Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS standalone financial statements of Camex Limited ("the company"), (CIN-L25111GJ1989PLC013041) which comprises the Balance Sheet as at 31st March 2018, Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and Statement of Changes in Equity for the year then ended, summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Ind AS 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 Ind AS standalone financial statements that give a true and fair view of the financial position and financial performance including other comprehensive income, cash flows and changes in equity of the company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these Ind AS standalone financial statements based on our audit. While conducting 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 and the order issued under section 143(11) of the Act.
We conducted our audit of the Ind AS standalone financial statements 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS standalone 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 Ind AS standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Board of Directors, as well as evaluating the overall presentation of the Ind AS standalone 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 Ind AS standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including the Ind AS, of the financial position of the company as at March 31, 2018, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the Order.
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) The Balance Sheet and the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and Statement of Changes in Equity, dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind AS financial statement comply with the Indian Accounting Standards specified under section 133 of the Act, read with relevant rules issued there under;
(e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) Reporting With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.
A Statement on the matters specified in paragraphs 3 & 4 of the Companies (Auditor''s Report) order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 of Camex Limited ("the company"), (CIN- L25111GJ1989PLC013041) for the year ended on 31st March, 2018, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets relating to the company.
(b) The fixed assets have been physically verified during the year by the Management in accordance with program of physical verification, which in our opinion, provides for physical verification of all fixed assets at a reasonable intervals having regard to size of the Company and nature of fixed assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) Based upon the audit procedure performed and according to the records of the company, title deeds of all the immovable properties are in the name of Company.
(ii) The company management has conducted the physical verification of inventory at reasonable intervals and discrepancies noticed on verification were not material and have been properly dealt with in the books of accounts.
(iii) The company has not granted loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the reporting requirements of paragraph 3 (iii) of the Order, are not applicable.
(iv) In respect of loans, investment, guarantee and security attracting the provisions of Section 185 and 186 of the Act have been complied with by the company.
(v) According to the information and explanations given to us the company has not accepted deposits from the public within the meaning of Sections 73 to 76 of the Act, and the rules framed there under. Therefore, the reporting requirements of paragraph 3 (v) of the Order, are not applicable.
(vi) The company has made and maintained the cost records as prescribed by the Central Government under section 148(1) of the Act.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the company in respect of undisputed statutory dues of Service Tax, Goods and Service Tax, Income Tax, Tax Deducted at Source, Tax Collected at Source, Professional Tax, Cess and other material statutory dues have been regularly deposited during the year by the company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Service Tax, Goods and Service Tax, Income Tax, Tax Deducted at Source, Tax Collected at Source, Professional Tax, Cess and other material statutory dues were in arrears as at 31st March, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material dues of Service Tax, Goods and Service Tax, Income Tax, Tax Deducted at Source and Tax Collected at Source, Professional Tax, which have not been deposited with the appropriate authorities on account of any dispute.
(viii) Based on our audit procedure and the information and explanations given by the management, we are of the opinion that the company has not defaulted in re-payment of loans to banks . The company has not borrowed or raised any money from debenture holders during the year.
(ix) The company has not raise any money by way of initial public offer or further public offer (including debt instruments). Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the company.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the Management, we report that no material fraud on or by the company has been noticed or reported during the year.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion, the Company is not a chit fund or a Nidhi/Mutual Benefit Fund/ Society. Therefore, the provisions of Clause 3(xi) of the Order are not applicable to the Company.
(xiii) According to the information and explanation given to us and on the basis of our examination of the records of the company, transactions with related parties are in compliance with Section 177 and 188 of the Act, where applicable and also the details which have been disclosed in the Ind AS Financial Statements as required by the applicable accounting standard.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, paragraph 3 (xiv) of the Order is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly reporting requirement of paragraph 3(xv) of the order is not applicable.
(xvi) According to the information given and as explained to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Camex Limited ("the Company") (CIN-L25111GJ1989PLC013041) as of March 31st 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by the ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For, P.M. Nahata & Co.
