Mar 31, 2015
We have audited the accompanying financial statements of CHOKSI IMAGING
LTD. ("the Company"), which comprise the Balance Sheet as at March
31,2015, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act,2013 (''the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the Accounting principles generally
accepted in India, including the Accounting Standards specified under
section 133 of the Companies Act, 2013 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 the assets of the company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company''s
preparation of the financial statement that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An Audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) In the case of the Statement of Profit and Loss, of the Loss for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (''the
Order'') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that :
a) We have sought and obtained all the information and explanations,
which to the best of our knowledge and belief were necessary for the
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 and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us.
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 Balance Sheet, the Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in Section 133 of the Companies Act, 2013 read with Rules 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 of Sub-section (2) of Section 164 of
the Companies Act, 2013.
f) With respect to the other matters to be included in Auditor''s Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us :
1) The Company has disclosed the impact of pending litigations on its
financial positions in its financial statement.
2) The Company has made provisions, as required under the applicable
Law or Accounting Standards, for the material foreseeable losses, if
any, on long term contracts including derivative contracts.
3) There has been no delay in transferring amounts, required to be
transferred, to the investor''s Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading "Report on other legal and
regulatory requirements" of our report of even date,
1. In respect of its Fixed Assets
a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
b) As per the information and explanations given to us, the fixed
assets have been physically verified by the management during the year,
which in our opinion is reasonable, considering the size of the company
and nature of its asset. The frequency of physical verification is
reasonable and no material discrepancies were noticed on such
verification.
2. In respect of its Inventories
a) As per the information and explanations given to us inventories of
the company at work, godown and branches and with consignment agent
have been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) The company is maintaining proper records of inventories and no
material discrepancies were noticed.
3. In respect of the loans, secured or unsecured, granted by the
company to / from companies, firms or other parties covered in the
register maintained under Section 189 of the Companies Act, 2013:
a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have neither
come across nor have we been informed of any continuing failure to
correct major weaknesses in internal control system.
5. In our opinion and according to the information and explanation
given to us, the Company has complied with the provision of section 73
to 76 of the Companies Act, 2013 and the Companies Rules (Acceptance of
Deposit) Rules, 2014 with regard to the deposit accepted from the
public. Accordingly, there have been no proceedings before the Company
Law Board or National Company Law Tribunal or Reserve Bank of India or
any court or any other tribunal in this matter and no order has been
passed by any of the aforesaid authorities.
6. The provision of Cost Audit prescribed by the Central Government,
under Section 148 of the Companies Act, 2013 are applicable to the
company. However, company has maintained the books of accounts pursuant
to the rules prescribed by the Central Government for maintenance of
cost records under Section 148 of the Act in respect of the product
sold by the Company and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained. The
company has obtained compliance report from Cost Auditor for the year.
7. In respect of statutory dues:
a) According to the information and explanations given to us, in our
opinion, the Company is generally regular in depositing undisputed
statutory dues with appropriate authorities including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income Tax, VAT, Wealth Tax, Service Tax, Custom Duty, Cess and other
material statutory dues applicable to it. According to the information
and explanations given to us, there are no arrears of outstanding
statutory dues as at the last day of the financial year for a period
exceeding six months from the date they became payable.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, VAT, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2015 for a period of more than six months from the
date they became payable.
However, according to information and explanation given to us, dues of
Custom Duty and Penalty has not been deposited on account of any
dispute is Rs. 1574.64 lacs related to Accounting Year 2011-2012, 2012
2013 and 2013-2014 pending before the Commissioner of Customs.
c) According to the information and explanation given to us, the
amounts which were required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act,1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
8. The Company does not have any accumulated losses as at 31st March,
2015. The Company has not incurred any cash losses during the financial
year covered by the audit. However, company has incurred cash losses in
the immediate preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of its dues to any financial
institution and banks during the year.
10. In our opinion and according to the information and explanations
given to us the company has not given any guarantees for loans taken by
others from banks or financial institutions.
11. The company has not taken any term loan during the year.
12. During the course of our examination of books and record of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us by the management no material fraud on or by the Company
and causing material misstatement to financial statement has been
noticed or reported during the course of our audit.
