Auditor Report of Carysil Ltd.
Mar 31, 2023
INDEPENDENT AUDITOR''S REPORT
To
The Members of
CARYSIL LIMITED
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS
Opinion
We have audited the accompanying standalone financial
statements of Carysil Limited (formerly known as "Acrysil
Limited") ("the Company") which comprise the balance
sheet as at 31st March 2023, the statement of profit and
loss including other comprehensive income, the statement
of changes in equity and the statement of cash flows for
the year then ended and notes to the financial statements,
including a summary of the significant accounting policies
and other explanatory information (hereinafter referred to
as "the standalone financial statements").
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ("the Act") in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended, (''Ind AS") and the other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March 2023 and of the profit and total
comprehensive income, changes in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs) specified under Section 143(10) of the Act. Our
responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of
the Standalone Financial Statements section of our report.
We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered
Accountants of India ("the ICAI") together with the
ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions
of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI''s Code of Ethics.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion
on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment were of most significance in our audit of the
standalone financial statements of the current period.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and in
our forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have determined the matters described below to be the
key audit matters to be communicated in our report:
Key Audit Matter:
Revenue from the sale of goods ("Revenue") is recognized
when the Company performs its obligation to its
customers, the amount of revenue can be measured
reliably and recovery of the consideration is probable. The
timing of such recognition is when the control over the
same is transferred to the customer, which is mainly upon
delivery. The timing of revenue recognition is relevant to
the reported performance of the Company.
Auditor''s Response:
Our audit approach was a combination of test of internal
controls and substantive procedures including assessing
the appropriateness of the Company''s revenue recognition
accounting policies in line with Ind AS 115 ("Revenue from
Contracts with Customers") and testing thereof; evaluating
the integrity of the general information and control
environment and testing the operating effectiveness of key
controls.
Information Other than the Standalone Financial
Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Board''s Report
including Annexures to Board''s Report, Management
Discussion and Analysis, Shareholder''s Information, but
does not include the standalone financial statements and
auditor''s report thereon. The Board''s Report and other
information are expected to be made available to us after
the date of this auditor''s report.
Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
When we read the aforesaid reports and information, if we
conclude that there is material misstatement therein, we
are required to communicate the matter to those charged
with governance.
Management''s Responsibility for the Standalone Financial
Statements
The Company''s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
income, changes in equity and cash flows of the Company
in accordance with the Ind AS and accounting principles
generally accepted in India. This responsibility also
includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial statements,
management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concerns and using
the going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing
the Company''s financial reporting process.
Auditor''s Responsibility for the Audit of the Standalone
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor''s report that includes our
opinion. Reasonable assurance is high level of assurance,
but is not a guarantee that audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone
financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatements
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of the internal control.
⢠Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place
and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the management.
⢠Conclude on the appropriateness of management''s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company''s ability to continue as going concern. If
we conclude that a material uncertainty exists, we
are required to draw attention in our auditor''s report
to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may
cause the Company to cease to continue as a going
concern.
⢠Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosure, and whether the standalone
financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of
such communication.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order,
2020 ("the Order") issued by the Central Government
of India terms of sub-section (11) of section 143 of
the Act, we give in the Annexure - A, a statement on
the matters specified in clause 3 and 4 of the Order, to
the extent applicable.
2. As required by section 143(3) of the Act, we report
that:
a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
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, the statement of profit and
loss including other comprehensive Income,
statement of changes in equity and the cash
flow statement dealt with by this Report are in
agreement with the books of account;
d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting
Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (Accounts)
Rules, 2015;
e) On the basis of written representations received
from the directors as on 31st March 2023, and
taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March
2023, from being appointed as a director in terms
section 164(2) of the Act;
f) With respect to the adequacy of internal financial
controls over financial reporting of the Company
and operating effectiveness of such controls, our
separate report in annexure - B may be referred;
g) In our opinion and to the best of our information
and according to the explanations given to
us, remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act read with
Schedule V of the Act;
h) 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 explanation
given to us:
i. The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements;
ii. The Company did not have any long-term
contracts including derivatives contracts for
which there were any material foreseeable
losses;
iii. There has been no delay in transferring the
amounts required to be transferred to the
Investor Education and Protection Fund by
the Company except dividend of '' 6.29 lacs
for 2014-15 which is yet to be transferred.
