Mar 31, 2015
We have audited the accompanying financial statements of DEVINE IMPEX
LIMITED ("the". Company"), which comprise the Balance Sheet as at
March 31, 2015, the Profit and Loss Statement, the Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, 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 of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
3. Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
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 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 standalone
financial statements.
4. 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 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
5. Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of 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:
1) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements referred in Note No.
2.20 (a) to the financial statements;
2) The Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, and
as required on long-term contracts including derivative contracts.
3) No amount was required to be transferred to the Investor Education
and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
Referred to in Paragraph 5 under the heading "Report on Other Legal and
Regulatory Requirements" as per our report of even date
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of Fixed
Assets;
(b)As explained to us, the fixed assets were physically verified during
the year by the Management in accordance with a regular programme of
verification which, in our opinion, provides for physical verification
of all fixed assets at reasonable intervals. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
(ii) (a) According to the information and explanations given to us, the
Company has conducted physical verification of inventory at year ended
31st March 2015.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the book records were not material and
have been properly dealt in the books of accounts.
(iii)According to the information and explanations given to us, the
Company has during the year not granted loans, secured or unsecured, to
Companies, Firms or other Parties Listed in the Register maintained
under Section 189 of the Companies Act, 2013. Accordingly, the
provisions of clause 3(iii)(a)&(b) of the Companies (Auditor Reports)
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 with regard
to purchase of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system. -
(v) According to the information and explanation given to us and the
records of the Company examined by us the company has not accepted any
deposits from the public hence provisions of sections 73 to 76 or any
other relevant provisions of the Companies Act and the rules framed
there under are not attracted
(vi) According to the information and explanations given to us by the
Management, the Central ' Government has not prescribed maintenance of
cost records under section 148(1) of the Companies Act, 2013.
(vii) (a) According to the information and explanation given to us and
the records of the Company examined by us, the Company is generally
regular in depositing the undisputed Statutory Dues including Provident
Fund, Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and
no other material Statutory Dues were outstanding at the year end for a
period of more than six months from the date they became payable.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Income Tax,
Service Tax, Wealth Tax, Sales Tax, Duty of Customs, and Duty of
Excise/Cess, which are outstanding as at 31st March, 2015, and have not
been deposited on account of any dispute.
(c) No amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
(viii) The Company does not have accumulated losses as at 31st March
2015 and it has not incurred cash losses during the current financial
year or in the immediately preceding financial year.
(ix) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in. repayment of dues to banks during the year. Further, the Company
has not taken any loans from any Financial Institutions nor issued any
debentures.
(x) 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 during the year.
(xi) The company has not availed of any term loan and hence there is no
requirement for compliance of term loans having been applied for the
purposes for which they were obtained.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the Management.
FOR DATTA SINGLA & CO.
CHARTERED ACCOUNTANTS
Place: Chandigarh FIRM REGN. NO. 006185N
Date : 28.05.2015 Sd/-
(MOHIT CHAWLA)
PARTNER
M. NO. 504889
Mar 31, 2014
1. Report on the Financial Statements
We have audited the accompanying financial statements of DEVINE IMPEX
LIMITED (Âthe CompanyÂ), which comprise the Balance Sheet as at
31st March , 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
The CompanyÂs Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 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.
Auditors'' Responsibility
3. 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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 auditorÂs 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 the internal control relevant to the
CompanyÂs preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entityÂs internal control. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Managemet as
well as evaluating the overall presentation of the financial
statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion. .
6. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2014;
(b) in the case of the 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
7. As required by the Companies (AuditorÂs Report) Order, 2003 as
amended by the Companies (AuditorÂs Report) (Amendment) Order, 2004,
(Âthe OrderÂ) 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.
8. 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 accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the 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 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 clause (g) of
sub-section (1) of section 274(l)(g) of the Act.
Referred to in Paragraph 7 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of Fixed
Assets ;
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) According to the information and explanations given to us, the
Company has conducted physical verification of inventory at year end on
31st march 2014.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the book records were not material and
have been properly dealt in the books of accounts.
(iii) According to the information and explanations given to us, the
Company has during the year neither granted nor taken any loans,
secured or unsecured, to/from Companies, Firms or other Parties Listed
in the Register maintained under Section 301 of the Companies Act,
1956.