For PARIKH AND AMIN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 107520W
Sd/-
K. R. PARIKH
(PARTNER)
Membership No.36517
Place : Mumbai
Date : 11th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of CHOKSI IMAGING
LTD. ("the Company"), which comprise the Balance Sheet as at 31st March
2014, the Statement of Profit and Loss account and Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dr.13 September 2013 of
the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error.
In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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, 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 Balance Sheet, the Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13 September
2013, of the Ministry of Corporate Affairs in respect of section 133 of
the Companies Act,2013 and
e) On the basis of written representations received from the directors,
as on 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.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 of our report of even date)
The Annexure referred to in Paragraph 1 under heading "Report on other
Legal and Regulatory requirement of our Report of even date.
1. In respect of its Fixed Assets :
a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
b) As explained to us all the Fixed Assets have been physically
verified by the management during the year, which in our opinion is
reasonable, considering the size of the Company and nature of its
asset. The frequency of physical verification is reasonable and no
material discrepancies were noticed on such verification.
c) The Company has not disposed off any substantial part of its fixed
assets during the year, so as to affect its going concern status.
2. In respect of its Inventories :
a) The inventories of the Company at work, godown and branches and with
consignment agent have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act,1956:
a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. Accordingly, paragraph 4 (iii) (b), (c)
and (d) of the Order are not applicable to the Company. However,
company has taken loans from six parties listed in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs.19,27,84,563/- and the year end
balance of loan taken was Rs.9,60,74,745/- as per the annexure enclosed
herewith.
b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from the parties listed in the register
maintained under section 301 of the Companies Act,1956 are not prima
facie prejudicial to the interest of the company.
c) There is no stipulation fixed regarding repayment of principal and
interest.
d) There is no overdue amount of the loan taken from the parties listed
in the register maintained u/s.301 of the companies act, 1956.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have neither
come across nor have we been informed of any continuing failure to
correct major weaknesses in internal control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
a) According to the information and explanations given to us, there are
no contracts or arrangements that need to be entered into the
registered maintained under Section 301 of the Companies Act, 1956.
Accordingly, paragraph 4 (v) (b) of the Order is not applicable to the
company.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts or
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
6. In our opinion and according to the information and explanation
given to us, the Company has complied with the provision of section
58(A) and 58 (AA) of the Companies Act, 1956 and the Companies Rules
(Acceptance of Deposit) Rules,1975 with regard to the deposit accepted
from the public. Accordingly, there have been no proceedings before the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other tribunal in this matter and no order
has been passed by any of the aforesaid authorities.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Company is a non-banking finance company. Accordingly, paragraph
4 (viii) of the Order is not applicable to the company.
9. The provision of Cost Audit prescribed by the Central Government,
under Section 209 (1) (d) of the Companies Act, 1956 are applicable to
the company. However, company has maintained the books of accounts
pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209 (1) (d) of the Act in
respect of the product sold by the Company and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained . The company has obtained compliance report from Cost
Auditor for the year.
10. In respect of statutory dues:
a) According to the information and explanations given to us, in our
opinion, the Company is generally regular in depositing undisputed
statutory dues with appropriate authorities including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and
other material statutory dues applicable to it. According to the
information and explanations given to us, there are no arrears of
outstanding statutory dues as at the last day of the financial year for
a period exceeding six months from the date they became payable.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in
arrears, as at 31 March, 2014 for a period of more than six months from
the date they became payable.
According to the information and explanation given to us, the disputed
Income tax Rs.9,80,187/-related to Ass Year 2001-2002 & matter is
pending before Bombay High Court, that have not been deposited on
account of disputed matters pending.
11. The Company does not have any accumulated losses as at 31st March,
2014. The Company has incurred cash losses during the financial year
covered by the audit.
12. Based on our audit procedures and according to the information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of its dues to any financial
institution and banks during the year.
13. In our opinion and according to the information and explanation
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of clause 4(xii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
14. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund /society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
15. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Reports) Order,
2003 are not applicable to the company.
16. The company has not given any guarantees for loans taken by others
from banks or financial institutions.
17. The company has not taken any term loan during the year.
18. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis that have been
used for long term investment and vice versa.
