Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of SCHABLONA
INDIA LIMITED, which comprise the Balance Sheet as at 31 March 2015,
the Statement of Profit and Loss, the Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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 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:
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2015,
b) In the case of Statement of Profit & Loss,of the loss for the year
ended on that date;and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1. In our opinion and to the best of our information and according to
the explanations given to us, the Companies (Auditor's Report) Order,
2015("the Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) The Balance Sheet, the 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 comply with the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the director is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
2.1 to the financial statements;
ii. The Company does not require any 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.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
I. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased programme
of verification adopted by the management which, in our opinion,
provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification and the same have been properly dealt with in the books of
accounts.
II. In respect of its inventory:
a) As explained to us, the inventories of finished goods, semi-finished
goods, stores, spare parts and raw materials were physically verified
at regular intervals by the Management.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
III. According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties
covered in the Register maintained under Section 189 of the Companies
Act, 2013; and therefore paragraph 3(iii) of the Order is not
applicable.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in internal control.
V. The Company has not received any public deposits covered under
section 73 to 76 of the Companies Act, 2013 during the year, hence
clause 3(v) is not applicable.
VI. The maintenance of cost records has not been prescribed by the
Central Government under section 148(1) of the Companies Act, 2013 read
with Companies (Cost Records and Audit) Rules, 2014 for the
goods/products manufactured the Company.
VII. In respect of statutory dues:
(a) According to the records of the Company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
Employees State Insurance (ESI), Investor Education and Protection
Fund, Income Tax, Tax deducted at source, Tax collected at source,
Professional Tax, Sales Tax, Value Added Tax (VAT), Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income Tax, Wealth
Tax, Custom Duty, Excise Duty, Sales Tax, VAT, Cess and other material
statutory dues in arrears /were outstanding as at 31 March, 2015 for a
period of more than six months from the date they became payable except
in case of sales tax and income tax as detailed below.
Name of Nature of Period to
which Amount Forum where the
Statue Dues the amount
relates (Rs. in
lacs) dispute is pending
Sales Tax Central Sales 2012-13 8.02 Excise and Taxation
Officer-cum-
Act Tax Assessing
Authority,
Bahadurgarh
Income Tax Income Tax AY 2012-13 0.47 CIT(A)-2, Kolkata
Act, 1961
Total 8.49
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015.
VIII. The Company does not have the accumulated losses at the end of
financial year. The Company has incurred Cash losses of Rs 346.69 lacs
during the financial year covered by our audit and Rs. 89.68 lacs
during the immediately preceding financial year.
IX. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions and banks.
X. In our opinion, and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year;
XI. The Term loans taken by the Company have been applied for the
purpose for which they were raised.
XII. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : New Delhi (CA. Shalin Poddar)
Dated : 18th day of May, 2015 Partner
Membership No. 515616
Mar 31, 2014
We have audited the accompanying financial statements of SCHABLONA
INDIA LIMITED, which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
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 (Act)
read with the general circular 15/2013 date 13.09.2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act,
2013 (Act). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") as amended by Amendment Order, 2004 issued by the Central
Government of India in terms of sub-section (4A) of section 227 of the
Act, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 (Act) read with the general circular 15/2013
date 13.09.2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013; and
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
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.
The Annexure referred to in paragraph 1 of the our report of even date
to the members of SCHABLONA INDIA LIMITED on the accounts of the
Company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) In our opinion and according to the information and records
made available to us, the Company has not granted any loan, secured or
unsecured, to Companies, firms or other parties listed in the register,
maintained under Section 301 of the Companies Act, 1956, therefore,
sub-clause (a) to (d) of clause 4(iii) of the Order are not applicable
to the Company.
(e) In our opinion and according to the information and explanations
given to us, the Company has not taken any loan, secured or unsecured,
from companies, firms or other parties covered in the register,
maintained under Section 301 of the Companies Act, 1956, therefore,
sub-clause (e) to (g) of clause 4(iii) of the Order are not applicable
to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that Section; and
b) As per information & explanations given to us and in our opinion,
transactions made in pursuance of such contracts or arrangements have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. In our opinion the Company has internal audit system commensurate
with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by Central Government under section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prime facie the
prescribed cost records have been maintained. We have, however, not
carried out detailed examination of the same.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st March,
2014 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes except in cases of income tax and sales tax
as per detailed below:
Name of Nature of Period to which Amount Forum where the
Statue Dues the amount (Rs.in lacs) dispute is
relates pending
Sales Tax Central Sales 2010-11 19.19 Excise and
Act Tax Taxation
Officer-cum-
Assessing
Authority,
Bahadurgarh
Sales Tax Central Sales 2011-12 88.86 Excise and
Act Tax Taxation
Officer-cum-
Assessing
Authority,
Bahadurgarh
Sales Tax VAT 2011-12 0.21 Excise and
Act Taxation
Officer-cum-
Assessing
Authority,
Bahadurgarh
Total 108.26
10. The Company does not have any accumulated loss at the end of
financial year. However there is a cash loss of Rs. 89.68 lacs during
the financial year covered by our audit and of Rs. 75.08 lacs cash loss
during the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to banks.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Therefore,
the provision of this clause of the Companies (Auditor''s Report) Order,
2003 (as amended) is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from
banks or financial institutions.
