Mar 31, 2016
Independent Auditorâs Report
To the Members of
Natco Economicals Limited Report on the Financial Statements
We have audited the accompanying financial statements of Natco Economical Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow 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 stated 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, rea,d with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the 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 of the state of affairs of the Company as at March 31, 2016 and its Profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order 2015 (â 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 paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act;
f With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
I. The Company does not have any pending litigations which would impact its financial position.
II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
III. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.
Annexure to Auditorâs Report
The Annexure referred to in the Auditorâs Report to the Member of Natco Economicals Limited on the accounts for the year ended 31stMarch, 2016, we report that:
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:
1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) These Fixed Assets have been physically verified by the management at reasonable intervals, No material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account.
2. The company does not have any inventory during the year. Accordingly, the provision of Clause (ii) (a), (b), and (c) of the Order is not applicable to the company.
3. The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and for sale of goods & services. During the course of our audit, we have not observed any major weaknesses in the internal controls.
5. the Company has not accepted any deposits from the public covered under section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and rules made there under.
6. We have been informed that the Central Government has not prescribed for the maintenance of cost records under section 148(l) of the Companies Act, 2013.
7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and any other statutory dues to the extent applicable have been regularly deposited with the appropriate authorities. According to the information and explanations given to us no undisputed amount payable in respect of aforesaid dues were outstanding as at 31st of March, 2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of Sales Tax, income tax, wealth tax, service tax, Duty of customs and Duty of excise which have not been deposited on account of any disputes.
(c) There were no amounts which were required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.
8. The Company does not have any accumulated loss. The company has not incurred cash loss during the financial year covered by our audit as well as in the immediately preceding financial year.
9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not taken any loan from a financial institution, bank and also not issued any debenture.
10. according to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.
11. Based on the information explanation given to us by the management, we report that the company has not raised any term loans during the year.
12. according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year.
For Jayesh B. Patel & Co. Chartered Accountants
CA Jayesh Patel
Place :Ahmedabad Proprietor
Date : 22ndAugust, 2016. Membership No: 34745
Mar 31, 2015
We have audited the accompanying financial statements of Natco
Economicals Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the 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 of the state of affairs of the Company as
at March 31, 2015 and its Profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 (" the
Order), issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would impact
its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of Natco
Economicals Limited on the accounts for the year ended 31stMarch, 2015,
we report that:
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:
1. The company does not have any fixed assets, hence clause (i) (a) and
(b) of the order are not applicable to the company.
2. The company does not have any inventory during the year.
Accordingly, the provision of Clause (ii) (a), (b), and (c) of the
Order is not applicable to the company.
3. The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase of inventories & fixed assets and for sale of goods &
services. During the course of our audit, we have not observed any
major weaknesses in the internal controls.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and rules made there under.
6. We have been informed that the Central Government has not prescribed
for the maintenance of cost records under section 148(l) of the
Companies Act, 2013.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise,
Value Added Tax, Cess and any other statutory dues to the extent
applicable have been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
no undisputed amount payable in respect of aforesaid dues were
outstanding as at 31st of March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, income tax, wealth tax, service tax, Duty of
customs and Duty of excise which have not been deposited on account of
any disputes.
(c) There were no amounts which were required to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
8. The Company does not have any accumulated loss. The company has not
incurred cash loss during the financial year covered by our audit as
well as in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not taken any loan from a financial institution, bank and
also not issued any debenture.
10. according to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on the information explanation given to us by the management,
we report that the company has not raised any term loans during the
year.
12. according to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For Jayesh B. Patel & Co.
Chartered Accountants
CA Jayesh Patel
Place :Ahmedabad Proprietor
Date : 13th August, 2015. Membership No: 34745
Mar 31, 2014
We have audited the accompanying financial statements of Natco
Economicals Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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
to the extent applicable to the Company.
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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us]
c. The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account [and with the
returns received from branches not visited by us]
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 read with the General Circular
15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs
in respect of Section 133 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956 and Section 164(2) of 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 to Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of Natco
Economicals Limited on the accounts for the year ended 31stMarch, 2014,
we report that:
(i) (a) The company has maintained proper records showing full
particulars including Quantitative details and situation of Fixed
Assets.
