Mar 31, 2015
We have audited the accompanying financial statements of SAMYAK
INTERNATIONAL LIMITED ('the Company'), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation of these 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 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 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 March 31, 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 in terms of Section 143(11) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on March 31, 2015 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
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us: i. The Company has disclosed
the impact of pending litigations on its financial position in its
financial statements - Refer Note 23(A)(i) to the financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material
foreseeable losses. iii. There were no amounts required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The Company has a program of verification of fixed assets to cover
all the items in a phased manner over a period of three years which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. Pursuant to the programme, the management is
in the process of carrying out the physical verification and
reconciling the same with the book records. Material discrepancies, if
any, between the book records and the physical verification would be
dealt with on completion of such reconciliation.
(ii) In respect of its inventories:
(a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals.
(b) In our opinion and according to the 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.
(d) In our 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) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, 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, we have not observed any major weakness in
such internal control system.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit during the year. In respect of
unclaimed deposits, the Company has complied with the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014,
as amended and prescribed by the Central Government under sub-section
(1) of the Section 148 of the Companies Act, 2013 and are of the
opinion that, prima facie, the prescribed cost records have been
maintained. We have, however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
(vii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been generally regular in depositing undisputed
statutory dues, including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, value added tax, cess and other material statutory dues
applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of provident
fund, employees' state insurance, income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, value added tax, cess and other
material statutory dues in arrears as at March 31, 2015 for a period of
more than six months from the date they became payable except.
Name of
statute Nature of
Dues Amount Financial Year Forum where
dispute
is pending
MP VAT
TAX Entry tax &
Penalty 764762/- 2011-12 Commissioner of
Apeals
MP VAT
TAX CST and
Penalty 1077393/- 2011-12 Commissioner of
Apeals
MP VAT
TAX Entry tax
& Penalty 295958/- 2012-13 Commissioner of
Apeals
MP VAT
TAX VAT and
Penalty 2426261/- 2012-13 Commissioner of
Apeals
( c) There are no amounts pending to be transferred to Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
(viii) The are no accumulated losses of the Company at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions and banks. The Company has not issued any
debentures.
(x) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
and financial institutions.
(xi) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the Company during the
year for the purposes for which they were obtained.
(xii) To the best of our knowledge 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 BHARAT NEEMA & CO.
Chartered Accountants
BHARAT NEEMA
Place : Mumbai Proprietor
Date : 30th May, 2015 (Membership No. 07474810)
Mar 31, 2014
We have audited the accompanying financial statements of SAMYAK
INTERNATIONAL LIMITED alongwith its branch at Mumbai, which comprise
the balance sheet as at 31 March 2014, 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 Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. 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, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor s Report) Order, 2003 ("the
Order"), as amended, 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;
a. in our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
; and
b. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
As required by the companies (Auditors Report) order 2003 issued by the
central Government of India in term of section 227 (4A) of the
companies Act. 1956 and on the basis of such checks as we considered
appropriate. We further report that :- Reffered to in paragraph 3 of
our report of even date are:
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of
fixed assets.
b. As explained to us the Company has a phased program for physical
verification of the fixed assets of the company to cover all location.
In our opinion, the frequency of verification is reasonable,
considering the size of the Company. No serious discrepancies were
noticed on such verification as compared with the available records.
c. During the year there is no disposable of substantial part of fixed
assets, affecting going concern assumption.
2. a. Inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification
is reasonable.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of account.
3. a. In our opinion and according to the information and
explanations given to us, The company has not taken Loans from any
party during the year from the parties covered in the register
maintained u/s 301 of the companies act and No. of parties was-Nil. The
outstanding year end balance of such parties during the year was Rs.
NIL and maximum outstanding balance during the year was Rs. NIL.
b. In our opinion and according to the information and explanations
given to us, the company has not granted loans to any party covered in
the register u/s 301 of the Companies Act, 1956.
c. In our opinion and according to the information and explanations
given to us, the rates of interest and other terms & conditions on such
loans have been taken/granted from Companies, Firms & other listed
parties in the register maintained u/s 301 of the Companies Act, 1956
are not prima facie prejudicial to the interest of the company.
d. The Company has taken unsecured loan from director amounting Rs.
23.29/- Lacs and repay the same.
e. In our opinion and according to the information and explanations
given to us. There in no overdue amount of loan taken from Companies.
