Mar 31, 2015
We have audited the accompanying financial statements of CHOKSI
LABORATORIES LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements :
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 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 judgements 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 mattersd 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by 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, of the state of affairs of the Company as
at March 31, 2015, its 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, issued
by the Central Government of India in terms of subsection (11) of
section 143 of the Act, (hereinafter referred to as "the Order") 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 given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) in our opinion, proper books of account as required by law have been
kept by the Company so far as 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 specified
under Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014
e) on the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of section 164(2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company does not have any pending litigation which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses..
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
Referred to in Paragraph 1 of the Report on Other Legal & Regulatory
Requirements of Independent Auditor's Report of Even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report to the extent:
i. a. The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. Fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable.
ii. This being a service rendering Company, there are no
Manufacturing/Trading Activities in the Company, the only inventory for
the Company is Chemicals which is used & consumed for testing purposes.
Since its inception, the Company follows the practice of charging to
revenue, the purchases of chemicals in the year of purchase itself. Due
to this reason ,and considering the nature of volatility of the item,
as per the explanations given to us, no inventory register is
maintained for the same. Hence we are unable to express our opinion on
Clause ii of the Order.
iii. The Company has not granted loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Consequently, our
comments on clauses iii a and iii b of the order are NIL. However, the
Company has given an interest free rent deposit of Rs.20 Lacs for
building to one such party.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventories, fixed assets and for sale of services.
Further, on the basis of our examination of books and records of the
Company, and according to the information and explanations given to us,
we have neither come across, nor have been informed of, any continuing
failure to correct major weakness in aforesaid internal control system.
v. The Company has not accepted any deposits from the public covered
under the provision of Section 73 to 76 of the Companies Act, 2013 and
the rules framed there under to the extent notified.
vi. The Central Government has not prescribed maintenance of cost
records pursuant to the Companies (Cost Records and Audit) Rules, 2014,
as amended by sub Section (1) of Section 148 of the Companies Act,
2013.
vii. (a) According to the information & explanations given to us and the
records of the Company examined by us, in our opinion, undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and
any other material statutory dues, to the extent applicable, have been
generally regularly deposited with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six months
from the date they become payable;
(c) According to the information and explanations given to us, there
are no statutory dues which have not been deposited on account of
disputes.
(d) According to the information and explanations given to us, there is
no amount required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provision of the
Companies Act, 1956 and Rules made there under.
viii. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
ix. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to financial institution
or bank. The Company has not issued debentures.
x. According to the information & explanations given to us, the
Company has not given guarantees for loan taken by others from a bank
or financial institution.
xi. According to the information & explanations given to us, all term
loans obtained are used for the purpose for which they have been
obtained.
xii. Based on the audit procedures performed and the information &
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For PRATEEK JAIN & CO.
Chartered Accountants
(Registration No. 009494C)
Prateek Jain
Place : Indore Proprietor
Date : 30-05-2015 M.No. 079214
Mar 31, 2014
We have audited the accompanying financial statements of CHOKSI
LABORATORIES LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements :
The Company''s 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 General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the 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
subsection (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of section 274(1)(g) of the Act.
Annexure to the Audit Report dated 30.05.2014 (Referred to in paragraph
1 under the heading "Report on other Legal and Regulatory Requirements"
of our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical 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. This being a service rendering Company, there are no Manufacturing
Activities in the Company, the only inventory for the Company is
Chemicals which are used & consumed for testing purposes. Since its
inception, the Company follows the practice of charging to revenue, the
purchases of chemicals in the year of purchase itself. Due to this
reason ,and considering the nature of volatility of the item, as per
the explanations given to us, no inventory register is maintained for
the same. Hence we are unable to express our opinion on Clause 2 of the
CARO, 2003.
