Mar 31, 2015
We have audited the accompanying financial statements of M/s.Phyto Chem
(India) Limited ("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 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 judgements
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for the 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 misstatements, 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) 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 misstatements. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures
in the financial statements.
The procedure selected depend on the auditors' judgement, 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 controls 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 systems 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 31st March, 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, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and accord to the information and explanations given to us,
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
purpose of our audit.
b. In our opinion, proper books of accounts 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 Auditors'
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 legal pending matters which are to be
disclosed in its Financial Statements (refer note No. 41).
ii. The Company did not have any longÂterm contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. The Company does not have any amount required to be transferred to
Investor Education and protection Fund during the year ended 31st March
2015.
ANNEXURE TO THE AUDIT REPORT
(Annexure referred to in paragraph 1 of Independent Audit Report on the
Financial Statements for the year ended 31st March, 2015)
i. In respect of Company's Fixed Assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of 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 all 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 inventory:
a. The inventories have been physically verified by the management
during the year at reasonable intervals and in our opinion, the
frequency of verification is reasonable.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
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 information and explanations given
to us, the Company has maintained proper records of its inventories and
no material discrepancies were noticed on physical verification.
iii. According to the information and explanation 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
189 of the Companies Act, 2013 during the year. Therefore the
provisions of clause 3 (iii) (a) & (b) of the Order are not
applicable..
iv. In our opinion and according to the information and explanations
given to us, having regard to the explanations that there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and for the sale of goods and services.
During the course of our audit, we have not observed any major weakness
in such internal control system.
v. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits in terms of the
provisions of Section 73 and 76 or any other relevant provisions of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014 during the year.
vi. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records and Audit) Rules,
2011 as amended prescribed by the Central Government under sub-section
(1) of section 148 of the Companies Act, 2013, and are of the opinion
that prima facie, the prescribed cost records have been made and
maintained. We have, however, not made a detailed examination of the
cost records with a view to determining whether they are accurate or
complete.
vii. a. According to the information and explanations given to us, the
Company has generally been regular in depositing undisputed dues,
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added
Tax, Cess and other material statutory dues applicable to it with the
appropriate authorities.
There were no undisputed amounts payable in respect of these Provident
Fund, Employees' State Insurance, Income tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other
material statutory dues in arrears as at 31st March, 2015 for a period
of more than six months from the date they became payable.
b. Details of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, VAT and Cess which have not been deposited as
on 31March 2015 on account of dispute are given below:
S.
No. Statue Nature Amount Period Forum where dispute
is pending
of dues (Rs.)
1. Sales Tax Improper Rs.10.22 2010-11 Appeal filed by the
Company and matter
addition
of lacs 2011-12 & is pending before the
Appellate Authority
turnover 2012-13
c. In our opinion and according to the information and explanations
given to us, the Company does not have any amounts required to be
transferred to Investor Education and Protection Fund in accordance
with the relevant provisions of the Act and Rules thereunder.
viii. In our opinion and according to the information and explanations
given to us, the Company does not have any accumulated losses as at the
end of the financial year and the Company has not 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 the repayment of dues to
banks. The Company has not obtained any loan from financial
institutions and debenture holders.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi. According to the information and explanations given to us, the
Company has not obtained any term loan.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
for T.ADINARAYANA & Co.
Chartered Accountants
Firm Regn. No.000041S
Y.P. RAO
Partner
Place: Hyderabad (M.No.25266)
Date: 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of M/s Phyto
Chem (India) Limited (the Company), which comprise the Balance Sheet
as at March 31, 2014, 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
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 ActÂ) read with 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 in accordance with the Accounting Principles generally accepted in
India. 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 Account, of the
profit for the year ended on that date; and
c. in the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) as amended issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet and Statement of Profit and Loss,
and the Cash Flow statement comply with the Accounting Standards
referred to in Sub-section (3C) of section 211 of the Companies Act,
1956 read with General Circular 15/2013, dated 13th September, 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.
Annexure to Independent Auditor''s Report
Annexure referred to in paragraph 1 under the heading of "Report on
other legal and Regulatory requirements of our report of even date.
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b. All the Fixed assets have been physically verified by the
management in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c. During the year, the Company has not disposed off any substantial
part of its fixed assets. As such the going concern status of the
company is not affected.
2. a. The inventories have been physically verified by the management
during the year and in our opinion, the frequency of 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 inventories. The
discrepancies noticed on physical verification between the Physical
stocks and the book records were not material.
