Mar 31, 2015
We have audited the accompanying financial statements of PHOTOQUIP
INDIA LTD. ("the Company"), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the 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 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 pr esentation 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 31st March, 2015, and its loss 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 Companies Act, 2013, we give in
the Annexure astatement on the matters specified in paragraph 3 and 4
of the order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The company has disclosed the impact of pending litigations as at
31st March, 2015 on its financial position in its financial statements
- Refer Note 29 to the Financial Statements.
ii. The company did not have any long term contracts including
derivative contracts for
which there were any material foreseeable losses under the applicable
law or accounting standards.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" section of our report of even date)
(i) (a)The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets;
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventories,
(a) The inventory has been physically verified by the management during
the year. In our opinion, the frequency of such verification is
reasonable.
(b) In our opinion and according to information and explanation given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business;
(c) In our opinion and according to information and explanation given
to us, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material;
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act. Therefore, Provision of Clause
(iii) (b) of the said order is not applicable to the Company. However
company had granted the interest free unsecured deposits for leased
premises taken by Company of Rs.68,71,156/- and advances of
Rs.12,61,618/- for Capital Assets to concern in which Directors are
interested.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories and fixed assets and with regard to sale of
goods and services. During the course of our audit, we have not
observed any major weakness in such internal control system.
(v) The Company has not accepted any deposits from the public within
the meaning of section 73 to 76 of the Act and rules framed there
under.
(vi) In our opinion and according to the information and explanations
given to us, the requirement for maintenance of cost records pursuant
to the Companies (Cost Records and Audit) Rules, 2014 specified by the
Central Government of India under Section 148 of the Companies Act,
2013 are not applicable to the Company for the year under audit.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Sales Tax/ Value Added Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and material statutory dues wherever applicable have
generally been regularly deposited during the year by the Company with
the appropriate authorities. Further, According to the information and
explanations given to us, no such undisputed amounts payable were in
arrears as at 31st 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, details
of dues towards Income Tax, and Sales Tax including Value Added Tax
which have not been deposited by the Company on account of disputes are
as follows:
Statement of Disputed Dues
Name of Nature of Amount Period to
the the Dues (in Rs) which amount
Statute relates
Sales Tax 3,49,620 A.Y. 2002-03
Bombay
Sales Tax Sales Tax 10,75,138 A.Y. 2001-02
Act, 1959
Sales Tax 7,85,185 A.Y. 2000-01
Income
Tax Act, Income 49 00 228 AY 2006-07
1961. Tax
Name of Nature of Forum where disPute is
the the Dues pending
Statute
Sales Tax Assistant Commissioner of
Bombay Sales Tax, Mumbai
Sales Tax
Act, 1959 Sales Tax Assistant Commissioner of
Sales Tax, Mumbai
Sales Tax Assistant Commissioner of
Sales Tax, Mumbai
Income
Tax Act, Income Tax Commissioner of Income Tax
1961. - (Appeals)
According to the information and expanations given to us, there are no
dues of wealth tax, Excise Duty, Service Tax, Customs Duty and Cess
which have not been deposited with the appropriate authorities on
account of any dispute.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
(viii) The Company does not have any accumulated loss at the end of the
financial year. It has incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
bank or financial institutions. Further, in our opinion and according
to information and explanations given to us, the Company did not have
any outstanding debenture holders during the year.
(x) 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.
(xi) In our opinion and according to the information and explanations
given to us, the term loans taken by the Company has been applied for
the purpose for which it was obtained.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For Mayank Shah & Associates
Chartered Accountants
Firm Registration No: 106109W
F.S. SHAH
Ahmedabad Partner
May 30, 2015 Membership No. 133589
Mar 31, 2014
We have audited the accompanying financial statements of Photoquip
india Limited ("the Company"), which comprise the Balance Sheet as
at March 31,2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The 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 dated13th 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,
but not for the purpose of expressing an opinion on the effectiveness
of the Company''s internal control. 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 Statement of Profit and Loss, of the loss for the
year ended on that date and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003
("the Order"), as amended, issued by the Central Government of
India in terms of sub-section (4A) of section227 of the Act, we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 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; and
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, we
report that 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 Act.
Annexure to the Independent Auditors'' Report
(Referred to in Paragraph 1 under "Report on Other Legal and
Regulatory Requirements" section of our report of even date)
1. In respect of its fixed assets :
a) The company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets.
b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
c) Fixed assets disposed off during the year were not substantial and
therefore do not affect the going concern assumption.
2. In respect of its inventories :
a) The inventory has been physically verified by the management during
the year. In our opinion, the frequency of such verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material.
