Mar 31, 2015
We have audited the accompanying Financial Statements of Chemo Pharma
Laboratories Ltd. ('the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the
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 statement.
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 Companies (Auditors Report) order 2015 issued by
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 paragraphs 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, 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 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 were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
(Referred to in paragraph 1 under 'Report on other legal and Regulatory
requirements' section of our report of even date)
(i) The Company does not have any fixed assets accordingly the
provisions of this clause are not applicable to the Company.
(ii) The Company does not have any inventories accordingly, the
provisions of this clause are not applicable to the Company
(iii) (a) The company has granted interest free loan to one party
covered in the register maintained under Section 189 of
the Companies Act. The yearend balance of loans granted was Rs nil and
the maximum amount involved during the year was Rs. 10,00,000/-.
(b) The loan granted is repayable on demand. As informed, the Company
has not demanded repayment of any such loan during the year, thus there
has been no default on the part of the party to whom money has been
lent.
(iv) As the Company has discontinued its operations so clause in
respect of internal control system for the purchase of Inventory, Fixed
Assets and for the sale of goods and services is not applicable.
(v) The Company has not accepted any deposits during the year with in
the meaning of the provisions of Section 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under.
(vi) To the best of our knowledge and as explained central Government
has not prescribed maintenance of cost records under sub-Section (1) of
Section 148 of the Companies Act;
(vii) a. The Company is regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities. There are no arrears of outstanding statutory dues as at
the last day of the financial year concerned 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 dues outstanding of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
that have not been deposited on account of any dispute.
c. According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities exept in cases where there is a dipute.The details of
dispute and the forum where such disputes are pending is given below:
Name of the Nature of Amount Forum where dispute
statute the dues (Rs.) is pending
Central Sales Tax Central sales 18,05,093 Appeal before sales
Maharashtra Sales tax tax authority
Tax
Income Tax Act Penalty Tax 60,47,659 Appeal before ITAT
Income Tax Act Income Tax 31,77,291 Appeal before ITAT
Central Sales Tax Central Sales 1,99,542 Company is in process
Act Tax of filing an appeal
against the order in
High Court
Maharashtra Sales Sales Tax 9,57,787 Company is in process
Tax of filing an appeal
against the order in
High Court
(viii) The accumulated losses at the end of the financial year are less
than fifty per cent of its net worth and it has not incurred cash
losses in the current financial year and in the immediately preceding
financial year;
(ix) The Company has not taken any loans from financial institution or
bank or debenture holders.
(x) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xi) The Company has not taken any Term Loans.
(xii) Based on the audit procedures performed and as per the
information and explanation given by the management we report that no
fraud on or by the company has been noticed or reported during the
year.
FOR BATLIBOI & PUROHIT
Chartered Accountants
ICAI Firm Regn. No. -101048W
Sd/-
Paresh Chokshi
Partner
Membership No. - 33597
Place: Mumbai
Date: 28th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Chemo Pharma
Laboratories Ltd ("the Company"), which comprise the Balance Sheet as
at 31s1 March, 2014, and 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial positfon,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material mis-statement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have , conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 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 in terms of Section 227(4A) of
the Companies Act, 1956, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 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 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 pur examination of those
books.
(bb)the Company does not have any branch hence section 227(3) (bb) is
not applicable.
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956.
(e) on the basis of written representations received from the directors
as on March 31st, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
Annexure referred to in our report to the members of Chemo Pharma
Laboratories Ltd. (the Company) for the year ended 31 March, 2014.
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. The management during the year has not carried out the physical
verification of fixed assets. As per the explanations given to us a
substantial portion of fixed assets were not disposed of during the
year.
2. In our opinion and as per the explanation given to us there is no
inventory at close of the year so sub- clause (a), (b) and (c) of
clause ii is not applicable.
3. (a) The Company has granted interest free loan to one party covered
in the register maintained under
section 301 of the Companies Act, 1956. The yearend balance of loans
granted was Rs. Nil and the maximum amount involved during the year was
Rs. 18,85,000/-.
(b) The loan granted is repayable on demand, As informed, the Company
has not demanded repayment of any such loan during the year, thus there
has been no default on the part of the party to whom money has been
lent.
