Mar 31, 2015
We have audited the accompanying financial statements of Link Pharma
Chem Limited ('the Company'), which comprise the balance sheet as at 31
March 2015, 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's Responsibility for the Fianancial 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 and presentation 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report
under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best 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 31 March 2015 and its profit 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 sub-
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) we have 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has no pending litigations .
ii. the company did not have any long term contracts including
derivative contracts for which there were any forseeable losses and
iii. there are no such amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company .//there has been
no delay in transferring amounts required to be transferred ,to
investor education and protection fund by the company.
ANNEXURE TO THE INDIPENDENT REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
i) a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material discrepancies
were noticed on such verification. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the
Company and the nature of its assets.
ii) a. The Company has carried out physical verification of inventory at
the end of the year.
b. Procedures followed for physical verification of inventory by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c. Company has maintained proper records of inventory and no material
discrepancies were noticed on physical verification.
iii) The Company has not granted any loans secured or unsecured to
company, firms or other parties covered in the register maintained
under section 189 of the companies act.
iv) (iv)In our opinion and according to the information and
explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and sale of services.
We have not observed any major weakness in the internal control system
during the course of the audit.
v) The Company has not accepted any deposits from the public.
vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities.
(b) According to the information and explanations given to us, there are
no material dues of wealth tax, duty of customs and cess which have not
been deposited with the appropriate authorities on account of any
dispute.
(c) According to the information and explanations given to us there are
no such amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant provisions
of the Companies Act, 1956 (1 of 1956) and rules there under, and hence
no such amount has been transferred to such fund.
viii) The Company does not have any accumulated losses at the end of
the financial year but has incurred cash losses during the financial
year.
ix) The Company has not defaulted in repayment of dues to a financial
institution or bank.
x) In our opinion and according to the information and the explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xi) Term loan were applied for the purpose for which the loans were
obtained.
xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit
For, Khedkar & Co.
Chartered Accountants.
Firm Reg. No. 130838W
D.R. Khedkar
Place: Vadodara Proprietor
Date: 30.05.2015 M.No.: 034963
Mar 31, 2014
We have audited the accompanying financial statements of Link Pharma
Chem Limited, which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Fianancial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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 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, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
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) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT (Referred in paragraph (1) of report
of even date)
i) a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the period by the
Management in accordance with a regular programme of verification
which, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to me, no material discrepancies were noticed on such
verification.
c. There was no substantial disposal of fixed assets during the year.
ii) In respect of its inventory :
a. The management has conducted physical verification of inventory at
reasonable intervals during the year.
b. The procedures of physical verification of inventories followed by
the management were 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 its inventories and no
material discrepancies were noticed on physical verification.
iii) (a) According to the information and explanations given to us,
the company has not granted any loan to firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956. Hence clause (iii) (b), (c), (d) is not applicable.
(b) The company has taken loans, Unsecured from companies, firm or
other parties covered in the register maintained under section 301 of
the Act. The No. of Parties involved in the transactions are 4 and
amount involved is Rs. 1,37,57,137/- and
(c) The Rate of interest and other terms and conditions of loan taken
by the company, are prima facie not prejudicial to the interest of the
company, and
(d) The payment of interest and whenever required, principal amount are
regular.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit no major weakness has been
noticed in the internal control system in respect of these areas.
v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to me:
a. The particulars of contracts or arrangements referred to in section
301 that were required to be entered in the Register maintained under
the said section have been so entered.
b. The transaction in pursuance of contracts or arrangements have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
vi) According to the information and explanations given to me, the
company has not accepted any deposits from the public within the
meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under. According to the information and explanations
given to me, no order has been passed by the Company Law Board or the
National Company Law Tribunal or the Reserve Bank of India or any Court
or any other Tribunal.
vii) In my opinion, the company has an adequate internal audit system,
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us, the
Central Government of India has not prescribed the maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956, for
any of the products of the company.
ix) According to the information and explanations given to me in
respect of statutory dues:
a. The company has generally been regular in depositing undisputed
dues, including Provident Fund, investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
b. There were no undisputed amounts payable
in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess
and other material statutory dues in arrears as at 31s1 March, 2014 for
a period of more than six month from the date they became payable.
x) The Company has not incurred cash losses during the financial year
covered by our Audit and its immediate preceding financial year.
xi) In my opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks, financial institutions.
xii) According to the information and explanations given to me, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) In my opinion, the company is not a chit fund or a nldhi mutual
benefit fund/ society. Therefore, the provisions of clause4(xiii) of
the companies (Auditor''s Report) order, 2003 are not applicable to the
company.