3. The Company has neither granted nor taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under section 301 of the act. Therefore, Provisions
of Clauses (iii)(b), (iii)(c), (iii)(d), (iii) (e). (iii)(f) and
(iii)(g) of the said order are not applicable to the Company. However
company had granted the interest free unsecured deposits for leased
premises taken by Company of Rs.68,71,156/- and advances of
Rs.12,61,618/- for Capital Assets to concern in which Directors are
interested.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
5. In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Act, to the best of our
knowledge and belief and according to the information and explanations
given to us, there were no contracts or arrangements that needed to be
entered in the Register maintained in pursuance of Section 301 of the
Companies Act, 1956.
6. According to the information and explanation given to us, the
company has not accepted any deposit from public. Therefore, the
provisions of Clause (vi) of Paragraph 4 of the order are not
applicable to the company.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules prescribed by the Central Government for
the maintenance of cost records under Section 209 (1) (d) of the Act
and are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, made a
detailed examination of the same.
9. a) According to the information and explanations given to us and on
the basis of our
examination of the records of the Company, amounts deducted accrued in
the books of account in respect of undisputed statutory dues including
Provident Fund,Employees'' State Insurance, Investor Education and
Protection Fund, Income Tax, Sales Tax/ Value Added Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and material statutory dues have
generally been regularly deposited during the year by the Company with
the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees''
State Insurance, Investor Education and Protection Fund, Income Tax,
Sales Tax/ Value Added Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty and other material statutory dues were in arrears as at
31st March, 2014 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, the
following dues have not been deposited by the Company on account of
disputes.
Name of the Nature of the Amount (in Period to which
Statute Dues Rs) amount relates
A.Y. 2002-03
Sales Tax 3,49,620
Bombay
A.Y. 2001-02
Sales Tax Sales Tax 10,75,138
Act,1959
7,85,185 A.Y. 2000-01
Sales Tax
Income Tax 74,05,260 A.Y. 2008-09
Act, 1961. Income Tax 79,35,000 A.Y. 2006-07
Income Tax
Name of the Statute Forum where dispute is pending
Bombay Sales Tax Act,1959 Assistant Commissioner of
Sales Tax, Mumbai
Assistant Commissioner of
Sales Tax, Mumbai
Assistant Commissioner of
Sales Tax, Mumbai
Income Tax Act, 1961. Commissioner of Income Tax
(Appeals)
Commissioner of Income Tax
(Appeals)
10. The Company does not have accumulated losses at the end of
financial year. It has incurred cash losses during the Current
financial year; however the company has not incurred cash losses in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
bank. Further, in our opinion and according to information and
explanations given to us, the Company did not have any amount
outstanding to financial institutions or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. As the provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company, the provisions of Clause (xiii) of paragraph 4 of the Order is
not applicable to the Company.
14 In our opinion and according to the information and explanations
given to us, the Company is not dealing in shares, securities and
debentures. Therefore, the provisions of clause 4(xiv) of the Order are
not applicable to the Company.
15. 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. Therefore, the provisions of clause
4(xv) of the Order are not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us,the term loans taken by the company have been applied for
the purpose for which they were raised.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that funds raised on short- term basis have not been used
for long-term investment.
18. The Company has not made any preferential allotment of shares to
companies / firms / parties covered in the register maintained under
Section 301 of the Act during the year.
19 The Company did not have any outstanding debentures during the year.
20 During the year covered by our report, the Company has not raised
any money by way of public issue.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of any such case by the Management.
For Mayank Shah & Associates
Chartered Accountants
Firm Registration No: 106109W
F.S. SHAH
Mumbai Partner
May 30, 2014 Membership No. 133589
Mar 31, 2012
1. We have audited the attached Balance Sheet of PHOTOQUIP INDIA LTD.
as at 31stMarch, 2012 and the Statement of Profit and Loss and the Cash
Flow Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We have conducted our audit in accordance with Auditing Standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 as
amended by The Companies (AuditorÃs Report) Amendment Order, 2004
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
4.Further to our comments in the annexure referred to in paragraph 3
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, 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 & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account ;
d. In our opinion, the Balance Sheet , Statement of Profit & Loss and
Cash Flow Statement dealt with by his report comply with the Accounting
Standards referred to in Sub - section 3 [c] of section 211 of the
Companies Act, 1956.