(c) In our opinion and according to the information and explanation
given to us the other terms & conditions for such loan are not prime
facie prejudicial to the interest of the Company.
(d) The Company had taken loan from one company covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 21,00,000/- and the year end
balance of loan taken from such party was Rs. Nil.
(e) In our opinion and according to information & explanation given to
us the terms & conditions of the loan taken is not prime facie
prejudicial to the interest of the Company.
4. As the Company has discontinued its operations so the clause in
respect of Internal Control System for the purchase of inventory, fixed
assets and for the sale of goods and services is not applicable.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars
of contracts or arrangements referred to in Section 301 of the
Companies Act, 1956 that need to be entered into 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 such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 exceeding Rs. 5,00,000/- have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time. As explained to us, the Company has not entered
in to any transactions for sale of goods, materials and services in
pursuance to contracts or arrangements as aforesaid.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were accepted during the period to which
the provisions of Section 58A and 58AA or any other relevant provisions
of the Act as applied.
7. As company''s operations are suspended the internal audit is not
required.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in re- spect of provident fund, investor
education and protection fund, employees state insurance, in- come tax,
wealth tax, sales tax, service tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
(c) According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities exept in cases where there is a dipute.The details of
dispute and the forum where such disputes are pending is given below:
Name of the statute Nature of the Amount Forum where dispute
is pending
dues (Rs.)
Central Sales Tax Central sales
tax 18,05,093 Appeal before sales
tax authority
Maharashtra
Sales Tax
Income Tax Act Penalty Tax 60,47,659 Appeal before ITAT
Name of the statute Nature of the Amount Forum where dispute
is pending
dues (Rs.)
Income Tax Act Income Tax 31,77,291 Appeal before ITAT
Central Sales
Tax Act Central Sales
Tax 1,99,542 Company is in
process of filing an
appeal against the
order in High Court
Maharashtra Sales
Tax Act Sales Tax 9,57,787 Company is in
process of filing
an appeal against
the order in
High Court
10. There are accumulated losses at the end of the financial year
which are not more than 50% of its net worth. The Company has not
incurred cash loss during the year and in the immediately preceding
financial year.
11. Based on our audit procedure and as per the information and
explanations given to us by the management, we are of the opinion that
the Company has not defaulted in repayment of dues to financial
institution or bank.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not raised funds on short-term basis.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
period
21. Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit.
For BATLIBOI & PUROHIT
Chartered Accountants
Firm Registration No.: 101048W
Sd/-
Place : Mumbai Paresh Chokshi
Date : 23rd May, 2014 Partner
Membership No 33597
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Chemo Pharma
Laboratories Ltd ("the Company"), which comprise the Balance Sheet as
at 31 March 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the yearthen ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility forthe 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 referred to in sub-section (3C)of section,211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
(b) in the case of the Statement of Profit and Loss, of (he profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows forthe
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 in terms of Section 227(4A) of
the Companies Act, 1956, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2) As required by section 227(3) of theAct, we reportthat:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposeof
ouraudit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the
AccountingStandardsreferredtoinsubsection(3C)ofsection211
oftheCompaniesAct, 1956;
(e) on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in paragraph 4 of our report of even date
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. The management during the year has not carried out the physical
verification of fixed assets. As perthe explanations given to us a
substantial portion of fixed assets were not disposed of during the
year.
2. In our opinion and as per the explanation given to us there is no
inventory at close of the year so sub-clause (a), (b) and (c) of clause
ii is not applicable.
3.(a) The company has granted interest free loan to one party covered
in the register maintained under section 301 of the Companies Act,
1956. The yearend balance of loans granted was Rs nil and the maximum
amount involved during the year was Rs. 1,01,60,000/- (b) The loan
granted are repayable on demand. As informed, the Company has not
demanded repayment of any such loan during the year, thus there has
been no default on the part of the party to whom money has been lent.
© In our opinion and according to the information and explanation given
to us the other terms & conditions for such loan are not prime facie
prejudicial to the interest of the Company.
(d) The company had taken loan from one company covered in the register
maintained under section 301 of the Companies Act 1956. The maximum
amount involved during the year was Rs. 10,00,000/- and the year end
balance of loan taken from such party was Rs. Nil.