xiv) In my opinion, the company is not dealing in or trading in shares
securities, debentures and othe investments. Accordingly, the
provisions of cluse 4 (xiv) of the companies ( Auditor''s Report) Order,
2003 are not applicable to the company.
xv) In my opinion, the company has not given any guarantee for loans
taken by others from banks or financial institutions.
xvi) According to information and explanations given to us, the term
loans have been applied for the purpose for which they were raised.
xvii) According to the information and explanations given to me, and on
an overall examination of the balance sheet of the company, I report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except for permanent working capital.
xviii) According to the information and explanations given to me, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
xix) According to the information and explanation given by the
management, the company has not raised money through public issue
during the year under audit.
xx) According to the information and explanations given by the
management no fraud on or by the company has been noticed or reported
during the course of my audit.
For Khedkar & Co.
Firm Reg. no.130838W
Chartered Accountants
D. R. Khedkar
Place : VADODARA (Proprietor)
Date: 30th May 2014 M No.:034693
Mar 31, 2013
We have audited the accompanying financial statements of Link Pharma
Chem Limited, which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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 Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
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) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT (Referred in paragraph (1) of report
of even date)
i) a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The fixed assets were physically verified during the period by the
Management in accordance with a regular programme of verification
which, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to me, no material discrepancies were noticed on such
verification.
c. The fixed assets disposed off during the period, in my opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in my opinion, not affected the going concern
status of the Company.
ii) In respect of its inventory:
a. As explained to me, the inventories, excluding materials in transit
and materials lying with third parties were physically verified during
the period by the Management at reasonable intervals.
b. In my opinion and according to information and explanations given
to me, the procedures of physical verification of inventories followed
by the management were reasonable and adequate in relation to the size
of the company and the nature of its business.
c. In my opinion and according to the information and explanations
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) (a) According to the information and explanations given to us, the
company has not granted any loan to firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Hence clause iii) (b), (c), (d) is not applicable.
(e) The company has taken loans, Unsecured from companies, firm or
other parties covered in the register maintained Under section 301 of
the Act. The No. of Parties involved in the transections are 4 and
amount involved is Rs.1,23,71,570/-, and
(f) The Rate of interest and other terms and conditions of loan taken
by the company, are prima facie not prejudicial to the interest of the
company, and
(g) The payment of interest and whenever required, principal amount are
regular, and
iv) In our opinion and according to the information and explanations
given to me, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of my audit, I have not observed any major
weakness in such internal control system.
v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to me:
a. The particulars of contracts or arrangements referred to in section
301 that were required to be entered in the Register maintained under
the said section have been so entered.
b. The transaction in pursuance of contracts or arrangements have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
vi) According to the information and explanations given to me, the
company has not accepted any deposits from the public within the
meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under. According to the information and explanations
given to me, no order has been passed by the Company Law Board or the
National Company Law Tribunal or the Reserve Bank of India or any Court
or any other Tribunal.
vii) In my opinion, the company has an adequate internal audit system,
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us, the
Central Government of India has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956, for any of
the products of the company.
ix) According to the information and explanations given to me in
respect of statutory dues:
a. The company has generally been regular in depositing undisputed
dues, including Provident Fund, investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
b. There were no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues in arrears as at 31s1 March, 2013 for a period of more than six
month from the date they became payable.
x) The Company has not incurred cash losses during the financial year
covered by our Audit and its immediate preceding financial year.
xi) In my opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks, financial institutions.
xii) According to the information and explanations given to me, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) In my opinion, the companyis not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause4(xiii) of
the companies (Auditor''s Report) order, 2003 are not applicable to the
company.
xiv) In my opinion, the company is not dealing in or trading in shares
securities, debentures and othe investments. Accordingly, the
provisions of cluse 4 (xiv) of the companies ( Auditor''s Report) Order,
2003 are not applicable to the company.
xv) In my opinion, the company has not given any guarantee for loans
taken by other from banks or financial institutions.
xvi) In my opinion, the term loans have been applied for the purpose
for which they were raised.
xvii) According to the information and explanations given to me, and on
an overall examination of the balance sheet of the company, I report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except for permanent working capital.
xviii) According to the information and explanations given to me, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
xix) According to the information and explanation given by the
management, the company has not raised money through public issue
during the year under audit.
xx) According to the information and explanations given by the
management no fraud on or by the company has been noticed or reported
during the course of my audit.
