Mar 31, 2015
We have audited the accompanying financial statements of INDO EURO
INDCHEM LIMITED ("the company"), which comprises the Balance Sheet as
at 31st March, 2015 and the statement of Profit & Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India including the Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies ( Accounts )
Rules, 2014. This responsibility also includes maintenance 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.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under the 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, not for the purpose of expressing an opinion on whether
the Company has in place an adequate internal financial controls system
over reporting and operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained are sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015 and its profit and loss and its cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement of the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 it appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with 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 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 section 164 (2) of the Companies
Act, 2013.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies ( Audit and
Auditors') Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i) There are no pending litigation which may impact on its financial
position in financial statements as of 31st March, 2015:
ii) The company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii) There has been no delay in transferring amounts, required to be
transferred to the Investors Education and Protection Fund by the
company.
The Annexure to the Independent Auditor's Report
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirement's section of our report of even date)
1. In respect of its fixed assets of the company:
(a) The company is preparing the old records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Fixed Assets of the Company were physically verified by the
management at the year end from record available and according to the
information and explanations given to us, no material discrepancies
were noticed on physical verification carried out during the financial
year.
2. In respect of its inventories of the Company:
(a) As explained to us, the inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and as informed, no material discrepancies were noticed on
physical verification.
3. In respect of loans, secured or unsecured, granted by the company
to companies or other
parties covered in the register maintained under section 189 of the
Companies Act, 2013:
a. The company has given loan and advances to related party and
others. In respect of the said loan and advances the maximum amount
outstanding at any time during the year was Rs.7.44Crore and the year
ended balance is Rs.3.56 Crore.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, and other terms and conditions, are
not prima facie prejudicial to the interest of the Company.
c. The principal amounts are repayable, while the interest is payable
annually at the discretion of the borrower.
d. In respect of the said loans and interest thereon, there are no
overdue amounts.
4. In our opinion and according to the information and explanations
given to us, In our opinion and according to the information and
explanations given to us, having regard to the explanations on certain
items purchased are of special nature for which suitable alternative
sources do not exist for obtaining comparative quotations, except that
there is an adequate internal control system commensurate with size of
the Company and the nature of its business, for purchases of inventory
and fixed assets and for the sale of goods and services. Further, on
the basis of our examinations of the books and records of the Company
carried out in accordance with the auditing standards generally
accepted in India and according to the information and explanations
given to us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control system.
5. The company has not accepted any deposits from the public in
accordance with the provision of the sections 73 to 76 of the Act and
the rules framed there under.
6. The company is Trading Company, thus cost records are not
applicable to the company.
7. According to the information and explanations given to us, in
respect of Statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues including, income tax, sales tax, service tax, custom duty, excise
duty,cess and other statutory dues applicable with the appropriate
authorities.
b) There were no undisputed amounts payable in respect of Income Tax,
Value Added Tax, Service Tax, custom duty, excise duty, cess and other
material statutory dues in arrears as at 31st March, 2015 for a period
of more than six months form the date they become payable
c) The company has been regular in transferring amounts to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 and Rules made there under
8. The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has made one time settlement with the Bank and
have paid initial settlement amount in time and as inform to us wish to
settle final dues except the said loan. There are no dues to financial
institution or debenture holders.
10. In our opinion and according to the information and explanations
given to us, the company has not given guarantee for any loan taken by
others from banks or financial institutions to our knowledge.
11. During the year Company has not raised any term loan.
12. In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
For V. S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
Sd/-
(V. S. LALPURIA)
Place : Mumbai Proprietor
Date : 14.08.2015 Membership No. 15926
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of INDO EURO
INDCHEM LIMITED formerly known as ( Rinku Polychem Limited) (''the
Company"), which comprise the Balance Sheet as on 31st March, 2014 the
Statement of Profit and Loss and Cash Flow Statement for the year than
ended and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act,1956 (''the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error,
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statement are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014.
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on the date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements.
