Mar 31, 2018
INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF
KEMISTAR CORPORATION LIMITED
AHMEDABAD Report on the Standalone Financial Statements
I have audited the accompanying standalone financial statements of KEMISTAR CORPORATION LIMITED("The Company"), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''standalone financial statements'').
Managements'' Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matter stated in section 134(5) of The Companies Act 2013 (âThe Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principle generally accepted in India, including the Indian Accounting Standards Specified under section 133 of the Act, read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with provision of the act for safeguarding of assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimate 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 standalone financial statements that give a true and fair view and free from material misstatement, weather due to fraud or error.
Auditor''s responsibility
My responsibility is to express an opinion on these standalone financial statements based on my audit.
I 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.
I have conducted my audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those standards require that I comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the standalone financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the standalone financial statements.
Opinion
In my opinion and to the best of my information and according to the explanations given to me, 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,
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018; and
b) in the case of the Statement of Profit and Loss Account, of the Profit for the year ended on that date.
Report On other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âThe Order"), as amended issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, I give in the Annexure "1" a statement on the matter specified in paragraph 3 and 4 of the order.
2. As required by section 143(3) of the Act, I report that:
a) I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit;
b) In my opinion proper books of account as required by law have been kept by the Company so far as appears from my examination of those books;
c) The Balance Sheet and Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In my opinion, the aforesaid standalone financial statements comply with the accounting standards specified under section 133 of the act, read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31 2018, from being appointed as a director in terms of section 164(2) of the Act.
f) With respect to adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to my separate report in "Annexure 2".
g) As required by the rule 11 of the companies (Audit and Auditors) Rules, 2014, and in our opinion and to the best of our information and according to the explanation given to me:
i). The company is not having any pending litigation and hence there is no further comments required.
ii). The company has not incurred any material foreseeable losses on long term contracts including derivative contracts hence no provision for such losses required.
iii). There were no amounts which were required to be transferred to the investor education and protection fund by the company hence no further comment is required in this matter.
(Referred to in Paragraph 1 Report On Other Legal and Regulatory Requirements of My Report of even date on the Accounts for the year ended on 31st March, 2018 of KEMISTAR CORPORATION LIMITED.)
1. In respect of its fixed assets:-
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at reasonable intervals. According to information and explanation given to me no material discrepancies were noticed on such physical verification.
(c) The company is holding title deed in its name for the immovable property. There is no such assets for which the company is not holding a title deed.
2. 2. In respect of its inventories:-
(a) Inventories have been physically verified by the management at reasonably regular intervals during the year.
(b) In my opinion and according to the information and explanation given to me, 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 me, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. The Company has not granted any secured or unsecured loans to Companies, Firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Therefore, no further comments are required to be made.
4. As per information and explanation provided to me and as per my opinion, the company has complied with the provisions of the section 185 and 186 of the Companies Act 2013. Hence no further comments are required in respect of loans, investment, guarantees and security.
5. 5. The Company has not accepted any deposits from public. Consequently the directives issued by the Reserve bank of India read with the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies(Acceptance of Deposit) Rules, 2015 with regard to the deposit accepted from the public are not applicable.
6. I have been informed that the Central Government has not prescribed maintenance of Cost records under Section 148(1) of the Companies Act, 2013 . Therefore, no comments are required to be made.
7. 7. In respect of statutory dues:-
(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance Contribution, Income tax, Excise Duty, Customs Duty, Sales tax, and other dues as may be relevant have been generally regularly deposited with the appropriate authorities.
(b) As informed to me, there are no disputed statutory dues, which have not been deposited on account of matters pending before appropriate authorities.
8. The Company had no dues to financial institution, bank or debenture holders during the year under Audit. Therefore, no comments are required about repayment of dues thereon.
9. In my opinion and according to the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon
10. In my opinion and according to the information and explanations given to me, No fraud on or by the Company by it officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the 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. In my opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13. In my opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14. As per information and explanation provided to me during the year under review The Company has made preferential allotment. The company has complied with requirement of section 42 of The Companies Act 2013. Further The Company has utilized the funds for the purpose for which it has been raised.
15. In my opinion and as per information and explanation provided to me by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16. In my opinion and as per information and explanation provided to me by the management, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
Annexure" 2" to the Independent Auditor''s Report of even date on the Standalone Financial Statements of KEMISTAR CORPORATION LIMITED Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
I have audited the internal financial controls over financial reporting of KEMISTAR CORPORATION LIMITED (âthe Company") as of March 31, 2018 in conjunction with my audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
My responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on my audit. I conducted my audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
My audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. My audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In My opinion, to the best of my information and explanation given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For, GAURAV N. ZINZUWADIYA
CHARTERED ACCOUNTANTS
Sd/-
CA Gaurav Zinzuwadiya
PLACE: AHMEDABAD PROPRIETOR
DATE : 30th May,2018 M.No 150295
Mar 31, 2015
I have audited the accompanying financial statements of KEMISTAR
CORPORATION LIMITED, which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss for the year then ended, and
a summary of significant accounting policies and other explanatory
information.
