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Auditor Report of Unjha Formulations Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of UNJHA FORMULATIONS LIMITED('the Company'), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134 (5) of the Companies Act,2013 ( "the Act")with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the accounting standards specified under section 133 of the act, read with rule 7 of the companies (Accounts) Rules, 2014.This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the act and the rules made 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 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 companies' 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:

(i) in the case of the Balance sheet,of the state of affairs of the company as at March 31,2015;

(ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(iii) 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 section 143(3) of the Act, we report that:

a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c. the Balance Sheet, Statement of Profit 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 section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.

e. on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of sub section (2) of section 164 of the Companies Act, 2013.

f. With respect to the other matters included in the auditor's report and to best of our information and according to the explanation given to us.

1) The company has disclosed the impact of pending litigation on its financial position in its financial statement.

2) The company has made provision, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

3) There has been no delay in transferring amounts, required to be transferred, to the investor's education and protection fund by the company.

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT

1. a) The Company has maintained proper records to show full particulars including quantitative details and situations of fixed assets.

b) As per the information and explanations given to us, the fixed assets of the Company have been physically verified by the management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed.

c) During the year the Company has not disposed off any substantial /major part of fixed assets.

2. a) As per the information and explanations given to us, the inventories have been physically verified by the management at reasonable intervals during the year.

b) In our opinion and as per the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventories. In our opinion, discrepancies noticed on physical verification of inventory were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account.

3. As per information furnished, the company has not granted any loans to companies, firms or other parties.

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 it business with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of audit,no major weakness has been noticed in the internal controls.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the prescribed statutory register 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 entered in the prescribed statutory register maintained under section 189 of the Companies Act, 2013 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted any deposits from the public.

7. In our opinion, the company has no internal audit system commensurate with the size of the Company and nature of its business.

8. The maintenance of cost records has not been prescribed by the Central Government.

9. (a) According to information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, value added tax, wealth tax, custom duty, excise duty, cess and other statutory dues wherever applicable.

(b) According to information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at March 31,2015, for a period of more than six months from the date they became payable.

(c) According to the records of the Company, there are no dues outstanding in respect of income tax, MVAT,customs duty, wealth-tax, service tax, excise-duty, cess, etc, on account of any dispute.

10. There are accumulated losses of the Company as on March 31,2015. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to Banks and payments have been made as per the repayment schedule sanctioned by the banks. The Company has no borrowings from financial institutions or by way of debentures.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/ or advances on basis of security by way of pledge of shares, debentures and other securities.

13. Clause (xiii) of the order is not applicable to the Company as the Company is not a Chit fund company or nidhi/mutual benefit fund/ society.

14. Clause (xiv) of the order is not applicable to the Company as the Company is not dealing or trading in shares,securities, debentures and other investments.

15. According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has applied funds from term loans raised during the year only for the purpose for which those term loans were raised .

17. During the year under purview the Company has not made any long term Investments out of funds raised on short-term basis or vice versa.

18. The Company has not made any preferential allotment of shares during the year.

19. Clause (xix) of the order is not applicable to the company, as the Company has not issued any debentures.

20. The Company has not raised any money by public issues during the year covered by our report.

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For KANTILAL MANILAL SHAH & CO Chartered Accountants

Place:MEHSANA DIPAK K.SHAH (PROPRIETOR) Date: 28/05/2015 Membership No :046226 FRN:104741W




Mar 31, 2014

We have audited the accompanying financial statements of UNJHA FORMULATIONS LIMITED("the Company”), which comprise the Balance Sheet as at March 31, 2014,and the Statement of Profit and Loss and Cash Flow statement for the year ended March, 2014, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENT

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 Company Act, 1956("the Act")read with the General Circular 15/2013 dated 13"’ September 2013 of the Ministry Corporate Affairs in respect of section 133 of the Company Act,2013.This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are aporopriate 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 Profit and Loss Account, of the profit/ loss for the year ended on March 31,2014;

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 ,ndia 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 read with the General Circular

15/2013 dated 13''" September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the CompanyAct,2013;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of UNJHA FORMULATIONS LIMITED on the accounts of the company forthe year ended 3111 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 on the basis of available information.

