Home  »  Company  »  EMA India Ltd.  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of EMA India Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of EMA INDIA LTD. ("the company"), which comprise the Balance Sheet as at 31st March, 2014, the statement of Profit & Loss and cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 ("the Act"). The 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 the 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 of the financial statements in order to design audit procedures that are appropriate in the circumstance. 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 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 31st March, 2014:

(b) In the case of the Statement of Profit and loss, of the Loss for the year ended on that date: and

(c) In the case of the Cash Flow statement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1 As required by the Companies (Auditor''s report Order, 2003 (" 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, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211 (3C) of the Act;

(e) On the basis of the written representations received from the directors as on 31st March, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of Section 274(1} (g) of the Act.

ANNEXURE TO INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory requirements" of our report of even date)

1. In respect of its fixed assets

a) The Company has maintained proper records showing full particulars including its fixed assets.

b) As explained to us, fixed assets was physically verified by the management in a phased periodical manner which in our opinion is reasonable. As informed to us, no discrepancy was noticed on such physical verification.

c) In our opinion, the Company has not disposed of a substantial part of its fixed assets during the year and going concern status of the company is not affected.

2. In respect of its inventories

a) The inventories have been physically verified by the management during the year. In our opinion the frequency of physical verification is reasonable.

b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to book records.

3. The Company has neither granted nor taken any loan secured or unsecured to / from firms, companies or other parties Covered in the register maintained under Section 301 of the companies Act. 1956.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory fixed assets and also for the sale of goods and services. During the course of audit, we have not observed any continuing failure to correct any major weaknesses in internal control system.

5. In our opinion and according to the information and explanation given to us the Company has not entered into any transaction made in pursuance of contract or arrangement that need to be entered in the register maintained under 301 of the companies act. 1956.

6. The Company has not accepted any deposit from the public.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. We have broadly reviewed the book of account maintained by the Company pursuant to the order 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 record have been made and maintained. We have not a detailed examination of cost records with a view to determine whether they are accurate or complete.

9. (a) The Company is regular in depositing undisputed statutory dues including provident fund, Investor Education and Protection fund, ESI, Income Tax Sale Tax Custom Duty, Excise Duty, Service Tax, Cess and other Statutory dues with the appropriate authorities.

(b) In our opinion and according to the information and explanations given to us, there is no undisputed dues payable in respect of above which were outstanding as at 31.03.2014 for a period of more than six months from the date they become payable.

10. The Company is not having accumulated losses at the end of the financial year; however it has incurred cash losses during the financial year as well as in the immediately preceding financial year.

11. The Company has not taken any loan from banks, financial institutions or debenture holders; hence there is no default in repayment.

12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

13. The Company is not a Chit Fund or a Nidhi / mutual benefit Fund / Society and therefore clause 4 (xiii) of the companies (Auditors Report) Order 2003 is not applicable.

14. The Company is not dealing or trading in shares, Securities, debentures or other investment.

15. The Company has not given any guarantee for loan taken by other from banks or financial institutions.

16. The Company has not taken any term loan during the year.

17. On the basis of our examination of the books of account and the information and explanation given to us no funds were raised on short term / long term basis.

18. The Company has not made any preferential allotment of share during the year.

19. The Company does not have any outstanding Debentures during the year.

20. The Company has not raised any money by public issue during the year.

21. In our opinion and according to information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For B C JAIN & CO. Chartered Accountants (FRN. 01099C) (SHYAMJI GUPTA) PLACE: KANPUR Partner DATE: 29.05.14 (M.No. 416155)