(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 with regard
to purchase of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
(v) (a) In our opinion and according to the information and explanation
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 explanation
given to us, the transaction made in pursuance of such contracts or
arrangements and exceeding the value of five lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time
except for the purchases of certain items of inventories which are for
CompanyÂs specialized requirements and similarly for sale of certain
goods for the specialized requirements of the buyers and for which
suitable alternative sources are not available to obtain comparable
quotations. However, on the basis of information and explanation
provided, the same appear reasonable.
(vi) In our opinion, and according to the information and explanation
given to us, the Company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1875.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956.
(ix) (a) According to the information and explanation given to us and
the records of the Company examined by us, the Company is generally
regular in depositing the undisputed Statutory Dues including Provident
Fund, EmployeeÂs State Insurance, Income Tax, Service Tax, wealth
tax, customs duty, cess and no other material Statutory Dues were
outstanding at the year end for a period of more than six months from
the date they became payable.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Income Tax,
Service Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty/Cess,
which are outstanding as at 31st March, 2014, and have not been
deposited on account of any dispute, which are outstanding for a period
exceeding six months from the date they became payable.
(x) The Company does not have accumulated losses as at 31st March 2014
and it has not incurred cash losses during the current financial year
or in the immediately preceding financial year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to banks during the year. Further, the Company
has not taken any loans from any Financial Institutions or banks or not
issued any debentures.
(xii) According to the information and explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (AuditorÂs Report) Order 2003 are not applicable to the
company.
(xiv) The Company is dealing and trading in shares, securities,
debentures and other investments and has maintained proper records of
sale and purchase of securities, shares, debentures and investment. The
investments are held by the company in its own name except to the
extent exempted under section 49 of the Act.
(xv) In our opinion and 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 during the year.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis, the company has not availed of any
term loan and hence there is no requirement for compliance of term
loans having been applied for the purposes for which they were
obtained.
(xvii) On the basis of an overall examination of the Balance Sheet and
Cash Flow Statement of the Company, in our opinion and according to the
information and explanations given to us, there are no funds raised on
short-term basis, which have been used for long-term investment other
than temporary deployment pending application.
(xviii) 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.
(xix) According to the information and explanation given to us, the
Company has not issued any debentures during the year.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the Management.
FOR DATTA SINGLA & CO.
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 006185N
Sd/-
MOHIT CHAWLA
Place; Chandigarh PARTNER
Dated : 28.05.2014 M.NO. 504889
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of DEVINE IMPEX
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March , 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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 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 the
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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the State of Affairs of the
Company, as at 31st March, 2013;
(b) in the case of the 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
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. 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, 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 comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act. ''
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
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
1 In respect of its Fixed Assets:
(a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals during the year under review
and no material discrepancies were noticed in the said verification.
(c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2 In respect of its Inventory:
(a) Physical verification of inventory has been conducted by the
management during the year and in our opinion, the frequency of
verification was reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the book records were not material and
have been properly dealt with in the books of accounts.
3.
(a) i.The Company had granted unsecured loans to its 100% Subsidiary
Company, listed in the register maintained under Section 301 of the
Companies Act 1956. The yearend balance of such loan was Rs. Nil
(Previous year Rs. 239.05 lacs), maximum amount involved during the
year was Rs. 239.05 lacs (Previous year Rs. 241.21 lacs).
ii. In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of
such loan were not prima facie prejudicial to the interests of the
Company.
iii. As per information and explanations given to us, payment of the
principal amount and interest were regular as the said loan was
repayable on demand alongwith interest due thereon.
b) In our opinion and according to the information and explanations
given to us, the Company has not accepted unsecured loans from parties
listed in the register maintained under Section 301 of the Companies
Act 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of raw materials and plant & machinery, and
also for the sale of goods and services. Further, on the basis of our
examination of the 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 weaknesses in the aforesaid internal control system.
5 (a) In our opinion and according to the information and explanation
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 explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs. 5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company''s specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the Company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
8 The Central Government has not prescribed maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956.
9 (a) The Company has been regular in depositing undisputed statutory
dues including provident fund, employees'' state " wealth tax, customs
duty, service tax, excise duiy, cess emu uuici maieum suuuiory dues as
applicable with the appropriate authorities in India and has generally
been regular in depositing undisputed statutory dues including tax
deducted at source with the appropriate authorities. We are informed
that there are no undisputed statutory dues as at the end outstanding
for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Income Tax,
Service Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty/Cess,
which are outstanding as at 31st March, 2013, and have not been
deposited on account of any dispute, which are outstanding for a period
exceeding six months from the date they became payable.