e. On the basis of written representations received from the
Directors, and taken on record by Board of Directors, we report that
none of the Directors, are disqualified as on 31st March, 2012 from
being appointed as 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 said accounts, read together with the
notes thereon give the information required by the Companies Act,1956
in manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
(i) In case of Balance Sheet, of the state of affairs of the company as
at 31st March, 2012
(ii) In case of the Statement of Profit and Loss, of the profit for the
year ended on that date and
(iii) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT (Annexure referred to in paragraph 3
of our Auditors Report of even date on financial statements of
Photoquip India Limited for the year ended 31/03/2012)
On the basis of such checks as we considered appropriate and in terms
of the information and
explanations given to us, we state that:-
1. a) The Company has maintained proper records showing full
particulars including
quantitative details and situation of fixed assets.
b) According to the information and explanation given to us, the
Company has formulated a regular program of verification by which all
the assets of the company shall be verified in a phased manner, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. To the best of our knowledge, no material
discrepancies were noticed on the verification conducted during the
year as compared with the book records.
c) During the year, the company has not disposed off a substantial part
of fixed assets so ,as to affect its going concern status.
2. a) As explained to us, the inventory has been physically verified
during the year by the Management. In our opinion the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
3. a) According to the information and explanation given to us, the
company had not
granted any loans, secured or unsecured to companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current year. However in the previous Financial Years the
Company had granted the interest free unsecured deposits for leased
premised taken by company of Rs.68,71,156/- and advances of
Rs.12,61,618/- for Capital Assets to concern in which Directors are
interested.
b) The Company has not granted any loans to parties covered in the
register maintained under Section 301 of the Companies Act, the clause
of rates of interest and other terms & condition is not applicable to
the Company.
c) As the Company has not granted any loans to parties covered in the
register maintained under Section 301 of the Companies Act, the clause
of repayment of principal amount is not applicable to the Company.
d) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the registered maintained
u/s 301 of the Act. Accordingly, clauses (iii) (f) to (iii) (j) of
paragraph 4 of the order are not applicable to the company.
4 . In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventories and fixed assets ,
and with regard to the sale of goods. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. To the best of our knowledge and belief and as explained to us the
Company has not entered into any transactions required to be entered in
the register maintained under Section 301 of the Companies Act, 1956.
Therefore, clause 4(v)(b) of the order is not applicable.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
7. In our opinion, the Company has an internal audit system
commensurate with the size of business.
8. We have been informed that the Central government has not
prescribed maintenance of Cost records under Section 209 (1) (d) of the
Companies Act, 1956.
9. a) According to the records of the company and information and
explanations given to
us, the company is generally regular in depositing undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Excise Duty, Custom Duty, Service Tax, VAT, Cess, Investor Education
and Protection Fund and any other material statutory dues as applicable
to it, with the appropriate authorities during the year.
b) According to the information and explanation given to us and the
records of the Company examined by us, there are no dues of Wealth tax,
Services Tax,Custom Duty and Excise Duty which have not been deposited
on account of any dispute and the particulars of dues of Sales Tax, and
Income Tax as at 31st March 2012 which has not been deposited on
account of a dispute, are as follows :
Name
of the Nature of
the Amount
(Rs.) Period to
which Forum where
Statute Dues amount
relates dispute is
pending
Bombay Sales Sales Tax 7,85,185/- 2000-2001 Assistant
Tax Act,
1959 10,75,138/- 2001-2002 Commissioner
of
3,49,620/- 2002-2003 Sales Tax,
Mumbai
Income Tax Income Tax 79,35,000/- A.Y 2006-07 Commissioner
of
Act,1961. 74,05,260/- A.Y.2008-09 Income
59,310/- A.Y. 2009-10 Tax(Appeals)
10. The company does not have accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
current and immediately preceding financial year.
11. According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks. The company
had no transaction with financial institution and held no debentures
outstanding during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund,
nidhi, or any mutual fund / societies are not applicable to the
company.
14. In respect of dealing / trading in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares and other securities have been held by the Company in its
own name.
15. According to the information and explanations given to us, the
company has not given guarantee for loans taken by others from banks or
financial institutions.
16. In our opinion the term loan have been applied for the purpose for
which they were raised.
17. According to the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
Company, we report that Company has used funds raised on short term
basis for long term investments.
18. The Company had not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of a public issue
during the year.
