Mar 31, 2015
We have audited the accompanying financial statements of M/s.
UNIVERSAL STARCH CHEM ALLIED LIMITED ("the Company"), which comprise
the Balance Sheet as at 31st March, 2015, the Statement of Profit and
Loss, the Cash Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position and financial performance
of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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 Section143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial
statements give the information required by the Act in the
manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
a) In case of its Balance Sheet of the state of affairs of the Company
as at 31st March 2015.
b) In case of Statement of Profit and Loss Account of the loss for the
year ended on that date.
c) In case of Cash flow statement of its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements as required by
Section143 (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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of accounts of the company;
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) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section 11 of section 143 of the Companies Act, 2013, we give in
the annexure a statement on the matters specified in paragraphs 3 and 4
of the order;
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Independent Auditors' Report
(Referred to in Paragraph (f) under the heading of "Report on Other
Legal and regulatory requirements" of our Report of even date)
1. In respect of its Fixed Assets
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, all the assets have been physically verified by
the management in a phased periodical manner, which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
2. In respect of its Inventory
(a) The inventory has been physically verified by the management at
reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. The Company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of Companies Act, 2013. Accordingly, clauses (a) and
(b) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed of any continuing failure to correct major
weaknesses in internal control system.
5. The company has obtained deposit from public / shareholders as
defined according to the provisions of section 73 to 76 of the
Companies Act, 2013 and the Rules framed there under. These deposits
were obtained prior to April 1, 2014 and no new deposits were obtained
during the year. In respect of old deposits, the company has made an
application to the Company Law Board for obtaining further time for
repaying the deposit.
6. We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government of India,
the maintenance of cost records has been prescribed under sub-section
(1) of section 148 of the Companies Act, 2013 and are of the opinion
that prima facie, the prescribed accounts and records have been made
and maintained. We have not, however made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
7. In respect of Statutory dues
(a) As per the information and explanations given to us and as per the
records of the Company, the Company is generally regular in depositing
with appropriate authorities undisputed statutory dues including
provident fund, investor education protection fund, employees' state
insurance, income tax, sales tax, wealth tax, Service tax, custom duty,
excise duty, value added tax, cess and other material statutory dues
applicable to it, with appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of not
deposited on account of dispute in respect of income tax, wealth tax,
Sales tax, excise, service tax, customs duty, excise duty, value added
tax and cess are as follows:
Name of Nature of Amount Period to Forum of
Statute Dues (Rs.) which it Dispute
relates
Central Excise 42,83,966/- 2006-2007 CESTAT.
Excise Act duty
(c) According to the information and explanations given to us, there is
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. The Company's accumulated loss at the end of the financial year is
not more than Fifty percent of the net worth of the Company. The
Company has not incurred cash loss during the year, and during the
immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
10. According to the information and explanations offered to us and
the records examined by us, as the company has not given any guarantee
for loan taken by others from banks or financial institutions, whereof
are prejudicial to the interest of the company, is not applicable.
11. The Company has not raised new term loans from banks during the
year. The term loans outstanding at the beginning of the year have been
applied for the purpose for which they were raised.
12. 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 M B Agrawal & Co.
Chartered Accountants
FRN No. 100137W
Harshal Agrawal
Place: Mumbai Partner
Date: 29th May, 2015 M.No.109438
Mar 31, 2014
We have audited the attached Balance Sheet of M/s Universal Starch-Chem
Allied Limited ("the company") as at 31st March 2014 and also the
Statement of Profit and Loss and Cash Flow statement for the year ended
on that date 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 and financial performance and cash flow of the company in
accordance with the Accounting Standards referred to in subsection (3C)
of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
the 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 Auditing Standards 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 of
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 assessments 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 presentation 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 the 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 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b. In the case of Statement of Profit and Loss of the profit for the
year ended on that date; and
c. In the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) 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 accounts as required by the law have
been kept by the company so far as it appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report, are in agreement with the books of
accounts of the company;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash flow statement comply with the Accounting Standards to the
extent applicable, referred to in subsection (3C) of section 211 of the
Act.
e. On the basis of written representations received from the directors
as on March 31, 2014 , taken on record by the Board of directors, none
of the directors of the company are disqualified u/s 274 (1)(g) of the
Companies Act, 1956 from being appointed as a director as on March 31,
2014.
Annexure to Independent Auditors'' Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and regulatory requirements" of our Report of even date)
i) In respect of its Fixed Assets
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, all the assets have been physically verified by
the management in a phased periodical manner, which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off any substantial part of the fixed
assets during the year and the going concern status of the company is
not affected.
ii) In respect of its Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii) In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The Company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of Companies Act, 1956. Accordingly, clauses (b), (c)
and (d) are not applicable to the Company.