3. According to the information and explanations given to us, the
Company has not granted / taken any loans, secured or unsecured, to /
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. As such the
provisions of 4(iii) (b) (c) & (d) of the companies (Auditor''s Report)
order 2003 are not applicable to this company in this year.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
the sale of goods and services. During the course of our audit, we
have not observed any Continuing failure to correct major weaknesses
in internal control system.
5. a. According to the information and explanations given to us, we
are of the opinion that the contracts or arrangements referred in
section 301 of Companies Act, 1956 have been entered in the registers
required to be maintained under that section and
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts, or
arrangements entered in the register maintained under Section 301 of
Companies Act, 1956 and exceeding the value of Rs.5,00,000/- in
respect of any party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposits.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed without making a detailed examination of
the records maintained by the Company pursuant to the order made by
the Central Government for the maintenance of cost Records under
section 209(1)(d) of the companies Act, 1956 and are of the opinion
that prima facie the prescribed records have been made and maintained.
9. a. According to the information and explanations given to us and
the records of the Company, the company is regular in depositing with
appropriate authorities undisputed, statutory dues including provident
fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other material
statutory dues.
b. There are no undisputed Statutory dues in respect of provident
fund, Employees State Insurance, income tax, wealth tax, sales tax,
custom duty, service tax and cess which are outstanding at the year
end for a period of more than six months from the date they became
payable.
c. According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute as on 31st March, 2014.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses during the financial year
and 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 any
financial institution, banks or debenture holders.
12. According to the information and explanations 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. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of Clause 4(xiii) of
the Companies (Auditor''s Report) order, 2003 is not applicable to the
company.
14. According to the Records of the Company, the investments made in
the nature of shares in other companies are held in the name of the
company and necessary records recording the transaction and relevant
entries have been maintained.
15. According to the information and explanations given to us, the
company has not given guarantee for the loans taken by others from
banks or Financial Institutions.
16. According to records of the Company, the company has not raised
any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance sheet and the Cash flow
Statements of the company, we are of the opinion that no funds raised
on Short term basis have been used for long-term investment.
18. As per the information and explanations given to us, during the
year the Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
company has not issued debentures during the year which required the
creation of security or charge.
20. During the year the Company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
21. As per the representation given by the Company and relied on by
us, no fraud on or by the Company has been noticed or reported during
the year.
For T. Adinarayana & Co.,
Chartered Accountants
Firm Regn. No 000041S
Y.P.Rao
Place: Hyderabad, Partner
Date : 26th May, 2014 M. No. 25266
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/S PHYTO CHEM
(INDIA) LIMITED, as at 31st March, 2012, the Profit & Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (amendment) order 2004,
issued by the Central Government 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 paragraph
above, we state that :
i. 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.
ii. 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
such books.
iii. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet, Profit & Losss 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.
v. On the basis of the written representations received from the
Directors, as on 31st March, 2012, and take on the record by the Board
of Directors, we report that none of the Directors are disqualified as
on 31st March, 2012 from being appointed as Directors in terms of
clause (g) of Sub Section (1) of Section 274 of the Companies Act,
1956.
vi. 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
Schedules and Notes and Accounting policies thereon give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view.
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
b. in the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
c. in the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
Annexure referred to in paragraph 3 of Auditors report of even date to
the Members of M/S PHYTO CHEM (INDIA) LIMITED on the accounts for the
Year ended 31st March, 2012.
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b. As explained to us, the Fixed Assets have been physically verified
by the management according to the phased programme designed to cover
all the Fixed Assets on rotation basis. In respect of Fixed Assets
verified according to this programme, which is considered reasonable,
no material discrepancies were noticed on such verification.
c. The Company has not disposed off substantial part of Fixed Assets
which affects the going concern concept of the Company.
2. a. The inventories of the Company have been physically verified by
the management during the year at reasonable intervals.
b. The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company has maintained proper records of inventories and the
discrepancies noticed on physical verification of stocks are compared
to book record, which in our opinion were not material, have been
properly dealt with in the books of account.
3. The Company has not granted/taken any loan, secured or unsecured,
to/from Companies, Firms or other parties covered in the register
maintained under section 301 of Companies Act, 1956. As such the
provisions of 4 (iii) (b) (c) and (d) of the Companies (Auditor's
Report) order, 2003 are not applicable to this Company in this year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, Fixed Assets and for the
sale of goods and services. During the course of our audit, we have not
observed any continuous failure to correct major weaknesses in the
internal controls.