(e) In our opinion and according to information and explanation given
to us the terms & conditions of the loan taken is not prime facie
prejudicial to the interest of the Company.
4. As the company has discontinued its operations so the clause in
respect of Internal Control System for the purchase of inventory, fixed
assets and for the sale of goods and services is not applicable.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 that need to be
entered into 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 such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 exceeding Rs. 5,00,000/- have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time. As explained to us, the Company has not entered
in to any transactions for sale of goods, materials and services in
pursuance to contracts or arrangements as aforesaid.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were accepted during the period to which
the provisions of Sections 58Aand 58AAor any other relevant provisions
of the Act apply.
7. As company''s operations are suspended the internal audit is not
required.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities on account of dispute and the forum whether the disputes
are pending are given below:
Name of the Nature of the
dues Amount Forum where dispute
is pending
statute (Rs.)
Central
Sales Tax Central
sales tax 18,05,093 Appeal before sales tax
authority
Maharashtra
Sales Tax
Income Tax
Act Penalty Tax 60,47,659 Appeal before ITAT
10. There are accumulated losses at the end of the financial year
which are not more than 50% of its net worth. The Company has not
incurred cash loss during the year and in the immediately preceding
financial year.
11. Based on our audit procedure and as per information and
explanations given to us by the management, we are the opinion that the
company has not defaulted in repayment of dues to financial institution
or bank.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /imutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not raised funds on short-term basis.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 oftheCompaniesAct, 1956.
19. The company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
period
21. Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place : MUMBAI For Batliboi & Purohit,
Date: 23/05/2013 Chartered Accountants
Firm Reg.No. 101048W
Sd/-
Paresh Chokshi
Partner
Membership No. 33597
Mar 31, 2012
1 We have audited the attached balance sheet of CHEMOPHARMA LABORATORIES
LTD., as at31stMarch 2012, and the Statement of profit and loss of the
company 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 the 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 of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and ,j:sdosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order (Amendment)
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 hereto 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 that:
(i) 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The balance sheet, Statement of profit and loss dealt with by
this report are in agreement with the books of account;
(iv) In our opinion, the balance sheet and Statement of profit and loss
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representations received from the directors
of the company 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 (I) of section 274 of the Companies Act,
1956.
(vi) We draw attention to note number 13 in respect of preparation of
accounts on Going Concern basis even though the business is suspended,
note number 14 in respect of diminution in value of investments and
note number 15 in respect of non-provision of inter corporate deposit
vii) Subject to our comments in (vi) above, 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 and other notes thereon, give the information required by the
Companies Act, 1956, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2012 and;
(b) In the case of the Statement of profit and loss of the Profit for
the year ended on that date.
(c) In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT.
Annexure referred to in paragraph 4 of our report of even date
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. The management during the year has not carried out the physical
verification of fixed assets. As per the explanations given to us a
substantial portion of fixed assets were not disposed of during the
year.
2. In our opinion and as per the explanation given to us there is no
inventory at close of the year so sub-clause (a), (b) and (c) of clause
ii is not applicable.
3. (a) The company has granted interest free loan to one party covered
in the register maintained under section 301 of the Companies Act, 1956.
The yearend balance of loans granted was Rs. 31,40,000/- and the maximum
amount involved during the year was Rs. 31,40,000/-
(b) Since the loan given was interest free without repayment
stipulation, we cannot comment about the regularity of repayment of
principal, interest, overdue amount and whether the other terms and
conditions of the loan given is prejudicial to the interest of the
Company.
(c) According to the information and explanations given to us the
Company has not taken any loans from companies listed in the Register
maintained under section 301 of the Act.
4. As the company has discontinued its operations so the clause in
respect of Internal Control System for the purchase of inventory, fixed
assets and for the sale of goods and services is not applicable.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 that need to be
entered into 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 such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 exceeding Rs. 5,00,000/- have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time. As explained to us, the Company has not entered
in to any transactions for sale of goods, materials and services in
pursuance to contracts or arrangements as aforesaid.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were accepted during the period to which
the provisions of Sections 58Aand 58AAor any other relevant provisions
of the Act apply.