Firms or other parties listed in the register maintained u/s 301 of the
companies act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of shares. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and explanations
given to us, contract and arrangement, transactions that need to be
entered as reffered to the Register maintained in pursuance of section
301 of the Companies Act, 1956 have been so entered.
b. i.In our opinion and according to the information and explanations
given to us that goods material services aggregating to Rs. 5 Lacs on
more were sold / Purchase to Aadi Chem Trade Pvt. Ltd. in pursuance of
contracts or agreement entered in the register maintained u/s 301 of
the Companies Act, 1956. Amounting to Rs.136.61 Lacs, for Sale and
Amounting Rs.54.12Lacs for purchase transaction. Which made at price
reasonable having regard to prevailing market price at relevant time.
ii. In our opinion and according to the information and explanations
given to us that goods material services aggregating to Rs. 5 Lacs on
more were sold / Purchase to Raj Rajendra Parachlor Pvt. Ltd. in
pursuance of contracts or agreement entered in the register maintained
u/s 301 of the Companies Act, 1956. Amounting to Rs.NIL Lacs, for Sale
and Amounting Rs.72.42 Lacs for purchase transaction. Which made at
price reasonable having regard to prevailing market price at relevant
time.
iii. In our opinion and according to the information and explanations
given to us that goods material services aggregating to Rs. 5 Lacs on
more were sold / Purchase to Samyak Eco Fuel Pvt. Ltd. in pursuance of
contracts or agreement entered in the register maintained u/s 301 of
the Companies Act, 1956. Amounting to Rs.NIL Lacs, for Sale and
Amounting Rs.191.77 Lacs for purchase transaction. Which made at price
reasonable having regard to prevailing market price at relevant time.
iv. In our opinion and according to the information and explanations
given to us that goods material services aggregating to Rs. 5 Lacs on
more were sold / Purchase to Suhans Capital Market Pvt. Ltd. in
pursuance of contracts or agreement entered in the register maintained
u/s 301 of the Companies Act, 1956. Amounting Rs.42.66 Lacs for
purchase of property transaction. Which made at price reasonable having
regard to prevailing market price at relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from Directors.
Shareholders and Directors relatives only as per section 58(A) and
58(AA) of the Companies Act, 1956 and any other relevent provisions of
the act. No order has been passed by the Company Law Board or National
Co. Law Tribunal or RBI or any Court or Tribunal.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost record by the Company under section 209(I)(d)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory 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 any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2014 for a period of more that six months
from the date they became payable.
b. As at 31st March, 2014 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, and other matters that have not been deposited on account
of dispute :
10. The Company have no accumulated losses during the year.
11. According to information and explanations given to us, the Company
has enjoying credit facility from HDFC Bank (Vehicle Loan).
12. According the information and explanations given to us the Company
has not granted loans and advances on the basis of Security by way of
pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (XIII) of the order
are not applicable to the Company.
14. In our opinion the company has maintained adequate records of its
dealing in Shares, Securities, Debentures and others invetments and
properly enteries have been made therein.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. During the financial year the company has not obtained any term
loans. Hence clause 4(xvi) and (xvii) of the order relating to
utilisation of the said loan is not applicable.
17. 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 funds raised on short term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Bharat Neema & Co.
Chartered Accountants
Place: Mumbai CA Bharat Neema
Proprietor
Date: 28th May 2014 Membership No. 074810
Mar 31, 2013
We have audited the attached Balance Sheet of SAMYAK International
Ltd., Indore as at 31st March 2013 and also the Profit & Loss Account
and also the cash flow statment of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosure''s in the financial statements. An audit also includes
assessing the accounting principal''s used and significant estimates
made by manage- ment, as well as evaluating the overall financial
statement presentation. We belive that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors'' Report) order 2003, (the
order) issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, we give in annexure hereto, a
statement on the matters specified in paragraph 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in
paragraph(3), above we state 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 appears from our examination of
the books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of ac- count.
d. In our opinion the Balance Sheet and Profit Account and Cash flow
statement dealt with by this report complies with the mandatory
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
e. In our opinion and to the best of information and explanations
given to us, none of the directors are disqualified as at 31st March
2013, from being appointed as directors in terms of clause (g) of
Sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Accounting policies and notes thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in confirmative the accounting principals generally accepted
in India :
(i) In the case of Balance Sheet of the State of Affairs of the Company
as at 31st March 2013, and
(ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended 315I March 2013.
