Mar 31, 2016
Independent Auditorsâ Report
TO THE MEMBERS OF,
IDEAL TEXBUILD LIMITED,
- Report on the Financial Statements
We have audited the accompanying financial statements of Ideal Texbuild Limited, which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
- Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (âthe Actâ) 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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.
- Auditorâs Responsibility
(1) 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.
(2) 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.
(3) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give true and fair view 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 Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
(4) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
- 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;
1. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
2. In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
3. 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
As required by the Companies (Auditorâs Report) Order, 2016 (âthe 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 Paragraph 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
- 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.
- 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 [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us-}
- [The reports on the accounts of the branch offices of the Company audited under Section 14 3(8) of-the Act by branch auditors have been sent to us and have been properly dealt by us in preparing this report.}
o d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. [And the returns received from the branches not visited by us.}
o e) 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.
oâf) The going concern matter described in sub-paragraph (b) under the Emphasis of Matters paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.
g) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
h) In our Opinion and to the best of our information and according to the explanation given to us, we report as under with respect to the other matters included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rule 2014 :
1. The company does not have any pending litigations which would impact its financial statement.
2. The company did not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the company during the year under report to transfer any sums to the Investors Education and Protection Fund. The question of delay in transferring such sums does not arise.
ANNEXURE TO THE AUDITORSâ REPORT The Annexure referred to in our report to the members of IDEAL TEXBUILD LIMITED for the year ended 31st March, 2016.
On the basis of the information and explanation given to us during the course of our audit, we report that:
1. (a) There is no Fixed Assets, Hence Not Applicable.
(b) N.A.
2. (a) There is No Inventory at the end of the Year, hence Not Applicable.
(b) N.A.
(c) N.A.
3. The company has granted loans secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 1 89 of the Companies Act, 2013.
(a) All terms and conditions are as per the benefits of company and are not prejudicial to the companyâs Interest.
(b) Schedule of repayment of principal and interest has been stipulated and receipts are regular.
(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.
4. In respect of loans, investments, guarantees, and security all mandatory provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.
5. The company has not accepted any deposits.
6. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
7 (a) The company is regular in depositing undisputed statutory dues including provident fund, Employeeâs state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities.
(b) Dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have been deposited on time there is no dispute is pending on the part of company.
8. The company hasnât made any default in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders.
9. The company doesnât raise any money by way of initial public offer or further public offer (including debt instruments)
10. Neither company has done any fraud nor by its officers or employees so nothing to be disclosed separately.
11. Managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. Company is not a Nidhi Company hence nothing to be disclosed for any provisions applicable on Nidhi Company.
13. All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards;
14. The company hasnât made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. The company hasnât entered into any non-cash transactions with directors or persons connected with him.
16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1 934.
FOR, S. MANDAWAT & CO.
CHARTERED ACCOUNTANTS
Sd/-
(Subhash K. Mandawat)
PROPRIETOR Membership # 1 02708 FRN No. 11 8330W
PLACE: AHMEDABAD
DATE : 30th May, 2016
Mar 31, 2015
We have audited the accompanying financial statements of Ideal Optics
Limited, which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the 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
The Company's Board of Directors is responsible for the matters 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, 201 4. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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
(1) 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.
(2) 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.
(3) 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 financial control relevant
to the Company's preparation of the financial statements that give true
and fair view 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 Company's Directors, as well as
evaluating the overall presentation of the financial statements.
(4) We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
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;
1. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
2. In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
3. 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
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 Paragraph 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
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.
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 [and proper returns
d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account. [And the
e) 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.
g) On the basis of written representations received from the
directors as on 31 March, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
h) In our Opinion and to the best of our information and according to
the explanation given to us, we report as under with respect to the
other matters included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit & Auditors) Rule 2014 :
1. The company does not have any pending litigations which would
impact its financial statement.
2. The company did not have any long term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the company during the
year under report to transfer any sums to the Investors Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
For, S. Mandawat & Co.
Chartered Accountants
Sd/-
(Subhash K. Mandawat)
Proprietor
M. No. 102708
FRN No. 118330w
Date : 29.05.2015
Place: Ahmedabad.
Mar 31, 2013
We have audited the accompanying financial statements of "IDEA OPTICS
LIMITED.", which comprise the Balance Sheet as at March 31, 2013, the
Statement of Profit and Loss and the Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including 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.
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.
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 the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 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 subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that: (i) In Respect of the Fixed Assets:
a) The Company has no Fixed Assets during the year.
(ii) In respect of its Inventories:
a) The company has no any inventory during the year.
(iii) In respect of Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; Register maintained
under section 301 of the Act.
b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(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 the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to 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 controls.
(v) In respect of Contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered in into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable. (vi) In
our opinion and according to the information and explanations given to
us, since the company has not accepted any deposits from the public the
compliance with the provisions of sections 58A, 58AA or any other
relevant provisions of the Act and the rules frame there under with
regard to the deposits accepted from the public are not applicable to
the company. No order has been passed by the applicable authorities.
(vii) In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the products of the Company.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
March, 2013 for a period of more than six months from the date they
become payable.
(x) The company have accumulated losses of Rs.4,56,59,161/-. The
company has incurred cash losses during the financial year covered by
our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has opted for One Time Settlement Scheme for
repayment of dues to financial institutions or banks in earlier year.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company
(xiii) 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 are not applicable to the company.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the clause 4 of CARO 2003 are not applicable to the
company as regards dealing in or trading in shares, securities and
other investments.
(xv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvii) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment.
(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.
(xix) The company has not issued any debentures during the period
covered by our audit report.