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order") issued by the Central Government of India in terms of Section
227(4a) of the Act, we give in the Annexure a statementon 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 explanations which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
Directors as on 31st March, 2014, taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March,
2014, from being appointed as a Director in terms of Section 274(l)(g)
of the Act.
f. Attention is drawn to the following Notes on Schedule - XV, which
effects the financial statements of the Company.
i) Note No. 3 Recording of Gratuity liability on cash basis contrary to
AS-15 issued by the Institute of Chartered Accountants of India. If the
total outstanding gratuity liabilities upto year is provided, the
profit would be lower by Rs. 1,96,730/- and the liabilities will also
increase to that extent.
ii) Note No. 5 No Contractual interest is provided on Bank Loans from
Sangli Urban Co-op. Bank Ltd, @ 17% p.a. amounting to Rs.22,34,772/-,
as the management is disputing the above interest liability. The
Interest payable to banks shown as Short Term Loan are shown lower to
the extent of Rs.2,40,68,551/- for the year and if total unprovided
liability taken together with. interest amount would be
Rs.3,72,14,271/-.
Considering the effect of (i) and (ii) the profit during the year would
reduced by Rs.24,31,502/- and the accumulated profit will be converted
into loss by Rs.l ,86,45,058/-. The loss for the year will be
Rs.14,54,541/-. The Debit balance in Reserve & Surplus Account will be
Rs.l,86,45,058/- excepting Capital Reserve and the Short Term borrowing
will be Rs.3,72,14,271/ .
g. Further attention is drawn to the following notes on Schedule XV,
whose impact on the Company''s financial Statements is presently not
ascertainable
Note No. 9:- Share Certificates of Sangli Co-op. Bank Ltd. in which the
Company has invested, but the verification of same not possible as
Physical Certificates not received from Co-operative Bank. We are
unable to comment of the physical receipt of Share Certificates and
amount recoverable on such investment.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 2 of the Auditors'' Report of even
date to the Members of INDO EURO INDCHEM LIMITED formerly known as
(Rinku Polychem Limited.) on the accounts for the year ended 31st
March, 2014
I. a) The Company has still to prepare records showing full
particulars , including quantitative details and situation of all its
fixed assets.
b) As informed to us, the fixed assets of the Company were physically
verified by the management during the financial year and according to
the information and explanations given to us, no material discrepancies
were noticed on physical verification carried out during the financial
year and all assets exist are in good condition.
c) In our opinion and according to the information and explanations
given to us the Company has disposed-off major assets during earlier
year and have utilised the money received for business, thus may not
affect on the going concern status.
II. a) As per the information furnished , the inventories have been
physically verified during the year at reasonable interval by the
management,
b) In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of inventory. As informed no discrepancies were noticed on
physical verification of stock with book record.
III. In respect of loans, secured or unsecured granted by the Company
from and to Companies, Firms or other parties no upto date register
under section 301 of the Companies Act, 1956 are maintained by the
Company however the management has assured to complete the records.
a) The Company has granted loans to eleven parties related to
Directors, the maximum loan amount outstanding as Rs.6,57,60,404/- and
the year end balance is Rs.6,1 l,75,404/-(Incl. Interest Free Loan of
Rs.4,5 0,000/-)
b) In our opinion and according to the information and explanations
given to us the rate of interest and other terms and condition of the
loans given by the Company are not prima facie prejudicial to the
interest of the Company.
c) The principle amounts of loans are received while the interest are
credited or received annually.
d) In respect of the said loans and interest thereon there are no
overdue amount.
e) The Company had not taken any unsecured loans from Directors and
their relatives nor updated the Register under section 301 of the
Companies Act, 1956. The management is updating the record.
IV. In our opinion and according to the information and explanations
given to us, there are interna] control procedures commensurate with
size of the Company and the nature of its business with regards to
purchases and for the sale of goods. Further on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us, management is still
trying to correct the weaknesses in the internal controls procedure.
V. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions in which Directors were interested and
which were required to be entered into the Register maintained under
section 301 have not been updated.
b) In our opinion and according to the information and explanations
given to us, there are transactions exceeding the value of five lakhs
rupees made during the year, in pursuance of contracts or arrangements
which are still required to be registered in the register maintained
under section 301 which have not been updated.
VI. In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 5 8AA or any other relevant provisions of the Act, and its
rules and also the directives of Reserve Bank of India with regards to
acceptance of deposits from public. No order has been passed by the
Company Law Board, or National Company Law, Tribunal or Reserve Bank of
India or any other Tribunal.
VII. In our opinion, the Company has no internal audit system
commensurate with the size of the Company and the nature of its
business nor does it have proper and adequate internal checks system
for business operation.
VIII. We have been informed that maintenance of cost records and
accounts has not been prescribed by the Central Government of India
under Section 209(1) (d) of the Act,
IX. a) As Certified by the Board of Directors, the Company is not
covered under Provident Fund and Employee''s State Insurance Act.