Managements' responsibility for the standalone financial statements
The Company's Board of Directors is responsible for the matter stated
in section 134(5) of The Companies Act 2013 ("The Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the Accounting principle
generally accepted in india, including Rules, (2014). This
responsibility also includes maintenance of adequate accounting records
in accordance with provision of the act for safeguarding of assets of
the company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimate 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 free from material misstatement, weather due to
fraud or error.
Auditor's responsibility
My responsibility is to express an opinion on these standalone
financial statements based on my audit. 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. I have conducted
my audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those standards require that I comply with
the 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.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, 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, 2015; and
b) in the case of the Statement of Profit and Loss Account, of the
Profit for the year ended on that date.
Emphasis of Matter
As required by SA 706, (Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor's Report), I annex herewith
Annexure "1".
Report On other legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, I give in the Annexure "2"
2. As required by section 143(3) of the Act, I report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b) In my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books;
c) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account;
d) In my opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (9) of
section 143 of the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 143 of the Companies Act,
2013;
f) On the basis of information and explanation provided to me internal
financial control system of the company is effective and operating in
well manner.
g) As required by the rule 11 of the companies (Audit and Auditors)
Rules, 2014, and in our opinion and to the best of our information and
according to the explanation given to me
i) . The company is not having any pending litigation and hence there
is no further comments required.
ii) . The company has not incurred any material foreseeable losses on
long term contracts including derivative contracts hence no provision
for such losses required.
iii). There were no amounts which were required to be transferred to
the Investor education and protection fund by the company hence no
further comment is required In this matter.
ANNEXURE "1" TO THE INDEPENDENT AUDITOR'S REPORT
( Referred to In Paragraph " Emphasis of Matter " of My Report of even
date on the Accounts for the year ended on 31st March, 2015 of KEMISTAR
CORPORATION LIMITED )
1. Accounting for Depreciation
I draw your attention to Part - I Note 1 (c) (ii) & (iii) forming part
of the financial statements which describe written off of certain non
usable Fixed Assets and non usable Capital Work In Progress.
2. Valuation of Inventories ( AS 2 )
I draw your attention to Part - I Note 1 (d) (i) forming part of the
financial statements which describe amount of inventory is shown as
.Certified by the management of the Company.
3. Accounting for Taxes on Income ( AS 22 )
I draw your attention to Part -1 Note 1 (g) (a) forming part of the
financial statements which describe the Company does not make provision
for Current Income Tax Liabilities.
4. Pre-Operative Expenses
I draw your attention to Part -1 Note 1 (h) forming part of the
financial statements which describe the write off of entire amount of
Preliminary and pre-operative expenses.
5. Contingent Liabilities
I draw your attention to Part - I Note 1 (i) forming part of the
financial statements which describe the Contingent Liabilities have
been considered as Certified by the Management of the Company.
6. Related Party Disclosure ( AS 18 )
I draw your attention to Part -1 Note 2 (a) forming part of the
financial statements which describe
the Related Party disclosure has been made as Certified by the
management of the Company.
7. Relationship of Holding And Subsidiary Company
I draw your attention to Part - III Note (a) forming part of the
financial statements which describe the Relationship of Holding and
Subsidiary Company.
8. Balance Confirmations from Parties
I draw your attention to Part - III Note (b) forming part of the
financial statements which describe the balance confirmations from
parties to be received.
For, Gaurav Natwarlal Zinzuwadia,
CHARTERED ACCOUNTANTS
Sd/-
PLACE: AHMEDABAD
DATE : 30th May, 2015 (CA GAURAV N . ZINZUWADIA)
PROPRIETOR
M.NO. 150295
Mar 31, 2014
I have audited the accompanying financial statements of KEMISTAR
CORPORATION LIMITED, comprise the Balance Sheet as at March 31st, 2014,
and the Statement of Profit and Loss for the then ended, and a summary
of significant accounting policies and other explanatory information.
Managements' responsibility for the financial statements
Management is responsible for the preparation of these financial
statements that give a true and view of the financial position and
financial performance of the Company in accordance with | Accounting
Standards referred to in 129 of the Companies Act, 2013. This
responsibility includes | design, implementation and maintenance of
internal control relevant to the preparation presentation of the
financial statements that give a true and fair view and are free from
misstatement, whether due to fraud or error.
