Mar 31, 2015
We have audited the accompanying Standalone financial statements of
"GOLDCOIN HEALTH FOODS LIMITED" which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss for the year then
ended, Cash flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Managements' Responsibility for Standalone 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.
Auditor's 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 performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) in case of Cash Flow Statement for the year ended 31st March 2015.
Emphasis of Matter:
There is no such matter came across to put emphasis on during the
course of our Audit.
Report on Other Legal and Regulatory Requirements.
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
comply with the Accounting Standards referred to in section 133 of the
Act read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) In our Opinion and Explanation provided to us, to the best of our
knowledge and belief there is not any financial transaction that affect
adversely on the functioning of the company.
f) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Companies Act, 2013.
g) To the best of our knowledge and belief and explanation provided to
us Financial Control System in place are adequate and it is operating
effectively.
h) With respect to other matters to be included in auditor's report in
accordance with Rule 11 of Companies ( Audit and Auditors) Rule, 2014;
in our opinion and to the best of our information and according to the
explanation provided to us:
a. It may be noted that at present, no Rules relating to the amount of
cess for rehabilitation or revival or protection of assets of sick
industrial companies, payable by a company under section 269 of the Act
have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
b. The company does not have any pending litigations which would
impact on financial position
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In Respect of the Fixed Assets:
a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated.
b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
c) No substantial parts of the fixed assets have been disposed off
during the year
(ii) In respect of its Inventories:
a) There is No Inventories during the year.
(iii) In respect of Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; No need to maintain
Register under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of Contracts or arrangements referred to in Section 189
of the Companies Act, 2013:
According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered in into the
register maintained under section 189 of the Companies Act, 2013 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, since the company has not accepted any deposits from the
public the compliance with the provisions of sections 73 or any other
relevant provisions of the Act and the rules frame there under with
regard to the deposits accepted from the public are not applicable to
the company. No order has been passed by the applicable authorities.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31 st
March, 2015 for a period of more than six months from the date they
become payable.
(x) The company have accumulated losses of Rs. 14,26,685/-, during the
year company has not incurred any cash losses.
(xi) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2015 are not applicable to the company
(xii) In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2015 are not applicable to the
company.
(xiii) In our opinion the company is dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of the clause 4 (xiv) of CARO 2015 are applicable to the
company as regards dealing in or trading in shares, securities and
other investments. No records available for verification purpose.
(xiv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xv) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvi) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment.
(xvii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
189 of the Act.
(xviii) The company has not issued any debentures during the period
covered by our audit report.
(xix) The company has not made any public issue of shares during the
period covered by our audit report.
(xx) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For, Vishves A. Shah & Co.
Date : 30th May, 2015 Chartered Accountants
Place: Ahmedabad Firm No.l21356w
(Vishves A. Shah)
Proprietor
M. No. 109944
Mar 31, 2014
We have audited the accompanying financial statements of "GOLD COIN
HEALTH FOODS LTP.", which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit and Loss and the Cash How Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including 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.
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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash How Statement, of the cash flow for the year
ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In Respect of the Fixed Assets:
a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated.
b) The management physically verifies the fixed assets of the Company.
No materia] discrepancies were noticed on verification.
c) No substantial parts of the fixed assets have been disposed off
during the year.
(ii) In respect of its Inventories:
a) At the end of the year company has no inventory
(iii) In respect of Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; Register maintained
under section 301 of the Act.
b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of Contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered in into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each parly, so this provision is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, since the company has not accepted any deposits from the
public the compliance with the provisions of sections 58 A, 58AA or any
other relevant provisions of the Act and the rules frame there under
with regard to the deposits accepted from the public are not applicable
to the company. No order has been passed by the applicable authorities.
(vii) In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the products of the Company.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
March, 2014 for a period of more than six months from the date they
become payable.
(x) The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has opted for One Time Settlement Scheme for
repayment of dues to financial institutions or banks in earlier year.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company
(xiii) In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the clause 4
(xiv) of CARO 2003 are not applicable to the company as regards dealing
in or trading in shares, securities and other investments.
(xv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvii) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment.
(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 Act.
(xix) The company has not issued any debentures during the period
covered by our audit report.
