Mar 31, 2023
Independent Auditor''s Report
To
The Members of SAVITA OIL TECHNOLOGIES LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial
statements of SAVITA OIL TECHNOLOGIES LIMITED
("the Company"), which comprise the Balance Sheet as
at March 31, 2023, the Statement of Profit and Loss, the
Statement of Changes in Equity and the Statement of Cash
Flows for the year ended on that date, and a summary of
the significant accounting policies and other explanatory
information (hereinafter referred to as "the standalone
financial statements").
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ("the Act") in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of
the Company as at March 31, 2023, the profit and total
comprehensive income, changes in equity and its cash
flows for the year ended on that date.
We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for
the Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the
ethical / independence requirements that are relevant to
our audit of the standalone financial statements under
the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for
our audit opinion on the standalone financial statements.
The Board of Directors of the Company in their meeting
held on May 26, 2023 had approved a set of financial
statements (previous financial statements) and we
had issued our report thereon including report on the
adequacy of the internal financial controls with reference
to financial statements of the Company and the operating
effectiveness of such controls dated May 26, 2023. At that
point of time, the company vide its order dated 8th May,
2023 received approval order from National Company Law
Tribunal, Mumbai Bench ("the NCLT") for amalgamation
of Savita Polymers Limited (SPL) with appointed date
of April 01, 2022. Filing of the order with Registrar of
Companies (RoC) was pending. Since the previous financial
statements were not approved by the shareholders of the
Company, the Board of Directors at their meeting held
on August 01, 2023 has made necessary changes to give
effect to the Scheme in the previous financial statements
and has approved the attached financial statements.
The comparatives for the previous years have been
restated by the Management of the Company to give
the effect of the said scheme by including the financial
statements of SPL which are audited by other auditor, M/s
Gokhle & Sathe, Chartered Accountants, Mumbai for the
year ended March 31, 2023 and March 31, 2022 and by
giving such adjustments and effects as are required by
the scheme of Arrangement. We have relied on the audit
report of the other auditors for giving effect of merger in
the books of the company.
Our opinion is not modified in respect of this matter
KEY AUDIT MATTERS
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the standalone financial statements of the current
period. These matters were addressed in the context
of our audit of the standalone financial statements as a
whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have
determined the matters described below to be the key
audit matters to be communicated in our report.
INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR''S REPORT
THEREON
The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board''s Report including
Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance and Shareholder''s
Information, but does not include the standalone financial
statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does
not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
When we read other information, if we conclude that
there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance and describe actions applicable in the
applicable laws and regulations.
RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR THE
STANDALONE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone financial statements,
management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the
Company''s financial reporting process.
AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an auditor''s report that
includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of
users taken on the basis of these standalone financial
statements. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
⢠Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3X0 of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in
our auditor''s report to the related disclosures in the
standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the
date of our auditor''s report. However, future events or
conditions may cause the Company to cease to continue
as a going concern.
⢠Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the financial
statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor''s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
I. As required by the Companies (Auditor''s Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the âAnnexure Aâ,
a statement on the matters specified in paragraphs 3
and 4 of the Order to the extent applicable.
II. 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, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are
in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Ind AS
Financial Statements comply with the Ind AS
specified under Section 133 of the Act, read
with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015.
e) On the basis of the written representations
received from the directors as on March 31, 2023
taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,
2023 from being appointed as a director in terms
of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company and the operating effectiveness of
such controls, refer to our separate Report in
âAnnexure Bâ to this report.
g) 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 on its financial position
in its Standalone Financial Statements
- Refer Note No. 27 to the Standalone
Financial Statements.
ii. The Company has made provision, as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, on long term
contracts including derivative contracts.
iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund
by the Company.
iv. A) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed in
notes to accounts, no funds have been
advanced or loaned or invested (either
from borrowed funds or share premium
or any other sources or kind of funds)
by the company to in any other
persons(s) or entity(ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or on
behalf of the company ("Ultimate
Beneficiaries") or provide any
guarantee, security or the like on
behalf of Ultimate Beneficiaries
B) The management has represented
that, to the best of its knowledge
and belief, other than as disclosed
in notes to accounts, no funds have
been received by the company
from any persons(s) or entity(ies),
including foreign entities ("Funding
Parties"), with the understanding,
whether recorded in writing or
otherwise, that the company shall,
whether, directly or indirectly lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide
any guarantee, security or the like on
behalf of Ultimate Beneficiaries
C) On the basis of audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (i) and (ii) of Rule 11(e),
as provided under (A) and (B) above,
contain any material mis-statement.
v. The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with
section 123 of the Act, as applicable.
Company has not declared and paid any interim
dividend during the year.
As stated in note 1 (under Statement of Changes
to Equity) to the financial statements, the Board
of Directors of the Company have proposed final
dividend for the year which is subject to the
approval of the members at the ensuing Annual
General Meeting. The amount of dividend
proposed is in accordance with section 123 of
the Act, as applicable.
vi. No comments have been offered as regards
the maintenance of books of accounts using
accounting software which has a feature of
recording audit trail (edit log) facility under Rule
11(g) of Companies (Audit & Auditors) Rules,
2014 since the said requirement under proviso
to Rule 3(1) of the Companies (Accounts) Rules,
2014 are not applicable to the company for the
financial year ended on March 31, 2023.