10 The Company does not have accumulated losses as at 31st March 2013
and it has not incurred cash losses during the current financial year
or in the immediately preceding financial year.
11 According to the records of the-Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12 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 Company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor''s Report) Order 2003 are not applicable to the
company.
14 The Company is dealing and trading in shares, securities, debentures
and other investments and has maintained proper records of sale and
purchase of securities, shares, debentures and investment. The
investments are held by the company in its own name except to the
extent exempted under section 49 of the Act.
15 In our opinion and 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 during the year.
16 In our opinion and according to the information and explanations
given to us, on an overall basis, the company has not availed of any
term loan and hence there is no requirement for compliance of term
loans having been applied for the purposes for which they were
obtained.
17 According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18 The Company has not made any preferential allotment of shares during
the year to parties and companies covered in the Register maintained
under section 301 of the Act.
19 The Company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20 The Company has not raised any money by way of public issue during
the year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given, to us, we have neither come across any instance of fraud on or
by the Company, noticed or reported during the year, nor have we been
inf omied of any such case by the management.
FOR DATTA SINGLA & CO.
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 006I85N
Sd/-
APURVBANSAL PARTNER
Place: Chandigarh M. NO. 523484
Dated: 30.05.2013
Mar 31, 2011
We have audited the attached Balance Sheet of Devine Impex Limited as
at 31st March, 2011 and also the Profit and Loss Account and 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.
1. 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
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Ministry of Corporate Affairs in terms of Section 227 (4A) of
the Companies Act, 1956 we enclose in the annexure a statement on the
matters specified in paragraph 4 & 5 of said order:
3. Further to our comments in the annexure referred to in paragraph
(1) above, we report that: -
a) We have obtained all the information and explanation 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 the
books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Profit and Loss Account
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956, subject to Notes on Accounts
forming part of Balance Sheet.
e) As per information and explanation given to us, none of the
directors of the company is disqualified from being appointed as a
Director in terms of clause (g) of subsection (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
i) In the case of the Balance Sheet of the State of Affairs of the
Company as at 31st March, 2011 and
ii) In the case of the Profit and Loss account, of the Loss of the
Company for the year ended on that date.
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT TO THE MEMBERS OF
DEVINE IMPEX LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH
2011.
1 (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at the reasonable intervals during the year under
review and no material discrepancies were noticed in the said
verification.
(c) During the year, the Company has not disposed off substantial part
of the productive fixed assets.
2(a) Physical verification of inventory has been conducted by the
management during the year and in our opinion, the frequency of
verification was reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is mamtaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the book records were not material and
have been properly dealt with in the books of accounts.
3. (a) The Company has granted and taken loans, secured or unsecured
from Companies, Firms and other Parties Listed in the register
maintained under Section 301 of the Companies Act 1956.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of
such loans are not prima facie prejudicial to the interests of the
Company.
c) As there is no stipulation regarding repayment of loans and
advances, we are unable to comment whether payment of the principal
amount and interest are regular or not.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of stores, raw materials including
the plant & machinery, vehicles, equipment and other assets and for the
sale of goods and services. Further, on the basis of our examination of
the 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 weaknesses in the
aforesaid internal control system.
5 (a) In our opinion and according to the information and explanation
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 explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs. 5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Company's specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the Company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
8 No cost records have been prescribed by the Central Government under
Section 209(1) (d) of the Companies Act, 1956.
9(a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing the undisputed statutory dues including
provident fund, investor education and protection fund, employees state
insurance, income-tax, sales-tax, wealth tax, customs duty, service
tax, excise duty, cess and other material statutory dues as applicable
with the appropriate authorities in India.
(b) According to the information and explanation given to us and
records of the Company examined by us, there are no dues of Service
Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty, which are
outstanding as at 31st March, 2011, which have not been deposited on
account of any dispute.
10 The Company has accumulated losses of Rs. 54.99 lacs as at 31st
March 2011. The Company has incurred cash losses during the financial
year ended 31.03.2011 as well as in the immediately preceding financial
year.
11 According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12 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 Company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor's Report) Order 2003 are not applicable to the
company.
14 The Company is dealing and trading in shares, securities, debentures
and other investments and has maintained proper records of sale and
purchase of securities, shares, debentures and investment.
15 In our opinion and 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 during the year.
16 In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17 According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18 During the year the Company has not made any preferential allotment
of shares to parties, firms and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20 The Company has not raised any money by way of public issue during
the year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
FOR DATTA SINGLA & CO.