Chartered Accountants
Firm Reg. No: 127484W
CA. Pankaj Nahata
Place: Ahmedabad Partner
Date: 30th May, 2018 Membership No:115636
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Camex Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Profit and Loss Statement, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the 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 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 of 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 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
controls systems 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 31st 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 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.
(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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 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 in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion 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.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
A Statement on the matters specified in paragraphs 3 & 4 of 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 of CAMEX LIMITED for the year ended on 31st
March, 2015.
We report that :
I (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased manner, which in
our opinion is reasonable, having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such physical verification.
(ii) (a) As explained to us, the inventory has been physically verified
by the management at regular intervals during the year.
(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 nature of its business.
(c) The company has maintained proper records of inventories. As
explained to us there were no material discrepancies notices on
physical verification of inventories as compared to the book records.
(iii) The Company has not granted any loans to bodies corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('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 purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section148(1) of the Companies Act.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, employee's state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs,duty of
excise, value added tax, cess and other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities and there were no undisputed statutory dues
outstanding for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
c) According to the information and explanations given to us there were
no amounts to be transferred to the investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules there under.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses in the
financial year and in the immediately preceding financial year.
(ix) The Company has not defaulted in repayment of dues to a financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us and on examination of balance sheet of the company, the
term loans were applied for the purpose for which the loans were
obtained.
(xii) 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 audit.
For, Surana Maloo & Co.
Chartered Accountants
FRN 112171W
sd/-
Per, Vidhan Surana
Place : Ahmedabad Partner
Date :30th May, 2015 Membership No.: 041841
Mar 31, 2014
We have audited the accompanying financial statements of Camex 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
ended and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, cash flow and financial performance of the Company in
accordance with the accounting standards notified under the companies
Act, 1956 (the Act) read with the general circular 15/2013 dated 13th
September 2013 of Ministry of Corporate Affairs in respect of section
133 of the Companies Act, 2013 and in accordance with the Accounting
principles generally accepted in India. 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.
Auditors'' 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 misstatements.
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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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.
I 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 aforesaid 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 Statement of Profit and Loss, 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, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) 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:
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, 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 Balance Sheet and the Statement of Profit and
Loss comply with the Accounting Standards notified under the Act read
with the general circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act,1956.
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
(Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date)
In our opinion and according to the information and explanations given
to us, the nature of the company''s business/activities during the year
are such as that matters specified in clauses (VI), (VIII), (X),
(XN),(XIN), (XIV), (XV), (XIX) and (XX) of paragraph 4 of the order are
not applicable to the company. In respect of the other clauses, we
report as under:
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 on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets, No material discrepancies were
noticed on such physical verification.
(c) In our opinion the Company has not disposed off any substantial
part of fixed assets during the year and the going concern status of
the company is not affected.
II In respect of its inventories:
(a) As explained to us, the inventories have been physically verified
by the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
size of the company and nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
III In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956:
(a) As per the information and explanation given to us, and on the
basis of records produced before us, the company has not given loan to
any party. In respect of the said loan, the maximum amount outstanding
at any time during the year was Rs. Nil (Closing Balance: Nil).
(b) Not Applicable
(c) Not Applicable
(d) Not Applicable
(e) The Company has taken unsecured loan from one party covered u/s 301
of the Act. In respect of the said loan, the maximum balance
outstanding at any time during the year was Rs. 4,57,00,112/ - and the
year-end balance was Rs. 1,91,92,594/-.
(f) In our opinion and according to the information and explanations
given to the rate of interest, wherever applicable and other terms and
conditions are not prima facie prejudicial of the interest of the
Company.
(g) In respect of loans taken by the company, the interest payments are
regular and the principal amount is repayable on demand and therefore
the question of overdue amount does not arise.
IV In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with respect to the purchases of inventory and fixed assets, for the
sale of goods & services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in the
internal control system.
V In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
VI In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
VII In respect of statutory dues:
(a) According to the records of the company, undisputed statutory dues
including Employees Provident Fund, Income Tax, Sales Tax, Wealth Tax,
Custom Duty, Cess and other statutory dues have been generally
deposited with the appropriate authorities in time. According to the
information and explanations given to us, no undisputed payable in
respect of the aforesaid dues were outstanding as at 31st March, 2014
for a period of more than six months from the date of becoming payable.