iv. a. The Management has represented
that, to the best of its knowledge and
belief, other than as disclosed in the
notes to the accounts, no funds have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in
any other person or entity, including
foreign entities ("Intermediaries"), with
the understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, whether, directly
or indirectly lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries")
or provide any guarantee, security
or the like on behalf of the Ultimate
Beneficiaries;
b. The Management has represented,
that, to the best of its knowledge and
belief, other than as disclosed in the
notes to the accounts, no funds have
been received by the Company from
any person or entity, including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
c. Based on such audit procedures that
have been considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
representations under sub-clause (a)
and (b) above, contain any material
misstatement.
v. The dividend declared or paid during the
year by the Company is in compliance with
section 123 of the Act.
vi. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining
books of account using accounting
software which has a feature of recording
audit trail (edit log) facility is applicable to
the Company with effect from April 1, 2023,
and accordingly, reporting under Rule 11 (g)
of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year
ended March 31,2023.
For P A R K & COMPANY
Chartered Accountants
FRN:116825W
ASHISH DAVE
Partner
Membership No. 170275
UDIN: 23170275BGSZFU7892
Bhavnagar
May 25, 2023
Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Acrysil Limited ("the Company") which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Ind AS financial statements to give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in the equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules 2015 under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. We have taken into account the provisions of the Act and the rules made thereunder including 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 and the Order issued under section 143(11) of the Act.
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 these standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal financial control relevant to the Company''s preparation of the standalone Ind AS 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 the Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2018 and of the profit (including other comprehensive income), its cash flows and changes in equity for the year ended on that date.
Other Matters
The financial information of the Company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1st April, 2016 included in these standalone Ind AS financial statements are based on the previously issued financial statements for the years ended 31st March, 2017 and 31st March, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, as applicable, which were audited by the predecessor auditors, on which they had expressed their unmodified opinion dated 25th May, 2017 and 23rd May, 2016 respectively. The adjustments to those financial statements for the differences in the accounting principles adopted by the Company on transition to the Ind AS have been audited by us. Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and beliefwere 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, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act;
e) On the basis of written representations received from the directors as on 31st March 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018, from being appointed as a director in terms section 164(2) of the Act;
f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
g) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements under note no. 32;
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No material discrepancies were noticed on such verification.
c. The title deeds of immovable properties are held in the name of the Company.
2 The inventories were physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such physical verification carried out by the Company.
3 The Company has granted loans to companies covered in the register maintained under section 189 of the Act. Since no terms and conditions of these loans, except for charging of interest, are stipulated, we cannot offer any comments as to the payment of interest, repayment of principal amount or overdue amounts, if any.
4 The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5 The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company pursuant to Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7 In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess, GST and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute.
8 The Company has not defaulted in repayment of loans or borrowing to banks. The Company has not obtained any borrowings from any financial institutions or government or by way of debentures.
9 Terms loans obtained by the Company have been applied for the purpose for which they were obtained. The Company has not raised any money, during the year, by way of public offer (including debt instruments).
10 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11 Managerial remuneration paid or provided by the Company during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12 Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13 All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14 The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15 The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16 The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 2 (g) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
We have audited the internal financial controls over financial reporting of Acrysil Limited ("the Company") as of 31st March, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For P A R K & COMPANY
Chartered Accountants
FRN: 116825W
Mumbai ASHISH DAVE
May 29, 2018 Partner
Membership No. 170275
Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT
To
The Members of ACRYSIL LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Acrysil Limited (âthe Companyâ) which comprise the Balance Sheet as at 31st March 2016, 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.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these 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.
Auditorsâ 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 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 the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2016 and of the profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India terms of subsection (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors as on 31st March 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016, from being appointed as a director in terms section 164(2) of the Act;
f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
g) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i. The Company does not have any pending litigations which would impact its financial position except those stated under note no. 27 - Contingent Liabilities;
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No discrepancies were noticed on such verification.
c. The title deeds of immovable properties are held in the name of the Company.
2 The inventories were physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such physical verification carried out by the Company.
3 The Company has granted loans to companies covered in the register maintained under section 189 of the Act. Since no terms and conditions of these loans are stipulated, we cannot offer any comments as to the payment of interest, repayment of principal amount or overdue amounts, if any.
4 The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5 The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company pursuant to Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7 In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute.
8 The Company has not defaulted in repayment of loans or borrowing to banks. The Company has not obtained any borrowings from any financial institutions or government or by way of debentures.