7. As company's operations are suspended the internal audit is not
required.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for the
products of the Company.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities on account of dispute and the forum whether the disputes
are pending are given below:
Name of the Nature of the dues Amount Forum where dispute
is pending
statute (Rs.)
Central Sales
Tax Central sales tax 18,05,093 Appeal before
sales tax
authority
Maharashtra
Sales Tax
Income Tax Act Income tax 31,77,291 Appeal before ITAT
Income Tax Act Penalty Tax 60,47,659 Appeal before ITAT
10. There are accumulated losses at the end of the financial year
which are not more than 50% of its net worth. The Company has not
incurred cash loss during the year and in the immediately preceding
financial year.
11. Based on our audit procedure and according to the information and
explanations given to us by the management the company has defaulted in
repayment of loan to SICOM - Deferred Sales Tax payable to the extent
of Rs 11,96,976 for more than 5 years.
12. The Company has not granted loans and advances on the basis of
security byway of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 (as amended) are not applicable to the
Company.
14.. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not raised funds on short-term basis.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
period
21. Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place : MUMBAI For Batliboi & Purohit,
Date : 29th June, 2012 Chartered Accountants
Firm Reg.No. 101048W
Sd/-
Kaushal Mehta
Partner
Membership No. 111749
Mar 31, 2011
1.We have audited the attached balance sheet of CHEMO PHARMA
LABORATORIES LTD., as at 31st March 2011, and the profit and loss
account of the company 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 the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3.As required by the Companies (Auditor's Report) Order (Amendment)
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 hereto 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 that:
(i) 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The balance sheet, profit and loss account dealt with by this
report are in agreement with the books of account;
(iv) 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.
(v) On the basis of written representations received from the directors
of the company 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 director in terms of
clause (g) of sub-section (l) of section 274 of the Companies Act,
1956.
(vi)We draw attention to note number 1 in respect of preparation of
accounts on Going Concern basis even though the business is suspended,
note number 2 in respect of diminution in value of investments made in
Tecil Chemicals & Hydro Power Ltd. of Rs. 1.66 Crores which has not
been provided even though the accumulated losses of Tecil have eroded
the Net worth and
note number 3 in respect of non-provision of doubtful loan of RS. 1.42
crores to Ellora Merchantile Pvt. Ltd.
(vii) Subject to our comments in (vi) above, 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 and other notes thereon, 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:
In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2011 and;
(a) In the case of the profit and loss account of the Profit for the
year ended on that date.
(b) In the case of the cash flow statement of the cash flows for the
year ended on that date.
(c)In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT.
Annexure referred to in paragraph 4 of our report of even date
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. The management during the year has not carried out the physical
verification of fixed assets. As per the explanations given to us a
substantial portion of fixed assets were not disposed of during the
year.
2. In our opinion and as per the explanation given to us there is no
inventory at close of the year so sub-clause (a), (b) and (c) of clause
ii is not applicable.
3. (a) The company has granted interest free loan to one parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The year end balance of loans granted was Rs. Nil and the
maximum amount involved during the year was Rs. 44,25,000
(b) The loan given was interest free without repayment stipulation,
however the repayment of principal has been made during the year and
the terms and conditions of the loan given are not facie prejudicial to
the interest of the Company.
(c) According to the information and explanations given to us the
Company has not taken any loans from companies listed in the Register
maintained under section 301 of the Act.
4. As the company has discontinued its operations so the clause in
respect of Internal Control System for the purchase of inventory, fixed
assets and for the sale of goods and services is not applicable.
5. In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements referred to in
Section 301 of the Act which are required to be entered in the register
to be maintained under that section.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were accepted during the period to which
the provisions of Sections 58A and 58AA or any other relevant
provisions of the Act apply.
7. As company's operations are suspended the internal audit is not
required.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities on account of dispute and the forum whether the disputes
are pending are given below:
Name of the Nature of the dues Amount Forum where dispute
statute (Rs.) is pending
Central Sales Central sales tax 18,05,093 Appeal before sales
Tax tax authority
Maharashtra
Sales Tax
Income Tax Income tax 31,77,291 Appeal before CIT
10. There are accumulated losses at the end of the financial year
which are not more than 50% of its net worth. The Company has not
incurred cash loss during the year. In the immediately preceding
financial year, the Company had incurred cash loss.