III. With respect to the matter to be included in the
Auditors'' Report under Section 197(16) of the Act:
In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197
of the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) which
are required to be commented upon by us.
For G. D. Apte & Co.
Chartered Accountants
Firm registration number: 100515W
Mayuresh V. Zele
Partner
Place: Mumbai Membership No: 150027
Date: August 01, 2023 UDIN: 23150027BGYKHU8178
Mar 31, 2018
To the Members of Savita Oil Technologies Limited Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS Financial Statements of SAVITA OIL TECHNOLOGIES LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity (âThe Financial Statementsâ) for the year then ended and the summary of the significant accounting policies and other explanatory information.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Financial Statements that give a true and fair view of the state of affairs, financial performance (including Other Comprehensive Income), cash flows and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015.
This responsibility also includes the 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITORSâ 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 thereunder. We conducted our audit in accordance with the Standards on Auditing issued by Institute of Chartered Accountants of India, as 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 disclosures in the Financial Statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Companyâs preparation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Companyâs directors, as well as evaluating the overall presentation of the Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS 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 including Ind AS, of the state of affairs (financial position) of the Company as at 31st March, 2018, and its profit (financial performance including total comprehensive income), its cash flows and the statement of changes in equity for the year ended on that date.
EMPHASIS OF MATTER
We draw your attention to the:
Note No. 26 which relates to payment of remuneration in excess of amount payable as per the provisions of sec 197 of the Act to the Chairman and Managing Director aggregating to Rs.30.12 lacs for the financial year 2014-15. The Companyâs previous application for waiver of excess remuneration was rejected by Ministry of Corporate Affairs stating that the Company had failed to submit required information / documents. The Company has replied to the Ministry with evidence that all the information / documents requisitioned was / were furnished to the Ministry from time to time. The Approval from Ministry in this regard is awaited.
Our opinion is not modified in respect of these matters. OTHER MATTERS
The comparative financial information of the Company for the year ended on 31st March, 2018 are based on previously issued Statutory Financial Statements prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015, audited by predecessor auditor for the year ended on 31st March, 2017 dated 27th May, 2017, expressed an Unmodified opinion on those Standalone Ind AS Financial Statements.
Our opinion is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
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 (including other comprehensive income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Ind AS specified under section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015.
(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ to this report.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 read with Notification No G.S.R 307(E) dated 30.3.2017, 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 on its financial position in its Standalone Ind AS Financial Statements - Refer Note No. 28 to the Standalone Ind AS Financial Statements.
(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of property, plant and equipment.
(b) As informed to us, the fixed assets having substantive value have been physically verified by the management during the period according to a phased programme. In our opinion, such programme is reasonable having regard to the size of the Company and the nature of its assets. We have been further informed that no material discrepancies were noticed on such verification by the management between the book records and physical verification.
(c) According to the information and explanations given to us and based on the records produced, the title deeds of the immovable properties held by the Company are in the name of the Company.
(ii) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material, having regard to the size of the operations of the Company and the same have been properly dealt with.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of sub clauses (a), (b), (c) of clause (iii) of the order are not applicable to the company.
(iv) The Company has not granted any loans or under section 185, made any investment, provided any guarantee or security. Accordingly, the provisions of clause (iv) of the order are not applicable to the company.
(v) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under, to the extent applicable. We are informed by the Management that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal in this regard.
(vi) We have broadly reviewed accounts and records maintained by the Company pursuant to rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Act, in respect of Companyâs products to which the said rules are made applicable and are of the opinion that, prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of records with a view to determine whether they are accurate.
(vii) (a) According to the information and explanations given to us and according to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-tax, Sales Tax, Service Tax, Goods and Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and any other statutory dues, wherever applicable. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2018 for a period of more than 6 months from the date they became payable.