16. Based on our audit procedures and on the information given by the
management, we report that the Company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for longterm investment by the Company and vice-versa.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : Noida (CA. Shalin Poddar)
Dated : 27th day of May, 2014 Partner
Membership No. 515616
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SCHABLONA
INDIA LIMITED, which comprise the Balance Sheet as at March 31, 2013,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
ManagementÂs Responsbility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
AuditorÂs Responsbility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") as amended by Amendment Order, 2004 issued by the Central
Government of India in terms of sub-section (4A) of Section 227 of the
Act, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of our report of even date to
the members of SCHABLONA INDIA LIMITED on the accounts of the Company
for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of the fixed assets has been disposed
off during the year and therefore does not affect the going concern
assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) In our opinion and according to the information and records
made available to us, the Company has not granted any loan, secured or
unsecured, to Companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, therefore,
sub-clause (a) to (d) of clause 4(iii) of the order are not applicable
to the Company.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loan, secured or unsecured,
from companies, firms or other parties except from one Company covered
in the register, maintained under Section 301 of the Companies Act,
1956. The maximum amount involved during the year is Rs. 20.00 lacs. At
the end, the balance of such loan is Rs. 20.00 lacs.
(c) In our opinion, the rate of interest and other terms and condition
of loan are prime facie not prejudicial to the interest of the Company.
(d) As informed to us in respect of the aforesaid loan, there is no
stipulated schedule for payment of principal and interest and the same
is payable on demand.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained
under that Section; and (b) As per information & explanations given to
us and in our opinion, transactions made in pursuance of such contracts
or arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under Section 58A and 58AA of the Companies Act, 1956.
7. In our opinion the Company has internal audit system commensurate
with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prime facie the
prescribed cost records have been maintained. We have, however, not
carried out detailed examination of the same.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st March,
2013 for a period of more than six months from the date they became
payable. (b) According to the information and explanations given to
us, there is no amount payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty and excise duty which have not
been deposited on account of any disputes except in case of sales tax
as per detailed below:
Name of Nature of Period to
which Amount Forum where the
Statue Dues the amount
relates (Rs. in
lacs) dispute is pending
Sales Tax Sales Tax 2008-09 8.41 Excise and Taxation
Act Assessment Officer-cum-Assessing
Authority, Bahadurgarh
Sales Tax Sales Tax 2009-10 25.01 Excise and Taxation
Act Assessment Officer-cum-Assessing
Autority, Bahadurgarh
Total 33.42
10. The Company does not have any accumulated loss at the end of
financial year. However there is a cash loss of Rs. 75.08 lacs during
the financial year covered by our audit. However, there was no cash
loss during the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to banks.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Therefore,
the provision of this clause of the Companies (Auditor''s Report) Order,
2003 (as amended) is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from
banks or financial institutions.
16. Based on our audit procedures and on the information given by the
management, we report that the Company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long- term investment by the Company and vice-versa.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For A. K. Maheshwari Associates
Chartered Accountants
(Firm Registration No. 500106N)
Place : Noida (CA. A. K. Maheshwari)
Dated : 29th day of May, 2013 Proprietor
Membership No. 73875
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. SCHABLONA INDIA
LIMITED as at 31st March, 2012 and the Statement of Profit and Loss and
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with accounting 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 reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Amendment Order, 2004 from time to time issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we enclose in the Annexure a statement on the matters specified
in paragraph 4 & 5 of the said order, as applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far 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 books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
e) On the basis of written representations received from the Directors
of the Company as on 31st March, 2012 and taken on record by the Board
of Directors, we report that none of the Director is disqualified as on
31st March, 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, 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 Balance Sheet of the state of affairs of the Company
as at 31st March, 2012;
ii) in the case of Statement of Profit and Loss of the profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in Paragraph "3" of the Auditors' Report to the Members of
M/s SCHABLONA INDIA LIMITED on the Accounts for the year ended 31st
March, 2012.