(b) We have been informed that the fixed assets of the Company are
physically verified by the Management according to a phased program
designed to cover all the items over a period of two years, which in
our opinion, is reasonable having regards to the size of the Company
and the nature of its assets. Pursuant to the program, physical
verification was carried out during the year and no material
discrepancies were noticed.
(c) During the year, the Company has not disposed off substantial part
of fixed assets.
(ii) (a) The Inventory has been physically verified by management
during the current year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by 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 inventory. No material
discrepancies were noticed on physical verification of inventory.
(iii) (a) According to the information and explanations given to us,
the Company has not Granted any loans, secured or unsecured to
Companies, firms or other parties Covered in the register maintained
under section 301 of the Companies Act 1956.
(b) According to the information and explanations given to us, The
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act 1956 have been so entered.
(iii) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to the purchases of inventory, fixed assets and for the sale of
goods & services and trading activity . In our opinion, and according
to the information and explanations given to us, there is no major
weakness has been noticed in internal control system.
(iv) (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 such transaction have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time..
(v) According to the information and explanations given to us, the
company has not accepted deposits from the public within meaning of
section 58A and 58AA of the Act and the rules framed there under and
accordingly company has passed the Board resolution.
(vi) In our opinion, the company has internal audit system. However,
there is scope of increasing the coverage, so as to be commensurate
with its size and the nature of its business.
(vii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209 (i) (d) of the Companies
Act, 1956 and we are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records for determining whether
they are accurate or complete.
(viii) (a) According to the information and explanations given to us
and on the basis of our examination of the books of account, the
Company has been generally regular in depositing undisputed statutory
dues including Provident Fund, Employees' State Insurance, Investor
Education and Protection Fund, Income Tax, Sales Tax, VAT, Wealth Tax,
service tax, Custom Duty, Excise Duty, Cess and any other dues during
the year with the appropriate authorities. There are no undisputed dues
payable for a period of more than six months from the date they became
payable on 31-03-2014.
According to the information and explanations given to us, the company
has no disputed dues of Sales Tax, Income Tax, Custom duty, Wealth Tax,
Service Tax, VAT, Excise duty, Cess as on the balance sheet date.
(ix) The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred Cash losses in the
financial year and immediately preceding such financial year.
(x) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or Debenture holders.
(xi) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xii) The Company is not a chit fund / nidhi / mutual benefit fund /
societies. Hence, the provisions of sub clauses (a), (b), (c) and (d)
are not applicable.
(xiii) According to the information and explanations given, the company
deals/trades in shares, bonds, debentures, securities, and other
investments and proper records have been maintained of the transactions
and contracts wherein timely entries have been made, and the shares,
bonds, debentures securities and other investments are held by the
company in its name. Further the company has been holding certificate
of registration issued by the Reserve Bank of India relating to NBFC.
(xiv) According to information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions.
(xv) The Company has not obtained any term loan, accordingly, Para 4
(xvi) of the Order is not applicable.
(xvi) According to the information and explanation 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
investment.
(xvii) During the year the company has not made any preferential
allotment of shares to parties & companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xviii) The Company did not have outstanding debentures during the
year. Accordingly, no securities or charge have been created.
(xix) The Company has not raised any money by public issues during the
year.
(xx) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For Jayesh B. Patel & Co.
Chartered Accountants
CA Jayesh Patel
Place :Ahmedabad Proprietor
Date :31st July,2014. Membership No: 34745
Mar 31, 2013
We have audited the accompanying financial statements of Natco
Economicals Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, the Statement of Profit and Loss and Cash Flow
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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
to the extent applicable to the Company.
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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us]
(c) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account [and with the
returns received from branches not visited by us]
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 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) 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 to Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of Natco
Economicals Limitedon the accounts for the year ended 31stMarch, 2013,
we report that:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
(b) We have been informed that the fixed assets of the Company are
physically verified by the Management according to a phased program
designed to cover all the items over a period of two years, which in
our opinion, is reasonable having regards to the size of the Company
and the nature of its assets. Pursuant to the program, physical
verification was carried out during the year and no material
discrepancies were noticed.
(c) During the year, the Company has not disposed off substantial part
of fixed assets.
(ii) (a) The Inventory has been physically verified by management
during the current year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(d) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
(iii) (a) According to the information and explanations given to us, the
Company has not Granted any loans, secured or unsecured to Companies,
firms or other parties Covered in the register maintained under section
301 of the Companies Act 1956.