(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 amount of fixed asset has been disposed during the year that affects 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 c;screpancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken/given loans from other concerns covered in the register maintained under Section 301 of the Companies Act, 1956.

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.

b) As per information & explanations given to us and in our opinion, the transaction made in pursuance of such contracts or arrangements with parties referred to in (a) above, have been made at rates which are reasonable having regard to the prevalent market rates at relevant time.

6. The Company has not accepted any deposits from the public. Therefore, the provision of clause (vi) of the paragraph 4 of the Order are not applicable to the company.

7. Though the company is having paid up share capital and reserves exceeding 50 lacs as at the commencement of the financial year concerned, it does not have formal internal audit system. However the Company has adequate internal control procedure as stated in (4) above.

8 To the best of our knowledge and information and explanation furnished to us. the company has been maintained the accounts and cost records as perthe Section 209(1 )(d) of the Companies Act, 1956.

9. (a) As per the information and explanation furnished to us and according to our examination of the books of accounts, the company has been generally regular in depositing undisputed statutory dues, with the appropriate authority during the year. There are no arrears of undisputed statutory dues outstanding as at the last day of the financial year, for a period of more than six months from the date on which they become 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.

10. The accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and immediately preceding 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 a financial institution, bank or debenture holders.

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 n/dh/Anutual 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. Based on our examination of records and information and explanation furnished to us, the Company does not deal/trade i shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others froma bank or financial institution.

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 long-term investment by the Company.

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 theyear, nor have we been informed of such case by the management.

Place:MEHSANA D.K.SHAH (PARTNER) Date: 29/05/2014 Membership No :046226 For KANTILAL MANILAL SHAH & CO FRN: 104741W Chartered Accountants


Mar 31, 2013

1. We have audited the attached balance sheet of, UNJHA FORMULATIONS LTD., as at 31st March 2013, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements - based on ouraudit.

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 mis-statement. An audit includes examining, on a test basis.evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basisforouropinion.

3. As required by the Companies(Auditor''s Report)Order,2003 issued by the Central Government of India in terms ofsub- section(4A) of section 227 of the CompaniesAct,1956, we enclose in the Annexure a statement on the matters specified in paragraphs4 and 5 of the said Orderto the extentapplicable.

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 forthe purposes of ouraudit; (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 agreementwith 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 toin sub-section (3C)ofsection 211 oftheCompaniesAct,1956; (v) On the basis of written representations received from the directors, as on 31st March 2013 and taken on record by the Board of Directors, we report that none ofthe directors is disqualified as on31stMarch2013 from being appointed asadirectorinterms of clause (g) of sub-sectionn (1) of section 27 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 theaccountingprinciplesgenerallyacceptedin India:

(a) in the case of the balance sheet, of the state of affairs of the company as at 31 st March 2013.

(b) in the case of the profit and loss account, of the profit/ 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 AUDITOR''S REPORT

Re:UNJHAFORMULATIONSLTD. Referred to in paragraph 3 of our report of even date.

1 (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the 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 verification 2. (a) As explained to us, the inventory has been physically verified during the year by the management. In ouropinion, the frequencyofverification is reasonable.

(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 reasonavle and adequate in relation to the size ofthe company and the natureof its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepencies noticed on verification between the physical stocks and the book records were not material.

3 (a) The company had taken loan from ona other concerns covered in the register maintained under section 301 ofthe CompaniesAct,1956.

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 the purchase of inventories and fixed assets and with regard to the saleof goods. During the courseofouraudit, nc.major weakness has been noticed inthe internal controls.

5. To the best of our knowledge and belief and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

6. In ouropinion and according to the information and explanations given to us, the transactions made in pursuance of contracts orarrangements entered in the registers maintained undersection 301 and exceeding the value offive lakh rupees in respect ofanypartyduringtheyearhave been made at prices which are reasonable having regard to prevailing market prices at the relevanttime where such market prices are available.

7. In ouropinion and according to the information and explanations given to us, the company has complied with the provisions of sections58Aand 58AAof the Companies Act,1956 and the Companies(Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from the public .No order has been passed by the National Company Law Tribunal.

