Mar 31, 2015
We have audited the accompanying financial statements of ASHOKA
REFINERIES LTD. ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and 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, which we have
signed under reference to this report.
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 and presentation 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. 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 31 March 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 Act, we give in the Annexure a
statement on the matters specified in the paragraph 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;
(c) In our opinion ,Subject to Point No.3 given below, 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;
(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 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014::
(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; as Page 3 of 4 such the question of commenting on
any material foreseeable losses thereon does not arise
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
3. Attention of the members is drawn to the following Notes:-
a. Note No.12 of Notes on financial statements regarding certain
disclosure relating to Micro / Small / Medium Enterprises.
Annexureto Companies (Auditor's Report) Order, 2015 ("the Order") to
the members of Ashoka Refineries Ltd on the accounts of the company for
the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) There are no fixed assets in the company.
(ii) The Company is not engaged in trading and manufacturing
activities. Hence, the requirement of clause (ii) of paragraph 3 of the
said Order is not applicable to the Company
(iii) The company has not granted any loans, secured or unsecured
to/from 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
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
supply of services. Further, on the basis of our examination, and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
(V)The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act
(vii) ( a)According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employee's state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty and cess were in arrears, as at 31st March 2015 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015.
(viii) The Company does not have accumulated losses of more than 50% of
its net worth as on 31st March, 2015 and company has incurred cash
losses during the financial year ended on the date.However the company
has not incurred cash losses in the immediately preceeding financial
year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year
and did not have any term loans outstanding during the year.
(xi) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our
For, SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REG. NO. 005960C
(BIVOR KUMAR)
PLACE: RAIPUR PARTNER
DATED: 28/05/2015 M .No: 422898
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of ASHOKA
REFINERIES LTD. ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and 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, which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under ''the Companies Act, 1956'' of
India (the "Act") read with the General Circular 15/ 2013 dated
September 13, 2013 of 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, subject to note given below, and to the best of our
information and according to the explanations given to us, the
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Profit and Loss Account, of the Loss 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
including companies (Auditors Report) (Amendment) order 2004 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 & 5 of the said order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of
those books
c. The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d. In our opinion, subject to point no. 3 given below the Balance
Sheet and Profit & Loss Account dealt with by this report comply with
the accounting standards referred to in sub- section (3C) of section
211of the companies Act, 1956 read with general circular 15/2013 dated
13 Spetember2013 of Ministry of Corporate Affairs in respect of section
133 of the Companies Act 2013 and
e. On the basis of written representations received from all 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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
3. Attention of the members is drawn to the following Notes:-
a. Note No.12 of Notes on financial statements regarding certain
disclosure relating to Micro / Small / Medium Enterprises.
b. Note No. 14 of Notes on financial statements regarding non
provision of listing fees for the FY 2013-14
ANNEXURE TO THE AUDITOR''S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
I. The Company has no fixed assets hence Clause 4(i) (a) to (c) of
CARO 2003 is not applicable to the Company.
II. The Company is not engaged in Trading or manufacturing activities
hence does not have to maintain inventory, therefore Clause 4(ii) (a)
to (c) of CARO 2003 is not applicable to the Company.
III. a) As informed by us, the Company has neither granted nor taken
any loans, secured or unsecured to/from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. Since the Company has neither granted nor taken
any loans, secured or unsecured to/from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956, clauses 4(iii) (a) to (g) of CARO 2003 are not
applicable to the Company.
IV. In our opinion and according to the information and explanations
there are adequate internal control procedures'' commensurate with the
size of the company and the nature of its business with regard to
supply of services. Further, on the basis of our examination, and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V. a) According to the information and explanations given to us,
Company has not entered into any contract or arrangement referred to in
section 301 of the act.
b) As the Company has not entered into any transaction, no comments
have been given in respect of Clause 4(v) of the CARO, 2003.
VI. In our opinion according to the information and explanations
provided by the management, in our opinion, the company has not
accepted any public deposits. Hence no comments have been given in
respect of Clause 4(vi) of the CARO, 2003.