(b) According to the information and explanations given to us, there were no dues in respect of Income Tax, Duty of Excise, Duty of Customs, Sales Tax, Service Tax, Goods and Service Tax and Value Added Tax which have not been deposited on account of any dispute except the following:
Name of the statute |
Nature of the dues |
Forum where the case is pending |
Period to which the amount relates (Financial Year) |
Gross amount involved |
Amount paid in protest |
Amount unpaid |
Central Excise Act, 1944 |
Excise Duty |
Superintendent, Assistant/ Deputy/ Joint/ Additional Commissioner and Commissioner of Central Excise Department |
2002-2016 |
257.80 |
16.81 |
241.00 |
Commissioner of Central Excise (Appeals) |
2006-2017 |
420.94 |
15.70 |
405.24 |
||
Customs, Excise and Service Tax Appellate Tribunal |
1999-2002 2004-2017 |
595.35 |
17.86 |
577.48 |
||
Total (A) |
1,274.09 |
50.37 |
1,223.72 |
|||
Finance Act, 1994 |
Service Tax |
Commissioner of Central Excise (Appeals) |
2006-2011 |
20.16 |
- |
20.16 |
Total (B) |
20.16 |
- |
20.16 |
|||
Customs Act, 1962 |
Customs Duty |
Commissioner of Customs (Imports) |
1992-1993 2006-2007 |
402.63 |
- |
402.63 |
Total (C) |
402.63 |
- |
402.63 |
|||
Central Sales Tax Act & Sales Tax Act of various Acts |
Central Sales Tax |
Commercial Tax Officer (Assessing Authority) |
2005-2006 2008-2009 |
7.44 |
- |
7.44 |
Assistant/ Additional Deputy Commissioner of Commercial Taxes |
2000-2001 2003-2004 |
0.21 |
- |
0.21 |
||
Deputy/ Joint/ Additional Commissioner (Appeal) |
2002-2009 2010-2016 |
2,067.72 |
38.42 |
2,029.30 |
||
Sales Tax Tribunal |
1998-1999 |
0.75 |
0.25 |
0.50 |
||
Total (D) |
2,076.12 |
38.67 |
2,037.45 |
|||
Tamil Nadu Panchayat Act, 1994 |
House Tax |
Thadichery Panchayat, |
2012-2013 |
33.49 |
- |
33.49 |
Theni ........ |
Total (E) |
33.49 |
- |
33.49 |
||
Grand Total ( A B C D E ) |
3,806.49 |
89.04 |
3,717.45 |
(viii) We have been informed that the Company has not defaulted in repayment of loans or borrowings to financial institutions, banks and Government. The Company has not raised any funds through debentures.
(ix) According to the information and explanations given to us and on the basis of examination of records, the Company has neither obtained new term loans nor raised any money by way of initial public offer or further public offer of shares and / or debt instruments during the year. Therefore, the provisions of clause (ix) of the Order are not applicable to the Company.
(x) Based on our audit procedures performed for the purpose of reporting the true and fair view of the Standalone Financial Statements and on the basis of information and explanations given by the management, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) The managerial remuneration has been paid in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act. As stated in note no. 26 and as stated in the Emphasis of Matter para of our main report, the payment of remuneration in excess of amount payable as per the provision of the Act to the Managing Director aggregating to Rs.30.12 lacs for the financial year 2014-2015. The Companyâs previous application for waiver of excess remuneration was rejected by Ministry of Corporate Affairs stating that the Company had failed to submit required information / documents. The Company has replied to the Ministry with evidence that all the information / documents requisitioned was / were furnished to the Ministry from time to time. The Approval from Ministry in this regard is awaited.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and accordingly the provisions of clause (xii) of the Order are not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of records of the Company, the transactions entered with related parties are in compliance with provisions of section 177 and 188 of the Act, where applicable and the details of such transactions are disclosed in the Standalone Financial Statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of records of the Company, the Company during the year has not made any preferential allotment or private placement of shares or fully or partly convertible debentures. Accordingly the provisions of clause (xiv) of the Order are not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us and based on our examination of records of the Company, the Company during the year has not entered into any non-cash transactions with directors or persons connected with the directors covered under the provisions of sec 192 of the Act and accordingly the provisions of clause (xv) of the Order are not applicable to the Company.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Savita Oil Technologies Limited (âthe Companyâ) as of 31st March, 2018 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (âthe Guidance Noteâ) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing issued by the ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material aspects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS Financial Statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Ind AS Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the Standalone Ind AS Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material aspects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as of 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
For G. D. Apte & Co.
Chartered Accountants
Firmâs Registration No: 100515W
Chetan R. Sapre
Place : Mumbai Partner
Dated : 11th May, 2018 Membership No: 116952
Mar 31, 2017
To the Members of Savita Oil Technologies Limited Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of SAVITA OIL TECHNOLOGIES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss (including other comprehensive income), the Statement of changes in Equity and 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 Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with relevant rules issued there under. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone Ind AS 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, 2017, and its profit (including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.
Emphasis of Matter
Refer Note no. 26 regarding the payment of remuneration in excess of amount payable as per the provision of the Act to the Chairman and Managing Director aggregating to '' 30.12 lacs for the financial year 2014-2015. The Company has already made an application to the Central Government, seeking their approval to waive excess remuneration paid to the Managing Director. The approval from the Central Government is awaited. Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure I a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.
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 (including other comprehensive income), the Statement of changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act, read with the relevant rules issued there under;
(e) On the basis of the written representations received from the directors as on 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164(2) of the Act;
(f) With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure II and
(g) 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 as amended by the Companies (Audit and Auditors) Rules, 2017, 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 on its financial position in its standalone Ind AS financial statements - Refer Note 28 to the standalone Ind AS financial statements;
(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
(iv) The Company has provided requisite disclosures in the standalone Ind AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the management - Refer Note 37 to the standalone Ind AS financial statements.
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipments.
(b) As informed to us, the fixed assets have been physically verified by the management during the period according to a phased programme. In our opinion, such programme is reasonable having regard to the size of the Company and the nature of its assets. We have been further informed that no material discrepancies were noticed on such verification by the management between the book records and physical verification.