9 Terms loans obtained by the Company have been applied for the purpose for which they were obtained. The Company has not raised any money, during the year, by way of public offer (including debt instruments).
10 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11 Managerial remuneration paid or provided by the Company during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12 Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13 All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14 The Company has made preferential allotment of 530,976 equity shares during the year under the review in compliance with section 42 of the Companies Act, 2013. The amounts raised have been used for the purpose for which the funds were raised.
15 The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16 The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Mumbai MANOJ GANATRA
May 23, 2016 Partner
Membership No. 043485
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Acrysil 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.
Auditors' 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 Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' 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 auditors consider internal financial control relevant
to the Company's preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial
control system over financial reporting and the operating effectiveness
of such controls. An audit also includes evaluating the appropriateness
of 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015 and of the profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in clause 3 and 4 of the Order, to
the extent possible.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms section 164(2) of the Act;
f) With respect to the other matters to be included in the Auditors'
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanation given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position under Note No. 27 of the financial statements;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring the amounts, required to
be transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT (Referred to in paragraph 1
under 'Report on Other Legal and Regulatory Requirements' section of
our report of even date)
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. No discrepancies were noticed on such
verification.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the Company.
3 The Company has granted unsecured loans to the companies, firms or
other parties covered in the register maintained under section 189 of
the Companies Act, 2013. Since no terms and conditions of these loans
granted to the subsidiaries are stipulated, we cannot offer any
comments as to the repayment of principal amount or overdue amounts, if
any.
4 There are adequate internal control procedures commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services except for certain functional areas where internal control
procedures need to be strengthened. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 The Company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 73 to 76 or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company
pursuant to Section 148(1) of the Companies Act, 2013 and are of the
opinion that, prima facie, the prescribed cost records have been
maintained. We have, however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
7 In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
Added Tax, Cess and other statutory dues, to the extent applicable,
with the appropriate authorities during the year. There are no
undisputed statutory dues outstanding for a period of more than six
months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on
account of dispute.
c. The amounts required to be transferred to the Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
8 The Company does not have any accumulated losses as at the end of the
financial year. The Company has not incurred cash losses during the
current as well as in the immediately preceding financial year.
9 The Company has not defaulted in repayment of dues to banks. The
company has not obtained any borrowings from any financial institutions
or by way of debentures.
10 The terms and conditions on which the Company has given guarantee
for loan taken by its subsidiary company from bank are not prejudicial
to the interest of the Company.
11 Terms loans obtained by the Company have been applied for the
purpose for which they were obtained.
12 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Mumbai MANOJ GANATRA
May 23, 2015 Partner
Membership No. 043485
Mar 31, 2014
We have audited the accompanying financial statements of Acrysil
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014 and the statement of Profit & Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the recognition and measurement principles laid down in the Companies
(Accounting Standards) Rules, 2006 [which continue to be applicable in
respect of section 133 of the Companies Act, 2013 in terms of general
circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs] as per Section 211(3C) of the Companies Act, 1956
("the Act"). This responsibility includes the design, implementation
and maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' 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 auditors consider internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014; b ) In the case of the Profit and Loss
Statement, 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 terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
2 As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 [which
continue to be applicable in respect of section 133 of the Companies
Act, 2013 in terms of general circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs];
e) On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. Fixed assets are physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. Discrepancies noticed on such verification,
which were not material, have been properly dealt with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. The company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the company.
3 In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of companies to which loans are granted, is four (subsidiary
companies) and the amount involved in the transactions and the year-end
balances is Rs.266.16 Lacs and Rs.450.49 Lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, wherever stipulated, are prima facie not prejudicial to
the interest of the company.
c. Since no stipulations as to the recovery of principal amount as
well as payment of interest are made for the loans granted as stated in
(a) above, we cannot offer any comments for regularity of payments or
overdue amounts, if any.
d. The company has taken unsecured loans from the parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of parties and the amount involved in the transactions
during the year were four and Rs.100.00 Lacs respectively and the
year-end balance of loans taken from such parties was Rs.104.20 Lacs.
e. In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
in the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the company.
f. The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest, wherever
applicable.
4 There are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Board Tribunal
or Reserve Bank of India.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9 In respect of statutory and other dues:
a. The company has generally been regular in depositing 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, Cess and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year. There are no undisputed statutory dues
outstanding for a period of more than six months from the date they
became payable.
b. As explained to us, there are no amounts outstanding, which have
not been deposited on account of dispute.