3. The Company has not granted any loans, secured or unsecured, to
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956, but during the year, the Company has taken loan
from 1 such party.The maximum amount involved during the year was Rs
122.00 Lacs and the year end balance of loans taken from such party was
Rs115.00 Lacs. The rate of interest and other terms and conditions of
the above loans taken by the Company are not prima facie prejudicial to
the interest of the Company. However, the Company has given a deposit
of Rs.20 Lacs to a party listed in the register maintained under
Section 301 of the Companies Act as deposit for office building on
rent, which is interest free.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the
rendering of services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956, have been entered in the
register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 5 Lacs or more in
respect of each party during the year have been made at prices which
appear reasonable as per the information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
Therefore, the provisions of Clause (vi) of Paragraph 4 of the Order
are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956, for this Company.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues including provident fund, employees'' state insurance, income tax,
sales tax, customs duty, service tax, cess and other material statutory
dues as applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income Tax,
Customs Duty, Service Tax and other material statutory dues in arrears
as at 31st March 2014 for a period of more than six months from the
date they became payable, except Service Tax amounting to Rs. 10430258
pertaining to FY 12-13, wherein the Company has gone into the Service
Tax Voluntary Compliance Encouragement Scheme, 2013, whereby 50% of the
same has been paid upto Dec 2013 & the remaining 50% will be paid by
30th June 2014.
c) Details of dues of Income Tax, Sales Tax, Service Tax, Customs Duty
which have not been deposited as on 31st March 2014 on account of
disputes are given below:
Name of Nature of Amount Period to Forum where
Statute dues involved Dispute is
which the pending
amount
relates
Income Tax Act, Income Tax 576960/- 2008-2009 Commissioner of
1961 Tax Income (Appeals)
10. The company does not have accumulated losses at the end of the
financial year. 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 to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks or
to debenture holders during the year.
12. In our opinion and according to the information and explanations
given to us and based on the information available, the Company has not
granted any loans and 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/ 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 and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us , there are no funds raised on a short-term
basis which have been used for long term investment, and vice- versa.
18. According to the information and explanations given to us, the
Company has made preferential allotment of 300,000 Equity shares of
Rs.10/- each to parties and companies covered in the register
maintained under section 301 of the Act during the year issued at Rs.
11.50/-. The terms of the said issue are not prejudicial to the
interest of the Company.
19. The Company has not issued any debentures.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For PRATEEK JAIN & CO.
Chartered Accountants
(Registration No. 009494C)
Prateek Jain
Place : Indore Proprietor
Date : 30-05-2014 M.No. 079214
Mar 31, 2013
Report on the Financial Statements :
We have audited the accompanying financial statements of CHOKSI
LABORATORIES LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements :
The Company''s 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 ActÂ). 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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the 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 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.
Report on Other Legal and Regulatory Requirements :
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) issued by the Central Government of India in terms of
subsection (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 purposes of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as 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
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
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. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical 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. This being a service rendering Company, there are no Manufacturing
Activities in the Company, the only inventory for the Company is
Chemicals which are used & consumed for testing purposes. Since its
inception, the Company follows the practice of charging to revenue, the
purchases of chemicals in the year of purchase itself. Due to this
reason ,and considering the nature of volatility of the item, as per
the explanations given to us, no inventory register is maintained for
the same. Hence we are unable to express our opinion on Clause 2 of the
CARO, 2003.
3. The Company has not granted any loans, secured or unsecured, to
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956, but during the year, the Company has taken loan
from 1 such party.The maximum amount involved during the year was 7
10.00 Lacs and the year end balance of loans taken from such party was
Rs.Nil. The rate of interest and other terms and conditions of the
above loans taken by the Company are not prima facie prejudicial to the
interest of the Company. However, the Company has given a deposit of 7
20 Lacs to a party listed in the register maintained under Section 301
of the Companies Act as deposit for office building on rent, which is
interest free.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the
rendering of services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of Contracts or arrangements referred to
in Section 301 of the Companies Act, 1956, have been entered in the
register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 5 Lacs or more in
respect of each party during the year have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
Therefore, the provisions of Clause (vi) of Paragraph 4 of the Order
are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956, for this Company.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues including provident fund, employees'' state insurance, income tax,
sales tax, customs duty, service tax, cess and other material statutory
dues as applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income Tax,
Customs Duty, Service Tax and other material statutory dues in arrears
as at 31st March 2013 for a period of more than six months from the
date they became payable.
c) Details of dues of Income Tax, Sales Tax, Service Tax, Customs Duty
which have not been deposited as on 31st March 2013 on account of
disputes are given below:
Name of Amount Period to
which the Forum where Dispute
Nature of
dues
Statute involved amount
relates is pending
Income
Tax Act, Income
Tax 576960/- 2008-2009 Commissioner of Income
1961 Tax (Appeals)
10. The company has no accumulated losses as at March 31, 2013 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks or
to debenture holders during the year.