Further according to the information and explanation given to us and we
have noticed that the Company has to pay as under: -
a) Share refund money payable to
Investor Education & Protection Fund Rs. 10,500
b) Income Tax A.Y. 1998-99 Rs. 74,582
Income Tax A.Y. 2000-01 Rs. 53,788
except the above there are no undisputed amounts payable in respect of
investor education and protection fund, income tax , sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues wherever
applicable outstanding as at 31st March. 2014 for a period of more than
six months from the date they became payable.
b) As per information and explanations given to us and on the basis of
our examination of the documents and records of the Company the
management has informed to us that there are no disputed statutory dues
pending which have not been deposited with appropriate authorities.
X. The Company has no accumulated book losses as on 31st March, 2014,
but our qualification if taken into consideration and accounted ,the
total losses are more than 50% of its net worth. It has not incurred
any cash losses during the financial year and in the preceding
financial year.
XI. According to information and explanation given by the management
the Company has defaulted in payment to Sangli Co-op. Bank Ltd. Rs.l
,31,45,720/- since, 1998 (16 years), and no interest provision is made
on above loans (refer note no. 5 to Note-25B) due to dispute on
outstanding dues.
XII. Based on our examination of the records and the information and
explanation given to us, the Company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
XIII. Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or nidhi/mutual benefit
fund/society.
XIV. In our opinion the Company is not a dealer and trader in shares,
securities, debentures and other securities. Accordingly, the
provisions of clause 4 (XIV) of the Companies (Auditor''s Report) Order
2003 are not applicable to the Company.
XV. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions during the year.
XVI. According to the information and explanations given to us, no
term loans has been raised by the Company during the year.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised during the year on short term basis have been
used for long term investment.
XVIII. The Company has not made any preferential allotment of shares
during the year.
XIX, During the year covered by our audit report the Company has not
issued any secured debentures against securities.
XX, The Company has not raised any money by public issues during the
year covered by our report.
XXI, During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For V.S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
(FIRM NO.105581W)
Sd/-
(V. S. LALPURIA)
PLACE : MUMBAI PROPRIETOR
DATED : 30th May 2014 M.NO. 15926
Mar 31, 2011
We have Audited the attached Balance Sheet of M/S. RINKU POLYCHEM
LIMITED., as on 31st March, 2011 and Profit & Loss Account and Cash
Flow Statement for the year ended on that date annexed there to. These
financial Statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial Statements based on our audit.
1) We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
include examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by the Companies (Auditor's Report) Order 2003, issued
by the Central Government of India in terms of Section 227(4A)of the
Companies Act,1956,we annex hereto a statement on the matters specified
in paragraph 4 & 5 of the said order.
3) Further to our comments in the annexure referred to in paragraph 2
above, 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 accounts as required by the law
have been kept by the Company so far as it appears from our examination
of the books of the Company.
c. The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
d. In our opinion the Balance Sheet and the profit & Loss Account and
Cash Flow Statement complies with the Accounting Standards referred to
in Sub-Section (3C) of Section 211 of the Companies Act, 1956 except
AS-15 Accounting for Retirement Benefits in the Financial Statement of
Employers (Refer Note No. 3).
e. On the basis of written representations received from the Directors
and taken on record by Board of Directors, we report that, none of the
said Directors of disqualified as on 31st March, 2011 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
section 274 of the Companies Act, 1956.
f. Attention is drawn to the following Notes on Schedule - XV, which
effects the financial statements of the Company.
i. Note No. 3 :- Recording of Gratuity liability on cash basis
contrary to AS- 15 issued by the Institute of Chartered Accountants of
India. If the total outstanding gratuity liabilities up to year is
provided, the profit would be lower by Rs.1,96,730/- and the
liabilities will also increase to that extent.
ii. Note No. 5 :- No Contractual interest is provided on Bank Loans
from Sangli Urban Co-op. Bank Ltd. @ 17% p.a. amounting to
Rs.1,73,64,235/-, as the management is disputing the above interest
liability and are of mind to settle disputes. The Interest paid to
banks and unsecured loans are shown lower to the extent of
Rs.1,73,64,235/- for the year and if total un provided liability taken
together with, the interest amount would be Rs.3,05,09,955/-.