(b) The Company has not taken any secured loans from companies, firms
or other parties covered in the register maintained under Section 301
of Companies Act, 1956. However the company has taken unsecured loans
in the form of fixed deposits/unsecured loans from 9 parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.285.87 lacs and the
year end balance of loans taken from such parties Rs.285.87 lacs.
(c) In our opinion and according to the information given to us, the
rate of interest and other terms and conditions are not prima facie
prejudicial to the interest of the company.
(d) The payment of the principle and interest are regular;
(e) In respect of the said deposits/unsecured loans and interest
thereon, there are no amounts due over Rs. One lac.
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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed of any continuing failure to correct major
weaknesses in internal control system.
v) In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956.
(a) According to the information and explanations given to us and in
our opinion, the transactions made in pursuance of contracts or
arrangements that need to be entered into the register to be maintained
under section 301 of the Companies Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements with the parties identified as above and exceeding the
value of rupees five lakhs in respect of any party during the year have
been made at prices which appear reasonable as per the information
available with the company.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public. According to the information and explanations provided to us,
no order has been passed by the Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any other Court or Tribunal in
respect of the aforesaid deposits.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government of India, the maintenance of cost
records has been prescribed under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
ix) In respect of Statutory dues
(a) As per the information and explanations given to us and as per the
records of the Company, the Company is generally regular in depositing
with appropriate authorities undisputed statutory dues including
provident fund, investor education protection fund, employees'' state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, there
are no dues which are not deposited on account of dispute in respect of
income tax, wealth tax, Sales tax, excise, service tax, customs duty
and cess were in arrears, as at March 31, 2014 for a period of more
than six months from the date they became payable.
x) The Company does not have accumulated cash losses at the end of the
financial year. The company has not incurred cash losses during the
financial year under audit or during the immediately preceding
financial year.
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) In our opinion, 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 to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
xv) According to the information and explanations offered to us and the
records examined by us, as the company has not given any guarantee for
loan taken by others from banks or financial institutions, the
requirements of clause 4(xv) of the order to comment on whether terms
and conditions, whereof are prejudicial to the interest of the company,
is not applicable.
xvi) The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short term basis have been used for long
term investment.
xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year under
audit.
xx) The Company has not raised any money through public issue during
the year under audit.
xxi) 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 M. B. AGRAWAL & Co.
CHARTERED ACCOUNTANTS
(Reg No.: 100137W)
Harshal Agrawal
Place: Mumbai PARTNER
Date: May 30, 2014 M. No. 109438
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of M/s Universal Starch-Chem
Allied Limited ("the company") as at 31st March 2013 and also the
Statement of Profit and Loss and Cash Flow statement for the year ended
on that date 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 and
financial performance and cash flow 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 the 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 Auditing Standards 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 of
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 assessments 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 presentation 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 the 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 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 the Balance Sheet, of the state of afairs of the
Company as at 31st March, 2013;
b. In the case of 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") issued by the Central Government of India in terms of Section
227(4A) 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 accounts as required by the law
have been kept by the company so far as it appears from our examination
of those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report, are in agreement with the books of
accounts of the company;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash flow statement comply with the Accounting Standards to the
extent applicable, referred to in subsection (3C) of section 211 of the
Act.
e. On the basis of written representations received from the directors
as on March 31, 2013 , taken on record by the Board of directors, none
of the directors of the company are disqualified u/s 274 (1)(g) of the
Companies Act, 1956 from being appointed as a director as on March 31,
2013.
Annexure to Independent Auditors'' Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and regulatory requirements" of our Report of even date)
i) In respect of its Fixed Assets
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, all the assets have been physically verified by
the management in a phased periodical manner, which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed of any substantial part of the fixed
assets during the year and the going concern status of the company is
not afected.
ii) In respect of its Inventories
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii) In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956. (a)
The Company has not granted loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of Companies Act, 1956. Accordingly, clauses (b), (c) and (d) are
not applicable to the Company.
(b) The Company has not taken any secured loans from companies, firms
or other parties covered in the register maintained under Section 301
of Companies Act, 1956. However the company has taken unsecured loans
in the form of fixed deposits/unsecured loans from 9 parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.286.88 lacs and the
year end balance of loans taken from such parties Rs.286.88 lacs.
(c) In our opinion and according to the information given to us, the
rate of interest and other terms and conditions are not prima facie
prejudicial to the interest of the company.
(d) The payment of the principle and interest are regular;
(e) In respect of the said deposits/unsecured loans and interest
thereon, there are no amounts due over Rs. One lac.
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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed of any continuing failure to correct major
weaknesses in internal control system.
v) In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956.
