Mar 31, 2015
We have audited the accompanying financial statements of Crestchem
Limited ('the Company'), which comprise the Balance sheet as at March
31,2015, the Statement of profit and loss , the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best 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, and its profits and its cash flows for the year ended
on that date.
Emphasis of Matters:
During the year, the company has sold/ disposed off all fixed assets
like Land, Factory Building and a significant portion of its Plant &
Machinery. This condition indicates the existence of a material
uncertainty that may cast significant doubt about the Company's ability
to continue as a going concern. However, Financial Statements of the
Company have been prepared on a going concern basis. Our opinion is
not modified in respect of these matters.
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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) The Balance sheet, the Statement of Profit and loss and the Cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of 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; and
(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 has disclosed the impact of pending litigations on its
financial position in its financial statements.
(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 :
(Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date.)
i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets on the basis of available information.
b) As explained to us, a major portion of the fixed assets has been
physically verified by the management during the year in accordance
with a phased program of verification adopted by the Company. In our
opinion, the frequency of verification is reasonable having regard to
the size of the company and nature of its assets. As informed to us, no
material discrepancies were noticed on such physical verification.
ii) In respect of its inventories:
a) As explained to us, inventories were physically verified by the
management at reasonable intervals during the year. In our opinion, the
frequency of the 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 nature of its business.
c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of inventories.
As explained to us, there was no material discrepancies noticed on
Physical Verification of Inventories as compared with the book records.
iii) In respect of Loans, Secured or Unsecured granted by the company
to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013: According to the
information and explanations given to us and on the basis of the
records produced before us, the company has not granted any Loan,
Secured or Unsecured to the companies or firms or other parties covered
in the register maintained under section 189 of the Companies Act 2013
and hence sub-clause (a) & (b) of paragraph 3 of the Companies
Auditor's Report Order 2015 are not applicable to the Company
iv) 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 for the
purchases of inventory, fixed assets and for the sales of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls
system.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit and hence the
provisions of Section 73 to 76 or any other relevant provisions of the
Companies Act and the Companies (Acceptance of Deposits) Rules, 2014
with regard to the deposits accepted are not applicable to the Company.
Therefore, the provisions of Clause (v) of paragraph 3 of the Companies
Auditor's Report Order 2015 are not applicable to the Company.
According to the information and explanations given to us, no order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
vi) In our opinion and according to the information and explanation
given to us, the Central Government of India has not prescribed the
maintenance of Cost Accounting Records under sub Section (1) of Section
148 of the Companies Act, 2013 and hence this clause is not applicable
to the company.
vii) a) In respect of the Statutory dues:The company is regular in
depositing other statutory dues applicable to it. According to the
information and explanations given to us and on the basis of records
produced before us FBT of Rs. 42,540/- is outstanding for more than six
months. Except above there are no undisputable amount payable in
respect of Income Tax, Wealth Tax, Sales Tax, custom duty, excise duty
and cess were outstanding as at 31st March, 2015 for a period of more
than six months from the date they become payable.
b) According to the records of the company, there are no dues of Sales
Tax, Income Tax, Excise Duty and Cess which have not been deposited on
account of any dispute.
c) According to the information and explanations given to us there is
no amount which is required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956(1 of 1956).
viii) On the basis of information and explanations given to us and on
the basis of records produced before us, the company's accumulated
losses at the end of the financial year are more than fifty percent of
its net worth. The company has not incurred cash loss during the
financial year covered by our audit and in the immediately preceding
previous year.
ix) On the basis of the information and explanation given to us and on
the basis of records produced before us, the company has not defaulted
in repayment of dues to a Bank.
x) On the basis of the information and explanation given to us and on
the basis of records produced before us,the company has not given any
guarantee for loans taken by others from bank or financial institution
hence the provision of this clause is not applicable to the company.
xi) According to the information & explanations given to us, the
Company has not raised any term loan during the year under audit.
xii) In our opinion and according to the information and explanations
given to us and based on management representation, no material fraud
on or by the company has been noticed or reported during the financial
year covered by the audit.