(b) According to the information & explanation given to us there is not
any disputed statutory dues which have not been deposited on account of
matters pending before the appropriate authorities.
VIII Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to banks, non-banking financial
company.
IX In our opinion and according to information and explanation given to
us, on an overall basis, the term loans have been applied for the
purposes for which they were obtained.
X According to the information and explanations given to us and on
examination of balance sheet of the company, we report that no funds
raised on short-term basis have been used for long-term investment.
XVIIIAccording to information and explanations given to us and the
company has issued 14,00,000 equity shares on preferential basis to
parties and companies covered in the register maintained u/s 301 of the
Act.
XXI. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For, Surana Maloo & Co.
Chartered Accountants
Firm Registration No: 112171W
sd/-
Per, Vidhan Surana
Place : Ahmedabad Partner
Date : 30th May, 2014 Membership No.: 041841
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s CAMEX LIMITED as
at 31st March, 2012, the Profit and loss Account and the Cash Flow
statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of section 227(4A)
of the Companies Act, 1956, and on the basis of such checks, as we
considered appropriate, we enclose Annexure hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 accounts as required by law have been
kept by the company so far as appears from our examination of those
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d) In our opinion the Balance sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards as stated otherwise referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956;
e) On the basis of written 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 Directors is disqualified as on 31st March,
2012 from being appointed as Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of my information and according to
the explanations given to us, they said accounts read together with the
Company's Accounting Policies and the Notes thereto, give the
information required by the companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India;
i. In the case of the Balance Sheet, of the state of affairs of the
company as 31 st March,2012.
ii. In the case of the Profit and loss Account, of the PROFIT for the
year ended at on that date; and
iii. In the case of Cash Flow statement, of the Cash flow for the year
ended on that date.
(Referred in paragraph 3 of our report of even date on the accounts for
the year ended on 31st March, 2012 of CAMEX LIMITED)
1. In respect of its fixed assets:
(A) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
(B) As explained to us, all the fixed assets have been physically
verified by the management during the year at a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets, No material discrepancies were
noticed on such physical verification.
(C) In our opinion the Company has not disposed off any substantial
part of fixed assets during the year and the going concern status of
the company is not affected.
2. In respect of its inventories:
(A) As explained to us, the inventories have been physically verified
by the management at regular intervals during the year.
(B) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
size of the company and nature of its business.
(C) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956:
(A) As per the information and explanation given to us, and on the
basis of records produced before us, the company has given loan to one
company. In respect of the said loan, the maximum amount outstanding at
any time during the year was Rs. 3.86 Lacs (Closing Balance: Nil).
(B) In our opinion and according to the information and explanations
given to us, terms and conditions are not prima facie prejudicial to
the interest of the company.
(C) The principal amounts, are repayable on demand and there is no
repayment schedule.
(D) The company has taken unsecured loan from one company. In respect
of the said loan, the maximum balance outstanding at any time during
the year was Rs. 509.79 lacs and the yearend balance was 509.79 Lacs.
(E) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
(F) In respect of loans taken by the company, the interest payments are
regular and the principal amount is repayable on demand and therefore
the question of overdue amount does not arise.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with respect to the purchase of inventory and fixed assets, and with
regard to the sale of goods & services. During the course of our audit,
we have not observed any continuing failure to correct major weakness
in the internal control system.
5. (A) In our opinion and according to the information and explanation
given to us, the transactions that need to be entered into the
register, in pursuance of section 301 of the Companies Act 1956 have
been so entered.
(B) In our opinion and according to the information and explanation
given to us, having regard to the fact that the transactions made in
pursuance of contracts or arrangements entered into the register in
pursuance of Section 301 of the Act and exceeding the value of 5 lakh
in respect of any party during the year, have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time or the prices at which the transactions for similar goods
have been made with other parties.