VII. The Company does not have a formal internal audit system. However,
in our opinion, there are adequate internal control procedures
commensurate with the size and nature of the business.
VIII. The maintenance of the cost records under section 209(1 )(d) of
the Companies Act, 1956, is not applicable to the Company.
IX. a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employee''s state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty and cess were in arrears, as at 31st March 2014 for a period of
more than six months from the date they became payable.
b) As on 31st March 2014, according to the records of the Company,
there are no dues of sales tax, income-tax, customs tax / wealth tax,
excise duty, Service Tax / cess on account of any dispute.
X. The Company has not accumulated losses of more than 50% of its net
worth as on 31st March, 2014 and company has not incurred cash losses
during the financial year ended on the date and immediately previous
year.
XI. Since there is no borrowing from Bank / Financial Institution,
Hence no comments have been given in respect of Clause 4(XI) of the
CARO, 2003.
XII. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of pledge of shares,
debentures and other securities.
XIII. In our opinion and to the best of our knowledge and according to
the explanations provided by the management, that the company is
neither a Chit Fund nor a Nidhi/mutual benefit society. Hence, the
requirements of Clause 4(xiii) of CARO, 2003 do not apply to the
Company.
XIV. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of CARO 2003 is not applicable to the
company.
XV. The Company has not given guarantees for loans taken by others
from bank or financial institutions. Accordingly, the provision of
clause 4 (XV) of CARO 2003 is not applicable to the company.
XVI. The Company has neither raised any term loans during the year nor
was any unutilized amount left on this account, as at the beginning of
the year. Therefore, the provision of clause 4 (XVI) of CARO 2003 is
not applicable to the company.
XVII. 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 used for long-term
investment by the Company.
XVIII. The Company has not made any fresh allotment of shares during
the year.
XIX. The Company did not issued debentures during the year.
XX. The Company has not raised any money by public issue during the
period covered by our audit report.
XXI. To the best of our knowledge and belief, and according to the
information and explanations given to us, and the records of the
Company examined by us, no fraud on or by the Company was noticed or
reported during the year.
FOR, SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN.N0.005960C
(SUNIL JOHRI)
PARTNER
M.NO.074654
PLACE: RAIPUR
DATE: 02.09.2014
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of Ashoka
Refineries Limited, which comprise the Balance Sheet as at March 31,
2013, the Statement of Profit a Loss Cash Fluw 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 i true and fair view of the financial position,
financial performance *nd cash flows of the Company in accordance with
the Accounting Standards referred to in subsection (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control ce
levant 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 trs.it we comply with
ethical requirements and plan and perform toe audit to obtain
reasonable assurance about whether the financial statements are free
from rnaterial 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 malting those risk assessments, the auditor
considers internal control relevant to the Company''s preparation aid
fair presentation of the financial statements in order to design audit
prccerlurps that arp appropriate in the circumstances. An audit also
includes eva bating 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 one information and according to the
explanation given ro us, the financial statements give the information
required by the Act in the manner so requiied 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 a 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,
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) order, 20Ds.
(together the "order) issued by the Central Government nf India in
terms of sub-section (4A) of section 227 of the companies Act, 1955 of
India (the ''Act''t, we enclose in the Annexure a Statement on the
matters specified in paragraphs 4 & 5 of the said order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations whch in the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of atcuunt as required by law have been
kept by the Company so far as appears from Our examination of those
books
c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by tnis Report are in agreement with the books of
account-
d) In our opinion, the Balance Sheet and Statement of Profit & Loss
comply with the Accounting Standards referred to in subjection |3C) of
section 211 of the Companies Act, 1956;
e) On the bask of written representations received from the
directors-as on March 31,2013-, and taken on record by the Board Df
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.
(iii) a) The inventory has been plysically verified at regular
intervals during the year by the management. Il our opinion, the
frequency of such verification is reasonable.
b) The procedures of Physical verification of inventories followed by
the managenment are reasonable and adequate in rekdlen. to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the hysical stock and the
book records were not material.