Place : VADODARA For KHEDKAR & Co.
Date : 30''" May, 2013 chartered accountants
Firm Reg. No. 130838W
(D. R. KHEDKAR)
Proprietor M.No: 34963.
Mar 31, 2011
I have audited the attached Balance Sheet of LINK PHARMA CHEM LTD. as
at 31st March, 2011 and also the profit and loss account and the cash
flow statement for the year ended on 31st March, 2011 annexed thereto.
These financial statements are the responsibility of the company's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I have conducted my audit in accordance with the auditing standards
generally accepted in India. Those Standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
1. As required by the Companies(Auditor's Report) Order,2003, as
amended by the Companies(Auditor's Report), issued by the Central
Government in terms of section 227(4A) of the Companies Act, 1956; I
enclose in the Annexure a statement on the matters specified in
paragraph 4 and 5 of the said order.
2. Further to my comments in the Annexure referred to in paragraph (1)
above, I report that:
(a) I have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purposes of my
audit;
(b) In my opinion proper books of accounts as required by law have been
kept by the Company so far as appears from my examination of those
books;
(c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In my opinion the balance sheet, profit and loss account dealt with
by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, I report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a Director in terms of
clause(g) of sub-section (1) of section 274 of the Companies Act 1956;
(f) In my opinion and to the best of my information and according to
explanations given to me the said accounts read with the notes thereon
give the information as required by The Companies Act of India, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011.
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(iii) In the case of the Cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT (Referred in paragraph (1) of report
of even date)
i) a The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b The management has carried out a physical verification of most of its
fixed assets during the year. In our opinion, the frequency of
verification is reasonable having regard to the size of the company and
nature of its fixed assets. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of accounts.
c. During the year, the Company has not disposed off substantial part
of its fixed assets so as to affect it as a going concern.
ii) a. As informed to us, inventories were physically verified during
the period by the management at reasonable interval.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management were reasonable and adequate in relation to the size
of the company and the nature of its business.
c. According to the information and explanations given to us, the
company has maintained proper book records of its inventories and the
discrepancies noticed on the verification between the physical stocks
and book records have been properly dealt with in the books of account.
d. According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Accordingly, paragraphs 4(iii) (b),(c) &
(d) of the Order are not applicable.
e. According to the information an< explanations given to us, the
company has not taken loan from firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956
Accordingly, paragraphs 4(iii) (f) & (g) of the Order are not
applicable.
iii) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to the purchase of inventories and fixed assets and with regard
to the sale of goods. During the course of audit, no major weakness has
been noticed in the internal controls.
iv) a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered 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, the transactions made in pursuances of contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
v) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of sections 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
vi) In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
vii) According to the information and explanations given to us, the
Central Government of India has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956, for any of
the products of the company.
viii) The Company has not incurred cash losses during the financial
year covered by our Audit and its immediate preceding financial year.
ix) According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions, banks or to debenture holders during the year.
x) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xi) In our opinion, company is not a Chit Fund or a Nidhi Fund or a
Mutual Benefit Fund / Society. Accordingly, paragraphs 4(xiii) (a),
(b), (c) & (d) of the Order are not applicable
xii) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in securities,
debentures or other investments. Accordingly, paragraphs 4(xiv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
xiii) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
xiv) In our opinion and according to the information and explanations
given to us, the term loans taken during the year have been applied for
the purpose for which they were obtained.
xv) According to the information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except for permanent working capital.
xvi) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956
xvii) During the year, since the company has not issued any debenture,
paragraph 4(xix) of the Order is not applicable.
xviii) According to the information and explanations given to us, the
company has not raised any money through a public issue during the year
under audit
xix) According to the information and explanations given by the
management no fraud on or by the company has been noticed or reported
during the course of our audit.
xx) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education fund, employees' state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty and other
material statutory dues applicable to it.
Further, since the central government has till date not prescribed the
amount of cess payable under section 441A of the companies Act 1956, we
are not in a position to comment upon the regularity or otherwise of
the company in positioning the same.
(b) According to the information and explanations given to us no
disputed amounts payables in respect of income tax, sales tax, wealth
tax, service tax, custom duty, and excise duty, where arrears as at For
a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us , there
are no dues of income tax, sales tax, wealth tax, service tax, custom
duty, and excise duty which have not been deposited on account of any
dispute
For KHEDKAR & Co.
CHARTERED ACCOUNTANTS
(D.R.KHEDKAR)
Proprietor
M.No: 34963.