Considering the effect of (i) and (ii) the profit during the year would
change into loss for Rs.1,65,44,346/- and the accumulated profit will
be converted into loss by Rs.1,56,21,914/-. The loss for the year will
be Rs.18,07,977/-. The Debit balance in Profit and Loss Account will be
Rs.1,56,21,914/- and the unsecured loans will be Rs.3,05,09,955/ .
g. Further attention is drawn to the following notes on Schedule XV,
whose impact on the Company's financial Statements is presently not
ascertainable
i. Note No. 9:- Share Certificates of Sangli Co-op. Bank Ltd. in
which the Company has invested, but verification not possible as
Physical Certificates not received from Co-operative Bank. We are
unable to comment of the physical receipt of Share Certificates and
amount recoverable on such investment.
h. In our opinion and on the basis of our information and according to
the explanations given to us, the annexed accounts subject to read with
other Notes and Accounting Policies gives the information required
under the Companies Act, 1956 in the manner so required and give a true
and fair view in conformity with the accounting practices generally
accepted in India.
i. In the case of Balance Sheet, of the State of the Company's Affairs
as at 31st March, 2011 and;
ii. In case of Profit & Loss Account, of the Profit for the year ended
on that date
iii. In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 2 of the Auditors' Report of even
date to the Members of Rinku Polychem Limited. on the accounts for the
year ended 31st March, 2011
I. a) The Company has still to prepare records showing full
particulars , including quantitative details and situation of all its
fixed assets.
b) As informed to us, the fixed assets of the Company were physically
verified by the management during the financial year and according to
the information and explanations given to us, no material discrepancies
were noticed on physical verification carried out during the financial
year and all assets exist in good condition.
c) In our opinion and according to the information and explanations
given to us the Company has disposed-off major assets during the year
and have utilised the money received hence may not affect on the going
concern status.
II. a) As per the information furnished , the inventories have been
physically verified during the year at reasonable interval by the
management.
b) In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of inventory. As informed no discrepancies were noticed on
physical verification of stock with book record.
III. a) In respect of loans, secured or unsecured granted by the
Company from and to Companies, Firms or other parties no up to date
register under section 301 of the Companies Act, 1956 are maintained by
the Company however the management has undertaken to complete the
records.
The Company has not granted any loan or advance in the nature of loans
to any person specified in the Register under section 301 of the
Companies Act, 1956. Thus no question of payment of interest and
repayment does not came.
b) The Company had not taken any loans unsecured loans from Directors
and their relatives, nor up to date register under section 301 of the
Companies Act, 1956. The management is updating the record.
IV. In our opinion and according to the information and explanations
given to us, there are internal control procedures commensurate with
size of the Company and the nature of its business with regards to
purchases and for the sale of goods. Further on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us, management is still
trying to correct the weaknesses in the internal controls procedure.
V. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions in which directors were interested and
which were required to be entered into the register maintained under
section 301 have not been updated.
b) In our opinion and according to the information and explanations
given to us, there are transactions exceeding the value of five lakhs
rupees made during the year, in pursuance of contracts or arrangements
which are still required to be registered in the register maintained
under section 301 which have not been updated.
VI. In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA or any other relevant provisions of the Act, and its rules
and also the directives of Reserve Bank of India with regards to
acceptance of deposits from public. No order has been passed by the
Company Law Board, or National Company Law, Tribunal or Reserve Bank of
India or any other Tribunal.
VII. In our opinion, the Company has no internal audit system
commensurate with the size of the Company and the nature of its
business nor does it have proper and adequate internal checks system
for business operation.
VIII. We have been informed that maintenance of cost records and
accounts has not been prescribed by the Central Government of India
under Section 209(1) (d) of the Act.
IX. a) As Certified by the Board of Directors, the Company is not
covered under Provident Fund and Employee's State Insurance Act.
Further according to the information and explanation given to us and we
have noticed that the Company has to pay as under:-
a) Share refund money payable to Rs.10,500
Investor Education & Protection Fund
b) Income Tax A.Y. 1998-99 Rs.74,582
Income Tax A.Y. 2000-01 Rs.53,788
except the above there are no undisputed amounts payable in respect of
investor education and protection fund, income tax , sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues wherever
applicable outstanding as at 31st March, 2011 for a period of more than
six months from the date they became payable.
b) As per information and explanations given to us and on the basis of
our examination of the
documents and records of the Company the management has informed to us
that there are no disputed statutory dues pending which have not been
deposited with appropriate authorities.
X. The Company has no accumulated book losses as on 31st March, 2011,
but our qualification if taken into consideration and accounted ,the
total losses are more than 50% of its net worth. It has not incurred
cash losses during the financial year and in the preceding financial
year.