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 006185N
(YOGESH MONGA)
PARTNER
M. NO. 99813
PLACE: CHANDIGARH
DATE : 03.09.2011
Mar 31, 2010
We have audited the attached Balance sheet of Devine Impex Limited as
at 31st March, 2010 and also the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with 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
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Ministry of Corporate Affairs in terms of Section 227 (4A) of
the Companies Act, 1956 we enclose in the annexure A statement on the
matters specified in paragraph 4 & 5 of said order:
3. Further to our comments in the annexure referred to in paragraph
(1) above, we report that: -
a) We have obtained all the information and explanation 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 the
books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are jn agreement with the books of accounts.
d) In our opinion, the balance sheet and the profit and loss account
comply with the Accounting Standards referred to in sub section (3Q of
section 211 of the companies Act, 1956, subject to Notes on Accounts
forming part of Balance Sheet.
e) As per information and explanation given to us, none of the
directors of the company is disqualified from being appointed as a
Director in terms of clause (g) of subsection (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
i) In the case of the Balance Sheet of the State of affairs of the
company as at 31st March, 2010 and
ii) In the case of the Profit and Loss account, of Profit of the
company for the year ended on that date.
iii) In case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE A REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF THE AUDITORS TO
THE MEMBERS OF DEVINE IMPEX LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH 2010.
1 (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at the reasonable intervals during the year under
review and no material discrepancies were noticed in the said
verification.
(c) During the year, the company has not disposed off substantial part
of the productive fixed assets.
2(a) Physical verification of inventory has been conducted by the
management during the year and in our opinion, the frequency of
verification was reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are adequate in relation to the
size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification
between the physical stocks and the books/records were not material and
have been properly dealt in the books of accounts.
3.(a) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans, secured or
unsecured to Companies, Firms and other Parties Listed in the register
maintained under Section 301 of the Companies Act 1956.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loans, secured or unsecured
from Companies, Firms and otht r Parties Listed in the register
maintained under Section 301 of the Companies Act 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of stores, raw materials including
the plant & machinery, vehicles, equipment and other assets and for the
sale of goods and services. Further, on the basis of our examination of
the 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 weaknesses in the
aforesaid internal control system.
5 (a) In our opinion and according to the information and explanation
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 explanation
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs. 5 lakh with any party during the year, have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time except for the purchases of certain items of
inventories which are for Companys specialized requirements and
similarly for sale of certain goods for the specialized requirements of
the buyers and for which suitable alternative sources are not available
to obtain comparable quotations. However, on the basis of information
and explanations provided, the same appear reasonable.
6. In our opinion and according to the information and explanations
given to us, the company has not invited any deposits from public
attracting the provisions of sections 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules,1975.
7 In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8 No cost records have been prescribed by the Central Government under
section 209(1) (d) of the Companies Act, 1956.
9(a) According to the information and explanations given to us, the
Company is generally regular in depositing the income tax and no other
duty is applicable on the Company like provident fund, investor
education and protection fund, employees state insurance, sales-tax,
wealth tax, customs duty, service tax, excise duty, cess etc.
(b) We have been informed that there are no undisputed statutory dues
as at 31st March, 2010, outstanding for a period of more than six
months from the date they became payable.
10 The company has accumulated losses of Rs. 53.62 lacs as at 31st
March 2010. The Company has incurred cash losses during the financial
year ena ed 31.03.2010 as well as in the immediately preceding
financial year.
11 According to the records of the company examined by us and the
information and explanations given to us, the company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12 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 company is not a chit fund or a nidhi or a mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order 2003 are not applicable to the
company.
14 The Company is dealing and trading in shares, securities, debentures
and other investments and has maintained proper records of sale and
purchase of securities, shares, debentures and investment.
15 In our opinion and 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 during the year.
16 In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes . for which they were obtained.
17 According to the information and explanation given to us and based
on overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long term investment other than temporary deployment
pending application.
18 During the year the company has not made any preferential allotment
of shares ! o parties, firms and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures during the year and there
are no debentures outstanding as at the year end.
20 The company has not raised any money by way of public issue during
the year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
FOR DATTA SINGLA & CO.
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 006185N
(YOGESH MONGA)
PARTNER
M. NO. 99813
PLACE: CHANDIGARH
DATE: 04.09.2010