Mar 31, 2015
We have audited the accompanying financial statements of Excel
Castronics Limited, which comprise the Balance Sheet as at 31 March
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.
As required by the Companies (Auditor's Report) Order 2015 issued by
Government of India in terms of Section 143 (11) of the Companies Act,
2013, we enclose herewith in annexure.
Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the matters 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
hereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the 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 written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
I. The Company does not have any pending litigations which would impact
its financial position.
II. The Company did not have any long term contacts including
derivative contacts for which there were any material foreseeable
losses.
III. There were no amount which are required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditors' Report to the
members of Excel Castronics Limited for the year ended 31st March 2015,
we report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
ii. The physical verification of the inventories has been conducted at
reasonable interval by the management.
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.
The company has maintained proper records of inventory and no material
discrepancies were noticed on such physical verification and the same
have been properly dealt with in the books of accounts.
iii. (a) The Company has granted loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013 ('the Act').
(b) Receipt of principal amount and rate of interest on such loan are
regular.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
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 fixed assets and sale of services. The activities of the
Company do involve purchase of inventory and the sale of goods. We have
not observed any major weakness in the internal control system during
the course of the audit.
v. The Company has not accepted any deposits from the public.
vi. We are informed that maintenance of cost records has not been
prescribed by the Central Government U/s 148 of the Act.
vii. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(c) No amount are required to be transferred to investor education and
protection fund in accordance with the relevance provisions of the
Companies Act, 2013 and rules made there under.
viii. In our Opinion, The Company does not have any accumulated losses
at the end of the financial year and has not incurred cash losses in
the financial year and in the immediately preceding financial year.
ix. The Company did not have any outstanding dues to financial
institutions, banks or Debenture holders during the year.
x. In our opinion and according to the information and the explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xi. The Company did not have any term loans outstanding during the
year.
xii. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For, Arpan Chudgar & Associates
Chartered Accountants
FRN: 133877W
(CA. Arpan Chudgar)
Proprietor
M. No. 131876
Place: Ahmedabad
Date: 30.05.2015
Mar 31, 2014
We have audited the attached Balance-Sheet of EXCEL CASTRONICS LIMITED
(EARLIER KNOWN AS AHMEDABAD GASES LIMITED), as on 31st March 2014 and
the Profit & Loss Account for the year ended on that date annexed
thereto. These financial statements are the responsibility of Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("The Act") (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular 15/
2013 dated 13th September, 2013 of the Ministry of Corporate Affairs)
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
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s Judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 Balance-Sheet, of the state of affairs of the company
as at 31st March, 2014; and
b) in the case of the Profit & Loss Account, of the PROFIT for the year
ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies Auditors'' Order, 2003 issued by the
Central Government of India in terms of Sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from examination of the
books;
iii) The Balance-Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
v) On the basis of the written representations received from the
directors of the company as at March 31, 2014 and taken on record by
the board of directors, we report that no director is disqualified as
on 31st March 2014 from being appointed as director of the company
under clause (g) of sub-section (1) of section 274 of the Companies''
Act, 1956;
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
(Referred to in paragraph 1 of "Report on Other Legal and regulatory
Requirements" of our report of even date.)
(i) Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management during the year has physically verified at the fixed
assets. According to the information and explanations given to us,
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, Company has not disposed of any substantial /
major part of fixed assets.
(ii) In respect of Inventories :
(a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion the frequency of
verification is reasonable.
(b) In our opinion and as per information and explanations given to us,
the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) As per the information and explanations given to us and on the
basis of documents provided to us, we opine that the Company is
maintaining proper records of inventory and no material discrepancies
were noticed during the year.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The company has not granted any loans to any parties who are
covered in the Register, maintained under section 301 of the Companies
Act, 1956 during the current as well as preceding financial year. The
Company has not accepted loan from the Company which is covered under
section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions of above
loans given or taken by the Company, secured or unsecured, are not
prima facie prejudicial to the interest of the Company.
(c) As the Company has not granted any loans this clause is not
applicable.