19. The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
20. Company has not made any issue of debentures.
21. During the period covered by our audit report, the company has not
raised any money by public issues.
22. During the course of our examination of books and record of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us by the management no material fraud on or by the Company
and causing material misstatement to financial statement has been
noticed or reported during the course of our audit.
FOR PARIKH AND AMIN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No. 107520W
Sd/-
K. R. PARIKH
Place : MUMBAI PARTNER
Date : 6th May, 2014. Membership No. 036517
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of CHOKSI IMAGING
LTD., which comprise the Balance Sheet as at 31st March 2013, the
Statement of Profit and Loss account and Cash Flow Statement of the
company for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The 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 Principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Financial Statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the Financial Statements. The procedures
selected depend on the Auditor''s judgment, including the assessment of
the risks of material misstatement of the Financial Statements, whether
due to fraud or error.
In making those risk assessments; the Auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the Financial Statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of 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 aforesaid Financial Statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of 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, the 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March 2013, 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 Section 274 (1) (g) of the
Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT
The Annexure referred to in Paragraph 1 under heading "Report on other
Legal and Regulatory requirement of our Report of even date.
1. In respect of its Fixed Assets :
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its asset. No material discrepancies were noticed on
such verification.
c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its Inventories :
a) The inventories of the Company at work, godown and branches and with
consignment agent have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act,1956:
a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Consequently, clauses 4(iii) (a) to
4(iii)(d) of the Order are not applicable to the Company. However,
Company has taken loans from seven parties listed in the register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs.1891.47 lacs and the year end
balance of loan taken was Rs. 819.45 lacs as per the annexure enclosed
herewith.
b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from the parties listed in the register
maintained under section 301 of the Companies Act,1956 are not prima
facie prejudicial to the interest of the Company.
c) There is no stipulation fixed regarding repayment of principal and
interest.
d) There is no overdue amount of the loan taken from the parties listed
in the register maintained u/s.301 of the companies act, 1956.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
a) According to the information and explanations given to us, we are of
the opinion that the transactions made in pursuance of contracts or
arrangements entered in the registered maintained under Section 301 of
the Companies Act,1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacks in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
6. In our opinion and according to the information and explanation
given to us, the Company has complied with the provision of Section
58(A) and 58 (AA) of the Companies Act, 1956 and the Companies Rules
(Acceptance of Deposit) Rules,1975 with regard to the deposit accepted
from the public. Accordingly, there have been no proceedings before the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other tribunal in this matter and no order
has been passed by any of the aforesaid authorities.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The provision of Cost Audit prescribed by the Central Government,
under Section 209 (1)(d) of the Companies Act, 1956 are not applicable
to the Company. However, Company has maintained the books of accounts
pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(1)(d) of the Act in
respect of the product sold by the Company and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained. The Company has obtained compliance report from Cost
Auditor for the year.
9. In respect of statutory dues:
a) The Company is generally been regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and
other material statutory dues applicable to it.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Sales Tax, Customs Duty, Excise Duty and Cess were in
arrears, as at 31st March, 2013 for a period of more than six months
from the date they became payable.
According to the information and explanation given to us, the disputed
Income tax Rs. 9,80,187/- related to Ass Year 2001-2002 & matter is
pending before Bombay High Court, that have not been deposited on
account of disputed matters pending.
10. The Company does not have any accumulated losses as at 31st March,
2013. The Company has not incurred any cash losses during the Financial
Year covered by the audit and in the immediately preceding Financial
Year.
11. Based on our audit procedures and according to the information and
explanations given by Management, we are of the opinion that the
Company has not defaulted in repayment of its dues to any financial
institution and banks during the year.
12. In our opinion and according to the information and explanation
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund /society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Reports) Order,
2003 are not applicable to the Company.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment and vice versa.
18. The company has not made preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19. Company has not made any issue of debentures.
20. During the period covered by our audit report, the Company has not
raised any money by public issues.
21. During the course of our examination of books and record of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us by the Management no material fraud on or by the Company
and causing material misstatement to Financial Statement have been
noticed or reported during the course of our audit.