For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30th May, 2015 PARTNER
M.NO. 34834
Mar 31, 2014
We have audited the accompanying financial statements of Crestchem
Limited ("the Company"), which comprise the Balance Sheet as at 3151
March, 2014, 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 Management is responsible
for the preparation of these financial statements that gives 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 notified
under the Companies Act, 1956 ("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.This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the 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 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 31st March, 2014;
(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, 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 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, Statement of Profit and Loss and
the Cash Flow Statement dealt with this Report comply with the
Accounting Standards notified under the Companies Act, 1956 read with
the General Circular 15/ 2013 dated 13 September 2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act,
2013;
e. On the basis of the written representations received from the
directors as on 31st March, 2014, 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 Section 274(1)(g)
of the Companies Act,1956.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT :
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(i) (a) As per the information and explanation given to us, records of
Fixed Assets maintained by the company have been destroyed in heavy
water logging during the year. The Company is in the process of
preparing records showing full particulars including quantitative
details and general location of fixed assets.
b) Majority of the assets has been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. As the company is in
the process of preparation of Fixed Asset records, We are unable to
comment on any discrepancies between Fixed Asset as per records and as
per physical verification.
c) During the year, the Company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) In respect of Loans secured or unsecured , granted or taken by
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The company has not granted any unsecured loan to any companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.Hence the provisions of Clause (iii)
(a), (b), (c) and(d) are not applicable to the company.
(e) The Company has taken interest free unsecured loan from parties
listed in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs.
3,902,598/- and the year end balance of loan taken from such parties
was Rs. 3,902,598/-.
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from 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.
(g) The company is not paying interest on loans and principal amount is
repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) To the best of our knowledge and according to information and
explanations given to us, we are of the opinion that the contracts or
arrangements that need to be entered in to the register required to be
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, transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 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 explanations
given to us, the company has not accepted any deposit from the public
and hence the provisions of Section 58A, 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the internal audit system of the company is
commensurate with its size and nature of its business.
(viii) The Company has not maintained Cost Accounting Records required
to be maintained by the company pursuant to the Companies (Cost
Accounting Records) Rules, 2011 prescribed by the Central Government
under section 209(1) (d) of the Companies Act, 1956.
(ix) (a) The company does not have any employees therefore it does not
have any provident fund liability during the current year. However, the
company is regular in depositing other statutory dues applicable to it.
According to the information and explanations given to us and on the
basis of records produced before us FBT of Rs. 42,540/- & TDS of Rs.
15,457/ - are outstanding for more than six months. Except above there
are no undisputable amount payable in respect of Income Tax, Wealth
Tax, Sales Tax, custom duty and excise duty and cess were outstanding
as at 31st March, 2014 for a period of more than six months from the
date they become payable.
(b) According to the records of the company, there are no dues of Sales
Tax, Income Tax and Excise Duty and Cess which have not been deposited
on account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year are in excess of 50% of its net worth. The company has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding previous year.
(xi) In our opinion and according to information and explanation given
to us the Company has not defaulted in repayment of dues to a Bank.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund/
society. Therefore, the provisions of this clause is not applicable to
the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xv) In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institution hence the provision
of this clause is not applicable to the company.
(xvi) According to the information and explanations given to us, the
company has not raised any term loans during the year and hence in our
opinion this clause is not applicable to the company
(xvii) In our opinion and according to the information and explanation
given to us and overall examination of the balance sheet of the company
we report that no funds raised on short term basis has been used for
long term investment by the company.
(xviii) The company has not made any preferential allotment of shares
to any parties and companies covered under the register maintained u/s
301 of the Act.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money out of public issue during
the period covered by our report.
(xxi) We report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30th May, 2014 PARTNER
M.NO. 34834
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Crestchem
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, 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
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 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
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 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 loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of 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 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 the written representations received from the
directors as on March 31, 2013, 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 Section 274(1)(g) of the
Companies Act,1956.