(d) As the Company has not taken or granted any loans this clause is
not applicable.
(iv) In our opinion and as per 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
(v) In respect of contracts or arrangements covered under Section 301
of the Companies Act, 1956:
(a) In our opinion and as per information and explanations given to us,
transactions that need to be entered into a register in pursuance of
section 301 of the Act, have been so entered;
(b) In our opinion and as per information and explanations given to us,
the transactions exceeding Rupees five lakh each have been made at
prices, which are reasonable having regard to the prevailing market
prices at the relevant time;
(This information is required only in case of transactions exceeding
the value of five lakh rupees in respect of any party and in any one
financial year)
(vi) In our opinion and as per information and explanations given to
us, the Company has complied with the provisions of Sec. 58A and 58AA
of the Companies Act, 1956 and rules framed there under with regard to
deposits accepted from public.
(vii) As per the information and explanations given to us, the company
is yet to set up a formal internal audit system commensurate with the
size of the Company and nature of its business. We are also informed
that the day-to-day activities of the company are under direct control
and supervision of directors of the company.
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) In respect of Statutory Dues :
(a) According to the records of the Company, the company has been
regular in depositing undisputed statutory dues, including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
statutory dues with the appropriate authorities during the year.
(b) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., where in arrears
as at 31st March, 2014 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales
Tax, Income Tax, Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc.,
which have not been deposited on account of any dispute.
(x) The Company does not have accumulated losses exceeding fifty
percent of its net worth at the end of the year. The Company has not
incurred cash losses during the current financial year. However, during
the last year there was cash loss.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to a financial
institution or bank or debenture holders.
(xii) According to the records, of the Company and information and
explanations 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 provisions of any Special Statute applicable to Chit Fund,
Nidhi Fund or any Mutual Benefit/ Societies are not applicable to the
Company.
(xiv) Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company has not entered into transactions and contracts of dealing
in shares and securities so this clause is not applicable.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xvi) As explained to us and on the basis of the records provided to
us, Company has not availed any Term Loan Facility during the year.
(xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have , prima facie, not
been used during the year for long term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956, during the year so the clause
is not applicable to the Company.
(xix) The Company has not issued debenture during the year so the
clause is not applicable to the Company.
(xx) The Company has not raised money by any public issues during the
year so the clause is not applicable to the Company.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
Place: Ahmedabad for SAMIR M. SHAH & ASSOCIATES
Date: 29/05/2014 CHARTERED ACCOUNTANTS
FIRM REG. No.: 122377W
SAMIR M. SHAH
(PARTNER)
MEMBERSHIP No.: 111052
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance-Sheet of EXCEL CASTRONICS LIMITED
(EARLIER KNOWN AS AHMEDABAD GASES LIMITED)., as on 31st March 2013 and
the Profit & Loss Account for the year ended on that date annexed
thereto. These financial statements are the responsibility of Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
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.
Opinion
In our opinion and to the best of our information and according to the
explanation given to us, the accounts, read together with Notes thereon
mentioned in, give the information required by the Companies Act, 1956,
in the manner so required and gives a true and fair view in conformity
with the accounting principles generally accepted in India.:
a) in the case of Balance-Sheet, of the state of affairs of the company
as at 31st March, 2013; and
b) in the case of the Profit & Loss Account, of the PROFIT for the year
ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies Auditors'' Order, 2003 issued by the
Central Government of India in terms of Sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from examination of the
books;
iii) The Balance-Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account;
iv) In our opinion, the Profit & 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.
v) on the basis of written representations received from the directors
of the company as at
March 31, 2013 and taken on record by the board of directors, we report
that no director is disqualified as on 31st March 2013 from being
appointed as director of the company under clause (g) of sub-section
(1) of section 274 of the Companies'' Act, 1956;
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
(Referred to in paragraph 1 of "Report on Other Legal and regulatory
Requirements" of our report of even date.)
(i) Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management during the year has physically verified at the fixed
assets. According to the information and explanations given to us,
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, Company has not disposed of any substantial /
major part of fixed assets.