XI. According to information and explanation given by the management
the Company has defaulted in payment to Sangli Co-op. Bank Ltd.
Rs.1,31,45,720/- since, 1998 (13 years), and no interest provision is
made on above loans (refer note no. 5 to Schedule-XV) due to dispute on
outstanding dues.
XII. Based on our examination of the records and the information and
explanation given to us, the Company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
XIII. Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or nidhi/mutual benefit
fund/society.
XIV. In our opinion the Company is not a dealer and trader in shares,
securities, debentures and other securities. Accordingly, the
provisions of clause 4 (XIV) of the Companies (Auditor's Report) Order
2003 are not applicable to the Company.
XV. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions during the year.
XVI. According to the information and explanations given to us, no
term loans has been raised by the Company during the year.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised during the year on short term basis have been
used for long term investment.
XVIII. The Company has not made any preferential allotment of shares
during the year.
XIX. During the year covered by our audit report the Company has not
issued any secured debentures against securities.
XX. The Company has not raised any money by public issues during the
year covered by our report.
XXI. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For V.S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
PLACE : MUMBAI (V.S.LALPURIA)
DATED : 31.5.2011 PROPRIETOR
Mar 31, 2010
We have Audited the attached Balance Sheet of M/S. RINKU POLYCHEM
LIMITED., as on 31st March, 2010 and Profit & Loss Account and Cash
Flow Statement for the year ended on that date annexed there to. These
financial Statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial Statements based on our audit.
1) We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
include examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by the Companies (Auditors Report) Order 2003, issued
by the Central Government of India in terms of Section 227(4A)of the
Companies Act,1956,we annex hereto a statement on the matters specified
in paragraph 4 A 5 of the said order.
3) Further to our comments in the annexure referred to in paragraph 2
above, 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 accounts as required by the law
have been kept by the Company so far as it appears from our examination
of the books of the Company.
c. The Balance Sheet and Profit A Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
d. In our opinion the Balance Sheet and the profit & Loss Account and
Cash Flow Statement complies with the Accounting Standards referred to
in Sub-Section (3C) of Section 211 of the Companies Act, 1956 except
AS-15 Accounting for Retirement Benefits in the Financial Statement of
Employers (Refer Note No. 4).
e. On the basis of written representations received from the Directors
and taken on record by Board of Directors, we report that, none of the
said Directors of disqualified as on 31st March, 2010 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
section 274 of the Companies Act, 1956.
f. Attention is drown to the following Notes on Schedule - XV, which
effects the financial statements of the Company.
i. Note No. 4 :- Recording of Gratuity liability on cash basis
contrary to AS-15 issued by the Institute of Chartered Accountants of
India. If the total outstanding gratuity liabilities upto year is
provided, the profit would be lower by Rs.1,96,730/- and the
liabilities will also increase to that extent.
ii. Note No. 6 :- No Contractual interest is provided on Bank Loans
from Sangli Urban Co-op. Bank Ltd. @ 17% p.a. amounting to
Rs.1,51,29,463/-, as the management is disputing the above interest
liability and are of mind to settle disputes. The Interest paid to
banks and unsecured loans are shown lower to the extent of
Rs.1,51,29,463/- for the year and if total unprovided liability taken
together ,the interest amount would be Rs.9,09,80,587/-.
Considering the effect of (i) and (ii) the loss during the year would
increase by Rs.1,52,56,824/- and bought forward losses would increase
by Rs.9,11,77,317/-. The loss for the year will be Rs.1,51,87,455/-.
The Debit balance in Profit and Loss Account will be Rs.9,10,97,229/-
and the unsecured loans will be Rs.10,41,26,307/ and the current
liabilities will be Rs.78,47,235/-.
g. Further attention is drawn to the following notes on Schedule XV,
whose impact on the Companys financial Statements is presently not
ascertainable
i. Note No. 13:- Share Certificates of Sangli Co-op. Bank Ltd. in
which
the Company has invested, but verification not possible as Physical
Certificates not received from Co-operative Bank. We are unable to
comment of the physical receipt of share certificates and amount
recoverable on such investment.
h. In our opinion and on the basis of our information and according to
the explanations given to us, the annexed accounts subject to read with
other Notes and Accounts Policies gives the information required under
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting practices generally
accepted in India.