ANNEXURE Re: CRESTCHEM LIMITED
Referred to in paragraph 3 of our report of even date.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and general location of
fixed assets.
b) Majority of the assets has been physically verified by the
management during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) During the year, the Company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) In respect of Loans secured or unsecured , granted or taken by
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The company has not granted any unsecured loan to any companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.Hence the provisions of Clause (iii)
(a),(b),(c),and(d) are not applicable to the company.
(e) The Company has taken Interest free unsecured loan from parties
listed in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs.
12,10,000/- and the year end balance of loan taken from such parties
was Rs. 29,45,598/-.
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from 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.
(g) The company is not paying interest on loans and principal amount is
repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) To the best of our knowledge and according to information and
explanations given to us, we are of the opinion that the contracts or
arrangements that need to be entered in to the register required to be
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, transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 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 explanations
given to us, the company has not accepted any deposit from the public
and hence the provisions of Section 58A, 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the internal audit system of the company is
commensurate with its size and nature of its business.
(viii) The Company has not maintained Cost Accounting Records required
to be maintained by the company pursuant to the Companies (Cost
Accounting Records) Rules, 2011 prescribed by the Central Government
under section 209(1) (d) of the Companies Act, 1956.
(ix) (a) The company does not have any employees therefore it does not
have any provident fund liability during the current year. However, the
company is regular in depositing other statutory dues applicable to it.
According to the information and explanations given to us and on the
basis of records produced before us,FBT of Rs 42,540/- & TDS of
Rs.3720/ - are outstanding for more than six months. Except above there
are no undisputable amount payable in respect of Income Tax, Wealth
Tax, Sales Tax, custom duty and excise duty and cess were outstanding
as at 31st March, 2013 for a period of more than six months from the
date they become payable.
(b) According to the records of the company, there are no dues of Sales
Tax, Income Tax and Excise Duty and Cess which have not been deposited
on account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year are in excess of 50% of its net worth. The company has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding previous year.
(xi) In our opinion and according to information and explanation given
to us the Company has not defaulted in repayment of dues to a Bank.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund/
society. Therefore, the provisions of this clause is not applicable to
the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xv) In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institution hence the provision
of this clause is not applicable to the company.
(xvi) According to the information and explanations given to us, the
company has not raised any term loans during the year and hence in our
opinion this clause is not applicable to the company
(xvii) In our opinion and according to the information and explanation
given to us and overall examination of the balance sheet of the company
we report that no funds raised on short term basis has been used for
long term investment by the company.
(xviii)The company has not made any preferential allotment of shares to
any parties and companies covered under the register maintained u/s.301
of the Act.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money out of public issue during
the period covered by our report.
(xxi) We report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30th May, 2013 PARTNER
M.NO. 34834
Mar 31, 2012
1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as
at 31st March, 2012 and also the Statement of Profit and Loss 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 auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtained reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by companies (Auditors Report) (Amendments) Order, 2004
(hereinafter referred to as "the Order") issued by the central
Government of India in terms of Section 227 (4A) of the Companies Act,
1956, and on the basis of such checks, as we considered appropriate we
annex hereto of a statement on the matters specified in paragraphs 4
and 5 of the said Order.
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 the
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.
4. In our opinion, balance sheet, Statement of profit and loss account
and cash flow statement comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956.
5. On the basis of written representation received from the directors,
as on 31st March,2012 and taken on record by the Board of Director, 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.
6. 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
other notes appearing 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 the affairs of the
Company as at 31st March,2012
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 the date.
ANNEXURE Re: CRESTCHEM LIMITED
Referred to in paragraph 3 of our report of even date.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and general location of
fixed assets.
b) Majority of the assets has been physically verified by the
management during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) During the year, the Company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) In respect of Loans secured or unsecured , granted or taken by
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The company has not granted any unsecured loan to any companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.Hence the provisions of Clause (iii)
(a),(b),(c),and(d) are not applicable to the company.