(c) According to the information and explanations given to us, the title deeds of immovable properties, as disclosed in Note no. 3 and 4 to the standalone financial statements, are held in the name of the Company.
(ii) The inventories have been physically verified at reasonable intervals by the management during the period. The discrepancies noticed on physical verification, as compared to the book records, were not material and have been properly dealt with in the books of account.
(iii) The Company has not granted loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Act. Hence, the question of reporting under sub clauses (a), (b) and
(c) of the clause 3(iii) of the Order does not arise.
(iv) The Company has not granted any loans or under section 185, made any investment, provided any guarantee or security. Hence, the question of reporting under clause 3(iv) of the Order does not arise.
(v) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under, to the extent applicable. We are informed by the Management that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal in this regard.
(vi) We have broadly reviewed accounts and records maintained by the Company pursuant to rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Act, in respect of Company''s products to which the said rules are made applicable and are of the opinion that, prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of records with a view to determine whether they are accurate.
(vii) (a) According to the information and explanations given to us and according to the records of the Company examined by us,
in our opinion, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and any other statutory dues, wherever applicable.
According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2017 for a period of more than 6 months from the date they became payable.
(b) The particulars of statutory dues that have not been deposited on account of disputes are given in Annexure A.
(viii) We have been informed that the Company has not defaulted in repayment of loans or borrowings to financial institutions banks and Government. The Company has not raised any funds through debentures.
(ix) The Company has not raised money by way of initial public offer or further public offer (including debt instruments). According to the information and explanations given to us and on the basis of the records examined by us, we state that the Company has prima facie applied the term loan for the purpose for which it was obtained.
(x) 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, no material fraud on or by the company has been noticed or reported during the period by the Company.
(xi) The managerial remuneration has been paid in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act. As stated in note no. 26 and as stated in the Emphasis of Matter para of our main report, the payment of remuneration in excess of amount payable as per the provision of the Act to the Managing Director aggregating to Rs, 30.12 lacs for the financial year 2014-2015. The Company has already made an application to the Central Government, seeking their approval to waive excess remuneration paid to the Managing Director. The approval from the Central Government is awaited.
(xii) The Company is not a chit fund or a Nidhi company. Hence, the question of reporting under clause 3(xii) of the Order does not arise.
(xiii) The Company has complied with the provisions of sections 177 and 188 of the Act in respect of transactions with the related parties and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him covered under the provisions of section 192 of the Act.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Savita Oil Technologies Limited ("the Company") as of 31st March, 2017 in conjunction with our audit of the standalone financial statements of the Company for the period ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For G. M. Kapadia & Co.
Chartered Accountants
Firm''s Registration No: 104767W
Rajen Ashar
Place : Mumbai Partner
Dated : 27th May, 2017 Membership No: 048243
Mar 31, 2015
We have audited the accompanying financial statements of Savita Oil
Technologies Limited which comprise the Balance sheet as at 31st March
2015, 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 of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' 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
thereunder.
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. 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 31 March, 2015, and its loss and its cash flows for the year ended
on that date.
Emphasis of Matter
Refer Note no. 30 regarding the payment of remuneration in excess of
amount payable as per the provision of the Act to the Managing Director
aggregating to Rs. 30.12 lacs for which application for approval of
Central Government is being made by the Company.
Our opinion is not qualified in respect of above matter.
Report on Other Legal and Regulatory Requirements
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 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts.
(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 adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in the Annexure.
(g) 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:
a. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 35 to the
financial statements.
b. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts to the financial
statements.
c. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Auditor's Report
On the basis of the information and explanations furnished to us and the
books and records examined by us in the normal course of audit and to
the best of our knowledge and belief in our opinion, we further report
that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year according to a phased programme. In
our opinion, such programme is reasonable having regard to the size of
the Company and the nature of its assets. We have been further informed
that no material discrepancies were noticed on such verification by the
management between the book records and physical verification.
(ii) (a) The inventory have been physically verified at reasonable
intervals by the management during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of such
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 the information and explanations
given to us, the Company has maintained proper records of its
inventory. No material discrepancies were noticed on physical
verification between the physical stocks and the book records.
(iii) The Company has not granted loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 189 of the Act. Hence, the question of reporting under
sub clauses (a) & (b) of the clause 3(iii) of the Order does not arise.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase 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.
(v) The Company has not accepted any deposits from the public, within
the meaning of sections 73 to 76 of the Companies Act, 2013 and the
rules framed there under.
(vi) We have broadly reviewed accounts and records maintained by the
Company pursuant to rules made by the Central Government for the
maintenance of cost records under Section 148 (1) of the Act, in
respect of Company's products to which the said rules are made
applicable and are of the opinion that, prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of records with a view to determine
whether they are accurate.
(vii) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other
statutory dues, wherever applicable. According to the information and
explanations given to us, no undisputed amounts payable in respect of
aforesaid dues were outstanding as at March 31, 2015 for a period of
more than 6 months from the date they became payable.