Mar 31, 2012

1. We have audited the attached Balance Sheet of EMA INDIA LIMITED as at 31st March 2012 and also the Profit & Loss Account and Cash Flow Statement 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 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 evidence supporting the amounts and disclosures in the financial statements on a test basis. 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, 2003 (as amended) issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we consider appropriate and the information and explanation given to us during the course of our audit, we report that, in our opinion :- i. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) 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) During the year under audit, the Company has disposed off the vacant / unutillzed land and building situated at 19th Km stone, P.O. Taliyagaraj, G.T.Road, Mandhana, Kanpur but as such the going concern status of the company is not affected. ii. (a) The inventories have been physically verified by the management at regular intervals during the year. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventories and the discrepancies on physical verifications were material and have been dealt within the consumption. iii. The Company has not granted or taken any loans, secured or unsecured, to / from Companies, firms or parties covered in the register maintained under Section 301 of the Companies Act, 1956. iv. In our opinion and according to the information and explanation given to us there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct any major weaknesses in internal control system. v. In respect of 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 contract 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 transaction 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. The Company has not accepted any deposits from the public. vii. In our opinion the internal audit system of the Company is 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 Order 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 and have been subject to the review / compliance certificate by the Cost Auditor. We have not, however, made detailed examination of cost records. ix. (a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, E.S.I., Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with the appropriate authorities. (b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of the aforesaid dues which were outstanding as at 31st March, 2012 for a period of more than six months from the date, they became payable. x. The Company neither has accumulated losses nor has incurred cash losses during the financial year covered by our audit. xi. The Company has not taken any loan from Banks, Financial Institutions or debenture holder. Hence there is no question of default in repayment. xii. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society and therefore Clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable. xiv. The Company is not dealing or trading in shares, securities, debentures or other investments. xv. The Company has not given any guarantee for loans taken by others from banks or financial institutions. xvi. The Company has not taken any term loan during the year. xvii. On the basis of our examination of the books of accounts and the information and explanations given to us, no funds were raised on short-term / long term basis. xviii.The Company has not made any preferential allotment of shares during the year. xix. The Company did not have any outstanding debentures during the year. xx. The Company has not raised any money by public issue during the year. 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. 4. Further to 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 account as required by law have been kept by the Company so far as it appears from our examination of those books. c) In our opinion, the Balance Sheet, Statement of Profit & 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 & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956.

e) Based on the written representations received from the Directors as on 31.03.2012 and taken on record by the Board of Directors, none of the Directors of the Company is, prima facie, disqualified from being appointed as a director of the Company in terms of clause (g) of sub-section (1) of Sec. 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 accounts, read with Significant Accounting Policies and 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: (i) In the case of Balance Sheet, of the state of affairs of the Company, as at 31st March 2012; (ii) In the case of the Profit & Loss, of the profit of the Company for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the Cash Flow of the Company for the year ended on that date. For B.C. JAIN & CO.

Chartered Accountants

F. R. No. 1099C

K.M. Gupta

Partner (M No. 70469) Place : Kanpur

Date : 29.05.2012


Mar 31, 2010

We have audited the attached Balance Sheet of EMA INDIA LIMITED Kanpur as at 31st March 2010 and also the Profit & Loss Account and Cash Flow Statement 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.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial 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.

1. 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.

2. Further to our comments in the Annexure referred to above, we report that: -

(a) We have obtained all 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 it appears from our examination of those books;

(c) The Balance Sheet, Profit & 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 and Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

(e) In our opinion and based on the informations and explanations given to us, none of the Directors of the Company is, prima facie, disqualified as at 31s1 March 2010 from being appointed as a director of the Company 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 accounts read with Significant Accounting Policies and Notes to Accounts appearing in Schedule H 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 Balance Sheet, of the state of affairs of the Company, as at 31st March 2010.

(ii) In the case of the Profit & Loss Account, of the Loss of the Company for the year ended on that date; and

(iii) In the case of Cash Flow Statement, of the Cash Flow of the Company for the year ended on that date.







ANNEXURE TO THE AUDITORS REPORT

TO THE MEMBERS OF EMA INDIA LIMITED (Referred to in Paragraph (1) of our Report of even date)

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, 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, disposal of fixed assets have been made in normal course of business not effecting going concern assumption.

2. In respect of its inventories :

(a) As explained to us, inventories have been physically verified by the management at regular intervals during the year.

(b) |ln our opinion and accordingly 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 the size of the Company and the nature of its business.

(c) the Company has maintained proper records of inventories. As explained to us, the discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of accounts.

3. The Company has not granted or taken any loans, secured or unsecured, to / from Companies, firms or parties covered in the register maintained under Section 301 of the Companies Act, 1956.

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 the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Order 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 not, however, made detailed examination of cost records.

9. The Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, E.S.I., Income Tax, Fringe Benefit Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed 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.

10. The Company is not having accumulated losses though it has incurred cash losses during the financial year covered by our audit as well as in the previous year.

11. The Company has not taken any loan from Banks, Financial Institutions or debenture holder.

12. In our opinion and according to the information and explanations 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. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

14. The Company is not dealing or trading in shares, securities, debentures or other investments.

15. The Company has not given any guarantees for loans taken by other from banks or financial institutions.

16. There was no term loan outstanding during the year.

17. On the basis of our examination of the books of accounts and the informations and explanations given to us, no funds were raised on short-term/long 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 did not have any outstanding debentures during the year.

20. The Company has not raised any money by way of public issue during the year.

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.



For B.C. JAIN & CO.

Chartered Accountants

Place : Kanpur K. M. GUPTA

Date : 29.04.2010 Partner

(M. No. 70469)

Find IFSC