(iii) a) According to the information and explaination given to us, the
rate of interest and other terms and conditions on which loans have
been taken from/ granted to companies, firms or other parties listed in
the register maintained under section 301 of the Comapnies Act, 1956
are not prima facie, prejudicial to the intrest of the Company.
b) Parties to whom the advances in the nature of loans have been given
by the company are not paying the samw as stipulated. The company is
yet to take any concrete steps for the recocery of the same.
c) In our opinion and according to the information and explaination
given to us, during the company had taken Unsecured Loan, from 2
parties listed in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs. 0.87 Lacs and year end balance from such parties was Rs.0.18. Lacs.
d) In our opinion, terms and conditions on which loan has been taken
from parties listed in the register maintained u/s, 301 of the
companies Act, 1956 are not prima facie prejudicial to the interet of
the company.
e) As regards the loans taken as stated in Para Para (b) above, the
terms of repayment have not been stipulated.
(iv) In our opinion and according to the information and explainations
given to us there are adequate internal control procedures commensurate
with the size of the company and the natuer of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) a) According to the information and explainations given to us, we
are of the opinion that there is no transaction and explainations given
to us, we are of the opinion that there is no transactions that need to
be entered into the register maintained under section 301 of the
Copmanies Act, 1956 have been so entered.
b) In our opinion and according to the information and explainations
given to us, that there is no transactions made in pursuance of
contract or arrangements entered in the register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lacs in respect of any party during the year have been made
at prices which are reasonable having to prevailing market prices at
the relevant time.
(vi) In our opinion and according to the information and explainations
given to us, the company has not accepted any deposits from the public,
thus the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 are not applicable. The
Copmany Law Board has not passed any order.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under clayse (d) of subsection (1) of Section 209 of the
Copmanies Act, 1956 for any of the products manufactured by the
company.
(ix) According to the information and explaination given to us and on
the basis of our examination of books of accounts, we are in the
opinion that the Provident fund, Employees State Insurance, Investor
Education Protection Fund and Wealth tax are not applicable to the
copmany, however Company has been generally regular in depositing
undisputed other statutory dues including Investor Education Protection
Fund, Employees'' state insurance, Income tax, Sales tax, ss, Custom
duty and Excise duty and other statutory dues with appropriate
authorities, whereever applicable to it and there are no arrears of
outstanding statutory dues, as at the last day of the financial year
for a period of more than six month from the date they became payable.
(x) The company has accumulated losses as at the end of the year which
is nor more that 50% of its net worth.
(xi) According to the information and explainatins given to us, the
company does not have any loan from financial institution or bank.
(xii) According to the information and explainations given to us, we are
of the opinion that the company has not granted loans and advances on
the basis of security by way of pledge of shares, debentured and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund society, I herefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order 2003 are not applicable to the
company.
(xiv) According 10 information and explanation given to us. we are in
opinion that the company is not dealing in or trading in shares,
securities, debenture and other investments during the year
Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(xv) According to the information and explanation given to us. we are
of the opinion that the company has not given any guarantee for loans
taken by others from banks or financial institutions.
(xvi) According to the information and explanations given to us, we are
of the opinion that the company has not obtained any term loans.
(xvii) According to the information and explanations given to us, we
report that the funds raised on short-term basis have not been used for
long-term investmeni and vice versa.
(xviii) 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 during the year.
(xix) The company has not issue any debentures during the year.
(xx) During the year covered by our audit report the company has not
raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and accordingly 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, SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:005960C .
SUNIL JOHRI
(PARTNER)
M.NO. 074654
PLACE: RAIPUR
DATED: 08/07/2013
Mar 31, 2012
We have audited the attached balance sheet of M/s Ashoka Refineries
Limited, as at 31st March'2012 and also the Cash flow statement and
the Profit & Loss A/c 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 that amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
As required by the companies (Auditor's Report) order, 2003 issued by
the Department of Company Affairs, Government of India in terms of
Sub-section (4A) of section 227 of the companies Act, 1956, and on the
basis of such checks of the Books of Records of the company as we
considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a Statement on the
matters specified in paragraphs 4 & 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:-
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
2. 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.