(b) The particulars of statutory dues that have not been deposited on
account of disputes are given in Annexure A.
(c) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, there are no
amounts payable to investor education and protection fund in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder.
(viii) The Company does not have any accumulated losses as at March 31,
2015. The Company has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(ix) We have been informed that the Company has not defaulted in
repayment of dues to financial institutions and banks. The Company has
not raised any funds through debentures.
(x) 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 and on
the basis of the records examined by us, we have to state that the
Company has prima facie applied the term loan 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, no fraud (i.e. intentional material
misstatements resulting from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the Company.
For G. M. Kapadia & Co.
Chartered Accountants
Firm's Registration No: 104767W
Rajen Ashar
Place : Mumbai Partner
Dated : May 30, 2015 Membership No: 048243
Mar 31, 2014
We have audited the accompanying financial statements of Savita Oil
Technologies Limited which comprise the Balance sheet as at March 31,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''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 notified under the Companies Act, 1956 ("the
Act") read with General circular 15/2013 dated September 13, 2013 of
the Ministry of Corporate Affairs in respect of section 1 33 of the
Companies Act, 201 3. 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.
Auditors'' 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 entity''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:
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
2. in the case of the Statement of Profit and Loss, of the profits for
the year ended on that date; and
3. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order 2004
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we enclose in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the said
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 dealt with by this report comply with the
Accounting Standards notified under the Companies Act,1956 read with
the General Circular 15/2013 dated September 1 3, 2013 of the Ministry
of Corporate Affairs in respect of section 1 33 of the Companies Act,
201 3;
(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 The Auditors'' Report
On the basis of the information and explanations furnished to us and
the books and records examined by us in the normal course of audit and
to the best of our knowledge and belief in our opinion, we further
report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year according to a phased programme. In
our opinion, such programme is reasonable having regard to the size of
the Company and the nature of its assets. We have been further informed
that no material discrepancies were noticed on such verification by the
management between the book records and physical verification.
(c) During the year, the Company has not disposed off any substantial
part of fixed assets.
(ii) (a) The inventory have been physically verified at reasonable
intervals by the management during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of such
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 the information and explanations
given to us, the Company has maintained proper records of its
inventory. No material discrepancies were noticed on physical
verification between the physical stocks and the book records.
(iii) The Company has not taken or granted loans, secured or unsecured,
to Companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Hence, the question of reporting under
sub clauses (a) to (g) of the clause 4(iii) of the Order does not
arise.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase 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.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register in pursuance of Section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Act and exceeding the value of Rupees Five lakhs in respect of each
party during the year, have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public and
accordingly the provisions contained in sections 58A and 58AA of the
Act and Rules there under are not applicable to the Company in this
regards.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
(viii) We have broadly reviewed accounts and records maintained by the
Company pursuant to rules made by the Central Government for the
maintenance of cost records under Section 209(1) (d) of the Act, in
respect of Company''s products to which the said rules are made
applicable and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of records with a view to determine
whether they are accurate.
(ix) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Value Added Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues, wherever applicable. According to
the information and explanations given to us, no undisputed amounts
payable in respect of aforesaid dues were outstanding as at March
31,2014 for a period of more than 6 months from the date they became
payable.
(b) The particulars of statutory dues that have not been deposited on
account of disputes are given in Annexure A.
(x) The Company does not have any accumulated losses as at March 31,
2014. The Company has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) We have been informed that the Company has not defaulted in
repayment of dues to financial institutions and banks. The Company has
not raised any funds through debentures.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us the Company is not a chit fund or a nidhi/ mutual benefit
fund / society. Therefore, the provisions of this clause are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities. The
Company has invested surplus funds in marketable securities and mutual
funds. 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 investments in
marketable securities and mutual funds have been held by the Company in
its own name.
(xv) The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xvi) According to the information and explanations given to us and on
the basis of the records examined by us, we have to state that the
Company has prima facie applied the term loan for the purpose for which
it was obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us and on an
overall examination of the financial statements of the Company, we
report that no funds raised on short-term basis have been utilized for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act during the year. Hence, the question of
reporting under clause 4(xviii) of the Order regarding whether the
price at which shares have been issued is prejudicial to the interest
of the Company does not arise.
(xix) The Company has not issued any debentures, hence the question of
reporting under clause 4(xix) of the Order regarding creation of
securities or charge does not arise.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) 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, no fraud (i.e. intentional material
misstatements resulting from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the Company.
For G. M. Kapadia & Co.
Chartered Accountants
Firm''s Registration No: 104767W
Atul Shah
Place : Mumbai Partner
Dated : May 29, 2014 Membership No: 039569
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of Savita Oil
Technologies Limited which comprise the Balance Sheet as at 31st March,
2013, the Statement of Proft and Loss and the Cash Flow Statement for
the year ended, and a summary of signifcant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the fnancial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 fnancial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
2. in the case of the Statement of Proft and Loss, of the profts for
the year ended on that date;
3. in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specifed 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 Proft 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;
(e) On the basis of written representations received from the directors
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualifed as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure To The Auditors'' Report
On the basis of the information and explanations furnished to us and
the books and records examined by us in the normal course of audit and
to the best of our knowledge and belief in our opinion, we further
report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fxed
assets.