FOR PARIKH AND AMIN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 107520W
Sd/-
K. R. PARIKH
Place : MUMBAI PARTNER
Date : 27th May, 2013. Membership No. 36517
Mar 31, 2012
We have audited the accompanying financial statements of CHOKSI IMAGING
LTD., which comprise the Balance Sheet as at 31st March 2012, the
Statement of Profit and Loss account for the year ended 31st March,
2012, the Cash Flow Statement of the Company for the year ended on that
date and summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The 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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the Financial Statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Financial Statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the Financial Statements. The procedures
selected depend on the Auditor's judgment, including the assessment of
the risks of material misstatement of the Financial Statements, whether
due to fraud or error.
In making those risk assessments, the Auditor considers internal
control relevant to the Company's preparation and fair presentation of
the Financial Statements in order to design audit procedures that we
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
accounting estimates made by Management, as well as evaluating the
overall presentation of the Financial Statements.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2003 as amended
by Companies (Auditor's Report) (Amendment), Order,2004 (together the
'Order') issued by the Central Government of lndia in terms of
sub-section (4A) of section 227 of the Companies Act, 1956 of lndia
(the 'Act'), and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the
information and explanations give to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
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, the Profit and Loss account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Profit and Loss account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March 2012 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Financial Statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
ii) in the case of the Profit and Loss account, of the profit of the
Company for the year ended on that date;
and
iii) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
The Annexure referred to in the Auditors' report to the members of
Choksi Imaging Ltd., (the Company) on the financial statements for the
year ended 31st March, 2012, we report that :
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its asset. No material discrepancies were noticed on
such verification.
(c) During the year, in our opinion, a substantial part of fixed assets
has not been disposed off by the Company.
(ii) (a) The inventory of the Company at work, godown and branches and
with consignment agent has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification followed by the management
are reasonable and adequate in relation to the size of the Company and
the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books record were not material.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to Companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Consequently, clauses 4(iii) (a) to
4(iii)(d) of the Order are not applicable to the Company. However,
Company has taken loans from five parties listed in the register
maintained under Section 301 of the Companies Act,1956. The maximum
amount involved during the year was Rs. 1799.17 lacs and the year end
balance of loan taken was Rs. 1638.29 lacs as per the annexure enclosed
herewith.
(b) In our opinion the rate of interest and other terms and conditions
on which loan have been taken from the parties listed in the register
maintained under Section 301 of the Companies Act,1956 are not prima
facie prejudicial to the interest of the Company.
(c ) There is no stipulation fixed regarding repayment of principal and
interest.
(d) There is no overdue amount of the loan taken from the parties
listed in the register maintained u/s. 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories and fixed assets and with regard to the sale
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions made in pursuance of contracts
or arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
(vi) In our opinion and according to the information and explanation
given to us, the Company has complied with the provision of Section 58A
and 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposit) Rules,1975 with regard to the deposit accepted from the
public. Accordingly, there have been no proceedings before the Company
Law Board or National Company Law Tribunal or Reserve Bank of India or
any court or any other tribunal in this matter and no order has been
passed by any of the aforesaid authorities.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision of Cost Audit prescribed by the Central
Government, u/s 209 (l)(d) of the Companies Act, 1956 are not
applicable to the Company. However, Company has maintained the books of
accounts pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(l)(d) of the Act in
respect of the product sold by the Company and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained . The Company has obtained compliance report from Cost
Auditor for the year.
(ix) (a) The Company has generally been regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2012 for a period of more than six months
from the date they became payable.
According to the information and explanation given to us, the disputed
Income tax Rs. 9,80,187/- related to Assessment Year 2001-2002 & matter
is pending before Bombay High Court, that have not been deposited on
account of disputed matters pending.
(x) The Company does not have any accumulated losses as at 31st March,
2012 and has not incurred any cash losses in the Financial Year ended
on that date or in the immediately preceding Financial Year.
(xi) Based on our audit procedures and on the information and
explanations given by Management, we are of the opinion that the
Company has not defaulted in repayment of its dues to any financial
institution, bank during the year.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4(xii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Reports) Order,
2003 are not applicable to the Company.