(xx) The company has not made any public issue of shares during the
period covered by our audit report.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Date : 29th May, 2014 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No. 121356w
sd/-
(Vishves A. Shah)
Proprietor
M. No. 109944
Mar 31, 2013
We have audited the accompanying financial statements of "GOLD COIN
HEALTH FOODS LTD.", which comprise the Balance Sheet as at March 31,
2013, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including 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.
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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
GOLD COIN HEALTH FOODS LTD
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In Respect of the Fixed Assets:
a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated.
b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
c) No substantial parts of the fixed assets have been disposed off
during the year.
(ii) In respect of its Inventories:
a) At the end of the year company has no inventory
(iii) In respect of Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; Register maintained
under section 301 of the Act.
b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of Contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered in into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, since the company has not accepted any deposits from the
public the compliance with the provisions of sections 58A, 58AA or any
other relevant provisions of the Act and the rules frame there under
with regard to the deposits accepted from the public are not applicable
to the company. No order has been passed by the applicable authorities.
(vii) In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the products of the Company.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31st
March, 2013 for a period of more than six months from the date they
become payable.
(x) The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has opted for One Time Settlement Scheme for
repayment of dues to financial institutions or banks in earlier year.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company
(xiii) In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the clause 4 (xiv) of CARO 2003 are not applicable to the
company as regards dealing in or trading in shares, securities and
other investments.
(xv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvii) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment.
(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 Act.
(xix) The company has not issued any debentures during the period
covered by our audit report.
(xx) The company has not made any public issue of shares during the
period covered by our audit report.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Date : 30th May, 2013 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No.121356w
(Vishves A. Shah)
Proprietor
M. No. 109944
Mar 31, 2012
We have audited the attached Balance Sheet of GOLDCOIN HEALTH FOODS
LIMITED as at March 31, 2012 and also the Statement of profit and loss
of the Company for the year ended on that date. These Financial
Statement are the responsibility of the Company's management. Our
Responsibility is to express as opinion on the Financial statement
based on our audit.
1. We conducted our audit in accordance with the accounting standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statement are free from any material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. As audit also includes,
assessing the accounting principles used and significant estimate mode
by management, as well as evaluating the overall presentation of the
financial statements. 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 Company Law Board 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 and 5 of the said order, to the extent
applicable to company.
3. Further to our comments in the Annexure referred to in paragraph 1
above :
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account as required by law have
been dept by the company so far as appears from our examination of the
books.
(c) The Balance Sheet and Statement of Profit and Loss Account dealt
with by this report are in agreement with the books of account.
(d) In our opinion, the Statement of Profit & Loss Account and Balance
Sheet comply with the Accounting slandered referred to in sub - section
3(c) of section 211 of the companies act 1956.
(e) On the basis of written representation received from the directors
as at 31-3- 2012 & take on record by Board of Directors we report that
none of Directors is disqualified as on 31-3-2012 from being appointed
as director in terms of clause(q) of sub-section(1) of section 274 of
company act, 1956.
4. 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 in conformity with the accounting principles
generally accepted in India.
(1) In the case of the Balance Sheet of the state of affairs of the
Company asset March 31, 2012.
(2) In the case of the Statement of Profit and Loss Account, of the
Loss for the year ended as on that date.
ANNEXURE TO THE AUDITORS REPORT
1. In respect of its fixed assets :
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in phased periodical manner, which in
our opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c. In our opinion, the Company has not disposed off the substantial
part of fixed assets during the year and the going concern status of
the Company is not affected.
2. In respect of its inventories :
a. as explained to us, inventories have been physically verified by the
management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. 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 Company Act, 1956 :
a. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
b. There is no overdue amount in respect of loans taken by the Company.
(In respect of loans given by the Company, these are repayable on
demand and therefore the question of overdue amount does not arise.)
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate to the size of the company and the nature of its business
for the purchase of inventory, fixed assets and also for the sale of
goods. During the course of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transaction covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts and
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees five lacs only) or more in respect of any party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its 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 in respect
of certain manufacturing activities of the Company.
9. In respect of statutory dues :
a. According to the records of the Company, undisputed statutory dues
including, Provident Fund, Employees' State Insurance, Income - Tax,
Sales - Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for the period of more than six
months from the date of becoming payable.
b. The disputed statutory dues aggregating to Rs. Nil, that have not
been deposited on account of matters pending before appropriate
authorities are as under :
10. The company has accumulated losses Rs. 25.51 lacs
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or nidhi / mutual
benefit fund/society. Therefore, clause 4 (iii) of the Companies
(Auditor's Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments and timely entries have been made
therein. All share, debentures and other investments have been held by
the Company in its own name.