(b) As informed to us the fxed assets have been physically verifed by
the management during the year according to a phased programme. In our
opinion, such programme is reasonable having regard to the size of the
Company and the nature of its assets. We have been further informed
that no material discrepancies were noticed on such verifcation by the
management between the book records and physical verifcation.
(c) During the year the Company has not disposed off a substantial part
of fxed assets.
(ii) (a) The inventory have been physically verifed at reasonable
intervals by the management during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation of such 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 the information and explanations
given to us, the Company has maintained proper records of its
inventory. No material discrepancies were noticed on physical
verifcation between the physical stocks and the book records.
(iii) The Company has not taken or granted loans, secured or unsecured,
to Companies, frms or other parties covered in the register maintained
under section 301 of the Act. Hence the question of reporting under sub
clauses (a) to (g) of the clause 4(iii) of the Order does not arise.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fxed 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.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register in pursuance of Section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Act and exceeding the value of Rupees Five lakhs in respect of each
party during the year, have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public and
accordingly the provisions contained in sections 58A and 58AA of the
Act and Rules there under are not applicable to the Company in this
regards.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
(viii) We have broadly reviewed accounts and records maintained by the
Company pursuant to rules made by the Central Government for the
maintenance of cost records under Section 209(1) (d) of the Act, in
respect of Company''s products to which the said rules are made
applicable and are of the opinion that prima facie the prescribed
accounts and records
have been made and maintained. We have, however, not made a detailed
examination of records with a view to determine whether they are
accurate.
(ix) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Value Added Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues, wherever applicable. According to
the information and explanations given to us, no undisputed amounts
payable in respect of aforesaid dues were outstanding as at March
31,2013 for a period of more than 6 months from the date they became
payable.
(b) The particulars of statutory dues that have not been deposited on
account of disputes are given in Annexure A.
(x) The Company does not have any accumulated losses as at March 31,
2013. The Company has not incurred any cash losses in the fnancial year
ended on that date or in the immediately preceding fnancial year.
(xi) We have been informed that the Company has not defaulted in
repayment of dues to fnancial institutions and banks. The Company has
not raised any funds through debentures.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us the Company is not a chit fund or a nidhi/ mutual beneft
fund / society. Therefore, the provisions of this clause are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities. The
Company has invested surplus funds in marketable securities and mutual
funds. 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 investments in
marketable securities and mutual funds have been held by the Company in
its own name.
(xv) The Company has not given any guarantee for loans taken by others
from banks or fnancial institutions.
(xvi) According to the information and explanations given to us and on
the basis of the records examined by us, we have to state that the
Company has prima facie applied the term loan for the purpose for which
it was obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us and on an
overall examination of the fnancial statements of the Company, we
report that no funds raised on short-term basis have been utilized for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act during the year. Hence the question of reporting
under clause 4(xviii) of the Order regarding whether the price at which
shares have been issued is prejudicial to the interest of the Company
does not arise.
(xix) The Company has not issued any debentures, hence the question of
reporting under clause 4(xix) of the Order regarding creation of
securities or charge does not arise.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) 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, no fraud (i.e. intentional material
misstatements resulting from fraudulent fnancial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the Company.
For G. M. Kapadia & Co.
Chartered Accountants
Firm Regn. No: 104767W
Rajen Ashar
Place : Mumbai Partner
Dated : 18th May, 2013 Membership No: 48243
Mar 31, 2012
1. We have audited the attached Balance Sheet of SAVITA OIL
TECHNOLOGIES LIMITED as at 31st March 2012 and also the Statement of
Profit and Loss and 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 the 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 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act 1956 (the Act),
and on the basis of such checks of the books and records of the Company
as we considered appropriate and according to the information and
explanations given to us, we give 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:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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 the
books;
iii) 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;
iv) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Act;
v) On the basis of the written representations received from the
Directors as on 31st March 2012, and taken on the record by the Board,
none of the Directors of the Company, i.e. SAVITA OIL TECHNOLOGIES
LIMITED, are prima facie disqualified as on 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 on the said date;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto 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;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
(ii) in the case of the Statement of Profit and Loss, of the profits of
the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Re: SAVITA OIL TECHNOLOGIES LIMITED
Referred to in Paragraph 3 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As informed to us the fixed assets have been physically verified by
the management during the year according to a phased programme. In our
opinion, such programme is reasonable having regard to the size of the
Company and the nature of its assets. We have been further informed
that no material discrepancies were noticed on such verification by the
management between the book records and physical verification.
(c) During the year the Company has not disposed off a substantial part
of fixed assets.
(ii) (a) The inventory have been physically verified at reasonable
intervals by the management during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of such
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 the information and explanations
given to us, the Company has maintained proper records of its
inventory. No material discrepancies were noticed on physical
verification between the physical stocks & book records.