(e) The Company has taken Interest free unsecured loan from parties
listed in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs 17, 35,
598/- and the year end balance of loan taken from such parties was Rs
17,35,598/-.
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from 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.
(g) The company is not paying interest on loans and principal amount is
repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) To the best of our knowledge and according to information and
explanations given to us, we are of the opinion that the contracts or
arrangements that need to be entered in to the register required to be
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, transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 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 explanations
given to us, the company has not accepted any deposit from the public
and hence the provisions of Section 58A, 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the internal audit system of the company is
commensurate with its size and nature of its business.
(viii) The Company has not maintained Cost Accounting Records required
to be maintained by the company pursuant to the Companies (Cost
Accounting Records) Rules, 2011 prescribed by the Central Government
under section 209(1) (d) of the Companies Act, 1956. However, as per
the Information and Explanation given by the Management The Cost
Accountant has been appointed by the Company and the process of
preparing cost records is in progress.
(ix) (a) The company does not have any employees therefore it does not
have any provident fund liability during the current year. However,
the company is regular in depositing other statutory dues applicable to
it. According to the information and explanations given to us and on
the basis of records produced before us, Provident Fund of Rs
2,25,988/-, FBT of Rs 42,540/- is outstanding for more than six months.
However the company has obtained an interim stay order from the high
court of Gujarat against payment of the dues to the P.F.Department.
Except above there are no undisputable amount payable in respect of
Income Tax, Wealth Tax, Sales Tax, custom duty and excise duty and cess
were outstanding as at 31st March, 2012 for a period of more than six
months from the date they become payable.
(b) According to the records of the company, there are no dues of Sales
Tax, Income Tax and Excise Duty and Cess which have not been deposited
on account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year are in excess of 50% of its net worth. The company has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding previous year.
(xi) In our opinion and according to information and explanation given
to us the Company has not defaulted in repayment of dues to a Bank.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund/
society. Therefore, the provisions of this clause is not applicable to
the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xv) In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institution hence the provision
of this clause is not applicable to the company.
(xvi) According to the information and explanations given to us, the
company has not raised any term loans during the year and hence in our
opinion this clause is not applicable to the company
(xvii) In our opinion and according to the information and explanation
given to us and overall examination of the balance sheet of the company
we report that no funds raised on short term basis has been used for
long term investment by the company.
(xviii) The company has not made any preferential allotment of shares
to any parties and companies covered under the register maintained
u/s.301 of the Act.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money out of public issue during
the period covered by our report.
(xxi) We report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 15th June, 2012 PARTNER
M.NO. 34834
Mar 31, 2011
1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as
at 31st March, 2011 and also the Profit and Loss Account 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 auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by companies (Auditors Report) (Amendments) Order, 2004
(hereinafter referred to as "The Order") issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956, and on the basis of such checks, as we considered appropriate we
annex hereto a statement on the matters specified in paragraphs 4 and 5
of the said order.
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 the books. iii. The Balance Sheet and the profit and Loss Account
and Cash Flow statement dealt with by this report are in agreement with
the books of account.
4. In our opinion, the profit and loss account and the balance sheet
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
5. On the basis of written representation received from the directors,
as on 31st March, 2011 and taken on record by the Board of Director, we
report that none of the Directors is disqualified as on 31st March,
2011 from being appointed as a Director in terms of Clause (g) of
Sub-Section (1) of section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us the said accounts read toghether with the
other notes appearing 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 the affairs of the
Company as at 31st March, 2011.
b. In the case of the Profit and Loss Accounts of the Loss for the
Year ended on that date.
c. In the case of the Cash Flow statement, of the cash flows for the
year ended on the date.
ANNEXURE TO THE AUDITOR'S REPORT Re: CRESTCHEM LIMITED Referred to in
paragraph 3 of our report of even date.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and general location of
fixed assets.