6. In our opinion and according to the information and explanation
given to us, 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 and 58AA of the Companies Act, 1956 and Rules
framed there-under have been duly complied with.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. According to the explanation given by the management, the central
government has not prescribed the maintenance of cost records U/s 209(1
)(d) of the Company Act, 1956 for any of the products of the company.
9. In respect of statutory dues:
(A) According to the records of the company, undisputed statutory dues
including Employees Provident Fund, Income Tax, Sales Tax, Wealth Tax,
Custom Duty, Cess and other statutory dues have been generally
deposited with the appropriate authorities in time. According to the
information and explanations given to us, no undisputed payable in
respect of the aforesaid dues were outstanding as at 31st March, 2012
for a period of more than six months from the date of becoming payable.
(B) According to the information & explanation given to us there is no
disputed statutory dues which have been not been deposited with the
respective authority.
10 The Company has accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11 Based on our audit procedures and according to the information
and explanation given to us, we are of the opinion that the Company has
not defaulted in the repayment of dues to banks and financial
institutions.
12. In our opinion and according to information and explanation given
to us, no loans and advances have been granted by the company on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion the company is not a Chit Fund, Nidhi or Mutual
Benefit Fund/Society. Therefore, the provisions of clause 4(XIII) of
the Companies (Auditor's Report) Order 2003 is not applicable to the
company.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to information and explanation given
to us, on an overall basis, the term loans have been applied for the
purposes for which they were obtained.
17. According to the information and explanations given to us and on
examination of balance sheet of the company, we report that no funds
raised on short-term basis have been used for long-term investment. No
long-term funds raised have been used to finance short-term assets
except for permanent working capital.
18. During the year company has not made preferential allotment of
equity shares to the parties covered in the Register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Accordingly, clause 4
(xix) of the order is not applicable.
20. The Company has not raised money by any public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For, SURANA MALOO & CO.
Chartered Accountants
Firm Registration No: 112171W
Sd/-
Place : Ahmadabad Per, Vidhan Surana
Date : 16th May, 2012 Partner
Membership No.: 04184
Mar 31, 2010
1. We have audited the attached Balance Sheet of CAMEX LIMITED as at
31st March-2010 and also the profit and loss Account and cash flow
statement for the year ended on the date annexed thereto. These
financial statements are the responsibility of the Companys management
Our responsibility is to express an opinion on this financial statement
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 from material misstatements. An audit
includes examining, on test basis evidence supporting the amounts &
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.
3. 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 a
statement on the matters Specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph
above, we report as under: -
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 Profit and Loss Account & Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the Balance sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the
Directors, as on March 31,2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March, 31 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said account give the information
required by the companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India,
i. In the case of the Balance Sheet of the state of affairs of the
company as at March 31,2010 and,
ii. In the case of the Profit and loss Account, of the Profit for the
year ended on that date and,
iii In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of our report of even date) Re: Camex
Limited (the Company)
i. In respect of its Fixed Assets:-
(a) The company has generally maintained proper records showing full
particulars, including details of quantity & the situation of the fixed
assets on the basis of available information.
(b) As explained to us, major portion of the fixed assets have been
physically verified by the management during the year in accordance
with a phased programme of verification adopted by the company. In our
opinion the frequency of verification is reasonable having regard to
the size of the company & nature of its assets. As explained to us, no
material discrepancies were noticed on such physical verification.
(c) Fixed assets disposed off during the year were not substantial &
therefore do not affect the Going Concern assumption.
ii. In respect of Inventories:-
(a) As explained to us, inventories were physically verified by the
management at reasonable intervals during the year
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and nature of its business.
(c) In our opinion and according to the information and explanations
given to us the company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. In respect of loans secured or unsecured, granted or taken by the
company to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The Company has taken loan from four parties covered under the
register maintained under section 301 of the Companies Act, 1956 during
the year. Closing Balance Rs 435.70 Lacs ( Maximum Balance during the
year Rs.531.40 Lacs )
(b) In our opinion and according to the information & explanation given
to us, the terms and conditions of the unsecured loan taken by the
company is prima facie not prejudicial to the interest of the company.
(c) In respect of loan taken by the company, the principal amount is
repayable on demand.