(xx) The company has not made any public issue of shares during the
period covered by our audit report.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Date : 27th May, 2013 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No.121356w
Sd/-
(Vishves A. Shah)
Proprietor M. No. 109944
Mar 31, 2011
1. We have audited the attached Balance sheet of IDEAL OPTICS LIMITED
as at 31st March, 2011 and the related Profit & Loss Account for the
year ended on that date annexed thereto, which we have signed under
reference to this report. 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 conduct 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 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 by Companies (Auditor's Report) amendment Order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we annex
here to 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 and information and explanations provided to us, we report
that:
1) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of the
audit.
2) In our opinion, proper books of accounts as required by the law have
been kept by the Company so far as it appears from our examination of
such books.
3) The Balance Sheet, Profit & Loss Account and the Cash Flow Statement
referred to in this report are in agreement with the books of accounts
of the company.
4) In our opinion, these financial statements comply with the
Accounting Standards referred to in sub section (3C) of section 211 of
the Companies Act 1956, except as stated in para 6(a) and (b) below.
5) On the basis of written representations received from the directors,
as on 31st March, 2011, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of filed Companies Act 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 12 and in particular; 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, 2011. and
b) In the case of Profit and Loss Account, of the profit for the year
ended on 31st March, 2011.
Annexure referred to in paragraph 3 of our report even date.
1. (a) Proper records showing full particulars including quantitative
details and situation of
Fixed Assets of the company are being updated
(b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
(c) No substantial parts of the fixed assets have been disposed off
during the year.
2. (a) At the end of the year company have no inventory.
(b) The Inventories are valued at cost or market value, which is lower.
(c) Inventories have been physically verified by the management at
regular intervals during the year.
3. (a) The company has not taken any loans from Companies, Firms or
other parties other than directors; Register maintained under section
301 of the Act. No amount was borrowed from the directors of the
company during the year & other financial institutes.
(b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(c) The Principal amount and interest has been repaid as stipulated,
(d) There are no overdue payments.
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, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. (a) According to the information and explanation given to us, we
are of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act, have been so entered.
(b) In our opinion and according to the information and explanation
given to us, There is no any transaction more than Rs. 500000/ or more
of purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits; hence the
provision of section 58A of the Companies Act 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public are not applicable.
7. In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business./_
8. The Central Government has not prescribed for maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
9. (a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
March' 2011 for a period of more than six months from the dale they
become payable.
10. The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year,
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company.
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 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. Therefore the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
15. As informed to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. According to tire information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for Long-term
assets. No long-term funds have been used to finance short-term assets.
17. The company has not made any preferential allotment of shares to
companies, firms or other parties listed in the register maintained u/s
301 of the Companies Act
18. The company has not issued any debentures.
19. During the period covered by our audit report, the company has not
raised any money by public issue.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
Date : 30th Aug, 2011 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No. 121356W
(Vishves A.Shah)
Proprietor
M. No. 109944
Mar 31, 2010
1. We have audited the attached Balance sheet of IDEAL OPTICS LIMITED
as at 31st March, 2010 and the related Profit & Loss Account for the
year ended on that date annexed thereto, which we have signed under
reference to this report. These financial statements are the
responsibility of the CompanyÃs management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conduct 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (AuditorÃs Report) Order, 2003 as
amended by Companies (AuditorÃs Report) amendment Order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we annex
here to 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 and information and explanations provided to us, we report
that:
1) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of the
audit.
2) In our opinion, proper books of accounts as required by the law have
been kept by the Company so far as it appears from our examination of
such books.
3) The Balance Sheet, Profit & Loss Account and the Cash Flow Statement
referred to in this report are in agreement with the books of accounts
of the company.
4) In our opinion, these financial statements comply with the
Accounting Standards referred to in sub section (3C) of section 211 of
the Companies Act 1956, except as stated in para 6(a) and (b) below.
5) On the basis of written representations received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 12 and in particular;
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 Profit and Loss Account, of the profit for the year
ended on 31st March, 2010.
Re: IDEAL OPTICS LIMITED:
Annexure referred to in paragraph 3 of our report even date.
1. (a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated
(b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
(c) No substantial parts of the fixed assets have been disposed off
during the year.
2. (a) At the end of the year company have inventory of Rs.469850
(b) The Inventories are valued at cost or market value, which is lower.
(c) Inventories have been physically verified by the management at
regular intervals during the year.
3. (a) The company has not taken any loans from Companies, Firms or
other parties other than directors; Register maintained under section
301 of the Act. No amount was borrowed from the directors of the
company during the year & other financial institutes.
(b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(c) The Principal amount and interest has been repaid as stipulated.
(d) There are no overdue payments.
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, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. (a) According to the information and explanation given to us, we
are of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act, have been so entered.
(b) In our opinion and according to the information and explanation
given to us, There is no any transaction more than Rs. 500000/ or more
of purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits; hence the
provision of section 58A of the Companies Act 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public are not applicable.
7. In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
8. The Central Government has not prescribed for maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
9. (a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
Marchà 2010 for a period of more than six months from the date they
become payable.
10. The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company.
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 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. Therefore the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
15. As informed to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. According to the information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for Long-term
assets. No long-term funds have been used to finance short-term assets.
17. The company has not made any preferential allotment of shares to
companies, firms or other parties listed in the register maintained u/s
301 of the Companies Act.
18. The company has not issued any debentures.
19. During the period covered by our audit report, the company has not
raised any money by public issue.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
Date : 30th Aug, 2010 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No. 121356W
Sd/-
(Vishves A. Shah)
Proprietor
M. No. 109944
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