(b) Majority of the assets has been physically verified by the
management during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed off any major Part of
the Fixed Assets. (ii) (a) The inventory has been physically verified
during the year by the management. In our opinion the frequency of
verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) In respect of Loans secured or unsecured, granted or taken by
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The company has not granted any unsecured loan to any companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956. Hence the provisions of Clause (iii)
(a), (b), (c) and (d) are not applicable to the company.
(b) In our opinion and according to the information and explanations
given to us the rate of interest and the other terms and conditions of
the unsecured loan granted by the company are prima facie, not
prejudicial to the interest of the Company.
(c) The Company has taken interest free unsecured loan from, parties
listed in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs.
13,56,548/- and the year end balance of loan taken from such parties
was Rs. 13,11,548/-.
(d) The Company is not paying interest on loans and principal amount is
repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) To the best of our knowledge and according to information and
explanations given to us, we are of the opinion that the contracts or
arrangements that need to be entered in to the register required to be
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, transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time where
such market price are available.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from the public
and hence the provisions of Section 58A, 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the internal audit system of the company is
commensurate with its size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956. Hence the
provision of this clause is not applicable to the company.
(ix) (a) The company does not have any employees therefore it does not
have any provident fund liability during the current year. However the
company is regular in depositing other statutory dues applicable to it.
According to the information and explanation given to us and on the
basis of records produced before us, provident fund of Rs. 2,25,988/-,
FBT of Rs. 42,540/- and TDS of Rs. 1,900/- is outstanding for more than
six months. However the company has obtained ad interim stay order from
the High Court of Gujarat against payment of the dues to the P.F.
Department. Except above there are no undisputable amount payable in
respect of Income-tax, Wealth-tax, Sales-tax, customs duty and excise
duty and cess were outstanding as at 31st March, 2011 for a period of
more than six months from the date they become payable.
(b) According to the records of the company, there are no dues of sales
tax, income tax and excise duty and cess which have not been deposited
on account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year are in excess of 50% of its net worth. The company has not
incurred cash loss during the financial year covered by our audit. It
has incurred cash loss of Rs. 12,10,627 in the immediately preceding
previous year.
(xi) In our opinion and according to information and explanation given
to us the Company has not defaulted in repayment of dues to a Bank.
(xii) The Company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of this clause not applicable
to the company.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xv) In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institution hence the provision
of this clause is not applicable to the company.
(xvi) According to the information and explanation given to us, the
company has not raised any term loans during the year and hence in our
opinion this clause is not applicable to the company.
(xvii) In our opinion and according to the information and explanation
given to us and overall examination of the balance sheet of the company
we report that no funds raised on short term basis has been used for
long term investment by the company.
(xviii) The company has not made any preferential allotment of shares
to any parties and companies covered under the register maintained u/s.
301 of the Act.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money out of public issue during
the period covered by our report.
(xxi) We report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For TALATI & TALATI
Chartered Accountants
(Firm No. 110758W)
Sd/-
AHMEDABAD (UMESH H. TALATI)
DATE : 27-05-2011 PARTNER
M. NO. 34834
Mar 31, 2010
1. We have audited the attached Balance Sheet of CRESTCHEM LIMITED as
at 31st March, 2010 and also the Profit and Loss Account 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 auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtained reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by companies (Auditors Report) (Amendments) Order, 2004
(hereinafter refereed to as "the Order") issued by the central
Government of India in terms of Section 227 (4A) of the Companies Act,
1956, and on the basis off such checks, as we considered appropriate we
annex hereto of a statement on the matters specified in paragraphs 4
and 5 of the said Order.
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 the
books.
iii. The Balance Sheet and the Profit and Loss Account and Cash Flow
statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the profit and loss account and the balance sheet
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
5. On the basis of written representation received from the directors,
as on 31st March,2010 and taken on record by the Board of Director, we
report that 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.
6. 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
other notes appearing 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 the affairs of the
Company asat31stMarch,2010
b. In the case of the Profit and Loss Accounts of the Loss for the
year ended on that date.
c. In the case of the Cash Flow statement, of the cash flows for the
year ended on the date.