i. In the case of Balance Sheet, of the State of the Companys
Affairs as at 31st March, 2010 and;
ii. In case of Profit & Loss Account, of the Profit for the year ended
on that date
iii. in the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 2 of the Auditors Report of even
date to the Members of Rinku Polychem Limited, on the accounts for the
year ended 31st March, 2010
I. a) The Company has still to prepare records showing full
particulars , including quantitative
details and situation of all its fixed assets.
b) As informed to us, the fixed assets of the Company were physically
verified by the management during the financial year and according to
the information and explanations given to us, no material discrepancies
were noticed on physical verification carried out during the financial
year and all assets exist in good condition.
c) In our opinion and according to the information and explanations
given to us the Company has not disposed-off any assets during the year
hence no affect on the going concern status.
II. a) As per the information furnished , the inventories have been
physically verified during the year at reasonable interval by the
management.
b) In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of inventory. As informed no discrepancies were noticed on
physical verification of stock with book record.
III. a) In respect of loans, secured or unsecured granted by the
Company from and to Companies, Firms or other parties no upto date
register under section 301 of the Companies Act, 1956 are maintained by
the Company however the management has undertaken to complete the
records.
The Company has granted not granted any loan or advance in the nature
of loans to any person specified in the Register under section 301 of
the Companies Act, 1956. Thus no question of payment of interest and
repayment does not came.
b) The Company had not taken any loans unsecured loans from Directors
and their relatives, nor upto date register under section 301 of the
Companies Act, 1956. The management is updating the record.
IV. In our opinion and according to the information and explanations
given to us, there are internal control procedures commensurate with
size of the Company and the nature of its business with regards to
purchases and for the sale of goods. Further on the bGSis of our
examination of the books and records of the Company and according to
the information and explanations given to us, management is trying to
correct the weaknesses in the internal controls procedure.
V. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions in which directors were interested and
which were required to be entered into the register maintained under
section 301 have not been updated.
b) In our opinion and according to the information and explanations
given to us, there are no transactions exceeding the value of five
lakhs rupees made during the year however in pursuance of contracts or
arrangements required to be registered in the register maintained under
section 301 have not updated.
VI. In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA or any other relevant provisions of the Act, and its rules
and also the directives of Reserve Bank of India with regards to
acceptance of deposits from public. No order has been passed by the
Company Law Board, or National Company Law, Tribunal or Reserve Bank of
India or any other Tribunal.
VTI. In our opinion, the Company has no internal audit system
commensurate with the size of the Company and the nature of its
business nor does it have proper and adequate internal checks system
for business operation.
VHI. We have been informed that maintenance of cost records and
accounts has not been prescribed by the Central Government of India
under Section 209(1) (d) of the Act.
IX. a) As Certified by the Board of Directors, the Company is not
covered under Provident Fund and Employees State Insurance Act.
Further according to the information and explanation given to us and we
have noticed that the Company has to pay as under:-
except the above there are no undisputed amounts payable in respect of
investor education and protection fund, income tax , sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues wherever
applicable outstanding as at 31st March, 2010 for a period of more than
six months from the date they became payable.
b) As per information and explanations given to us and on the basis of
our examination of the documents and records of the Company the
management has informed to us that there are no disputed statutory dues
pending which have not been deposited with appropriate authorities.
X. The Company has no accumulated book losses as on 31st March, 2010,
but considering our qualification if considered, and accounted the
total losses is more than 50% of its net worth. It has not incurred
cash losses during the financial year and in the preceding financial
year.
XI. According to information and explanation given by the management
the Company has defaulted in payment to Sangli Co-op. Bank Ltd.
Rs.1,31,45,720/- since, 1998 (11 years), and no interest provision is
made on above loans (refer note no. 5 to schedule-XV) due to dispute on
outstanding dues.
XII. Based on our examination of the records and the information and
explanation given to us, the Company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
XIII. Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or nidhi/mutual benefit
fund/society.
XIV. In our opinion the Company is not a dealer and trader in shares,
securities, debentures and other securities. Accordingly, the
provisions of clause 4 (XIV) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
XV. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions during the year.
XVI. According to the information and explanations given to us, no
term loans has been raised by the Company during the year.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised during the year on short term basis have been
used for long term investment.
XVIII. The Company has not made any preferential allotment of shares
during the year.
XIX. During the year covered by our audit report the Company has not
issued any secured debentures against securities.
XX. The Company has not raised any money by public issues during the
year covered by our report.