12. In our opinion and according to the information and explanations
given to us and based on the information available, the Company has not
granted any loans and 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/ 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 and according to the information and explanations
given to us, the Company is not a dealer or trader in securities .
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us , the term loans were applied for the purpose for which the
loans were obtained.
17 On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us , there are no funds raised on a short-term
basis which have been used for long term investment, and vice-versa.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act during the year.
19. The Company has not issued any debentures.
20. The Company has not raised any monies by way of public issue
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For PRATEEK JAIN & CO.
Chartered Accountants
(Registration No. 009494C)
Prateek Jain
Place : Indore Proprietor
Date : 27.05.2013 M.No. 79214
Mar 31, 2012
1. We have audited the attached Balance Sheet of Choksi Laboratories
Limited, as at 31st March 2012 , the Statement of Profit and Loss
Account and the Cash Flow Statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit ;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books ;
(iii) The Balance Sheet , Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account ;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211(3C) of the Companies
Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the Directors 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.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
Significant Accounting Policies and notes thereon, give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(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 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.
ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our
report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details
and situation of fixed assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical 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. This being a service rendering Company, there are no Manufacturing
Activities in the Company, the only inventory for the Company is
Chemicals which are used & consumed for testing purposes. Since its
inception, the Company follows the practice of charging to revenue, the
purchases of chemicals in the year of purchase itself. Due to this
reason ,and considering the nature of volatility of the item, as per
the explanations given to us, no inventory register is maintained for
the same. Hence we are unable to express our opinion on Clause 2 of the
CARO, 2003.
3. The Company has not granted any loans, secured or unsecured, to
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956, but during the year, the Company has taken loan
from 2 such parties.The maximum amount involved during the year was
Rs.17.00 Lacs and the year end balance of loans taken from such party
was Rs.Nil. The rate of interest and other terms and conditions of the
above loans taken by the Company are not prima facie prejudicial to the
interest of the Company. However, the Company has given a deposit of
Rs.20 Lacs to a party listed in the register maintained under Section
301 of the Companies Act as deposit for office building on rent, which
is interest free.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the
rendering of services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of
contracts or arrangements referred to in Section 301 of the Companies
Act, 1956, have been entered in the register required to be maintained
under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 5 Lacs or more in
respect of each party during the year have been made at prices which
appear reasonable as per the information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
Therefore, the provisions of Clause (vi) of Paragraph 4 of the Order
are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956, for this Company.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues including provident fund, employees' state insurance, income tax,
sales tax, customs duty, service tax, cess and other material statutory
dues as applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income Tax,
Customs Duty, Service Tax and other material statutory dues in arrears
as at 31st March 2012 for a period of more than six months from the
date they became payable.
c) Details of dues of Income Tax, Sales Tax, Service Tax, Customs Duty
which have not been deposited as on 31st March 2012 on account of
disputes are given below:
Name of Nature of
dues Amount
involved Period to
which the Forum where
Dispute is pending
Statute amount
relates
IncomeTax IncomeTax 576960/- 2008-2009 Commissioner of income
Act. 1961 Tax (Appeal)
10. The company has no accumulated losses as at March 31, 2012 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks or
to debenture holders during the year.
12. In our opinion and according to the information and explanations
given to us and based on the information available, the Company has not
granted any loans and 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/ 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 and according to the information and explanations
given to us, the Company is not a dealer or trader in securities .
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us , the term loans were applied for the purpose for which the
loans were obtained.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us , there are no funds raised on a short-term
basis which have been used for long term investment, and vice-versa.