Auditor's responsibility
My responsibility is to express an opinion on these financial
statements based on my audit. conducted my audit in accordance with
the Standards on Auditing issued by the Institute of Charter
accountants of India. Those Standards require that comply with ethical
requirements and plan a perform the audit to obtain reasonable
assurance about whether the financial statements are free material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures the financial statements. The procedures
selected depend on the auditor's judgment, including assessment of the
risks of material misstatement of the financial statements, whether due
to fraud error. In making those risk assessments, the auditor considers
internal control relevant to Company's preparation and fair
presentation of the financial statements in order to design procedures
that are appropriate in the circumstances. An audit also includes
evaluating appropriateness of accounting policies used and the
reasonableness of the accounting estimates by management, as well as
evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for audit opinion.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, financial statements give the information
required by the Act in the manner so required and give a and fair view
in conformity with the accounting principles generally accepted in
India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014 and
b) in the case of the Statement of Profit and the loss for the year
ended that date.
Emphasis of Matter
As required by SA 706, (Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor's Report), I annex herewith
Annexure "1".
Report On other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, I give in the Annexure "2" a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 134 of the Act, l report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b) In my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books;
c) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account;
d) In my opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection 129 of
the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of section 164of the Companies Act,
2013;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE "1" TO THE INDEPENDENT AUDITOR'S REPORT
( Referred to in Paragraph " Emphasis of Matter " of My Report of even
date on the Accounts for year ended on 31st March, 2014 of KEMISTAR
CORPORATION LIMITED )
1. Accounting for Depreciation
I draw your attention to Part -1 Note 1 (c ) (ii) & (iii) forming part
of the financial statements which describe written off of certain non
usable Fixed Assets and non usable Capital Work In Progress.
2. Valuation of Inventories ( AS 2 )
I draw your attention to Part -1 Note 1 (d) (i) forming part of the
financial statements which describe amount of inventory is shown as
Certified by the management of the Company.
3. Accounting for Taxes on Income I AS 11)
I draw your attention to Part -1 Note 1 (g) (a) forming part of the
financial statements which describe the Company does not make provision
for Current Income Tax Liabilities.
4. Pre-Operative Expenses
I draw your attention to Part -1 Note 1 (h) forming part of the
financial statements which describe the write off of entire amount of
Preliminary and pre-operative expenses.
5. Contingent Liabilities
I draw your attention to Part - I Note 1 (i) forming part of the
financial statements which describe the Contingent Liabilities have
been considered as Certified by the Management of Company.
6. Related Party Disclosure ( AS 18 )
I draw your attention to Part - I Note 2 (a) forming part of the
financial statements describe the Related Party disclosure has been
made as Certified by the management of the Company.
7. Relationship of Holding And Subsidiary Company
I draw your attention to Part - III Note (a) forming part of the
financial statements describe the Relationship of Holding and
Subsidiary Company.
8. Balance Confirmations from Parties
I draw your attention to Part - III Note (b) forming part of the
financial statements describe the balance confirmations from parties to
be received.
ANNEXURE "2" TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in Paragraph Report On Other Legal and Regulatory
Requirements (Sub Para 1) of My Report of even date on the Accounts for
the year ended on 31st March , 2014 of KEMISTAR CORPORATION LIMITED.)
1. In respect of its fixed assets:-
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
physical verification.
(c) The Company has not disposed off substantial part of its fixed
assets during the year. However, the Company has written off
substantial part of its fixed assets (including entire amount of
Capital Work in Progress). I have been informed by the management of
the Company that, it does not intend to discontinue its operations.
Accordingly, l am of the opinion that, the going concern state of the
Company is not affected.
2. In respect of its inventories
(a) Inventories have been physically verified by the management at
reasonably regular intervals during the year.
(b) In my opinion and according to the information and explanation
given to me, 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 me , there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. (a) The Company has not granted any secured or unsecured loans to
Companies, Firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Therefore, no further
comments are required to be made.
(b) The Company has not taken any secured or unsecured loans from
Companies, Firms or other parties covered in the register maintained
under Section 189 of the Companies Act ,2013. Therefore, no further
comments are required to be made.
In my opinion and according to the information and explanation given to
me, there exists an adequate internal control system commensurate with
the size of the Company and the nature of its business for the purchase
of inventory, and for the sale of goods and services. During the course
of my audit, I ha not observed any continuing failure to correct major
weakness in internal control system of Company.