(ii) In respect of Inventories :
(a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion the frequency of
verification is reasonable.
(b) In our opinion and as per information and explanations given to us,
the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) As per the information and explanations given to us and on the
basis of documents provided to us, we opine that the Company is
maintaining proper records of inventory and no material discrepancies
were noticed during the year.
(iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The company has not granted any loans to any parties who are
covered in the Register, maintained under section 301 of the Companies
Act, 1956 during the current as well as preceding financial year. The
Company has not accepted loan from the Company which is covered under
section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions of above
loans given or taken by the Company, secured or unsecured, are not
prima facie prejudicial to the interest of the Company.
(c) As the Company has not granted any loans this clause is not
applicable.
(d) As the Company has not taken or granted any loans this clause is
not applicable.
(iv) In our opinion and as per 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
(v) In respect of contracts or arrangements covered under Section 301
of the Companies Act, 1956:
(a) In our opinion and as per information and explanations given to us,
transactions that need to be entered into a register in pursuance of
section 301 of the Act, have been so entered;
(b) In our opinion and as per information and explanations given to us,
the transactions exceeding Rupees five lakh each have been made at
prices, which are reasonable having regard to the prevailing market
prices at the relevant time;
(This information is required only in case of transactions exceeding
the value of five lakh rupees in respect of any party and in any one
financial year)
(vi) In our opinion and as per information and explanations given to
us, the Company has complied with the provisions of Sec.58 A and 58AA
of the Companies Act, 1956 and rules framed there under with regard to
deposits accepted from public.
(vii) As per the information and explanations given to us, the company
is yet to set up a formal internal audit system commensurate with the
size of the Company and nature of its business. We are also informed
that the day-to-day activities of the company are under direct control
and supervision of directors of the company.
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) In respect of Statutory Dues :
(a) According to the records of the Company, the company has been
regular in depositing undisputed statutory dues, including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
statutory dues with the appropriate authorities during the year.
(b) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., where in arrears
as at 31st March, 2013 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., which have not
been deposited on account of any dispute.
(x) The Company does not have accumulated losses exceeding fifty
percent of its net worth at the end of the year. The Company has not
incurred cash losses during the current financial year. However, during
the last year there was cash loss.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to a financial
institution or bank or debenture holders.
(xii) According to the records, of the Company and information and
explanations 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 provisions of any Special Statute applicable to Chit Fund,
Nidhi Fund or any Mutual Benefit/ Societies are not applicable to the
Company.
(xiv) Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company has not entered into transactions and contracts of dealing
in shares and securities so this clause is not applicable.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xvi) As explained to us and on the basis of the records provided to
us, Company has not availed any Term Loan Facility during the year.
(xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have , prima facie, not
been used during the year for long term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act,1956, during the year so the clause is
not applicable to the Company.
(xix) The Company has not issued debenture during the year so the
clause is not applicable to the Company.
(xx) The Company has not raised money by any public issues during the
year so the clause is not applicable to the Company.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
Place : Ahmedabad For SAMIR M. SHAH & ASSOCIATES
Date : 30/05/2013 CHARTERED ACCOUNTANTS
FIRM REG. No.: 122377W
SAMIR M. SHAH
(PARTNER)
MEMBERSHIP No.: 111052
Mar 31, 2012
We have audited the attached Balance-Sheet of AHMEDABAD GASES LTD., as
on 31st March 2012 and the Profit & Loss Account for the year ended on
that date annexed thereto. These financial statements are the
responsibility of Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with 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.