(a) According to the information and explanations given to us and in
our opinion, the transactions made in pursuance of contracts or
arrangements that need to be entered into the register to be maintained
under section 301 of the Companies Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements with the parties identified as above and exceeding the
value of rupees five lakhs in respect of any party during the year have
been made at prices which appear reasonable as per the information
available with the company.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public. According to the information and explanations provided to us,
no order has been passed by the Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any other Court or Tribunal in
respect of the aforesaid deposits.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government of India, the maintenance of cost
records has been prescribed under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
ix) In respect of Statutory dues (a) As per the information and
explanations given to us and as per the records of the Company, the
Company
is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income tax, sales tax,
wealth tax, custom duty, excise duty, cess and other material statutory
dues applicable to it. (b) According to the information and
explanations given to us, there are no dues which are not deposited on
account of dispute in respect of income tax, wealth tax, Sales tax,
excise, service tax, customs duty and cess were in arrears, as at March
31, 2013 for a period of more than six months from the date they became
payable.
x) The Company does not have accumulated cash losses at the end of the
financial year. The company has not incurred cash losses during the
financial year under audit or during the immediately preceding
financial year.
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) In our opinion, 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 to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
xv) As per the information and explanations ofered to us and the
records examined by us, guarantee is given by the Company to HDFC Bank
on behalf of its employees. The terms and conditions are not prima
facie prejudicial to the interest of the company.
xvi) The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short term basis have been used for long
term investment.
xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year under
audit.
xx) The Company has not raised any money through public issue during
the year under audit.
xxi) 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 M. B. Agrawal & Co.
Chartered Accountants
ICAI Firm No. 100137W
SANJAY LUNKAD
Place: Mumbai Partner
Date: 29th May, 2013 M. No. 48229
Mar 31, 2012
1. We have audited the attached Balance Sheet of Universal Starch-Chem
Allied Limited, as at 31st March, 2012, the Profit & Loss statement and
the Cash Flow statement for the year ended on that date annexed
thereto, which we have signed under reference to report. Theses
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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditors Report) amendment Order issued by the
Central Government of India in terms of sub-section (4A) of section 227
of the Companies act, 1956, and on the basis of such checks of the
books and records of the company as we consider appropriate and
according to the information and explanation given to us, we give in
the annexure a statement on the matters specified in paragraph 4 and 5
of the said Order.
4. Further to our comments in the Annexure referred to 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
those books;
iii) The Balance Sheet, Profit and Loss statement and Cash Flow
statement dealt with by this report are in agreement with the books of
account.
iv) In our opinion, the Balance Sheet, Profit and Loss statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
v) On the basis of written representations received from the directors,
as on 31st March 2012 and taken on record by the Board of Directors, we
report that none of the directors are 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;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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.
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
b) In the case of the Profit and Loss statement, of 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in our paragraph 3 of our Auditors' Report of even date)
i) (a) The Company has maintained proper records showing full
particulars including quantitative details of fixed assets. The Company
is in the process of compiling the details regarding the situation of
the fixed assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us, the
Company has not disposed off any substantial part of the fixed Assets.
ii) (a) The inventory has been physically verified during the year by
the management in our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory, The
discrepancies noticed on verification between the physical inventory
and the book records were not material.
iii) (a) The Company has not granted loans, secured or unsecured to and
from companies, firms or other parties covered in the register
maintained under Section 301 of Companies Act, 1956. Accordingly,
clauses (b), (c) and (d) are not applicable to the Company.
(b) The Company has not taken any loans, secured to and from companies,
firms or other parties covered in the register maintained under Section
301 of Companies Act, 1956. However the company has taken unsecured
loans in the form of fixed deposits from 9 parties covered in the
register maintained under section 301 of the Companies act, 1956. The
maximum amount involved during the year was Rs. 206.05 and the year end
balance of loans taken from such parties Rs. 206.05 lacs.
(c) In our opinion the rate of interest and other terms and conditions
of advance are not prima facie prejudicial to the interest of the
company.
(d) The payment of the principal and interest are regular,
(e) There are no amounts due over Rs. One lac.
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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed nor have been informed of any continuing failure to
correct major weaknesses in internal controls.
v) (a) According to the information and explanations given to us and in
our opinion, the parties and the transactions that need to be entered
into the register to be maintained under section 301 of the Companies
Act have been entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements with the parties identified as above and exceeding the
value of rupees five lacks in respect of any party during the year have
been made at prices which are reasonable having regards to prevailing
market prices at the relevant time. However, in respect of certain
transactions including for purchases and sale of goods, prevailing
market prices at the relevant time are not available as these
transactions are of special nature.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public. According to the information and explanations provided to us,
no order has been passed by the Company Law Board or National Company
law Tribunal or Reserve Bank of India or any other court or tribunal in
respect of the aforesaid deposits.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company in respect of the products were, pursuant to the rules made by
the Central Government of India, the maintenance of cost records has
been prescribed under Section 209 of the Act and are of the opinion
that prima facie, the prescribed accounts and records have been made
and maintained. We have not, however made a detailed examination of the
records with a view to determine whether they are accurate or complete.
ix) (a) As per the information and explanations given to us and as per
the records of the Company examined, the Company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees' state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) According to the information and explanations given to us, there
are no dues which are not deposited on account of dispute in respect
of, wealth tax,Sales tax, excise, service tax, customs duty and cess
were in arrears, as at March 31, 2012 for period of more than six
months from the date they became payable.
x) The Company does not have accumulated cash losses at the end of the
financial year. The company has not incurred cash losses during the
financial year under audit or during the immediately preceding
financial year.