5. (A). According to the information and explanations given to me, I
am of the opinion that, particulars of contracts or arrangements -hat
need to be entered into the register maintained Section 189 of the
Companies Act, 2013 have been so entered.
(B). According to the information and explanation given to me, there
were no transactions exceeding the value of five lakh rupees in respect
of any party in the current financial year. Therefore Clause (b) of the
Companies (Auditor's Report) Order, 2003 is not applicable.
6. The Company has not accepted any deposits from public. Consequently
the directives issued by Reserve bank of India read with the provisions
of Section 74, 75,76 or Any other relevant provision of the Companies
Act,2013 and the rules framed there under are not applicable .
Therefore, no comments are made.
7. In my opinion, the Company has an Internal Audit System
commensurate with the size of th Company and nature of its business
8. I have been informed that the Central Government has not prescribed
maintenance of Cost record under Section 148 of the Companies Act, 2013
Therefore; no comments are required to be made.
9. In respect of statutory dues:-
(a) According to the records of the Company, undisputed statutory dues
including Provident Employees' State Insurance Contribution, Income
tax, Excise Duty and Customs Duty, Sales tax other dues as may be
relevant have been generally regularly deposited with appropriate
authorities.
(b) As informed to me, there are no disputed statutory dues, which have
not been deposited account of matters pending before appropriate
authorities.
10. The accumulated losses of the company have exceeded 50 percent of
its Net Worth It has not incurred cash losses in the financial Year
concerned however the company has made cash losses in the immediately
preceding financial year.
11. The Company had no dues to financial institution, bank or
debenture holders during the year under Audit. Therefore, no comments
are required about repayment of dues thereon.
12. As information given to me the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities. Therefore, no further comments are
required to be made.
13. In my opinion, the Company is not a Chit fund, Nidhi / Mutual
benefit fund / society. Therefore, Clause 4 (xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
14. According to the information and explanations given to me, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Therefore, Clause 4 (xiv) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
15. According to the information and explanation given to me, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions during the year. Therefore, Clause 4
(xv) of the Companies (Auditor's Report) Order, 2003 is not applicable.
16. As per the information and explanation given to me, the Company
has not taken any term loan. Therefore, Clause 4 (xvi) of the
Companies (Auditor's Report) Order, 2003 is not applicable.
17. According to the information and explanations given to me and on
the basis of an overall examination of the balance sheet of the
Company, in my opinion, there are no funds raised on a short - term
basis which have been used for long- term investment.
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 189 of the Companies Act, 2013. Therefore,
Clause 4 (xviii) of the Companies (Auditor's Report) Order, 2003 is not
applicable.
19. The Company has not issued any debentures. Accordingly, Clause 4
(xix) of the Companies (Auditor's Report) Order,2003 is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, Clause 4 (xx) of the Companies (Auditor's Report)
Order, 2003 is not applicable.
21. In my opinion and according to the information and explanations
given to me , no fraud on or by the Company has been noticed or
reported during the year, that causes the financial statements to be
materially misstated . Accordingly, Clause 4 (xxi) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
For, Gaurav Natwarlal Zinzuwadia
CHARTERED ACCOUNTANTS
(CA GAURAV N . ZINZUWADIA)
PROPRIETOR
M.NO. 150295
AHMEDABAD
DATE : 19th July,2014
Mar 31, 2012
(1) I have audited Balance sheet of KEMISTAR CORPORATION LIMITED as at
31st March 2012 and the profit and loss account and cash flow statement
for the year ended on that date, annexed thereto. These financial
statement are the responsibility of the management of the company. My
responsibility is to express an opinion on these financial statement.
(2) I have conducted my audit in accordance with the Auditing standards
generally accepted in India. Those standards require that, I plan and
perform the audit to obtain reasonable assurance about weather the
financial statement are free of material misstatement. An audit
includes examining of evidence supporting the amounts and on a test
basis disclosure in that financial statement. An audit also includes
assessing the evaluating the overall presentation of the financial
statements. I believe that, my audit provides a reasonable basis for my
opinion.
(3) As required by companies (Auditor's Report) Order, 2003 (as
amended) issued by the Central Government under section 227 (4A) of the
companies Act 1956, and on the basis of the books and records of the
company as I considered appropriate and according to the information
and explanation given to me, I enclose in the annexure a statement on
the matter specified in paragraph 4 and 5 of the said Order.
(4) Further to my comments in paragraph (3) above I Report that:
(a) I have obtained all the information and explanation which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(b) In my opinion, proper books of accounts as required by the law have
been kept by the company so far as appears from my examination of the
books.
(c) The Balance sheet and profit and loss account dealt with by this
report are in agreement with the books of accounts.