As required by the Companies Auditors' Order, 2003 issued by the
Central Government of India in terms of Sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from examination of the
books;
iii) The Balance-Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account;
iv) In our opinion, the Profit & 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 except AS - 15 (Revised) as
mentioned in accounting policy
v) on the basis of written representations received from the directors
of the company as at March 31, 2012 and taken on record by the board of
directors, we report that no director is disqualified as on 31st March
2012 from being appointed as director of the company under clause (g)
of sub-section (1) of section 274 of the Companies' Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanation given to us, the accounts, read together with Notes
thereon mentioned in, Schedule 15 specifically Note No 17 give the
information required by the Companies Act, 1956, in the manner so
required and gives a true and fair view in conformity with the
accounting principles generally accepted in India.:
a) in the case of Balance-Sheet, of the state of affairs of the company
as at 31st March, 2012;and
b) in the case of the Profit & Loss Account, of the LOSS for the year
ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN THE AUDITORS REPORT TO THE SHAREHOLDERS OF
AHMEDABAD GASES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH
2012
(i)
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management during the year has physically verified at the fixed
assets. According to the information and explanations given to us,
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, Company has not disposed of any substantial /
major part of fixed assets.
(ii)
(a) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable.
(b) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable.
(c) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable.
(iii)
(a) The company has not granted any loans to any parties who are
covered in the Register, maintained under section 301 of the Companies
Act, 1956 during the current as well as preceding financial year. The
Company has not accepted loan from the Company which is covered under
section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions of above
loans given or taken by the Company, secured or unsecured, are not
prima facie prejudicial to the interest of the Company.
(c) As the Company has not granted any loans this clause is not
applicable.
(d) As the Company has not taken or granted any loans this clause is
not applicable.
(iv)
In our opinion and as per 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
(v)
(a) In our opinion and as per information and explanations given to us,
transactions that need to be entered into a register in pursuance of
section 301 of the Act, have been so entered;
(b) In our opinion and as per information and explanations given to us,
the transactions exceeding Rupees five lakh each have been made at
prices, which are reasonable having regard to the prevailing market
prices at the relevant time;
(This information is required only in case of transactions exceeding
the value of five lakh rupees in respect of any party and in any one
financial year)
(vi)
In our opinion and as per information and explanations given to us, the
Company has complied with the provisions of Sec.58 A and 58AA of the
Companies Act, 1956 and rules framed there under with regard to
deposits accepted from public.
(vii)
As per the information and explanations given to us, the company is yet
to set up a formal internal audit system commensurate with the size of
the Company and nature of its business. We are also informed that the
day-to-day activities of the company are under direct control and
supervision of directors of the company.
(viii)
The maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
(ix)
(a) According to the records of the Company, the company has been
regular in depositing undisputed statutory dues, including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
statutory dues with the appropriate authorities during the year.
(b) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., where in arrears
as at 31st March, 2012 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., which have not
been deposited on account of any dispute.
(x)
The accumulated losses of the Company at the end of the year are more
than fifty percent of its net worth. The Company has incurred cash
losses during the current financial year. However, during the last
year there was no cash loss.
(xi)
Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to a financial
institution or bank or debenture holders.
(xii)
According to the records, of the Company and information and
explanations 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 provisions of any Special Statute applicable to Chit Fund, Nidhi
Fund or any Mutual Benefit/ Societies are not applicable to the
Company.
(xiv) Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company has not entered into transactions and contracts of dealing
in shares and securities so this clause is not applicable.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xvi) As explained to us and on the basis of the records provided to
us, Company has not availed any Term Loan Facility during the year.
(xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have , prima facie, not
been used during the year for long term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act,1956, during the year so the clause is
not applicable to the Company.
(xix) The Company has not issued debenture during the year so the
clause is not applicable to the Company.
(xx) The Company has not raised money by any public issues during the
year so the clause is not applicable to the Company.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
Place : Ahmedabad For SAMIR M. SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REG. No.: 122377W
Date : 02nd July, 2012 SAMIR M. SHAH
(PARTNER)
MEMBERSHIP No.: 111052
B-516, Gopal Palace,
Nr. Shiromani Flates,
Opp. Ocean Park,
Satellite Road, Ahmedabad-380015.
Mar 31, 2010
We have audited the attached Balance Sheet of AHMEDABAD GASES LTD., as
on 31st March 2010 and the Profit & Loss Account for the year ended on
that date annexed thereto. These financial statements are the
responsibility of Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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.