Firm Reg. No. 130838W
Place : VADODARA
Date : 25 August 2011
Mar 31, 2010
I have audited the attached Balance Sheet of LINK PHARMA CHEM LTD. as
at 31st March,2010 and also the profit and loss account and the cash
flow statement for the year ended on 31st March,2010 annexed thereto.
These financial statements are the responsibility of the companys
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I have conducted my audit in accordance with the auditing standards
generally accepted in India. Those Standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
1. As required by the Companies(Auditors x Report) Order, 2003, as
amended by the
Companies (Auditors Report) (Amendment) Order, 2004, issued by the
Central Government in terms of section 227(4A) of the Companies
Act,1956; I enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said order.
2. Further.to my comments in the Annexure referred to in paragraph (1)
above, I report that:
(a) I have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purposes of my
audit;
(b) In my opinion proper books of accounts as required by law have been
kept by the Company so far as appears from my examination of those
books;
(c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In my opinion the balance sheet, profit and loss account dealt with
by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March.2010 and taken on record by the Board of
Directors, I report that none of the directors is disqualified as on
31st March,2010 from being appointed as a Director in terms of
clause(g) of sub- section (1) of section 274 of the Companies Act 1956;
(f) In my opinion and to the best of my information and according to
explanations given to me the said accounts read with the notes thereon
give the information as required by The Companies Act of India, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at31*March,2010.
(ii) In the case of the Profit and Loss Account of the Profit for the
year ended on that date; and
(iii) In the case of the Cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORstREPORT (Referred in paragraph (1) of report
of even date)
i) a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The management has carried out a physical verification of most of
its fixed assets during the year. In our opinion, the frequency of
verification is reasonable having regard to the size of the company and
nature of its fixed assets. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of accounts.
c. During the year, the Company has not disposed off substantial part
of its fixed assets so as to affect it as a going concern.
ii) a. As informed to us, inventories were physically verified during
the period by the management at reasonable interval.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management were reasonable and adequate in relation to the size
of the company and the nature of its business.
c. According to the information and explanations given to us, the
company has maintained proper book records of its inventories and the
discrepancies noticed on the verification between the physical stocks
and book records have been properly dealt with in the books of account.
d. According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Accordingly, paragraphs 4(iii) (b),(c) &
(d) of the Order are not applicable.
e. According to the information and explanations given to us, the
company has not taken from firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, paragraphs 4(iii) (f) & (g) of the Order are not
applicable.
iii) In our opinion and according to the information and explanations
given to us, there is no an adequate internal control system commensurate
with the size of the company and the nature of its business, with regard
to the purchase of inventories and fixed assets and with regard to the
sale of goods. During the course of audit, no major weakness has been
noticed in the internal controls.
iv) a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered 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, the transactions made in pursuances of contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
v) In our opinion and according to the
information and explanations given to us, the company has not accepted
any deposits from the public within the meaning of sections 58A and
58AA of the Companies Act, 1956 and the rules framed there under.
vi) In our opinion, the company has an Internal audit system, which is
commensurate with the size and nature of its business.
vii) According to the information and explanations given to us, the
Central Government of India has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956, for any of
the products of the company.
viii) The Company does not have accumulated losses nor has it incurred
cash losses during the financial year covered by our Audit and its
immediate preceding financial year
ix) According to the information and explanations given to us the
company has not defaulted in repayment of dues to any financial
institutions, banks or to debenture holders during the year.
x) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xi) In our opinion, company is not a Chit Fund or a Nidhi Fund or a
Mutual Benefit Fund / Society. Accordingly, paragraphs 4(xiii) (a),
(b), (c) & (d) of the Order are not applicable
xii) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in securities,
debentures or other investments. Accordingly, paragraphs 4(xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
xiii) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
xiv) In our opinion and according to the information and explanations
given to us, the term loansttaken during the year have been applied for
the purpose for which they were obtained.
xv) According to the information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except for permanent working capital.
xvi) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956
xvii) During the year, since the company has not issued any debenture,
paragraph 4(xix) of the Order is not applicable.
xviii) According to the information and explanations given to us, the
company has not raised any moneythrough a public issue during the year
under audit
xix) According to the information and explanations given by the
management no fraud on or by the company has been noticed or reported
during the course of our audit.
Place : VADODARA For KHEDKAR & Co.
Date : 30 June 2010 CHARTERED ACCOUNTANTS
(D. R. KHEDKAR)
Proprietor
M.No: 34963.
Firm Reg. No. 130838W
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