XXI. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For V.S. LALPURIA 4 COMPANY
CHARTERED ACCOUNTANTS
PLACE: MUMBAI (V.S.LALPURIA)
DATED: PROPRIETOR
Mar 31, 2009
We have Audited the attached Balance Sheet of M/S. Indo Euro Indchem
LIMITED., as on 31st March, 2009 and Profit A Loss Account and
Cash Flow Statement for the year ended on that date annexed there
to. These financial Statements are the responsibility of the
Company''s Management. Our responsibility is to express an opinion
on these financial Statements based on our audit.
1) We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
include examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by the Companies (Auditor''s Report) Order 2003, issued
by the Central Government of India in terms of Section 227(4A)of the
Companies Act,1956,we annex hereto a statement on the matters specified
in paragraph 4 4 5 of the said order.
3) Further to our comments in the annexure referred to in paragraph 2
above, 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 accounts as required by the law
have been kept by the Company so far as it appears from our examination
of the books of the Company.
c. The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
d. In our opinion the Balance Sheet and the profit & Loss Account and
Cash Flow Statement complies with the Accounting Standards referred to
in Sub-Section (3C) of Section 211 of the Companies Act, 1956 except
AS-15 Accounting for Retirement Benefits in the Financial Statement of
Employers (Refer Note No. 4).
e. On the basis of written representations received from the Directors
and taken on record by Board of Directors, we report that, none of the
said Directors of disqualified as on 31st March, 2009 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
section 274 of the Companies Act, 1956.
f. Attention is drown to the following Notes on Schedule - XV, which
effects the financial statements of the Company.
i. Note No. 4 Recording of Gratuity liability on cash basis contrary
to AS-15 issued by the Institute of Chartered Accountants of India. If
the total outstanding gratuity liabilities up to year is provided, the
profit would be lower by Rs. 1,96,730/- and the liability- ties will also
increase to that extent.
- ii. Note No. 6 No Contractual interest is provided on Bank Loans from
Single Urban Co-op. Bank Ltd. @ 17% p.a. amounting to Rs.1,29,21,165
/-, as the management is disputing the above interest liability and are
of mind to settle disputes. The Interest paid to banks and unsecured
loans are shown lower to the extent of Rs.1,29,21,165/- for the year
and if total unprovoked liability taken together ,the interest amount
would be Rs.7,58,51,124/-.
Considering the effect of (i) and*(ii) the loss during the year would
increase by Rs. 1,31,17,895/- and bought forward losses would increase
by Rs.7,60,47,854/-. The loss for the year will be _ Rs. 1,20,54,407/-.
The Debit balance in Profit and Loss Account will be Rs.7,42,35,039/-
and the unsecured loans will be Rs.8,91,93,574/ and the current
liabilities will be Rs.28,42,310/-.
g. Further attention is drawn to the following notes on Schedule XV,
whose impact on the Company''s financial Statements is presently not
ascertainable
Note No. 13:- Share Certificates of Single Co-op. Bank Ltd. in
- which the Company has invested, but verification not possible as
Physical Certificates not received from Co-operative Bank. We are
unable to comment of the physical receipt of share certificates and , *
amount recoverable on such investment.
h. In our opinion and on the basis of our information and according to
the explanations given to us, the annexed accounts subject to read with
other Notes and Accounts Policies gives the information required under
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting practices generally
accepted in India.
L In the case of Balance Sheet, of the State of the Company''s Affairs
as at 31st March, 2009 and;
ij. In case of Profit A Loss Account, of the Profit for the year ended
on that date
ill. in the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
Statement referred to in paragraph 2 of the Auditors'' Report of even
date to the Members of Rinku Polychem Limited, on the accounts for the
year ended 31st March, 2009
I. a) The Company has still to prepare records showing full
particulars , including quantitative details and situation of all its
fixed assets.
b) As informed to us, the fixed assets of the Company were physically
verified by the management during the financial year and according to
the information and explanations given to us, no material discrepancies
were noticed on physical verification carried out during the financial
year and all assets exist in good condition.
c) In our opinion and according to the information and explanations
given to us the Company has not disposed-off any assets during the year
hence no affect on the going concern status.
II. a) As per the information furnished , the inventories have been
physically verified during the year at reasonable interval by the
management.
b) In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that the Company is maintaining proper
records of inventory. As informed no discrepancies were noticed on
physical verification of stock with book record.