(d) In my opinion the Balance sheet and profit and loss accounts of the
company complies with the mandatory Accounting standards referred to in
sub section 3 (c) section 211 of the companies Act, 1956 read together
with and subject to relevant Notes Forming part of the financial
statements.
(e) the basis of written representations received from the Directors of
the Company as at 31st March 2012 and taken on record by the Board of
Directors, I report that, none of the Directors is disqualified as on
31st March, 2012 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 my opinion and to the best of my knowledge and according to the
explanations given to me, the said accounts read together with and
subject to relevant not's Forming 'part of financial statements, give
the information required by the Companies Act, 1956 in manner so required
and give true and far view in conformity with the accounting
principles 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 Profit and Loss Account of the loss for the year
ended on that date;
(iii) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
1. In respect of its fixed assets:-
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assts.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
physical verification.
(c) The company has not disposed off substantial part of its fixed
assets during the year and the going concerned state of the company is
not affected.
2. In respect of its inventories:-
(a) Inventories have been physically verified by the management at
reasonably regular intervals during the year.
(b) In my opinion and according to the information and explanation
given to me, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the company and the nature of its business.
(c) The company has maintained proper records of inventories. As
explained to me, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. (a) The company has not granted any secured or unsecured loans to
companies, Firms or other parties covered in the register maintained
under section 301 of the companies Act, 1956. Therefore, no further
comments are required to be made.
(b) The company has not taken any secured or unsecured loans from
companies, Firms or other parties covered in the registered maintained
under section 301 of the companies Act, 1956. Therefore, no further
comments are required to be made.
4.In my opinion and according to the information and explanation given
to me, there exists an adequate internal control system commensurate
with the size of company and the nature of its business for the
purchase of inventory, and for the sale of goods and services. During
the course of my audit, I have not observed any continuing failure to
correct major weakness in internal control system of the company.
(a) According to the information and explanations given to me, I am of
the opinion that, the particulars of contracts or arrangements that
need to be entered into the register maintained under Section 301 of
the Companies Act, 1956 have been so entered.
(b) According to the information and explanation given to me, there
were no transactions exceeding the value of five lakh rupees in respect
of any party in the current financial year. Therefore, Clause 4 (v) of
the Companies (Auditor's Report) Order, 2003 is not applicable.
6 The Company has not accepted any deposits from public. Consequently
the directives issued by the Reserve bank of India read with the
provisions of Section 58A , 58AA or any other relevant provisions of
the Companies Act,1956 and the rules framed there under are not
applicable . Therefore, no further comments are made.
7. In my opinion, the Company has an Internal Audit System commensurate
with the size of the Company and nature of its business
8 I have been informed that the Central Government has not prescribed
maintenance of Cost records under Section 209(l)(d) of the Companies
Act, 1956 . Therefore, no comments are required to be made.
9. In respect of statutory dues:-
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance Contribution,
Income tax, Excise Duty and Customs Duty, Sales tax and other dues as
may be relevant have been generally regularly deposited with the
appropriate authorities.
(b) As informed to me , there are no disputed statutory dues , which
have not been deposited on account of matters pending before
appropriate authorities .
10 The accumulated losses of the company has not exceeded 50 percent of
its Net Worth. It has incurred cash losses In the financial Year
concerned however The Company has not incurred cash losses in
immediately preceding financial year.
11 The Company had no dues to financial institution, bank or debenture
holders during the year under Audit. Therefore, no comments are
required about repayment of dues thereon.
12. As information given to me the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities. Therefore, no further comments are
required to be made.
13. In my opinion, the Company is not a Chit fund, Nidhi / Mutual
benefit fund / society. Therefore, Clause 4 (xiii) of the Companies (
Auditor's Report) Order, 2003 is not applicable.
14. According to the information and explanation given to me, the
company is not dealing or trading in shares, securities, debentures and
other investments. Therefore clause 4 (xiv) of the companies (Auditors
Reports) Order, 2003 is not applicable.
15. According to the information and explanation given to me, the
company has not given any guarantee for loans taken by others from
banks or financial institutions during the year. Therefore, clause 4
(xvi) of the companies (Auditors Reports) Order, 2003 is not
applicable.
16. As per type information and explanation given to me, the company has
not taken only term loan. Therefore, clause 4 (xvi) of the companies
(Auditor's Report) Order, 2003 is not applicable.
17. According to the information and explanation given to me and on the
basis of an overall examination of the balance sheet of the company,
in my opinion, there are no funds raised on a short-term basis which
have been used for long term investment.
18.During the year, the company has not made any preferential
allotment of shares to parties and companies covered in toi registered
maintain under section 301 of the companies Act, 1956. Therefore,
clause 4 (xviii) of the companies (Auditors Report) Order, 2003 is not
applicable.