(b) According to the information and explanations given to us, The
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act 1956 have been so entered.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to the purchases of inventory, fixed assets and for the sale of
goods & services and trading activity . In our opinion, and according
to the information and explanations given to us, there is no major
weakness has been noticed in internal control system.
(v) (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 such transaction have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time..
(vi) According to the information and explanations given to us, the
company has not accepted deposits from the public within meaning of
section 58A and 58AA of the Act and the rules framed there under and
accordingly company has passed the Board resolution.
(vii) In our opinion, the company has internal audit system. However,
there is scope of increasing the coverage, so as to be commensurate
with its size and the nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other itemsof cost maintained by the Company
pursuant to the Rules made by the Central Governmentfor the maintenance
of cost records under Section 209 (i) (d) of the Companies Act, 1956
and we are of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. However, we have not made a
detailed examination of the records fordetermining whether they are
accurate or complete.
(ix) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
been generally regular in depositing undisputed statutory dues
including Provident Fund, Employees' State Insurance, Investor
Education and Protection Fund, Income Tax, Sales Tax, VAT, Wealth Tax,
service tax, Custom Duty, Excise Duty, Cess and any other dues during
the year with the appropriate authorities. There are no undisputed dues
payable for a period of more than six months from the date they became
payable on 31-03-2013.
According to the information and explanations given to us, the company
has no disputed dues of Sales Tax, Income Tax, Custom duty, Wealth Tax,
Service Tax, VAT, Excise duty, Cess as on the balance sheet date.
(x) The Company does not have any accumulated losses at the end of the
financial year. he Company has not incurred Cash losses in the
financial year and immediately preceding such financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or Debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund / nidhi / mutual benefit fund /
societies. Hence, the provisions of sub clauses (a), (b), (c) and (d)
are not applicable.
(xiv) According to the information and explanations given, the company
deals/trades in shares, bonds, debentures, securities, and other
investments and proper records have been maintained of the transactions
and contracts wherein timely entries have been made, and the shares,
bonds, debentures securities and other investments are held by the
company in its name. Further the company has been holding certificate
of registration issued by the Reserve Bank of India relating to NBFC.
(xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
(xvi) The Company has not obtained any term loan, accordingly, Para 4
(xvi) of the Order is not applicable.
(xvii) According to the information and explanation 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
investment.
(xviii) During the year the company has not made any preferential
allotment of shares to parties & companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) The Company did not have outstanding debentures during the year.
Accordingly, no securities or charge have been created.
(xx) The Company has not raised any money by public issues during the
year.
(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.
For Jayesh B. Patel & Co.
Chartered Accountants
CA Jayesh Patel
Place: Ahmedabad . Proprietor
Date: 31st July, 2013. Membership No: 34745
Mar 31, 2012
We have audited the attached Balance Sheet of Natco Economicals Limited
as at 31st March, 2012, the Statement of Profit & Loss Account and also
the cash flow statement for the year ended on that date annexed there
to. 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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any 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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion:
As required by the Companies (Auditors' Report) Order, 2003, as amended
by the Companies (Auditors Report) (Amendment) Order, 2004 (together
"the order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956 and on the
basis of such checks as we considered appropriate and according to the
information and explanation given to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order to the extent applicable to the company.
Further to our comments in the Annexure referred to in paragraph (4)
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, the company has kept proper books of accounts as
required by law so far, as appears from our examination of those books
of the Company.
c. The Balance Sheet, Statement of Profit and Loss Account and cash
flow statement dealt with by this report are agreement with the books
of accounts.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss
Account and cash flow statement dealt with by this report comply with
the Accounting standards referred to in Sub-Section (3C) of Section 211
of the Companies Act' 1956, to the extent applicable.
e. On the basis of the written confirmations received from the
Directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that the Directors is disqualified as on 31st
March, 2012 from being appointed as a Director in terms of Clause ( g )
of Sub-section (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts read together with notes
thereon give the information required by the Companies Act, 1956 in the
manner so required, and present a true and fair view in conformity with
the accounting principles generally accepted in India.
(i) In the case of the Balance Sheet, of the State of the affairs of
the Company as at 31st March, 2012 and.
(ii) In the case the Statement of Profit and Loss Account, of the
Profit of the Company 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 Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of Natco
Economicals Limited On the accounts for the year ended 31stMarch,
2012,we report that:
(i) (a) The company has maintained proper records showing full
particulars including Quantitative details and situation of Fixed
Assets.