(iii) The Company has not taken or granted loans, secured or unsecured,
to Companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Hence the question of reporting under sub
clauses (a) to (g) of the clause 4(iii) of the Order does not arise.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase 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.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register in pursuance of Section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Act and exceeding the value of Rupees Five lakhs in respect of each
party during the year, have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public and
accordingly the provisions contained in Sections 58A and 58AA of the
Act and Rules there under are not applicable to the Company in this
regard.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
(viii) We have broadly reviewed accounts and records maintained by the
Company pursuant to rules made by the Central Government for the
maintenance of cost records under Section 209(1) (d) of the Act, in
respect of Company's products to which the said rules are made
applicable and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of records with a view to determine
whether they are accurate.
(ix) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income-tax, Value Added Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues, wherever applicable. According to
the information and explanations given to us, no undisputed amounts
payable in respect of aforesaid dues were outstanding as at 31st March
2012 for a period of more than 6 months from the date they became
payable.
(b) The particulars of statutory dues that have not been deposited on
account of disputes are given in Annexure A.
(x) The Company does not have any accumulated losses as at 31st March
2012. The Company has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) We have been informed that the Company has not defaulted in
repayment of dues to financial institutions and banks. The Company has
not raised any funds through debentures.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of this clause are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities. The
Company has invested surplus funds in marketable securities and mutual
funds. 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 investments in
marketable securities and mutual funds have been held by the Company in
its own name.
(xv) According to the information and explanations given to us, the
Company has given a corporate guarantee for a banking facility by a
company under the same management. In our opinion the terms and
conditions of the guarantee are not prima facie prejudicial to the
interest of the Company. The Company has not given any other guarantee
for loans taken by others from banks or financial institutions.
(xvi) According to the information and explanations given to us and on
the basis of the records examined by us, we have to state that the
Company has prima facie applied the term loan for the purpose for which
it was obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us and on an
overall examination of the financial statements of the Company, we
report that no funds raised on short- term basis have been utilized for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act during the year. Hence the question of reporting
under clause 4(xviii) of the Order regarding whether the price at which
shares have been issued is prejudicial to the interest of the company
does not arise.
(xix) The Company has not issued any debentures hence the question of
reporting under clause 4(xix) of the Order regarding creation of
securities or charge does not arise.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) 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, no fraud (i.e. intentional material
misstatements resulting from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the Company.
For G. M. KAPADIA & CO.
Chartered Accountants
Firm Regn. No: 104767W
RAJEN ASHAR
Place : Mumbai Partner
Dated : 30th May 2012 Membership No. 48243
Mar 31, 2011
1. We have audited the attached Balance Sheet of SAVITA OIL
TECHNOLOGIES LIMITED as at 31st March 2011 and also the Profit and Loss
Account and 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 the 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 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act 1956 (the Act),
and on the basis of such checks of the books and records of the Company
as we considered appropriate and according to the information and
explanations given to us, we give 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:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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 the
books;
iii) The Balance Sheet,the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Act;
v) On the basis of the written representations received from the
Directors as on 31st March 2011, we report that none of the Directors
of the Company, i.e. SAVITA OIL TECHNOLOGIES LIMITED are disqualified
as on 31st March 2011 from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956
on the said date;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto 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;
(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 the Profit and Loss Account, of the profits of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Re: SAVITA OIL TECHNOLOGIES LIMITED
Referred to in Paragraph 3 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As informed to us the fixed assets have been physically verified by
the management during the year according to a phased programme. In our
opinion, such programme is reasonable having regard to the size of the
Company and the nature of its assets. We have been further informed
that no material discrepancies were noticed on such verification by the
management between the book records and physical verification.
(c) During the year the Company has not disposed off a substantial part
of fixed assets. (ii) (a) The inventory have been physically verified
at reasonable intervals by the management during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of such
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 the information and explanations
given to us, the Company has maintained proper records of its
inventory. No material discrepancies were noticed on physical
verification.
(iii) The Company has not taken or granted loans, secured or unsecured,
to Companies, firms or other parties covered in the register maintained
under section 301 of the Act. Hence the question of reporting under sub
clauses (a) to (g) of the clause 4(iii) of the Order does not arise.
iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase 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.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register in pursuance of Section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Act and exceeding the value of Rupees Five lakhs in respect of each
party during the year, have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public and
accordingly the provisions contained in sections 58A and 58AA of the
Act and Rules there under are not applicable to the Company in this
regards.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
(viii) We have broadly reviewed accounts and records maintained by the
Company pursuant to rules made by the Central Government for the
maintenance of cost records under Section 209(1) (d) of the Act, in
respect of Company's products to which the said rules are made
applicable and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of records with a view to determine
whether they are accurate.
(ix) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income-tax, Value Added Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues, wherever applicable. According to
the information and explanations given to us, no undisputed amounts
payable in respect of aforesaid dues were outstanding as at 31st March
2011 for a period of more than 6 months from the date they became
payable.
(b) The particulars of statutory dues that have not been deposited on
account of disputes are given in Annexure A.