19. The company has not issued any debentures. Accordingly, clause 4
(xix) companies (Auditors Report) Order, 2003 is not applicable.
20. The company has not raised any money by public issue during the
year. Accordingly, clause 4 (xx) of the companies (Auditors Report)
Order, 2003 is not applicable.
21. In my opinion and according to the information and explanation
given to me, no fraud on or by the company has been noticed or
reporting during the year, that causes the financial statements to be
materially misstated. Accordingly, clause 4 (xxi) of the companies
(Auditor's Report) Order, 2003 is not applicable.
For, JANAK SONI & ASSOCIATES
Chartered Accountants
F.R.NO.121405W
Sd/-
PLACE: AHMEDABAD C A Janakkumar S. Soni
DATE : August, 17, 2012 Proprietor
M.No.110003
Mar 31, 2011
(1) I have audited the attached Balance Sheet of KEMISTAR CORPORATION
LIMITED as at 31st March 2011 and the Profit and Loss Account and Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the management of the
Company. My responsibility is to express an opinion on these financial
statements.
(2) I have conducted my audit in accordance with the Auditing Standards
generally accepted in India. Those Standards require that, I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining of evidence supporting the amounts and on a test
basis disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. I believe that, my audit provides a reasonable
basis for my opinion.
(3). As required by Companies (Auditorà Report) Order, 2003(As amended)
issued by the Central Government under Section 227 (4A) of the
Companies Act, 1956, and on the basis of the books and records of the
Company as I considered appropriate and according to the information
and explanation given to me, I enclose in the annexure a statement on
the matter specified in paragraph 4 and 5 of the said Order.
(4). Further to my Comments in Paragraph (3) above I Report that:-
(a) I have obtained all the information and explanation which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(b) In my opinion, proper Books of accounts as required by the law have
been kept by the Company so far as appears from my examination of the
books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the Books of Accounts.
(d) In my opinion, the Balance Sheet and Profit and Loss Account of the
Company complies with the mandatory Accounting Standards referred to in
Sub Section 3(C) Section 211 of the Companies Act, 1956 subject to
relevant Notes contained under Schedule-3.
(e) On the basis of written representations received from the Directors
of the Company as at 31st March 2011 and taken on record by the Board
of Directors, I report that, none of the Directors is disqualified as
on 31st March, 2011 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 my opinion and to the best of my knowledge and according to the
explanations given to me, the said accounts read together with and
subject to notes as contained under Schedule - 3, give the information
required by the Companies Act , 1956 in manner so required and give
true and fair view in conformity with the accounting principles
accepted in India :-
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2011;
(ii) In the case of Profit and Loss Account of the profit for the year
ended on that date ;
(iii) In the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of My Report of even date on the Accounts
for the year ended on 31st March, 2011 of KEMISTAR CORPORATION LIMITED)
1. In respect of its fixed assets:-
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verifies by the management at
reasonable intervals. No material discrepancies were noticed on such
physical verification.
(c) The Company has not disposed off substantial part of its fixed
assets during the year and the going concern state of the Company is
not affected.
2. In respect of its inventories:-
(a) Inventories have been physically verified by the management at
reasonably regular intervals during the year.
(b) In my opinion and according to the information and explanation
given to me, the procedure 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 me, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. (a) The Company has not granted any secured or unsecured loans to
Companies, Firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Therefore, no further
comments are required to be made.
(b) The Company has not taken any secured or unsecured loans to
Companies, Firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Therefore, no further
comments are required to be made.
4. In my opinion and according to the information and explanation given
to me, there exists an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
services. During the course of my audit, I have not observed any
continuing failure to correct major weakness in internal control system
of the Company.
5. (a). According to the information and explanations given to me, I am
of the opinion that, the particulars of contracts or arrangements that
need to be entered into the register maintained under Section 301 of
the Companies Act, 1956 have been so entered.
(b). According to the information and explanation govern to me, there
were no transactions exceeding the value of five lakh rupees in respect
of any party in the current financial year. Therefore, Clause 4 (v) of
the Companies (Auditor's Report) Order, 2003 is not applicable.
6. The Company has not accepted any deposits from public. Consequently
the directives issued by the Reserve bank of India read with the
provisions of Section 58A , 58AA or any other relevant provisions of
the Companies Act,1956 and the rules framed there under are not
applicable . Therefore, no further comments are made.
7. In my opinion, the Company has an Internal Audit System
commensurate with the size of the Company and nature of its business
8. I have been informed that the Central Government has not prescribed
maintenance of Cost records under Section 209(1)(d) of the Companies
Act , 1956 . Therefore, no comments are required to be made.