(b) We have been informed that the fixed assets of the Company are
physically verified by the Management according to a phased program
designed to cover all the items over a period of two years, which in
our opinion, is reasonable having regards to the size of the Company
and the nature of its assets. Pursuant to the program, physical
verification was carried out during the year and no material
discrepancies were noticed.
(c) During the year, the Company has not disposed of substantial part
of fixed assets.
(ii) (a) The Inventory has been physically verified by management
during the current year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by 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 inventory. No material
discrepancies were noticed on physical verification of inventory.
(iii) (a) According to the information and explanations given to us,
the Company has not Granted any loans, secured or unsecured to
Companies, firms or other parties Covered in the register maintained
under section 301 of the Companies Act 1956.
(b) According to the information and explanations given to us, The
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act 1956 have been so entered.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to the purchases of inventory, fixed assets and for the sale of
only trade security . In our opinion, and according to the information
and explanations given to us, there is no major weakness has been
noticed in internal control system.
(v) (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 such transaction have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time..
(vi) According to the information and explanations given to us, the
company has not accepted deposits from the public within meaning of
section 58A and 58AA of the Act and the rules framed there under and
accordingly company has passed the Board resolution.
(vii) In our opinion, the company has internal audit system
commensurate with its size and the nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items Of cost maintained by the Company
pursuant to the Rules made by the Central Government the maintenance of
cost records under Section 209 (i) (d) of the Companies Act,1956 and We
are of the opinion that,prima facie, the prescribed accounts and
records have been made And maintained. However, we have not made a
detailed examination of the records for Determining whether they are
accurate or complete.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Employees' State Insurance, Investor
Education and Protection Fund, Income Tax, Sales Tax, VAT, Wealth Tax,
service tax, Custom Duty, Excise Duty, Cess and any other dues during
the year with the appropriate authorities. There are no undisputed dues
payable for a period of more than six months from the date they became
payable on 31-03-2012.
(b) According to the information and explanations given to us, the
company has no disputed dues of Sales Tax, Income Tax, Custom duty,
Wealth Tax, Service Tax, VAT, Excise duty, Cess as on the balance sheet
date.
(x) The Company does not have any accumulated losses at the end of the
financial year. The Company hasnot incurred Cash losses in the
financial year and immediately preceding such financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or Debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund / nidhi / mutual benefit fund /
societies. Hence, the provisions of sub clauses (a), (b), (c) and (d)
are not applicable.
(xiv) According to the information and explanations given, the company
deals/trades in shares, bonds, debentures, securities, and other
investments and proper records have been maintained of the transactions
and contracts wherein timely entries have been made, and the shares,
bonds, debentures securities and other investments are held by the
company in its name. Further the company has been holding certificate
of registration issued by the Reserve Bank of India relating to NBFC.
(xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
(xvi) The Company has not obtained any term loan, accordingly, Para 4
(xvi) of the Order is not applicable.
(xvii) According to the information and explanation 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
investment.
(xviii) During the year the company has not made any preferential
allotment of shares to parties & companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) The Company did not have outstanding debentures during the year.
Accordingly, no Securities or charge have been created.
(xx) The Company has not raised any money by public issues during the
year.
(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.
For Jayesh Patel & Co.
Chartered Accountants
CA. Jayesh Patel
Place: Ahmedabad Proprietor
Date:31stJuly,2012 Membership No: 34745
Mar 31, 2011
We have audited the attached Balance Sheet of Natco Economicals Limited
as at31st March, 2011, the Statement of Profit & Loss Account and also
the cash flow statement for the year ended on that date annexed there
to. 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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any 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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion:
As required by the Companies (Auditors' Report) Order, 2003, as amended
by the Companies (Auditors Report) (Amendment) Order, 2004 (together
"the order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956 and on the
basis of such checks as we considered appropriate and according to the
information and explanation given to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order to the extent applicable to the company.