(x) The Company does not have any accumulated losses as at 31st March
2011. The Company has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) We have been informed that the Company has not defaulted in
repayment of dues to financial institutions and banks. The Company has
not raised any funds through debentures.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of this clause are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities. The
Company has invested surplus funds in marketable securities and mutual
funds. 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 investments in
marketable securities and mutual funds have been held by the Company in
its own name.
(xv) According to the information and explanations given to us, the
Company has given a corporate guarantee for a banking facilities by a
company under the same management. In our opinion the terms and
conditions of the guarantee are not prima facie prejudicial to the
interest of the Company. The Company has not given any other guarantee
for loans taken by others from banks or financial institutions.
(xvi) According to the information and explanations given to us and on
the basis of the records examined by us, we have to state that the
Company has prima facie applied the term loan for the purpose for which
it was obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us and on an
overall examination of the financial statements of the Company, we
report that no funds raised on short- term basis have been utilized for
long-term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act during the year. Hence the question of reporting
under clause 4(xviii) of the Order regarding whether the price at which
shares have been issued is prejudicial to the interest of the company
does not arise.
(xix) The Company has not issued any debentures hence the question of
reporting under clause 4(xix) of the Order regarding creation of
securities or charge does not arise.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) 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, no fraud (i.e. intentional material
misstatements resulting from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the Company.
Re : Savita Oil Technologies Limited
Sr. Name of the Nature of Forum where dispute is
No. Statute the dues pending
1 Central Excise Act, Excise Duty Commissioner
1944 of Central Excise
Deputy and Assistant
Commissioner of Central
Excise
Commissioner (Appeals)
of Central Excise
Additional and Joint
Commissioner of
Central Excise
Appellate Tribunal
2 Finance Act, 1994 Service Tax Commissioner of
Central Excise
Name of the Statute Period to which the amount Amount
relates (Rs. in lacs)
Central Excise Act, 1944 2004 - 2009 153.99
April 2001 to December 2001 4.60
April 2009 to January 2010 21.05
April 2000 to March 2001 4.39
August 2005 to July 2007 23.75
February 2010 to April 2010 9.75
January 2002 to June 2002 3.51
January 2000 to March 2000 4.38
July 2002 to May 2003 12.37
July 1999 to September 1999 0.74
June 2003 to December 2003 8.55
April 2006 to December 2006 46.70
April 2006 to December 2010 45.09
April 2006 to July 2009 56.95
November 2001 to May 2004 1.08
April 1999 to April 2003 7.24
May 2002 to April 2003 13.85
April 2006 to March 2007 0.06
January 2004 to August 2004 12.28
January 2008 to Nov 2008 0.02
April 2003 to December 2003 0.05
April 2005 to March 2006 0.25
April 2006 to December 2006 0.50
October 2004 to March 2005 0.20
April 2005 to March 2006 0.08
April 2006 to September 2006 17.19
July 2008 to March 2009 46.47
November 2004 to August 2005 22.60
October 2006 to August 2007 30.01
September 2005 to March 2006 17.76
September 2007 to June 2008 47.37
1999 - 2002 9.19
2008 - 2009 37.34
April 1998 to March 2003 2.50
August 2002 42.72
July 2000 to March 2002 4.99
July 2005 to March 2006 6.44
July 2000 to March 2001 106.82
July 1999 to March 2002 0.49
April 2002 to March 2003 2.26
April 2003 to March 2004 1.56
July 2004 to March 2005 0.10
April 1999 to March 2002 23.47
April 2004 to March 2005 260.53
Finance Act, 1994 December 2002 to January 2005 13.19
July 1997 to March 2002 65.22
October 2002 to January 2004 0.26
Sr. Name of the Nature of Forum where dispute is
No. Statute the dues pending
3 Cental Sales Tax Act Sales Tax Deputy Commissioner and
and Sales Tax Acts of Assistant Commissioner
Various States
Joint Commissioner (VAT)
Deputy Commissioner
(VAT)
Additional Deputy
Commissioner -
Commercial Tax,
Bangalore
Commercial Tax Officer
(AA) Ernakulam
Appellate Tribunal
Ernakulam
4 Customs Act, 1962 Custom Duty Commissioner (Imports) of
Income Tax
5 Income Tax Act, 1961 Income Tax Commissioner (Appeals) of
Income Tax
6 Gram Panchayat - Gram Sarpanch,
Satara Panchayat Gram Panchayat
Tax
Name of the Statute Period to which the amount Amount
relates (Rs. in lacs)
Cental Sales Tax Act
and Sales Tax Acts of
Various States 2003 - 2004 0.09
2004 - 2005 207.02
2002 - 2003 184.61
2003 - 2004 202.53
2000 - 2001 0.12
2005 - 2006 5.54
1998 - 1999 0.50
Customs Act, 1962 April 1992 3.58
June 2006 399.05
Income Tax Act, 1961 2008 - 2009 637.11
Gram Panchayat -
Satara 2008 - 2009 51.94
Total 2882.00
For G. M. KAPADIA & CO.
Chartered Accountants
Firm Regn. No: 104767W
Rajen Ashar
Mumbai Partner
15th May 2011 Membership No. 48243