15. The Company has not given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to tus, we are of the opinion that the terms and
conditions thereof are not prime - facie prejudicial to the interests
of the Company.
16. The Company has not raised nay new term loans during the year. The
term loans outstanding at the beginning of the year were applied for
the purposes of for which they were raised.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are o the
opinion that the Company has not utilized short term sources towards
repayment of long - term borrowings and acquisition for fixed assets.
18. During the year, 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.
19. The Company has created securities in respect of debentures issued.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed to reported
during the year, that causes the financial statements to be materially
misstated.
For, JOSHI Shah & Associates
Chartered Accountants
(Manoj Joshi) F.C.A.
Partner
Place : AHMEDABAD
Date : 1st September, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of GOLDCOIN HEALTH FOODS
LIMITED as at March 31, 2011 and also the profit and loss Account of
the Company for the year ended on that date. These Financial Statement
are the responsibility of the Company''s management. Our Responsibility
is to express as opinion on the Financial statement based on our audit.
1. We conducted our audit in accordance with the accounting standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statement are free from any material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. As audit also includes,
assessing the accounting principles used and significant estimate mock
by management, as well as evaluating the overall presentation of the
financial statements. 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 Company Law Board 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 and 5 of the said order, to the extent
applicable to company.
3. Further to our comments in the Annexure referred to in paragraph 1
above :
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account as required by law have
been dept 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 account.
(d) In our opinion, the Profit & Loss Account and Balance Sheet comply
with the Accounting slandered referred to in sub - section 3(c) of
section 211 of the companies act 1956.
(e) On the basis of written representation received from the directors
as at 31-3- 2011 & take on record by Board of Directors we report that
none of Directors is disqualified as on 31-3-2011 from being appointed
as director in terms of clause(q) of sub-section(1) of section 274 of
company act, 1956.
4. 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 in conformity with the accounting principles
generally accepted in India.
(1) In the case of the Balance Sheet of the state of affairs of the
Company asset March 31, 2011.
(2) In the case of the Profit and Loss Account, of the Loss for the
year ended as on that date.
ANNEXURE TO THE AUDITOR''S REPORT
1. In respect of its fixed assets :
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in phased periodical manner, which in
our opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c. In our opinion, the Company has not disposed off the substantial
part of fixed assets during the year and the going concern status of
the Company is not affected.
2. In respect of its inventories :
a. as explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. 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 Company Act, 1956 :
a. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
b. There is no overdue amount in respect of loans taken by the
Company. (In respect of loans given by the Company, these are repayable
on demand and therefore the question of overdue amount does not arise.)
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate to the size of the company and the nature of its business
for the purchase of inventory, fixed assets and also for the sale of
goods. During the course of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transaction covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts and
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees five lacs only) or more in respect of any party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its 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 in respect
of certain manufacturing activities of the Company.
9. In respect of statutory dues :
a. According to the records of the Company, undisputed statutory dues
including, Provident Fund, Employees'' State Insurance, Income - Tax,
Sales - Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for the period of more than six
months from the date of becoming payable.
b. The disputed statutory dues aggregating to Rs. Nil, that have not
been deposited on account of matters pending before appropriate
authorities are as under :
10. The company has accumulated losses Rs. 25.67 lacs
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or nidhi / mutual
benefit fund/society. Therefore, clause 4 (iii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments and timely entries have been made
therein. All share, debentures and other investments have been held by
the Company in tis won name.
15. The Company has not given guarantees for loasn taken by others
from banks or financial institutions. According to the information and
explanations given to tus, we are of the opinion that the terms and
conditions thereof are not prime - facie prejudicial to the interests
of the Company.
16. The Company has not raised nay new term loans during the year. The
term loans outstanding at the beginning of the year were applied for
the purposes of for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are o
the opinion that the Company has utilized Rs. - from short term sources
towards repayment of long - term borrowings and acquisition for fixed
assets.
18. During the year, the Company has not made nay preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has created securities in respect of debentures
issued.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed to reported
during the year, that causes the financial statements to be materially
misstated.
For, JOSHI Shah & Associates
Chartered Accountants
(Manoj Joshi) F.C.A.
Partner
Place : AHMEDABAD
Date : 1st September, 2011