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situations of fixed
assets on the basis of available information.
b) According to the information and explanations given to us, all the
fixed assets have been physically verified by the management in
accordance with the programme of verification, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies have been noticed on such physical
verification.
c) As per record and information and explanations provided to us, no
substantial part of the fixed assets has been disposed off during the
year and the going concern status of the Company is not affected.
(ii) a) The stock of finished goods, stores and spares and raw
materials have been physically verified by the management at reasonable
intervals during the year. In our opinion, the frequency of physical
verification is reasonable.
b) In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate having regard to the size of
the Company and nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to book records.
(iii) a) In our opinion and according to the information and records
made available to us, the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, therefore,
sub-clause (a), (b) and (c) of clause 4(iii) of the order are not
applicable to the Company.
b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loans, secured or unsecured,
from companies, firms or other parties except from one Company covered
in the register, maintained under Section 301 of the Companies Act,
1956. The maximum amount involved during the year is Rs. 20.00 lacs. At
the end, the balance of such loan is Rs. 20.00 lacs.
c) In our opinion, the rate of interest and other terms and condition
of loan are prime facie not prejudicial to the interest of the Company.
d) In accordance with the information and explanations given to us in
respect of the aforesaid loan, the principal amount is repayable on
demand and there is no repayment schedule.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanation that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotations, there are adequate internal
control procedures commensurate with the size of the Company and nature
of business with regard to purchases of inventories and fixed assets
and with regard to the sale of goods. During the course of our audit,
we have not observed any continuing major weakness in such internal
controls system.
(v) a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) According to information and explanations given to us, the
transaction of purchase and sale of goods, material and services made
in pursuance of contracts or agreements entered in the register
maintained under Section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 5.00 lacs or more in respect of each party have
been made at price which are generally reasonable having regard to
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the year. Therefore, the provisions of clause (vi) of paragraph
4 of the Order are not applicable to the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) As per information and explanations given to us,
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 has not been prescribed by the Central Government for the
product of the Company.
(ix) a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income Tax, Wealth
Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and other
material statutory dues to the extent applicable to it. According to
the information and explanations given to us, no undisputed statutory
dues payable for a period of more than six months from the date they
became payable as at 31st March, 2012.
b) As informed to us, the disputed statutory dues aggregating Rs. 8.41
lacs in respect of sales tax that has not been deposited on account of
disputed matters pending with the appropriate authorities are as under:
Name of Nature of Period to which Amount
Statue Dues the amount relates (Rs. in lacs)
Sales Tax Sales Tax 2008-09 8.41
Act. Assessment
Name of Forum where the Remarks
Statue dispute is pending
Sales Tax Excise and Taxation None
Act. Officer-cum-Assessing
Authority, Bahadurgarh
(x) The Company has no accumulated losses at the end of the financial
year and has not incurred any cash loss during the year or in the
financial year immediately preceding the year under report.
(xi) According to the information and explanations given to us and
based on our audit procedure, the Company has not defaulted during the
year in repayment of dues to banks or financial institution.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information & explanations
given to us, the Company is not a chit fund/nidhi/ mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of paragraph 4
of the Order are not applicable.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Hence the provisions of
clause (xiv) of paragraph 4 of the Order are not applicable.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bankers or financial institutions.
(xvi) According to the information and explanations given to us and on
the basis of an overall examination of the books and records of the
Company, no new term loan has been raised during the year. The term
loans outstanding at the beginning of the year has been applied for
which they were raised.
(xvii) According to the information and explanations given to us and on
the basis of an overall examination of the books and records of the
Company, we report that no fund raised on a short-term basis, which
have been used for long- term investments and vice-versa.
(xviii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under Section 301 of the Companies Act,
1956.
(xix) Since no debentures have been issued by the Company during the
year, no security was required to be created. Hence, the clause (xix)
of Paragraph 4 of the Order regarding creation of security or charge in
respect of debenture issued is not applicable.
(xx) During the year covered by our audit report, the Company has not
raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 500106N)
(CA. A. K. Maheshwari)
Proprietor
Membership No. 73875
Place : Noida
Dated : 26th day of May, 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. SCHABLONA INDIA
LIMITED as at 31st March, 2010 and the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with accounting 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 reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) from time to time issued by the Central Government in terms of
Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure
a statement on the matters specified in paragraph 4 & 5 of the said
order, as applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far appears from our examination of those Books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report are in comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
e) On the basis of written representations received from the Directors
of the Company as on 31st March, 2010 and taken on record by the Board
of Directors, we report that none of the Director is disqualified as on
31st March, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, 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 Balance Sheet of the state of affairs of the Company
as at 31st March, 2010; ii) in the case of Profit and Loss Account of
the profit 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
Referred to in paragraph "3" of the Auditors Report to the Members of
M/s. SCHABLONA INDIA LIMITED on the Accounts for the year ended 31st
March, 2010.