5. a. According to the information and
explanations given to us, we are of the opinion that the contracts or
arrangements referred to in sec 301 of the Companies Act, 1956 have
been entered in the register required to be maintained under that
Section 301 of the Companies Act 1956.
b. In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts, or
arrangements entered in the register maintained under Section 301 of
Companies Act, 1956 and exceeding the value of Rs. 5,00,000/- in
respect of any party during the year have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time, where such prices are available.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the Public covered by the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under by the Company Law Board in this regard are not applicable.
7. In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
8. We have broadly reviewed without making a detailed examination of
the records maintained by the Company pursuant to the order made by the
Central Government for the maintenance of cost records under Section
209 (1) (d) of the Companies Act, 1956 and are of the opinion that
prima facie the prescribed records have been made and maintained.
9. a. According to the records of the Company and as per the
information and explanations given to us, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duties, Excise Duties and Cess
and other material statutory dues.
b. There are no undisputed statutory dues in respect of Provident
Fund, investor Education and Protection Fund. Employees State
Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs duty
and cess which are outstanding at the year end for a period more than
six months from the date they became payable.
c. According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess which have not been deposited on account of
any dispute as on 31st March, 2012.
10. As per the information and explanations given to us and an overall
examinations of the financial statements of the Company for the current
and immediately preceding financial year, we report that the Company
does not have any accumulated losses at the end of the current
financial year nor incurred cash losses in the current and the
immediately preceding financial year.
11. According to the records of the Company, during the year, the
Company has not defaulted in repayment of dues to financial
institutions or banks or debentures holders.
12. As per the information and explanations 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. Accordingly the
provisions of clause 4 (xii) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
13. In our opinion, as the Company is not a chit fund or a
nidhi/mutual benefit fund/society. Therefore the provisions of Clause
4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company for this year.
14. According to the records of the Company, the investments made in
the nature of shares in other Companies are held in the name of the
Company and necessary records recording the transaction and relevant
entries have been maintained.
15. As per the information and explanations given to us, the Company
has not given any guarantees for the Loans taken by others from Banks
or financial institutions.
16 The Company has availed Term Loan during the period under audit. It
has applied the funds for which purpose the term loan was sanctioned.
17. As per the information and explanation given to us and on an
overall examination of the Balance Sheet and the Cash Flow
statements of the Company, we are of opinion that no funds raised on
short term basis have been used for long term investment.
18. As per the information and explanations given to us, during the
year the Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year, which
requires the creation of security or charge.
20. During the year, the Company has not made any public issue for
which the Management has to disclose the end use of money raised
through that public issue.
21. As per the representation given by the Company and relied on by
us, no fraud on or by the Company has been noticed or reported during
the year.
For T. Adinarayana & Co.,
Chartered Accountants
Firm Regn. No. 000041S
Y.P.RAO
Partner
M.No. 25266
Place: Hyderabad
Date : 30th May, 2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of M/S PHYTO CHEM (INDIA)
LIMITED, as at 31st March, 2011, the Profit & Loss Account and also the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (amendment) order 2004,
issued by the Central Government 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 paragraph above,
we state that :
(i) 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.
(ii) 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
such books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion the Balance Sheet, Profit & Losss 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.
(v) On the basis of the written representations received from the
Directors, as on 31st March, 2011, and take on the record by the Board
of Directors, we report that none of the Directors are disqualified as
on 31st March, 2011 from being appointed as Directors in terms of
clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
(vi) 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
Schedules and Notes and Accounting policies thereon give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view.
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
ii) in the case of Profit & 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 Flows for the year
ended on that date.
Annexure referred to in paragraph 3 of Auditors report of even date to
the Members of M/S PHYTO CHEM (INDIA) LIMITED on the accounts for the
Year ended 31st March, 2011.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b) As explained to us, the Fixed Assets have been physically verified
by the management according to the phased programme designed to
coverall the Fixed Assets on rotation basis. In respect of Fixed Assets
verified according to this programme, which is considered reasonable,
no material discrepancies were noticed on such verification.
c) The Company has not disposed off substantial part of Fixed Assets
which affects the going concern concept of the Company.
2. a) The inventories of the Company have been physically verified by
the management during the year at reasonable intervals.
b) The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company has maintained proper records of inventories and the
discrepancies noticed on physical verification of stocks are compared
to book record, which in our opinion were not material, have been
properly dealt with in the books of account.