III. a) In respect of loans, secured or unsecured granted-by -the
Company from and to Companies, Firms or other parties no upto date
register under section 301 of the Companies Act, 1956 are
maintained by the Company however the management has undertaken to
complete the records.
The Company has granted interest free loans against interest
advances/deposits in the nature of loans to four persons of which one
is squared off whose details are to be updated in Register under
section 301 of the Companies Act, 1956. The maximum amount outstanding
during the year was Rs.62,04,669/- and the balance at year end was ''
Rs.32,23,000/-.
b) Deposit has been given for office premises considered as loans which
is interest free. The. loans given generally are against interest,
unsecured and in our opinion the other terms and conditions of are not
prima facie prejudicial to the interest of the Company.
c) As there is no stipulation of repayment no repayment are made.
d) There amount is outstanding and no repayment has come.
e) The Company had not taken any loans unsecured loans from Directors
and their relatives, no up to date register under section 301 of the
Companies Act, 1956 are maintained by the Company has under taken to
complete the records.
IV. In our opinion and according to the information and explanations
given to us, there are internal control procedures commensurate with
size of the Company and the nature of its business with regards to
purchases of inventory and fixed assets and for the sale of goods.
Further on the basis of our examination of the books and records of the
Company and according to the information and explanations given to us,
there is a failure to correct major weaknesses in the internal controls
procedure.
V. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions in which directors were interested and
which were required to be entered into the register maintained under
section 301 have not been updated.
b) In our opinion and according to the information and explanations
given to us, there are no transactions exceeding the value of five
lakhs rupees made during the year however in pursuance of contracts or
arrangements required to be registered in the register maintained under
section 301 have not updated.
VL In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA or any other relevant provisions of the Act, and its rules
and also the directives of Reserve Bank of India with regards to
acceptance of deposits from public. No order has been passed by the
Company Law Board, or National Company Law, Tribunal or Reserve Bank of
India or any other Tribunal.
VH. In our opinion, the Company has no internal audit system
commensurate with the size of the Company and the nature of its
business nor does it have proper and adequate internal checks system
for business operation. - .
VIII. We have been informed that maintenance of cost records and
accounts has not been prescribed by the Central Government of India
under Section 209(1) (d) of the Act.
IX. a) As Certified by the Board of Directors, the Company is not
covered under Provident Fund and Employee''s State Insurance Act. -
Further according to the information and explanation given to us and we
have noticed that the Company has to pay as under:
a) Share refund money payable to Rs. 10,500
investor education A
protection fund
b) Income Tax A.y. 1998-99 Rs. 74,582
Income Tax A.Y. 2000-01 Rs. 53,788
except the above there are no undisputed amounts payable in respect of
investor education and protection fund, income tax , sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues wherever
applicable outstanding as at 31st March, 2009 for a period of more than
six months from the date they became payable.
b) As per information and explanations given to us and on the basis of
our examination of the documents and records of the Company the
management has informed to us that there are no disputed statutory dues
pending which have not been deposited with appropriate authorities.
X. The Company has no accumulated book losses as on 31st March, 2009,
but considering our j qualification if considered, and accounted the
total losses is more than 50% of its net worth. It . has not incurred
cash losses during the financial year and in the preceding financial
year.
XI, According to information and explanation given by the management
the Company has defaulted in payment to Sangli Co-op. Bank Ltd.
Rs.1,31,45,720/- since, 1998 (11 years), and no interest provision is
made on above loans (refer note no. 5 to schedule-XV).
XH. Based on our examination of the records and the information and
explanation given to us, the .
Company has not granted any loans and/or advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIH. Clause (xiii) of the Order is not applicable to the Company as the
Company is not a Chit fund Company or nidhi/mutual benefit
fund/society.
XIV. In our opinion the Company is not a dealer and trader in shares,
securities, debentures and other securities. Accordingly, the
provisions of clause 4 (XIV) of the Companies (Auditor''s Report) Order
2003 are not applicable to the Company.
XV. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions during the year.
XVI. According to the information and explanations given to us, no term
loans has been raised by the Company during the year.
XVH. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised during the year on short term basis have been
used for long term investment.
XVIII. The Company has not made any preferential allotment of shares
during the year.
XIX. During the year covered by our audit report the Company has not
issued any secured debentures against securities. .
XX. The Company has not raised any money by public issues during the
year covered by our report. .
XXI. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by * the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For V.S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
PLACE: MUMBAI (V.S.LALPURIA)
DATED:: 6th September, 2009
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