(xv) The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) The Company has not taken any term loan during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment, and vice versa.
(xviii) The Company has not made preferential allotment of shares to
parties and Companies covered in the register maintained, under Section
301 of the Companies Act, 1956 during the year.
(xix) Company has not made any issue of debentures.
(xx) During the period covered by our audit report, the Company has not
raised any money by public issues.
(xxi) During the course of our examination of books and record of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us by the Management no material fraud found on or by the
Company and causing material misstatement to Financial Statement have
been noticed or reported during the course of our audit.
For PARIKH AND AMlN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 107520W
K. R. PARIKH
Place: Mumbai (PARTNER)
Date : 12th May, 2012 Membership No.36517
Mar 31, 2010
We have audited the attached balance sheet of CHOKSI IMAGING LTD., as
at 31st March 2010, the Profit and Loss account for the year ended on
that date and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
1. 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, evidences supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment), Order,2004
(together the Order) issued by the Central Government of India in
terms of sub- section (4A) of section 227 of the Companies Act, 1956 of
India (the Act), and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations give to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph
(2) above we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books;
c) The Balance Sheet, the Profit and Loss account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Profit and Loss account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 31s1 March 2010 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
ii) in the case of the Profit and Loss account, of the profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 2 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its asset. No material discrepancies were noticed on
such verification.
(c) During the year, in our opinion, a substantial part of fixed assets
has not been disposed off by the Company.
(ii) (a) The inventory of the Company at work, godown and branches and
with consignment agent has been physically verified during the year by
the management.
In our opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification followed by the management
are reasonable and adequate in relation to the size of the Company and
the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books record were not material.
(iii) (a) The company has taken loans from the parties listed in the
register maintained under section 301 of the Companies Act,1956. The
maximum amount involved during the year was Rs. 14,58,80,948/- and the
year end balance of loan taken was Rs.14,54,66,884/-.
(b) In our opinion the rate of interest and other terms and conditions
on which loan have been taken from the parties listed in the register
maintained under section 301 of the Companies Act,1956 are not prima
facie prejudicial to the interest of the company.
(c ) There is no stipulation fixed regarding repayment of principal and
interest.
(d) There is no overdue amount of the loan taken from the parties
listed in the register maintained u/s.301 of the companies act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets for sale goods and services. During
the course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions made in pursuance of contracts
or arrangements entered in the registered maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, transaction made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act,1956 and exceeding the value of rupees five lacks in respect of any
party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time where
such market prices are available.
(vi) In our opinion and according to the information and explanation
given to us, the company has complied with the provision of section
58(A) and 58 (AA) of the Companies Act,1956 and companies rules
(Acceptance of deposit) Rule, 1975 with regard to the deposit accepted
from the public.
(vii) In our Opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision of Cost Audit prescribed by the Central
Government, u/s 209 (1 )(d) of the Companies Act, 1956 are not
applicable to the company.
(ix) (a) The company is generally been regular in depositing
withappropriate authorities undisputed statutory dues including
provident fund, investor education protection fund, employees state
insurance, income tax, sales tax, wealth tax, service tax, custom duty,
cess and other material statutory dues applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2010 for a period of more than six months
from the date they became payable.
According to the information and explanation given to us, the disputed
Income tax Rs.9,80,187/- related to Assessment Year 2001-2002 & matter
is pending before Bombay High Court, that have not been deposited on
account of disputed matters pending.
(x) The Company does not have any accumulated losses as at 31s
March,2010 and has not incurred any cash losses in the financial year
ended on that date or in the immediately preceding financial year.
(xi) Based on our audit procedures and on the information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of its dues to any financial
institution, bank during the year.
(xii) According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities. Therefore,
the provisions of clause 4(xii) of the Companies (Auditors Report)
Order, 2003 are not applicable to the Company.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Reports)
Order,2003 are not applicable to the company.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) The company has not taken any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment, and vice versa.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
(xix) Company has not made any issue of debentures.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
FOR PARIKH AND AMIN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 107520W
K. R. PARIKH
Place : Mumbai PARTNER
Date :30th May, 2010. Membership No. 36517