10 The company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks. The company has not obtained any
borrowings by way of debentures.
12 The company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 The company has not given any guarantees for loans taken by others
from banks and financial institutions except for a corporate guarantee
of Rs.840.00 Lacs given to the bankers for credit facilities availed by a
subsidiary company.
16 Terms loans obtained during the year have been applied for the
purpose for which they were obtained.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 50,000 equity
shares upon conversion of equity warrants to a company in which some of
the directors are interested in accordance with the guidelines issued
by the Securities and Exchange Board of India in this regard.
19 The company did not have any outstanding debentures during the year.
20 The company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJ GANATRA
Mumbai Partner
26th May, 2014 Membership No. 043485
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Acrysil
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March, 2013 and the statement of Profit & Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors'' 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 auditors
consider internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013; b ) In the case of the Profit and Loss
Statement, 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 terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on 31st March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in Paragraph 1 under "Report on Other Legal and Regulatory
Requirements'' Section of our report of even date.)
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the company.
3 In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of companies to which loans are granted, is three
(subsidiary companies) and the amount involved in the transactions and
the year-end balances is Rs.92.00 lacs and Rs.184.32 lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the Company, wherever stipulated, are prima facie not prejudicial to
the interest of the company
c. Since no stipulations as to the recovery of principal amount as
well as payment of interest are made for the loans granted as stated in
(a) above, we cannot offer any comments for regularity of payments or
overdue amounts, if any.
d. The Company has taken unsecured loans from the parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of parties and the amount involved in the transactions
during the year were three and ''Nil respectively and the year-end
balance of loans taken from such parties was Rs.4.20 lacs.
e. In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
in the register maintained under section 301 of the Companies Act, 1956
are not, prima-facie, prejudicial to the interest of the company.
f. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest, wherever
applicable.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The Company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Board Tribunal
or Reserve Bank of India.
7 In our opinion, the Company has an internal audit system commensurate
with its size and the nature of its business.
8 We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9 In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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, Cess and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year. There are no undisputed statutory dues
outstanding for a period of more than six months from the date they
became payable.
b. As explained to us, there are no amounts outstanding, which have
not been deposited on account of dispute.
10 The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12 The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions except for a corporate guarantee of
Rs.625.00 lacs given to the bankers for credit facilities availed by a
subsidiary company.
16 Terms loans obtained during the year have been applied for the
purpose for which they were obtained.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
Bhavnagar MANOJ GANATRA
25th May, 2013 Partner
Mar 31, 2012
We have audited the attached Balance Sheet of Acrysil Limited as at
31st March, 2012 and also the Profit & Loss Statement and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. 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 paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) 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 purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss Statement and
Cash Flow Statements dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, to the extent applicable;
(v) Based on the written representations received from the directors of
the company and taken on the record by the Board of Directors, no
director is disqualified as on 31st March, 2012 from being appointed as
director under clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956 except for one director from whom disclosure is not
received and hence, we can not offer any comments.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(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 & Loss Statement, of the PROFIT of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of ACRYSIL LIMITED on the accounts for the year
ended 31st March 2012.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2. In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the Company.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The number of companies to which loans are granted, is three
(subsidiary companies) and the amount involved in the transactions and
the year-end balances is Rs 176.88 Lacs and Rs 473.17 Lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, wherever stipulated, are prima facie not prejudicial to
the interest of the company.
c. Since no stipulations as to the recovery of principal amount as
well as payment of interest are made for the loans granted as stated in
(a) above, we cannot offer any comments for regularity of payments or
overdue amounts, if any.
d. The Company has taken unsecured loans from the parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of parties and the amount involved in the transactions
during the year were three and Rs 4.20 Lacs respectively and the
year-end balance of loans taken from such parties was Rs 4.20 Lacs.
e. In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
in the register maintained under section 301 of the Companies Act, 1956
are not, prima-facie, prejudicial to the interest of the Company.
f. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest, wherever
applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6. The Company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Board Tribunal
or Reserve Bank of India.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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, Cess and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year. There are no undisputed statutory dues
outstanding for a period of more than six months from the date they
became payable.
b. As explained to us, there are no amounts outstanding, which have
not been deposited on account of dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11. Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions except for a corporate guarantee of Rs
840.00 Lacs given to the bankers for credit facilities availed by a
subsidiary company.