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
xii) The Company has not granted any loans or 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 benefits fund/societies are not applicable to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
xv) As per the information and explanations offered to us and the
records examined by us, guarantee is given by the Company to HDFC Bank
on behalf of its employees. The terms and conditions are not
prejudicial to the interest of the company.
xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short term basis have been used for long
term investment.
xviii)The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year under
audit.
xx) The Company has not raised any money through public issue during
the year under audit.
xxi) 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 M. B. Agrawal & Co.
Chartered Accountants
ICAI FRN 100137W
Harshal Agrawal
Place : Mumbai Partner
Date : 9th August, 2012 Membership No.: 109438
Mar 31, 2010
1. We have audited the attached Balance Sheet of Universal Starch-Chem
Allied Limited, as at 31st March 2010, 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
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 the auditing standards
generally accepted in India. Those standards require thatwe plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) amendment Order issued by the
Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956, we annex hereto 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 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
those books;
iii) The Balance Sheet, Profit and Loss account and Cash Flow statement
dealt with by this report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the directors are 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;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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.
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 2010;
b) In the case of the Profit and Loss account, of Profit for the year
ended on that date; and
c) In the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in our paragraph 3 of our Auditors Report of even date)
i) (a) The Company has maintained proper records showing full
particulars including quantitative details of fixed assets. The
Company is in the process of compiling the details regarding the
situation of the fixed assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us, the
Company has not disposed off any substantial part of the fixed Assets.
ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical inventory
and the book records were not material.
iii) (a) The Company has not granted loans, secured or unsecured to and
from companies, firms or other parties covered in the register
maintained under Section 301 of Companies Act, 1956. Accordingly,
clauses (b), (c) and (d) are not applicable to the Company.
(b) The Company has not taken any loans, secured or unsecured to and
from companies, firms or other parties covered in the register
maintained under Section 301 of Companies Act, 1956. Accordingly,
clauses (f) and (g)are not applicable to the Company.
iv) In ouropinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed nor have been informed of any continuing failure to
correct major weaknesses in internal controls.
v) (a) According to the information and explanations given to us and in
our opinion, the parties and the transactions that need to be entered
into the register to be maintained under section 301 of the Companies
Act have been entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements with the parties identified as above and exceeding the
value of rupees five lakhs in respect of any party during the year have
been made at prices which are reasonable having regard to prevailing
market prices at the relevant time. However, in respect of certain
transactions including for purchases and sale of goods, prevailing
market prices at the relevant time are not available as these
transactions are of special nature.
vi) In ouropinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
56A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public. According to the information and explanations provided to us,
no order has been passed by the Company Law Board or National Company
law Tribunal or Reserve Bank of India or any other court or tribunal in
respect of the aforesaid deposits,
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) According to the information and the explanations given to us,
the Central Government has not prescribed maintenance of
costrecordsforthe regular business of the Company. However in respect
the activity of generation of electricity from Wind energy and through
Co-generation plant, we are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained. We have
not, however made a detailed examination of the records with a view to
determine whether they are accurate or complete.
ix) (a) As per the information and explanations given to us and as per
the records of the Company examined, the Company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) According to the information and explanations given to us, there
are no dues which are not deposited on account of dispute in respect
of, wealth tax, Sales tax, excise, service tax, customs duty and cess
were in arrears, as at March 31, 2010 for a period of more than six
months from the date they became payable.
x) The Company does not have accumulated cash losses at the end of the
financial year. The company has not incurred cash losses during the
financial year under audit. There was a cash loss in the immediately
preceding financial year
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
xii) The Company has not granted any loans or 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) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
xv) As per the information and explanations offered to us and the
records examined by us, no guarantee is given on behalf of any other
party to any banks or financial institutions.
xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised. .
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short term basis have been used for long
term investment.
xviii)The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year under
audit.
xx) The Company has not raised any money through public issue during
the year under audit.
xxi) 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 M. B. Agrawal & Co.
Chartered Accountants
ICAI FRN100137W
Harshal Agrawal
Place: Mumbai Partner
Date: August 12, 2010 Membership No.:109438"