(d) The Company has not granted any loans to any party covered under
the register maintained under section 301 of the Companies Act, 1956
during the year.
iv In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory, fixed assets and also for the sales of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls
systems.
v. In respect of transactions covered under section 301 of the
Companies Act, 1956.
(a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us the transactions of purchase & sale of goods and materials
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the companies Act,1956 and aggregating
during the year to Rupees Five lacs or more in respect of each party,
have been made at prices which are reasonable having regard to the
prevailing market prices for such goods, materials or the prices at
which the transactions for similar goods and materials have been made
with other parties
vi. In our opinion and according to information and explanation given
to us, no fixed deposits were outstanding or accepted during the period
to which the provisions of Section 58A and 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules,
1975 apply.
vii. The Company has a formal internal audit system. In our opinion
its internal control procedures involves reasonable internal checks
commensurate with its size and nature of its business.
viii. We have Broadly reviewed the Books of Account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of Cost Records under section 209(1 )(d) of the Companies
Act, 1956, and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of the records with a view to determine
whether they are accurate or complete.
ix. In respect of statutory dues:
(a) According to the records of the company, undisputed statutory dues
including provident fund, Wealth Tax .Employees State Insurance, Income
Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess and Other
Statutory dues have been generally regularly deposited during the year
with the appropriate authorities. According to the information and
explanation given to us, no un-disputed amounts payable in respect of
the aforesaid dues were outstanding as at 31st March 2010, for a period
of more than six months from the date of becoming payable.
(b) According to the information & explanations given to us, there are
no cases where the dues of income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, and Cess have not been deposited on
account of dispute.
x. The Company has no accumulated losses as at 31st March, 2010 and
has not incurred cash losses in the period ended on that date or in the
immediately preceding financial year.
xi. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to Bank.
xii. The Company has not granted any loan and advances on the basis of
security by way of pledge of share, debenture and other security.
xiii. According to the information and explanation given to us, the
company is not a chit fund or a nidhi/mutual benefit fund/society:
therefore, the provisions of clause 4(xiii) of the CARO 2003 are not
applicable to the company.
xiv. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
xv. According to information and explanations given to us, 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, the
term loans have been broadly applied for the purpose for which they
have been raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company and after
placing reliance on the reasonable assumptions made by the Company for
classifications of Long term and Short term usage of funds, we are of
the opinion that regarding no funds raised on Short term basis stands
utilized for Long term investments
xviii. 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 during the period.
xix. The Company has not issued any debenture during the period.
xx. The Company has not raised any money by public issue during the
period.
xxi. According to the information & explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
FOR SURANA MALOO & CO.
(CHARTERED ACCOUNTANTS)
Place: - Ahmedabad CA. Vidhan Surana
Date: - May 31, 2010 PARTNER
M. NO. 41841
Mar 31, 2002
1. We have audited the attached Balance Sheet of M/S. CAMEX
INTERMEDIATES LIMITED as at 31st March, 2002 and the relative Profit
and Loss Account for the year ended on that date both of which we have
signed under reference to this report. These financial statements are
the responsibility of the management of the company. Our responsibility
is to express an opinion on these financial statements based on our
Audit.
2. We have 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the manufacturing and other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of section
227 (4A) of Companies Act, 1956, and on the basis of such checks as we
considered appropriate and as per information and explanations given to
us during the course of our Audit, 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 in paragraph 3
above, we report as under :-
a) We have obtained all the informations 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 such
books.
c) The Balance Sheet and Profit and Loss A/c referred to in this report
are in agreement with the books of account.
d) The reports on accounts of the branches audited by. Branch Auditors
have been dealt with in preparing our report in the manner considered
necessary by us.
e) In our opinion, Profit & Loss account and the Balance Sheet comply
with the Accounting Standards referred to in Section 211 (3c) of the
Companies Act, 1956.
f) On the basis of the written representations received from the
directors, as on March 31,2002,and taken on record by the Board of
Directors, we report that none of the directors of the Company are
disqualified as March 31,2002 from being appointed as a director in
terms of clause (g) of sub-section (1) of Section 274 of the Companies
Act,1956.