16. Terms loans obtained during the year have been applied for the
purpose for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, funds
raised on short-term basis, prima facie, have not been used during the
year for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJ GANATRA
Mumbai Partner
May 21, 2012 Membership No. 043485
Mar 31, 2011
We have audited the attached Balance Sheet of Acrysil Limited as at
31st March 2011 and also the Profit & Loss Account and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. 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 paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) 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 purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(v) Based on the written representations received from the directors of
the company and taken on the record by the Board of Directors, no
director is disqualified as on 31st March 2011 from being appointed as
director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2011;
(b) In the case of the Profit & Loss Account, of the PROFIT of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of ACRYSIL LIMITED on the accounts for the year
ended 31st March 2011.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. In respect of fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
(c) There was no substantial disposal of fixed assets during the year.
2. In respect of inventories:
(a) The inventories were physically verified by the management at
reasonable intervals during the year.
(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) The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the Company.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
(a) The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The number of companies to which loans are granted, is one (a
subsidiary company) and the amount involved in the transactions and the
year-end balances is Rs. 296.00 Lacs.
(b) The rate of interest and other terms and conditions of loans given
by the company, wherever stipulated, are prima facie not prejudicial to
the interest of the company
(c) Since no stipulations as to the recovery of principal amount as
well as payment of interest are made for the loans granted as stated in
(a) above, we cannot offer any comments for regularity of payments or
overdue amounts, if any.
(d) The Company has taken unsecured loans from the parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of parties and the amount involved in the transactions
during the year were three and Rs. 4.20 Lacs respectively and the
year-end balance of loans taken from such parties was Rs. 4.20 Lacs.
(e) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
in the register maintained under section 301 of the Companies Act, 1956
are not, prima-facie, prejudicial to the interest of the Company.
(f) The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest, wherever
applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
(a) Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6. The Company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Board Tribunal
or Reserve Bank of India.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
(a) The Company has generally been regular in depositing 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, Cess and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year. There are no undisputed statutory dues
outstanding for a period of more than six months from the date they
became payable
(b) As explained to us, there are no amounts outstanding, which have
not been deposited on account of dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11. Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutuabenefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions except for a corporate guarantee of
Rs. 840.00 Lacs given to the bankers for credit facilities availed by a
subsidiary company.
16. Terms loans obtained during the year have been applied for the
purpose for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, funds
raised on short-term basis, prima facie, have not been used during the
year for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN:109099W
MANOJ GANATRA
Bhavnagar
Partner
23rd May, 2011 Membership No. 043485
Mar 31, 2010
We have audited the attached Balance Sheet of Acrysil Limited as at
31st March 2010 and also the Profit & Loss Account and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. 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 paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) 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 purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(v) Based on the written representations received from the directors of
the company and taken on the record by the Board of Directors, no
director is disqualified as on 31st March 2010 from being appointed as
director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(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 & Loss Account, of the PROFIT of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORSREPORT Annexure referred to in paragraph 1 of the
report of even date of the Auditors to the members of ACRYSIL LIMITED
on the accounts for the year ended 31st March 2010.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the Company.
3 In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties coveredin the register maintained
under section 301 of the Companies Act, 1956.
b. The Company has taken unsecured loans from the parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The number of parties and the amount involved in the transactions
during the year were three and Rs. 4.20 lacs respectively and the
year-end balance of loans taken from such parties was Rs. 4.20 lacs.
c. In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
in the register maintained under section 301 of the Companies Act, 1956
are not, prima-facie, prejudicial to the interest of the Company.
d. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest, wherever
applicable.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The Company has complied with the directives issued by the Reserve
Bank of India and the provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed thereunder with
regard to the deposits accepted from the public. No order has been
passed by the Company Law Board or National Company Law Board Tribunal
or Reserve Bank of India.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Investor Education &
Protection Fund, Employees State Insurance, Income Tax, Sajes Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year.
b. As explained to us, there are no amounts outstanding, which have
not been deposited on account of dispute except for disputed Income Tax
demand Rs. 9,21,203 for which appeal has been preferred before The
Commissioner of Income Tax (Appeals).
10 The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12 The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 Terms loans obtained during the year have been applied for the
purpose for which they were obtained.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 141,000 equity
shares to the directors against conversion of warrants issued to them
on preferential basis in accordance with the guidelines issued by the
Securities and Exchange Board of India in this regard.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Bhavnagar MANOJ GANATRA
May 24, 2010 Partner
Membership No. 043485
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