9. In respect of statutory dues:-
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance Contribution,
Income tax, Excise Duty and Customs Duty, Sales tax and other dues as
may be relevant have been generally regularly deposited with the
appropriate authorities.
(b) As informed to me, there are no disputed statutory dues, which have
not been deposited on account of matters pending before appropriate
authorities.
10. The Company has no accumulated losses at the end of the financial
year and it has not made cash losses at the end of the financial year
and immediately preceding financial year.
11. The Company had no dues to financial institution, bank or debenture
holders during the year under Audit. Therefore, no comments are
required about repayment of dues thereon.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, no further comments are required to be made.
13. In my opinion, the Company is not a Chit fund, Nidhi / Mutual
benefit fund / society. Therefore, Clause 4 (xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
14. According to the information and explanations given to me, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Therefore, Clause 4 (xiv) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
15. According to the information and explanation given to me, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions during the year. Therefore, Clause 4
(xv) of the Companies (Auditor's Report) Order, 2003 is not applicable.
16. As per the information and explanation given to me, the Company
has not taken any term loan. Therefore, Clause 4 (xvi) of the Companies
(AuditorÃs Report) Order, 2003 is not applicable.
17. According to the information and explanations given to me and on
the basis of an overall examination of the balance sheet of the
Company, in my opinion, there are no funds raised on a short - term
basis which have been used for long- term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered on the register
maintained under Section 301 of the Companies Act, 1956. Therefore,
Clause 4 (xviii) of the Companies (Auditor's Report) Order, 2003 s not
applicable.
19. The Company has not issued any debentures. Accordingly, Clause 4
(xix) of the Companies (Auditor's Report) Order, 2003 is not
applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, Clause 4 (xx) of the Companies (Auditor's Report)
Order, 2003 is not applicable.
21. In my opinion and according to the information and explanations
given to me , no fraud on or by the Company has been noticed or
reported during the year , that causes the financial statements to be
materially misstated . Accordingly, Clause 4 (xxi) of the Companies
(Auditor's Report) Order, 2003 is not applicable.
For, JANAK SONI & ASSOCIATES
Chartered Accountants
Sd/-
CA Janakkumar S. Soni
Proprietor
F.R.No.121405W;
M.No.110003
PLACE : AHMEDABAD
DATE : June 27, 2011
Mar 31, 2010
(1) I have audited the attached Balance Sheet of KEMISTAR CORPORATION
LIMITED as at 31st March 2010 and the Profit and Loss Account and Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the management of the
Company . My responsibility is to express an opinion on these financial
statements.
(2) I have conducted my audit in accordance with the Auditing Standards
generally accepted in India . Those Standards require that , I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement . An audit
includes examining of evidence supporting the amounts and on a test
basis disclosure in the financial statements . An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. I believe that, my audit provides a reasonable
basis for my opinion .
(3) As required by Companies ( Auditor Report ) Order , 2003 ( as
amended ) issued by the Central Government under Section 227 (4A) of
the Companies Act, 1956,and on the basis of the books and records of
the Company as I considered appropriate and according to the
information and explanation given to me, I enclose in the annexure a
statement on the matter specified in paragraph 4 and 5 of the said
Order .
(4) Further to my Comments in Paragraph (3) above I Report that ;-
(a)I have obtained all the information and explanation which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
(b)In my opinion , proper Books of accounts as required by the law have
been kept by the Company so far as appears from my examination of the
books .
(c)The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the Books of Accounts .
(d)In my opinion , the Balance Sheet and Profit and Loss Account of the
Company complies with the mandatory Accounting Standards referred to In
Sub Section 3(C) Section 211 of the Companies Act, 1956 subject to
relevant Notes contained under Schedule-H .
(e)On the basis of written representations received from the Directors
of the Company as at 31st March 2010 and taken on record by the Board
of Directors , I report that, none of the; Directors Is disqualified as
on 31st 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 my opinion and to the best of my knowledge and according to the
explanations given to me, the said accounts read together with and
subject to notes as contained under Schedule - H , give the information
required by the Companies Act , 1956 in manner so required and give
true and fair view in conformity with the accounting principles
accepted in India :-
(I) In the case of Balance Sheet of the state of affairs of the Company
as at 31th March 2010 ;
(ii) In the case of Profit and Loss Account of the profit for the year
ended on that date ;
(iii) In the case of Cash Flow Statement, of the cash flow for the year
ended on that date .