As required by the Companies Auditors Order, 2003 issued by the Central
Government of India in terms of Sub-section (4A) of section 227 of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from examination of the
books;
iii) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of account;
iv) In our opinion, the Profit & 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 except AS - 15 (Revised) as
mentioned in accounting policy;
v) on the basis of written representations received from the directors
of the company as at March 31, 2010 and taken on record by the board of
directors, we report that no director is disqualified as on 31st March
2010 from being appointed as director of the company under clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanation given to us, the accounts, read together with Notes
thereon mentioned in, Schedule 15 give the information required by the
Companies Act, 1956, in the manner so required and gives a true and
fair view in conformity with the accounting principles generally
accepted in India.:
a) in the case of Balance-sheet, of the state of affairs of the company
as at 31st March, 2010; and
b) in the case of the Profit & Loss Account, of the LOSS for the year
ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date
ANNEXURE REFERRED TO IN THE AUDITORS REPORT TO THE SHAREHOLDERS OF
AHMEDABAD GASES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH
2010
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The management during the year has physically verified at the fixed
assets. According to the information and explanations given to us,
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 Company has not disposed of any substantial /
major part of fixed assets.
(ii) (a) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable.
(b) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable,
(c) As the Company has no business in the Financial Year and hence
Inventory is not there with the company this clause is not applicable.
(iii) (a) The company has not granted any loans to any parties who are
coveted in the Register, maintained under section 301 of the Companies
Act, 1956 during the current as well as preceding financial year. The
Company has not accepted loan from the Company which is covered under
section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions of above
loans given or taken by the Company, secured or unsecured, are not
prima facie prejudicial to the interest of the Company
(c) As the Company has not granted any loans this clause is not
applicable.
(d) As the Company has not taken or granted any loans this clause is
not applicable.
(iv) In our opinion and as per 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 put chase of inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
(v) (a) In our opinion and as per information and explanations given to
us, transactions that need to be entered into a register in pursuance
of section 301 of the Act, have been so entered;
(b) In our opinion and as per information and explanations given to us,
the transactions exceeding Rupees five lakh each have been made at
prices, which are reasonable having regard to the prevailing market
prices at the relevant time;
(This information is required only in case of transactions exceeding
the value of five lakh rupees in respect of any partv and in any one
financial year)
(vi) In our opinion and as per information and explanations given to
us, the Company has complied with the provisions of Sec. 58 A and 58AA
of the Companies Act, 1956 and rules framed there under with regard to
deposits accepted from public.
(vii) As per the information and explanations given to us, the company
is yet to set up a formal internal audit system commensurate with the
size of the Company and nature of its business, We are also informed
that the day-to-day activities of the company are under direct control
and supervision of directors of the company.
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) (a) According to the records of the Company, the company has been
regular in depositing undisputed statutory dues, including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
statutory dues with the appropriate authorities during the year.
(b) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., where in arrears
as at 31st March, 2010 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations provided to us there
were no undisputed demands payable in respect of Sales Tax, Income Tax,
Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., which have not
been deposited on account of any dispute.
(x) The accumulated losses of the Company at the end of the year are
more than fifty percent of its net worth. The Company has not incurred
cash losses during the current as well as preceding financial year.
(xi)Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to a financial
institution or bank or debenture holders.
(xii) According to the records, of the Company and information ana
explanations given to us, the company has not granted loans and
advancers on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi Fund or any Mutual Benefit/ Societies are not applicable to the
Company.
(xiv) Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company has not entered into transactions and contracts of dealing
in shares and securities so this clause is not applicable.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xvi) As explained to us and on the basis of the records provided to
us, Company has not availed any Term Loan Facility during the year.
(xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have , prima facie, not
been used during the year for long term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956, during the year so the clause
is not applicable to the Company.
(xix) The Company has not issued debenture during the year so the
clause is not applicable to the Company.
(xx) The Company has not raised money by any public issues during the
year so the clause is not applicable to the company.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Samir M. Shah & Associates
Chartered Accountants
(Samir M Shah)
Proprietor
Place : Ahmedabad
Date : 04th September, 2010