11. Based on our audit procedure and according to the information and
explanations given to us by the management the company has defaulted in
repayment of loan to SICOM to the extent of Rs 11,96,976 for more than
5 years.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 (as amended) are not applicable to the
Company.
14.. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not raised funds on short-term basis.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The Co mpany has not raised any money by public issue during the
period
21. Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For BATLIBOI & PUROHIT
Chartered Accountants
Firm Reg.No. 101048W
Sd/-
Kaushal Mehta
Partner
Membership No.111749
Place : Mumbai
Dated : 13.06.2011
Mar 31, 2010
1. We have audited the attached balance sheet of CHEMOPHARMA
LABORATORIES LTD., as at 31st March 2010, and the profit and loss
account of the company 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.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order (Amendment)
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 hereto 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 that :
I. 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The balance sheet, profit and loss account dealt with by this
report are in agreement with the books of account;
(iv) 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.
(v) On the basis of written representations received from the directors
of the company 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 director in terms of
clause (g) of sub-section (l) of section 274 of the Companies Act,
1956.
(vi) We draw attention to note number 1 in respect of Going Concern,
note number 2 in respect of diminution in value of investments and note
number 3 in respect of non-provision of doubtful loan.
(vi) Subject to (vi) above, 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 and
other notes thereon, give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2010 and;
b) In the case of the profit and loss account of the loss for the year
ended on that date.
c) In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT. Annexure referred to in paragraph 3
of our report of even date
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. The management during the year has not carried out the physical
verification of fixed assets. As per the explanations given to us a
substantial portion of fixed assets were not disposed of during the
year.
2. In our opinion and as per the explanation given to us there is no
inventory at close of the year so sub-clause (a), (b) and (c) of clause
ii is not applicable.
3. (a) The company has granted interest free loan to four parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The yearend balance of loans granted was Rs. 1,86,25,000/-
and the maximum amount involved during the year was Rs. 2,15,76,000/-.
(b) According to the information and explanations given to us the
Company has not taken any loans from companies listed in the Register
maintained under section 301 of the Act.
- Since the loan given was interest free without repayment stipulation,
we cannot comment about the regularity of repayment of principal and
interest, overdue amount and whether the other terms and conditions of
the loan given is prejudicial to the interest of the Company.
4. As the company has discontinued its operations so the clause in
respect of Internal Control System is not applicable.
5. (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 that section.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301
Act 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
regard to prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were accepted during the period to which
the provisions of Sections 58A and 58AA or any other relevant
provisions of the Act apply.
7. As companys operations are suspended there is no internal audit.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) As companys operations are suspended the clause in respect of
delay in deposit of statutory dues is not applicable.
(b) According to the information & explanations given to us, the dues
in respect of sales tax, income tax, custom duties, wealth tax, excise
duty, and cess that have been deposited with the appropriate
authorities on account of dispute and the forum whether the disputes
are pending are given below:
Name of the statute Nature of the dues Amount(Rs. ) Forum where
dispute is
pending
Central Sales Tax Demands & Penalty 18,05,093 Appeal before
sales
Maharashtra Sales
Tax tax authority
Income Tax Demand & Penalty 31,77,291 Appeal before
CIT
Sales Tax
Maharashtra Payment 8,75,000 Not deposited
10. There are accumulated losses at the end of the financial year
which are not more than 50% of its net worth. The company has incurred
cash losses during the financial year covered by our audit.
11. Based on our audit procedure and according to the information and
explanations given to us by the management the company has defaulted in
repayment of loan to SICOM to the extent of Rs 11,96,976 for more than
5 years.
12. The Company has not granted loans and advances 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 or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 (as amended) are not
applicable to the Company.
14.. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not raised funds on short-term basis.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
period
21. Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
Place : MUMBAI For Batliboi & Purohit,
Date : 30th June, 2010 Chartered Accountants
Firm Reg.No. 101048W
Sd/-
Kaushal Mehta
Partner
Membership No. 111749