Referred to in paragraph 3 of our report of even date.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and general location of
fixed assets.
b) Majority of the assets has been physically verified by the
management during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) During the year, the Company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) In respect of Loans secured or unsecured, granted or taken by
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) During the year, the Company has not granted loan to any Companies,
Firms or Parties covered under the register maintained under section
301 of the Companies Act, 1956. However loan granted to one company
covered under the register maintained under section 301 of the
Companies Act, 1956 whose closing Balance is Rs Nil and Maximum Balance
durina the veatJs-Rs 23.71.122.
(b) In our opinion and according to the information and explanations
given to us, the other terms and conditions of the unsecured loan
granted by the company are prima facie not prejudicial to the interest
of the company.
(c) In respect of loans given by the company, as explained to us,
company is not charging any interest on loan and the repayment of the
said loan has been fixed on demand and there is no repayment schedule.
(d) In respect of aforesaid loan, the same are repayable on demand and
therefore the question of overdue amount does not arise .In respect of
Interest, as the company is not charging any interest on loan, so
question of overdue amount does not arise.
(e) The Company has taken Interest free unsecured loan from parties
listed in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs.
3,731,250/- and the year end balance of loan taken from such parties
was Rs. 769,548/-
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from 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.
(g) The company is not paying interest on loans and principal amount is
repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) To the best of our knowledge and according to information and
explanations given to us, we are of the opinion that the contracts or
arrangements that need to be entered in to the register required to be
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, transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 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 explanations
given to us, the company has not accepted any deposit from the public
and hence the provisions of Section 58A, 58AA and other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 are not applicable.
(vii) The company has not appointed firm of Chartered Accountants as
its internal auditors for the year under review.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956. Hence the
provision of this clause is not applicable to the company.
(ix) (a) The company does not have any employees therefore it does not
have any provident fund liability during the current year. However, the
company is regular in depositing other statutory dues applicable to it.
According to the information and explanations given to us and on the
basis of records produced before us, Provident Fund of Rs. 2,25,988/-,
FBT of Rs 42540/- and TDS of Rs 5627/- is outstanding for more than six
months. However the company has obtained an interim stay order from the
high court of Gujarat against payment of the dues to the
P.F.Department. Except above there are no undisputable amount payable
in respect of Income Tax, Wealth Tax, Sales Tax, custom duty and excise
duty and cess were outstanding as at 31st March, 2010 for a period of
more than six months from the date they become payable.
(b) According to the records of the company, there are no dues of Sales
Tax, Income Tax and Excise Duty and Cess which have not been deposited
on account of any dispute.
(x) The accumulated losses of the company at the end of the financial
year are in excess of 50% of its net worth. The company has incurred
cash loss of Rs. 12,10,627/- during the financial year covered by our
audit. There is no cash loss in the immediately preceding previous
year.
(xi) In our opinion and according to information and explanation given
to us the Company has not defaulted in repayment of dues to a Bank.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of this clause is not
applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xv) In our opinion the company has not given any guarantee for loans
taken by others from bank or financial institution hence the provision
of this clause is not applicable to the company.
(xvi) According to the information and explanations given to us, the
company has not raised any term loans during the year and hence in our
opinion this clause is not applicable to the company
(xvii) In our opinion and according to the information and explanation
given to us and overall examination of the balance sheet of the company
we report that no funds raised on short term basis has been used for
long term investment by the company.
(xviii) The company has not made any preferential allotment of shares
to any parties and companies covered under the register maintained
u/s.301 of the Act.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money out of public issue during
the period covered by our report.
(xxi) We report that no fraud on or by the company has been noticed or
reported during the course of our audit.
For TALATI & TALATI
Chartered Accountants
(Firm Reg. No110758W)
(UMESH H.TALATI)
PARTNER
M.NO. 34834
AHMEDABAD
DATE: 30/07/2010