ANNEXURE TO THE AUDITORS REPORT
(Referred t6 in Paragraph 3 of My Report of even date on the Accounts
for the year ended on 31st March , 2010 of KEMISTAR CORPORATION LIMITED)
1. In respect of its fixed assets :-
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
physical verification .
(b) The Company has not disposed off substantial part of its fixed
assets during the year and the going concern state of the Company is
not affected .
2. In respect of its inventories :-
(a) Inventories have been physically verified by the management at
reasonably regular intervals during the year .
(b)In my opinion and according to the information and explanation given
to me , the procedure 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 me , there were no material discrepancies noticed on
physical verification of inventory as compared to the book records .
3. (a) The Company has not granted any secured or unsecured loans to
Companies, Firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Therefore, no further
comments are required to be made.
(b)The Company has not taken any secured or unsecured loans to
Companies, Firms or other parties covered in the register maintained
under Section 301 of the Companies Act ,1956.Therefore, no further
comments are required to be made.
4. In my opinion and according to the information and explanation
given to me, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of Inventory, fixed assets and with
regard to the sale of services . During the course of my audit, I have
not observed any continuing failure to correct major weakness in
internal control system of the Company.
5. (a). According to the information and explanations given to me , I
am of the opinion that, the particulars of contracts or arrangements
that need to be entered into the register maintained under Section 301
of the Companies Act, 1956 have been so entered.
(b).According to the information and explanation govern to me, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956 ;
have been made at prices which are reasonable having regard to the
prevailing market prices at relevant time.
6. The Company has not accepted any deposits from public. Consequently
the directives issued by the Reserve bank of India read with the
provisions of Section 58A , 58AA or any other relevant provisions of
the Companies Act,l956 and the rules framed there under are not
applicable . Therefore, no further comments 3re made .
7. In my opinion, the Company has an Internal Audit System
commensurate with the size of the Company and nature of its business.
8. I have been informed that the Central Government has not prescribed
maintenance of Cost records under Section 209(l)(d) of the Companies
Act , 1956 . Therefore, no comments are required to be made .
9. In respect of statutory dues ;-
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund , Employees State Insurance Contribution ,
Income tax , Excise Duty and Customs Duty , Sales tax and other dues
have been generally regularly deposited with the appropriate
authorities.
(b)As informed to me , there are no disputed statutory dues , which
have not been deposited on account of matters pending before
appropriate authorities .
10. The Company has no accumulated losses at the end of the financial
year and it has not made cash losses at the end of the financial year
and immediately preceding financial year .
J. I. The Company had no dues to financial institution, bank or
debenture holders during the year under Audit. Therefore, no comments
are required about repayment of dues thereon.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares , debentures and other securities.
Therefore, no further comments are required to be made.
13. In my opinion, the Company is not a Chit fund, Nidhi / Mutual
benefit fund / society Therefore, Clause 4 (xiii) of the Companies (
Auditors Report) Order, 2003 is not applicable.
14. According to the information and explanations given to me, the
Company is not Dealing or trading in shares, securities, debentures and
other investments. Therefore, Clause 4 (xiv) of the Companies
(Auditors Report) Order , 2003 Is not applicable .
15. According to the information and explanation given to me, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions during the year . Therefore, Clause 4
(xv) of the Companies (Auditors Report) Order, 2003 is not applicable.
16. As per the information and explanation given to me, the Company
has not taken any term loan. Therefore, Clause 4 (xvi) of the Companies
(Auditors Report) Order , 2003 is not applicable.
17. According to the information and explanations given to me and on
the basis of an overall examination of the balance sheet of the
Company, in my opinion, there are no funds raised on a short - term
basis which have been used for long- term investment.
18. During the year , the Company has not made any preferential
allotment of shares to parties and companies covered on the register
maintained under Section 301 of the Companies Act, 1956. Therefore,
Clause 4 (xviii) of the Companies ( Auditors Report ) Order, 2003 is
not applicable.
19. The Company has not issued any debentures. Accordingly, Clause 4
(xix) of the Companies ( Auditors Report ) Order , 2003 is not
applicable .
20. The Company has not raised any money by public issues during the
year. Accordingly, Clause 4 (xx) of the Companies (Auditors Report)
Order, 2003 is not applicable .
21. In my opinion and according to the information and explanations
given to me , no fraud on or by the Company has been noticed or
reported during the year , that causes the financial statements to be
materially misstated , Accordingly, Clause 4 (xxi) of the Companies
(Auditors Report ) Order, 2003 is not applicable.
For, JANAK SONI & ASSOCIATES
Chartered Accountants
PLACE: AHMEDABAD CA Janakkumar S. Soni
Proprietor
DATE : June 30, 2010 Membership No. : 110003
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