8. In our opinion, the company has no internal audit system, the scope & coverage of which is commensurate with the size of the companyand the nature of its business.

9. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company. We have not, however, made a detailed examination of the records with aviewto determining whether they are accurate or complete. The Central Govt, has notprescribed the maintenance of cost records undersection 209(1 )(d) ofthe Companies Act.1956.

10^According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income-tax,sales-tax,custom duty, excise-duty, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Incom-tax, Sales- tax, Customs duty and Excise duty were in arrears as at 31-03-2013 for a period of more than six months from the date they became payable.

(c)According to the records of the company, there are no dues of sales tax, income-tax, customs tax, excise duty/cess which have notbeen deposited on accountof any dispute.

11. The accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash lossesduringthefinancial year covered byourauditand immediately preceding year.

12. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the companyhasnot defaulted inrepaymentofduestoafinancialinstitution,banketc.

13. In our opinion.the Company isnot achitfundoranidhi/mutual benefitfund/society.Therefore.the provisions of clause 4(xiii) ofthe Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us.the Company is not dealing in ortradingin shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv)of the Companies (Auditor''s Report) Order,2003 are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the company had not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposefor which the yereraise do ther than amount spendingu tili sation of the funds for the intended use.

17. According to the information and explanations given to us and on an overall examination ofthe balance sheet of the company, we report that the no funds raised on short-term basis have been usedforlong-terminvestmentandvice-versa.

18. According to information and explanations given to us, the company has not made preferential allotment of shares to parties andcompanies covered in the registermaintainedundersection301 ofthe Companies Act.1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures durig the period covered by our report. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order,2003 are not applicable to the company.

20. During the period covered by our audit report, the Company has not raised any money by public issues.

21. Based on the audit procedures performed and according to the information and explanations given by the management, we report that no fraud on or by the company has been not icedorreported during the courseo four audit

Place: Mehsana. For, Kantilal Manilal Shah & Co.

Date: 30-05-2013 Chartered Accountants

DipakK.Shah

(PARTNER)

M.NO.46226FRNNO.104741W


Mar 31, 2012

1. We have audited the attached balance sheet of, UNJHA FORMULATIONS LTD., as at 31st March 2012, and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements - based on our audit.

2. We conducted our audit in accordance with 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 mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies(Auditors Report)Order,2003 issued by the Central Government of India in terms of sub- section(4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs4and5of the said Order to the extent applicable.

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 theCompaniesAct,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 is disqualified as on31st 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 account, of the profit/ 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 AUDITOR'S REPORT

Re: UNJHA FORMULATIONS LTD.

Referred to in paragraph 3 of our report of even date.

1 (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the 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 verification.

2. (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures, of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3 (a) The company had taken loan from on a other concerns covered in The register maintained under section 301 of the Companies Act, 1956.

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 the purchase of inventories and fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. To the best of our knowledge and belief and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

6. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lakh rupees 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 where such market prices are available.

7. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections58A and 58AAof the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public .No order has been passed by the National Company Law Tribunal.

8. In our opinion, the company has no internal audit system, the scope & coverage of which is commensurate with the size of the company and the nature of its business.

9. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. The Central Govt, has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act. 1956.

10 (a)According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income-tax, sales-tax, custom duty, excise-duty, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income-tax, Sales- tax, Customs duty and Excise duty were in arrears as at 31-03-2012 for a period of more than six months from the date they became payable.

(c)According to the records of the company, there are no dues of sales tax, income-tax, customs tax, excise duty/cess which have not been deposited on account of any dispute.

11. The accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and immediately preceding year.

12. 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 a financial institution bank etc.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us,the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,2003 are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the company had not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised other than amounts pending utilisation of the funds for the intended use.

17. 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 and vice-versa.

18. According to information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act,1956.

19. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor's Report) Order,2003 are not applicable to the company.

20. During the period covered by our audit report. The Company has not raised any money by public issues.

21. Based on the audit procedures performed and according to the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

Date: 31-05-2012 For, Kantilal Manilal Shah & Co.

Place: Mehsana Chartered Accountants

Dipak K.Shah( PARTNER) M.NO.46226 FRN NO. 104741W

 
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