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situations of fixed
assets except in case of certain locations where records are in process
of updation/ compilation.
b) According to the information and explanations given to us, all the
fixed assets have been physically verified by the management in
accordance with the programme of verification, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
Assets. No material discrepancies have been noticed on such physical
verification.
c) As per record and information and explanation provided to us, no
substantial part of the fixed assets has been disposed off during the
year and the going concern status of the Company is not affected.
(ii) a) The stock of finished goods, stores and spares and raw
materials have been physically verified by the management at reasonable
intervals during the year. In our opinion, the frequency of physical
verification is reasonable.
b) In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate having regard to the size of
the Company and nature of its business.
c) The Company has maintained the proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to book records.
(iii) A. In our opinion and according to the information and records
made available to us, the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, therefore,
sub-clause (a), (b) and (c) of clause 4
(iii) of the order are not applicable to the Company.
B. a) In our opinion and according to the information and explanations
given to us, the Company has not taken any loans, secured or unsecured,
from companies, firms or other parties except from one Company covered
in the register, maintained under Section 301 of the Companies Act,
1956. The maximum amount involved during the year is Rs. 20,00,000/-.
At the end, the balance of such loan is Rs. 20,00,000/-b) In our
opinion, the rate of interest and other terms and condition of loan
taken are not prime facie prejudicial to the interest of the Company.
c) In accordance with the information and explanation given to us in
respect of the aforesaid loan, the principal amount is repayable on
demand and there is no repayment schedule.
d) There is no overdue amount of loans taken from companies, firms and
other parties listed in the register maintained under Section 301 of
Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size and nature of business for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of our audit, we have not observed any continuing major weakness in
such internal control system. (v) a) In our opinion and according to
the information and explanations given to us, the transactions made in
pursuance of contracts or arrangements, that need to be entered into
the register maintained under Section 301 of the Companies Act, 1956
have been so entered. b) According to information and explanations
given to us, the transaction of purchase and sale of goods, material
and services made in pursuance of contracts or agreements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5,00,000/- or more in respect of
each party have been made at price which are generally reasonable
having regard to prevailing market prices at the relevant time. (vi)
According to the information and explanations given to us, the Company
has not accepted any deposits from the public during the year to which
provisions of Section 58A & 58AA of the Companies Act, 1956 and Rules
framed thereunder are applicable. (vii) In our opinion and according to
the information and explanations given to us, the Company has internal
audit
system commensurate with the size and nature of its business. (viii) As
per information and explanations given to us, maintenance of cost
records under Section 209(1)(d) of the
Companies Act, 1956 has not been prescribed by the Central Government
for the product of the Company.
(ix) a) According to information and explanations given to us and as
per records maintained by the Company, the Company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Wealth Tax, VAT, Custom Duty,
Excise Duty, Service Tax, Cess and other material statutory dues
applicable to it.
b) According to information and explanations given to us, no undisputed
amounts on account of Provident Fund, Investor Education and Protection
Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax,
Customs Duty, Excise Duty, Service Tax and Cess were in arrears, as at
31st March, 2010 for a period of more than six months from the date
they become applicable.
(x) The Company has no accumulated losses at the end of the financial
year and has not incurred any cash loss during the year or in the
financial year immediately preceding the year under report.
(xi) Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to banks and financial institutions.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
(xiv) As the Company is not dealing or trading in shares, securities,
debentures or in other Investment, therefore, reporting under this
clause is not desired.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bankers or financial institutions.
(xvi) According to the information and explanations given to us and on
the basis of an overall examination of the books and records of the
Company, the term loan have been applied for the purpose for which they
are raised.
(xvii) According to the information and explanations given to us and on
the basis of an overall examination of the books and records of the
Company, we report that no funds raised on a short-term basis, which
have been used for long-term investments and vice-versa.
(xviii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under Section 301 of the Companies Act,
1956.
(xix) Since no debentures have been issued by the Company during the
year, no security was required to be created.
(xx) During the year covered by our audit report, the Company has not
raised money by way of public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
for A. K. Maheshwari & Associates
Chartered Accountants
Registration No. 500106N
Place : New Delhi (CA. Anand Maheshwari)
Dated : 24th day of May, 2010 Membership No.: 073875
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