3. The Balance sheet and profit & loss account and also Cash flow
statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and 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 21 lof
the companies Act, 1956, to the extent applicable.
5. On the basis of written representation received from the Directors,
as on 31st March' 2012, and taken on record by the Board of Directors,
we report that none of the Directors 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.
6. 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
Significant Accounting Policies in the Schedule - "N" 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 balance sheet, of the state of affairs of the
company as on 31st March'2012.
b. In the case of profit & loss account, of the Profit for the year
ended on that date: and
c. In the case of cash flow statement, of cash flow 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. The Company has no fixed assets hence no comment required regarding
this Para.
II. The Company is not engaged in Trading or Manufacturing activities
hence no comment is called for this para.
III a. In our opinion and according to the information and explanation
given to us , the company has not granted unsecured loans to companies
& firms or other parties covered in the register maintained under
section 301 of the company acts, 1956.
The Company has not taken loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956. Hence, other points of this clause are
not applicable.
IV. In our opinion and according to the information and explanations
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of services & supply of services. Further, on the basis of our
examination, and according to the information and explanations given to
us, we have neither come across nor have been informed of any instance
of major weaknesses in the aforesaid internal control procedures.
V. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
the register maintained under Section 301 of the Companies Act, 1956
have not been occurred.
(b) In our opinion and having regard to our comments in para (v) above,
no transactions made in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956, hence no comment called for in this regard.
VI. Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our
opinion, the company has not accepted any public deposits. Hence the
clause does not apply.
VII. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
VIII. According to the information and explanations given to us and
according to the books and records as produced and examined by us the
Company is not engaged in production, manufacturing or mining
activities. Hence, the provisions of section 209 (1) (d) do not apply
to the company. Hence, no comment on maintenance of cost records under
section 209 (1) (d) is required.
IX. (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employee's state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty and cess were in arrears, as at 31st March, 2012 for a period of
more than six months from the date they became payable.
(b) As on 31st March 2012, according to the records of the Company,
there are no dues of sales tax, income-tax, customs tax/wealth tax,
excise duty, Service Tax/cess on account of any dispute.
X. The Company has not accumulated losses of more than 50% of its net
worth as on 31st March. 2012 and however company has not incurred cash
losses during the financial year ended on the date and immediately
previous year.
XI. According to the books and records as produced and examined by us,
in our opinion, this Para not applicable to company since no borrowing
from Bank/Financial Institution has been made.
XII. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of pledge of shares,
debentures and other securities.
XIII. In our opinion and to the best of our knowledge and according to
the explanations provided by the management, that the company is
neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the
requirements of para 4(xiii) of the Order do not apply to the Company.
XIV. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the companies (Auditors Report) Order
2003 are not applicable to the company.
XVII. 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 used for long- term
investment by the Company.
XVIII. According to the records of the company and information and
explanation provided by the management, the Company has not made
preferential allotment of shares to parties covered in the Register
maintained under Section 301 of the Companies Act, 1956 during the
year.
XIX. The Company has not issued debentures; hence question of creation
of securities or charge does not arise.
XX. The Company has not raised any money by public issue during the
period covered by our audit report.
XXI. According to the information and explanations given to us, during
the year no fraud on or by the Company has been noticed or reported.
FOR SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 005960C
(SUNIL JOHRI)
PARTNER
M. NO. 074654
PLACE : RAIPUR
DATED : 01/09/2012
Mar 31, 2011
We have audited the attached balance sheet of M/s Ashoka Refineries
Limited, as at 31st March' 2011 and also the Cash flow statement and
the Profit & Loss A/c 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 that amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
As required by the companies (Auditor's Report) order, 2003 issued by
the Department of Company Affairs, Government of India in terms of
Sub-section (4 A) of section 227 of the companies Act, 1956, and on the
basis of such checks of the Books of Records of the company as we
considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a Statement on the
matters specified in paragraphs 4 & 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that :-
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
2. 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.
3. The Balance sheet and profit & loss account and also Cash flow
statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and 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 21 lof
the companies Act, 1956, to the extent applicable.