Further to our comments in the Annexure referred to in paragraph (4)
above, we report that:
a. We have obtained all the information and explanations which to the
best of our
knowledge and belief were necessary for the purpose of our audit.
b. In our opinion, the company has kept proper books of accounts as
required by law so far, as appears from our examination of those books
of the Company.
c. The Balance Sheet, Statement of Profit and Loss Account and cash
flow statement dealt with by this report are agreement with the books
of accounts.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss
Account and cash flow statement dealt with by this report comply with
the Accounting standards referred to in Sub-Section (3C) of Section 211
of the Companies Act' 1956, to the extent applicable.
e. On the basis of the written confirmations received from the
Directors, as on 31st March, 2011, and taken on record by the Board of
Directors, we report that 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 the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts read together with notes
thereon give the information required by the Companies Act, 1956 in the
manner so required, and present 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 the affairs of
the Company as at 31st March, 2011 and.
2. In the case the Statement of Profit and Loss Account, of the Profit
of the Company for the year ended on that date.
3. In the case of cash flow statement of the cash flow for the year
ended on that date.
The Annexure referred to inthe Auditor's Report to the Member of Natco
Economicals Limited On the accounts for the year ended 31stMarch,
2011,we report that:
(i) (a) The company has maintained proper records showing full
particulars including
Quantitative details and situation of Fixed Assets.
(b) We have been informed that the fixed assets of the Company are
physically verified by the Management according to a phased program
designed to cover all the items over a period of two years, which in
our opinion, is reasonable having regards to the size of the Company
and the nature of its assets. Pursuant to the program, physical
verification was carried out during the year and no material
discrepancies were noticed.
(c) During the year, the Company has not disposed of substantial part
of fixed assets.
(ii) (a) The Inventory has been physically verified by management
during the current year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by 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 inventory. No material
discrepancies were noticed on physical verification of inventory.
(iii) (a) According to the information and explanations given to us, the
Company has not Granted any loans, secured or unsecured to Companies,
firms or other parties Covered in the register maintained under section
301 of the Companies Act 1956.
(b) According to the information and explanations given to us, The
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act 1956 have been so entered.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regards
to the purchases of inventory, fixed assets and for the sale of only
trade security . In our opinion, and according to the information and
explanations given to us, there is no major weakness has been noticed in
internal control system.
(v) (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 such transaction have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted deposits from the public within meaning of
section 58A and 58AA of the Act and the rules framed there under and
accordingly company has passed the Board resolution.
(vii) In our opinion, the company has internal audit system
commensurate with its size and the nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items Of cost maintained by the Company
pursuant to the Rules made by the Central Government For the maintenance
of cost records under Section 209 (i) (d) of the Companies Act,1956 and
We are of the opinion that,primer facie, the prescribed accounts and
records have been made And maintained. However, we have not made a
detailed examination of the records for Determining whether they are
accurate or complete.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company has
been generally regular in depositing undisputed statutory dues including
Provident Fund, Employees' State Insurance, Investor Education and
Protection Fund, Income Tax, Sales Tax, VAT, Wealth Tax, service tax,
Custom Duty, Excise Duly, Cess and any other dues during the year with
the appropriate authorities. There are no undisputed dues payable for a
period of more than six months from the date they became payable on
31-03-2011.
(b) According to the information and explanations given to us, the
company has no disputed dues of Sales Tax, Income Tax, Custom duty,
Wealth Tax, Service Tax, VAT, Excise duty, Cess as on the balance sheet
date.
(x) The Company does not have any accumulated losses at the end of the
financial year. The Company hasnot incurred Cash losses in the
financial year and immediately preceding such financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or Debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund / nidhi /mutual benefit fund /
societies. Hence, the provisions of sub clauses (a), (b), (c) and (d)
are not applicable.
(xiv) According to the information and explanations given, the company
deals/trades in shares, bonds, debentures, securities, and other
investments and proper records have been maintained of the transactions
and contracts wherein timely entries have been made, and the shares,
bonds, debentures securities and other investments are held by the
company in its name. Further the company has been holding certificate
of registration issued by the Reserve Bank of India relating to NBFC.
(xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
(xvi) The Company has not obtained any term loan, accordingly, Para 4
(xvi) of the Order is not applicable.
(xvii) According to the information and explanation 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
investment.
(xi'iii) During the year the company has not made any preferential
allotment of shares to parties & companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) The Company did not have outstanding debentures during the year.
Accordingly, no Securities or charge have been created.
(xx) The Company has not raised any money by public issues during the
year.
(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.
For Jayesh Patel & Co.
Chartered Accountants
CA. Jayesh Patel
Place: Ahmedabad Proprietor
Date:29th July,2011 Membership No: 34745
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