th June,
2009.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The company has maintained proper records on inventories. As
explained to us there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
d) The company has reasonable system of authorization at proper levels
and an adequate system of internal control commensurate with the size
of the nature of its business on issue of its business on issue of
stores and allocation of stores and labour to jobs.
3 The company had neither granted loan to any person nor taken any loan
from any person.
4 In our opinion and according to the information and explanation given
to us , there are adequate internal control procedure commensurate with
the size of the company and the nature of its business for the purchase
of inventory, fixed assets and also for the sale of goods. During the
course of our audit, we have not observed any major weakness in
internal controls.
5 a. In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
section 301 of the companies act 1956, have been so entered.
b. According to the information and explanation given to us, we are of
the opinion that the transaction made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6 The company has not accepted any deposit from the public.
7 In our opinion, the internal audit system of the company is
commensurate with the size of its business.
8 We have been informed that the maintenance of cost records has not
been prescribed by the central government under section 209 (1) (d) of
the companies act, 1956.
9 According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sale Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at 30* June, 2009 for
a period of more than six months from the date they become payable.
10 The company does not have accumulated losses and has not incurred
any cash losses during the period ended on 30th June, 2009 covered by
our audit or 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 or
debentures holders.
12 According to the information and explanations given to us, the
company has not granted any loan or advances on the basis of security
by way of pledge share, debenture or other security.
13 The company is not a chit fund or a nidhi/mutual benefit fund/
society. Therefore, the provisions of clause 4(xiii) of the order are
not applicable to the company.
14 In our opinion and according to the information and explanations
given to us, the company is not dealing in shares securities and
debentures and other investment. Therefore the provisions of clause 4
(xiv) of the order are not applicable to the company.
15 In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loan taken by
others from bank or financial institutions.
16 According to the information and explanations given to us and the
records examined by us, on an overall basis, the term loans have been
applied for the purpose for which the loans ware obtained.
17 In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance sheet of the
company, we report that no funds raised on short term basis have been
utilized for long term investment.
18 According to the information and explanations 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 Companies act, 1956.
19 According to the information and explanations given to us, the
company has not issued any secured debenture during the period covered
by our report. Accordingly, the provisions of clause (xix) of the order
are not applicable to the company.
20 During the year the company has not raised any amount by way of
public issue.
21 During the course of our examination of the books and records of the
company, carried in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across by instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For SHYAM C.AGRAWAL &CO.
Chartered Accountants
Sd/-
SHYAM C.AGRAWAL
(Proprietor)
(Membership No.31774)
Place :Mumbai
Date :30th September,2009
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