3. (a) The Company has not granted/taken any loan, secured or
unsecured, to / from Companies, firms or other parties covered In the
register maintained under section 301 of Companies Act, 1956. As such
the provisioins of 4 (iii) (b) (c) and (d) of the Companies (Auditor's
Report) order, 2003 are not applicable to this Company in this year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, Fixed Assets and for the
sale of goods and services. During the course of our audit, we have not
observed any continuous failure to correct major weaknesses in the
internal controls.
5. (a) According to the information and explanations given to us, we
are of the opinion that the contracts or arrangements referred to in
sec 301 of the Companies Act,1956 have been entered in the register
required to be maintained under that section 301 of the Companies Act
1956.
(b)ln our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts, or
arrangements entered in the register maintained under Section 301 of
Companies Act, 1956 and exceeding the value of Rs.5,00,000/- in respect
of any party during the year have been made at prices which are prima
facie reasonable having regard to the prevailing market prices at the
relevant time, where such prices are available.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the Public covered by the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under by the Company Law Board in this regard are not applicable.
7. In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
8. We have broadly reviewed without making a detailed examination of
the records maintained by the Company pursuant to the order made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956 and are of the opinion that
prima facie the prescribed records have been made and maintained.
9. a) According to the records of the Company and as per the
information and explanations given to us, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duties, Excise Du- ties and Cess
and other material statutory dues.
b) There are no undisputed statutory dues in respect of Provident Fund,
Invester Education and Protection Fund. Employees State Insurance,
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs duty and cess
which are outstanding at the year end for a period more than six months
from the date they became payable.
c) According to the information and explainations given to us, there
are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess which have not been deposited on account of
any dispute as on 31st March, 2011.
10. As per the information and explanations given to us and an overall
examinations of the financial statements of the Company for the current
and immediately preceding financial year, we report that the Company
does not have any accumulated losses at the end of the current
financial year nor incurred cash losses in the current and the
immediately preceeding financial year.
11. According to the records of the Company, during the year, the
Company has not defaulted in repayment of dues to financial
institutions or banks or debentures holders.
12. As per the information and explanations 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. Accordingly the
provisions of clause 4 (xii) of the companies (Auditor's Report) Order,
2003 are not applicable to the Company.
13. In our opinion, as the Company is not a chit fund or a
nidhi/mututal benefit fund/ society. Therefore the provisions of Clause
4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company for this year.
14. According to the records of the Company, the investments made in
the nature of shares in other Companies are held in the name of the
Company and necessary records recording the transaction and relevant
entries have been maintained.
15. As per the information and explanations given to us, the Company
has not given any guarantees for the Loans taken by others from Banks
or financial institutions.
16. According to record of the Company, the company has not raised any
term loans during the year.
17. As per the information and explanation given to us and on an
overall examination of the Balance Sheet and the Cash Flow statements
of the Company, we are opinon that no funds raised on short term basis
have been used for long term investment.
18. As per the information and explanations given to us, during the
year the Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year, which
requires the creation of security or charge.
20. During the year the Company has not made any public issue for
which the Management has to disclose the end use of money raised
through that public issue.
21. As per the representation given by the Company and relied on by
us, no fraud on or by the Company has been noticed or reported during
the year.
for T.Adinarayana & Co.,
Chartered Accountants
Firm Regn. No. 000041S
Y.P.RAO
Partner
M.No.25266
Place : Hyderabad
Date : 30th May, 2011
Mar 31, 2010
1) We have audited the attached Balance Sheet of M/S PHYTO CHEM (INDIA)
LIMITED, as at 31st March, 2010, the Profit & Loss Account and also tha
Cash Flow Statement 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.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, 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 (Auditors Report) (amendment) order 2004,
issued by the Central Government 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 paragraph above,
we state that :
(i) 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.
(ii) 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
such books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion the Balance Sheet, Profit & Losss 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.
(v) On the basis of the written representations received from the
Directors, as on 31st March, 2010, and take on the record by the Board
of Directors, we report that none of the Directors are disqualified as
on 31st March, 2010 from being appointed as Directors in terms of
clause (g) of sub section (1) of section 274 of the Companies Act,
1956. (vi) 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 Schedules and Notes and Accounting policies hereon
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view.
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
ii) in the case of Profit & 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 Flows for the year
ended on that date.
Annexure referred to in paragraph 3 of Audi- tors report of even date
to the Members of M/S PHYTO CHEM (INDIA) LIMITED on the accounts for
the Year ended 31st March, 2010.