18. As per the information placed before us, the Company has allotted
301263 partly paid-up covertible warrants in previous financial year to
one party covered under section 301 of the Companies Act, 1956, in
financial year 2011- 12 said warrants were converted into equal number
of fully paid equity shares of Rs.10/- each after receiving full amount
due on them and in our opinion the said issue is not prejudicial to the
interest of the Company. Further, no fresh issue of any security has
been made during the year to the parties covered section 301 of the
Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any monies by way of public issue
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For PRATEEK JAIN & CO.
Chartered Accountants
(Registration No. 009494C)
Prateek Jain
Place : Indore Proprietor
Date : 30.05.2012 M.No. 79214
Mar 31, 2010
1. We have audited the attached Balance Sheet of Choksi Laboratories
Limited, as at 31st March 2010, the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in theAnnexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit and LossAccount, and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31 st March 2010, and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
31 st March, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In ouropinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
Significant accounting Policies and notes thereon, give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(b) in the case of Profit and LossAccount, of the "Profit" of the
Company for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 thereof)
1. a) The Company has maintained proper records showing full
particulars, including quantitative de- tails and situation of fixed
assets on the basis of available information.
b) The Company has a program for physical verification of fixed assets
at periodic intervals. In our opinion, the period of verification is
reasonable having regard to the size of the Company and the nature of
its assets. The discrepancies reported on such verification have been
properly dealt with in the books of accounts.
c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
2. This being a service rendering Company, there are no Manufacturing
Activities in the Company, the only inventory for the Company is
Chemicals which are used & consumed for testing purposes. Since its
inception, the Company follows the practice of charging to revenue ,
the purchases of chemicals in the year of purchase itself. Due to this
reason ,and considering the nature of volatility of the item, as per
the explanations given to us, no inventory register is maintained for
the same. Hence we are unable to express our opinion on Clause 2 of the
CARO, 2003.
3. The Company has not granted any loans, secured or unsecured, to
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956, but during the year, the Company has taken loan
from 1 such party.The maximum amount involved during the year was Rs.
14.50 Lacs and the year end balance of loans taken from such party was
Rs.3 Lacs. The rate of interest and other terms and conditions of the
above loans taken by the Company are not prima facie prejudicial to the
interest of the Company. However, the Company has given a deposit of
Rs.20 Lacs to a party listed in the register maintained under Section
301 of the Companies Act as deposit for office building on rent, which
is interest free.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the rendering of services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956, have been entered in the
register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 5 Lacs or more in
respect of each party during the year have been made at prices which
appear reasonable as per the information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58Aand 58AAof the Companies Act, 1956,
and the rules framed thereunder.
7. The Company has an internal audit system, which in our opinion, is
commensurate with the size of the Company and the nature of its
business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1 )(d) of the Companies Act, 1956, for this Company.
9. a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
income tax, sales tax, customs duty, service tax, cess and other
material statutory dues as applicable with the appropriate authorities.
According to the information and explanation given to us, there are no
arrears of outstanding statutory dues as mentioned above as at 31st
March, 2010 for a period of more than six months from the date they
become payable.
b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
10. The company has no accumulated losses as at March 31, 2010 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to any financial
institution, bank or to debenture holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under paragraph
13 of the Order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities .
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us , the term loans were applied for the purpose for which the
loans were obtained.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us , 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 reissued forfeited 78600 equity shares to Mr.
Vyangesh Choksi, Whole time director of the Company at price
ascertained in accordance with guidelines issued by SEBI which is not
prejudicial to the interest of the Company. Further, according to the
information & explanations given to us, the company is in the process
of making preferential allotment of convertible warrants shares to one
party covered in the register maintained under section 301 of the Act.
During the year the Company has received Application money amounting
to Rs.1205052/- towards the same. In our opinion, the price at which
shares will be issued is not prejudicial to the interest of the
Company.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue during the
year.
21. Based upon the audit procedures performed and the information and
explanations provided to us by the management, we report that no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For PRATEEKJAIN & CO.
Chartered Accountants
(Registration No. 009494C)
Prateek Jain
Place : Indore Proprietor
Date : 29.05.2010 M No- 79214
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article