5. On the basis of written representation received from the Directors,
as on 31st March' 2011, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March'
2011 from being appointed as a Directors in terms of Clause-(g) of sub-
section (1) of section 274 of the companies Act, 1956.
6. 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
Significant Accounting Policies in the Schedule - "N" 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 balance sheet, of the state of affairs of the
company as on 31st March'2011.
b. In the case of profit & loss account, of the Profit for the year
ended on that date: and
c. In the case of cash flow statement, of cash flow 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. The Company has no fixed assets hence no comment required regarding
this para.
II The Company is not engaged in Trading or Manufacturing activities
hence no comment is called for this para.
III. a. In our opinion and according to the information and
explanation a given to us , the company has not granted unsecured loans
to companies & firms or other parties covered in the register
maintained under section 301 of the company acts, 1956.
The Company has not taken loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956. Hence, other points of this clause are
not applicable.
IV. In our opinion and according to the information and explanations
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of services & supply of services. Further, on the basis of our
examination, and according to the information and explanations given to
us, we have neither come across nor have been informed of any instance
of major weaknesses in the aforesaid internal control procedures.
V. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
the register maintained under Section 301 of the Companies Act, 1956
have not been occurred.
(b) In our opinion and having regard to our comments in para (v) above,
no transactions made in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956, hence no comment called for in this regard.
VI Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our
opinion, the company has not accepted any public deposits. Hence the
clause does not apply.
VII In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business
VIII The Company is not engaged in production, manufacturing or mining
activities. Hence, the provisions of section 209 (1) (d) do not apply
to the company. Hence, no comment on maintenance of cost records under
section 209 (1) (d) is required.
IX (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employee's state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty and cess were in arrears, as at 31st March 2011 for a period of
more than six months from the date they became payable.
(b) As on 31st March 2011, according to the records of the Company,
there are no dues of sales tax, income-tax, customs tax/wealth tax,
excise duty, Service Tax/cess on account of any dispute.
X The Company has not accumulated losses of more than 50% of its net
worth as on 31st March, 2011 and however company has not incurred cash
losses during the financial year ended on the date and immediately
previous year.
XI According to the books and records as produced and examined by us,
in our opinion, this Para not applicable to company since no borrowing
from Bank/ Financial Institution has been made.
XII According to the information and explanations given to us and based
on the documents and records produced before us, the Company has not
granted any loans and advances on the basis of pledge of shares,
debentures and other securities.
XIII In our opinion and to the best of our knowledge and according to
the explanations provided by the management, that the company is
neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the
requirements of para 4(xiii) of the Order do not apply to the Company.
XIV Proper records have been maintained of the investment of shares and
shares have been held by company in its own name.
XV The Company has not given guarantees for loans taken by others from
bank or financial institutions.
XVI According to the records of the company, the company has not
obtained any term loans, hence comment under the clause are not called
for.
XVII 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 used for long- term
investment by the Company.
XVIII According to the records of the company and information and
explanation provided by the management, the Company has not made
preferential allotment of shares to parties covered in the Register
maintained under Section 301 of the Companies Act, 1956 during the
year.
XIX The Company has not issued debentures; hence question of creation
of securities or charge does not arise.
XX The Company has not raised any money by public issue during the
period covered by our audit report.
XXI According to the information and explanations given to us, during
the year no fraud on or by the Company has been noticed or reported.
FOR, SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN.NO.005960C
(SIDDHESH KUMAR SHARMA
PARTNER
M.NO.411002
PLACE : RAIPUR
DATED : 05-08-2011
Mar 31, 2010
We have audited the attached balance sheet of M/s Ashoka Refineries
Limited, as at 31st March 2010 and also the Cash flow statement and
the Profit & Loss A/c for the year ended on that date annexed thereto.
These financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with 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 that amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
As required by the companies (Auditors Report) order, 2003 issued by
the Central Government of India in terms of Sub-section (4 A) of
section 227 of the companies Act, 1956, we enclose in the Annexure a
Statement on the matters specified in paragraphs 4 & 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that :-
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
2. 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.