1. a) The Company has maintained proper records
showing full particulars including quantitative details and situation
of Fixed Assets.
b) As explained to us, the Fixed Assets have been physically verified
by the management according to the phased programme designed to cover
all the Fixed Assets on rotation basis. In respect of Fixed Assets
verified according to this programme, which is considered reasonable,
no material discrepancies were noticed on such verification.
c) The Company has not disposed off substantial part of Fixed Assets
which affects the going concern concept of the Company.
2. a) The inventories of the Company have been
physically verified by the management during the year at reasonable
intervals.
b) The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company has maintained proper records of inventories and the
discrepancies noticed on physical verification of stocks are compared
to book record, which in our opinion were not material, have been
properly dealt with in the books of account.
3. The Company has not granted / taken any loan, secured or unsecured,
to / from Companies, firms or other parties covered in the register
maintained under section 301 of Companies Act, 1956. As such the
provisioins of 4 (iii) (b) (c) and (d) of the Companies (Auditors
Report) order, 2003 are not applicable to this Company in this year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of
the Company and the nature of its business with regard to purchase of
inventory, Fixed Assets and for the sale of goods and services. During
the course of our audit, we have not observed any con- tinuous failure
to correct major weaknes- ses in the internal controls.
5. (a) According to the information and explana
-tions given to us, we are of the opinion that the contracts or
arrangements referred to in sec 301 of the Companies Act,1956 have been
entered in the register required to be maintained under that section
301 of the Companies Act 1956.
(b)ln our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts, or
arrangements entered in the register maintained under Section 301 of
Companies Act, 1956 and exceeding the value of Rs.5,00,000/- in respect
of any party during the year have been made at prices which are prima
facie reasonable having regard to the prevailing market prices at the
relevant time, where such prices are available.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the Public covered by the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under by the Company Law Board in this regard are not applicable.
7. In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
8. We have broadly reviewed without making a detailed examination of
the records maintained by the Company pursuant to the order made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956 and are of the opinion that
prima facie the prescribed records have been made and maintained.
9. a) According to the records of the Company
and as per the information and explanations given to us, the Company is
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duties, Excise Duties and
Cess and other material statutory dues. b) There are no undisputed
statutory dues in respect of Provident Fund, Invester Education and
Protection Fund. Employees State Insurance, Income Tax, Wealth Tax,
Service Tax, Sales Tax, Customs duty and cess which are outstanding at
the year end for a period more than six months from the date they
became payable.
c) According to the information and explainations given to us, there
are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess which have not been deposited on account of
any dispute as on 31st March, 2010.
10. As per the information and explanations given to us and an overall
examinations of the financial statements of the Company for the current
and immediately preceding financial year, we report that the Company
does not have any accumulated losses at the end of the current
financial year nor incurred cash losses in the current and the
immediately preceeding financial year.
11. According to the records of the Company, during the year, the
Company has not defaulted in repayment of dues to financial
institutions or banks or debentures holders.
12. As per the information and explanations 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. Accordingly the
provisions of clause 4 (xii) of the companies (Auditors Report) Order,
2003 are not applicable to the Company.
13. In our opinion, as the Company is not a chit fund or a
nidhi/mututal benefit fund/ society. Therefore the provisions of Clause
4 (xiii) of the Companies (Auditors Report)
Order, 2003 are not applicable to the Company for this year.
14. According to the records of the Company, the investments made in
the nature of shares in other Companies are held in the name of the
Company and necessary records recording the transaction and relevant
entries have been maintained.
15. As per the information and explanations given to us, the Company
has not given any guarantees for the Loans taken by others from Banks
or financial institutions.
16. According to record of the Company, the company has not raised any
term loans during the year.
17. As per the information and explanation given to us and on an
overall examination of the Balance Sheet and the Cash Flow statements
of the Company, we are opinon that no funds raised on short term basis
have been used for long term investment.
18. As per the information and explanations given to us, during the
year the Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year, which
requires the creation of security or charge.
20. During the year the Company has not made any public issue for
which the Management has to disclose the end use of money raised
through that public issue.
21. As per the representation given by the Company and relied on by
us, no fraud on or by the Company has been noticed or reported during
the year.
for T.Adinarayana & Co.,
Chartered Accountants
Place : Hyderabad Y.P.RAO
Date : 31 st May, 2010 Partner
M.No.25266
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