g) In our opinion and to the best of our information and according to
the explanations given to us, subject to Note 1 (x) (c) of schedule 18
regarding change in the method of accounting in respect of gratuity,
the said Balance Sheet and the Profit and Loss Account read together
with the notes thereon 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 the Balance Sheet of the state of affairs of the
Company as at 31st March, 2002 and
(ii) in the case of the profit and loss account of the Profit of the
company for the year ended on that
ANNEXURE TO AUDITORS REPORT
Referred to in paragraph (3) of our report of even date
1. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. According to the information and explanations given to us fixed
assets have been physically verified by the management at the end of
the year and no material discrepancies have been noticed on such
verification as compared to the aforesaid records.
2. None of the fixed assets have been revalued during the year.
3. Physical verification has been conducted during the year by the
management in respect of raw materials, finished goods, stores and
spare parts. In our opinion, the frequency of such verification is
reasonable.
4. In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of the stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
5. As explained to us, there were no material discrepancies noticed on
verification between the physical stocks and book records,
6. On the basis of examination of stock records and considering the
method adopted for accounting, the valuation of stock is fair and
proper and is in accordance with the normally accepted accounting
principles, and is on the same basis as in the preceding year.
7. The Company has not taken unsecured loans from firms & Companies
listed in the register maintained u/s 301 of the Companies Act, 1956.
In our opinion terms & conditions of such loans are prima facie not
prejudical to the interest of the company. In view of the provisions of
section 370 of the companies Act, 1956 not being applicable vide the
companies (amendment) Act, 1999 loans from the companies under the same
management, if any, have not been commented upon.
8. The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. In view of the provisions
of section 370 of the companies Act, 1956 not being applicable vide the
companies (amendment) Act, 1999 loans to the companies under the same
management, if any, have not been commented upon .
9. In respect of loans and advances in the nature of loans given by
the company, where stipulations have been made, parties are repaying
the principal amounts as stipulated and the employees and workers to
whom the interest free loans or advances in the nature of loans have
been granted by the company are repaying the principal amounts as
stipulated.
10. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchases of stores, raw materials including components,
plant and machinery, equipment and other assets and for the sale of
goods.
11. The Company has entered into transactions of purchase of materials
and sale of goods in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956 as
aggregating, during the year, to Rs.50,000/- (Rupees Fifty thousand
only) or more in respect of each party. In our opinion the prices at
which the transactions of purchase of materials and sale of goods have
been made are prima facie, reasonable having regard to the prevailing
market prices and the price at which the transactions for similar goods
have been made with other parties. There were no similar transactions
of sale of services during the year under review.
12. As explained to us, the Company has a regular procedure for the
determination of unserviceable or damaged stores, raw materials and
finished goods. As there is no loss, the question of making provision
for the same does not arise.
13 The company has not accepted any deposits from public.
14. We have been informed that companys operations do not generate
any by-products and scrap.
15. The company is having an in-house audit system. However, in our
opinion, the same is required to be strengthened.
16. As explained to us, the company being Small Scale Industrial
undertaking maintenance of cost records under section 209(1)(d) of the
companies Act, 1956 is not applicable.
17. On the basis of the records of the company, Provident Fund &
Employees State Insurance dues have been regularly deposited with the
appropriate authorities.
18. On the basis of the records of the company, no undisputed amounts
payable in respect of Income-tax, Wealth- tax, Sales-tax and Custom
duty were outstanding as at 31st March. 2002 for a period of more than
six months from the date they became payable.
19. According to the information and explanations given to us, no
personal expenses have been charged to revenue account other than those
payable under contractual obligations or in accordance with generally
accepted business practice.
20. The company is not a Sick Industrial Company within the meaning of
clause (O) of Sub-section (1) of section 3 of the sick Industrial
Companies [Special Provisions] Act, 1985.
21. In respect of trading activities of the company there were no
damaged goods.
FOR PARIKH & MAJMUDAR
CHARTERED ACCOUNTANTS
HITEN PARIKH
PARTNER
Place : Ahmedabad
Date : 28-06-02