21. During the course of our examination of the books of account and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanation given to us, we have neither come across any instance
of material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
FOR MAYANK SHAH & ASSOCIATES
(FIRM REGN. NO.:-106109W)
CHARTERED ACCOUNTANTS (M.S. Shah)
Partner
Mem. No. 44093 Place : Mumbai
Date : 05/09/2012
Mar 31, 2010
We have audited the attached Balance Sheet of PHOTOQUIP INDIA LTD. as
at 31st March, 2010 and the Profit and Loss Account and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 as
amended by The Companies (Auditors Report) Amendment Order, 2004
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
3. Further to our comments in the annexure referred to in paragraph 2
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, proper books of account as required by law have
been kept by the company so far as it appears from our examination of
the books;
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by his report comply with the Accounting
Standards referred to in Sub - section 3 [c] of section 211 of the
Companies Act, 1956.
e. On the basis of written representations received from the
Directors, and taken on record by Board of Directors, we report that
none of the Directors, are disqualified as on 31st March, 2010 from
being appointed as 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 said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956
in manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
(i) In case of Balance Sheet, of the state of affairs of the company as
at 31st March, 2010 (ii) In case of the Profit and Loss Account, of the
profit for the year ended on that date and (Mi) In case of Cash Flow
Statement, of the cash flows for the period ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Annexure referred to in paragraph 2 of our Auditors Report of even
date on financial statements of Photoquip India Limited for the
year ended 31/03/2010) On the basis of such checks as we considered
appropriate and in terms of the information and explanations given
to us, we state that:-
1. a) The Company has maintained proper records showing full
particulars including quantitative details.
b) According to the information and explanation given to us, the
Company has formulated a regular program of verification by which all
the assets of the company shall be verified in a phased manner, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. To the best of our knowledge, no material
discrepancies were noticed on the verification conducted during the
year as compared with the book records.
c) There was no disposal of a substantial part of fixed assets.
2. a) As explained to us, the inventory has been physically verified
during the year by the Management.
In our opinion the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
3. a) According to the information and explanation given to us, the
company had not granted any loans,
secured or unsecured to companies, firms or other parties covered in
the register maintained under section 301 of the Act during the current
year. However in the previous Financial Years the Company had granted
the interest free unsecured deposits of Rs. 68,71,156/- and advances of
Rs. 12,61,618/ - for Capital Assets to concern in which Directors are
interested.
b) The Company has not granted any loans to parties covered in the
register maintained under Section 301 of the Companies Act, the clause
of rates of interest and other terms & condition is not applicable to
the Company.
c) As the Company has not granted any loans to parties covered in the
register maintained under Section 301 of the Companies Act, the clause
of repayment of principal amount is not applicable to the Company.
d) The Company has not taken loans, secure or unsecured from companies,
firms or other parties covered in the registered maintained u/s 301 of
the Act. Accordingly, clauses (iii) (f) and (iii) (j) of paragraph 4 of
the order are not applicable to the company.
4 . In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventories andfixed assets , and with regard to the
sale of goods. During the courseof our audit, no major weakness has
been noticed in the internal controls.
5 To the best of our knowledge and belief and as explained to us the
Company has not entered into any transactions required to be entered in
the register maintained under Section 301 of the Companies Act, 1956.
Therefore, clause 4(v) (b) of the order is not applicable.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
within the meaning of section 58Aand 58AAof the Companies Act, 1956 and
the . rules framed there under.
7. In our opinion, the Company has an internal audit system
commensurate with the size of business.
8. We have been informed that the Central government has not
prescribed maintenance of Cost records under Section 209 (1) (d) of the
Companies Act, 1956.
9. a) According to the records of the company and information and
explanations given to us, the company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance, Income Tax, Excise Duty,
Custom Duty, Service Tax, VAT, Cess, Investor Education and Protection
Fund and any other material statutory dues as applicable to it, with
the appropriate authorities during the year. b) The disputed dues that
have not been deposited on account of matters pending before respective
authorities are as under.
Name of the Nature of the Amount (Rs.) Period to which Forum where
dispute
Statue Dues amount relates is pending
Bombay Sales Sales Tax 7,85,185/- 2000-2001 Assistant
Commissioner
TaxAct, 1959 10,75,138/- 2001-2002 of Sales Tax, Mumbai
3,49,620/- 2002-2003
10. The company does not have accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
current and immediately preceding financial year.
11. According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks. The company
had no transaction with financial institution and held no debentures
outstanding during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund,
nidhi, or any mutual fund / societies are not applicable to the
company.
14. In respect of dealing / trading in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares and other securities have been held by the Company in its
own name.
15. According to the information and explanations given to us, the
company has not given guarantee for loans taken by others from banks or
financial institutions.
16. In our opinion the term loan have been applied for the purpose for
which they were raised.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanation given to us, there are no funds raised on short-term basis
which have been used for long term investment.
18. The Company had not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of a public issue
during the year.
21. During the course of our examination of the books of account and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanation given to us, we have neither come across any instance
of material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
FOR MAYANK SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
(Firm Regn. No. 106109W)
Place : Mumbai M.S. Shah
Date : 20th August, 2010 Partner
Mem. No. 44093