3. The Balance sheet and profit & loss account and also Cash flow
statement dealt with this report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and 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.
5. On the basis of written representation received from the Directors,
as on 31st March 2010, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2010 from being appointed as a Directors in terms of Clause (g) of sub-
section (1) of section 274 of the companies Act, 1956.
6. 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
significant Accounting Policies in the schedule "P" 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 balance sheet, of the state of affairs of the
company as on 31st March2010.
b. In the case of profit & loss account, of the Profit for the year
ended on that date: and
c. In the case of cash flow statement, of cash flow for the year ended
on that date.
We have examined the above Cash Flow statement of Ashoka Refineries
Limited, for the year ended 31st March2010 and certify that this is
based on and is in agreement with the corresponding Balance sheet and
profit & loss account of the company covered by our report
dt.22-08-2010 to the members of the company.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE.
I. The Company has no fixed assets hence no comment required regarding
this para.
II The Company is not engaged in Trading or Manufacturing activities
hence no comment is called for this para.
III a. In our opinion and according to the information and explanation
a given to us , the company has not granted unsecured loans to
companies & firms or other parties covered in the register maintained
under section 301 of the company acts, 1956.
The Company has not taken loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301of the companies Act, 1956. Hence, other points of this clause are
not applicable.
IV. In our opinion and according to the information and explanations
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of services & supply of services. Further, on the basis of our
examination, and according to the information and explanations given to
us, we have neither come across nor have been informed of any instance
of major weaknesses in the aforesaid internal control procedures.
V. (a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have not been
occurred.
(b) In our opinion and having regard to our comments in para (v) above,
no transactions made in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956, hence no comment called for in this regard
VI Based on our scrutiny of the companys records and according to the
information and explanations provided by the management, in our
opinion, the company has not accepted any public deposits. Hence the
clause does not apply.
VII In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
VIII The Company is not engaged in production, manufacturing or mining
activities. Hence, the provisions of section 209 (1) (d) do not apply
to the company. Hence, no comment on maintenance of cost records under
section 209 (1) (d) is required.
IX (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty and cess were in arrears, as at 31st March 2009 for a period of
more than six months from the date they became payable.
(b) As on 31st March 2010, according to the records of the Company,
there are no dues of sales tax, income-tax, customs tax/wealth tax,
excise duty, Service Tax/cess on account of any dispute.
X The Company has not accumulated losses of more than 50% of its net
worth as on 31st March, 2010 and however company has not incurred cash
losses during the financial year ended on the date and immediately
previous year.
XI According to the books and records as produced and examined by us,
in our opinion, this Para not applicable to company since no borrowing
from Bank/ Financial Institution has been made.
XII According to the information and explanations given to us and based
on the documents and records produced before us, the Company has not
granted any loans and advances on the basis of pledge of shares,
debentures and other securities.
XIII In our opinion and to the best of our knowledge and according to
the explanations provided by the management, that the company is
neither a Chit Fund nor a nidhi/mutual benefit society. Hence, the
requirements of para 4(xiii) of the Order do not apply to the
Company.
XIV Proper records have been maintained of the investment of shares and
shares have been held by company in its own name.
XV The Company has not given guarantees for loans taken by others from
bank or financial institutions.
XVI According to the records of the company, the company has not
obtained any term loans, hence comment under the clause are not called
for.
XVII 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 used for long- term
investment by the Company.
XVIII According to the records of the company and information and
explanation provided by the management, the Company has not made
preferential allotment of shares to parties covered in the Register
maintained under Section 301 of the Companies Act, 1956 during the
year.
XIX The Company has not issued debentures; hence question of creation
of securities or charge does not arise.
XX The Company has not raised any money by public issue during the
period covered by our audit report.
XXI According to the information and explanations given to us, during
the year no fraud on or by the Company has been noticed or reported.
FOR, SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN. NO.005960G
PLACE : RAIPUR
DATED : 22-08-2010
(SIDDHESH KUMAR SHARMA>
PARTNER
M.NO.411002