(iii) In the case of cash flow statement of the said statement for year
ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
As required by the companies (Auditors Report) order 2003 issued by the
central Government of India in term of section 227 (4A) of the
companies Act. 1956 and on the basis of such checks as we considered
appropriate. We further report that :-
Reffered to in paragraph 3 of our report of even date are:
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us the Company has a phased program for physical
verification of the fixed assets of the company to coverall location.
In our opinion, the frequency of verification is reasonable,
considering the size of the Company. No serious discrepancies were
noticed on such verification as compared with the available records.
c. During the year there is no disposable of substantial part of fixed
assets, affecting going concern assumption.
2. a. Inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of account.
3. a. In our opinion and according to the information and
explanations given to us, The company has not taken Loans from any
party during the year from the parties covered in the register
maintained u/s 301 of the companies act and No. of parties was-Nil. The
outstanding year end balance of such parties during the year was Rs.
NIL and maximum outstanding balance during the year was Rs. NIL.
b. In our opinion and according to the information and explanations
given to us, the company has not granted loans to any party covered in
the register u/s 301 of the Companies Act, 1956.
c. In our opinion and according to the information and explanations
given to us, the rates of interest and other terms & conditions on such
loans have been taken/granted from Companies, Firms & other listed
parties in the register maintained u/s 301 of the Companies Act, 1956
are not prima facie prejudicial to the interest of the company.
d. The Company has not taken unsecured loan from directors.
e. In our opinion and according to the information and explanations
given to us. There in no overdue amount of loan taken from Companies.
Firms or other parties listed in the register maintained u/s 301 of the
companies act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of shares. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, contract and arrangement, transactions that
need to be entered as reffered to the Register maintained in pursuance
of 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 that goods material services aggregating to Rs. 5 Lacs on
more were sold to Aadi Chem Trade Pvt. Ltd. in pursuance of contracts
or agreement entered in the register maintained u/s 301 of the
Companies Act, 1956. Amounting to Rs.371.64 Lacs, for Sale and
Amounting Rs.51.06 Lacs for purchase transaction. Which made at price
reasonable having regard to prevailing market price at relevant time
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from Directors.
Shareholders and Directors relatives only as per section 58(A) and
58(AA) of the Companies Act, 1956 and any other relevent provisions of
the act. No order has been passed by the Company Law Board or National
Co. Law Tribunal or RBI or any Court or Tribunal.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost record by the Company under section 209(l)(d)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory 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 any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2013 for a period of more that six months
from the date they became payable.
b. As at 31 st March, 2013 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, and other matters that have not been deposited on account
of dispute:
10. The Company have no accumulated losses during the year.
11. According to information and explanations given to us, the Company
has enjoying credit facility from HDFC Bank (Vehicle Loan).
12. According the information and explanations given to us the Company
has not granted loans and advances on the basis of Security by way of
pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (XIII) of the order
are not applicable to the Company.
14. In our opinion the company has maintained adequate records of its
dealing in Shares, Securities, Debentures and others invetments and
properly enteries have been made therein.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. During the financial year the company has not obtained any term
loans. Hence clause 4(xvi) and (xvii) of the order relating to
utilisation of the said loan is not applicable.
17. 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 funds raised on short term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Bharat Neema & Co.
Chartered Accountants
Place : Mumbai CA Bharat Neema
Date : 13th May 2013 Proprietor
Membership No. 074810
Mar 31, 2010
We have audited the attached Balance Sheet of SAMYAK International
Ltd., Indore as at 31st March 2010 and also the Profit & Loss Account
and also the cash flow statment of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates
made by manage- ment, as well as evaluating the overall financial
statement presentation. We belive that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors Report) order 2003, (the
order) issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, we give in annexure hereto, a
statement on the on the matters specified in paragraph 4 & 5 of the
said order.
2. Further to our comments in the annexure referred to in
paragraph(3), above we state 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 appears from our examination of
the books.
c. The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books o f account.
d. In our opinion the Balance Sheet and Profit Account and Cash flow
statement dealt with by this report complies with the mandatory
Accounting Standards referred to in Section 211(3C)of the Companies
Act, 1956.
e. In our opinion and to the best of information and explanations
given to us, none of the directors are disqualified as at 31st March
2010, from being appointed as directors in terms of clause (g) of
Sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Accounting policies and notes thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in confirmative the accounting principals generally accepted
in India:
(i) In the case of Balance Sheet of the State of Affairs of the Company
as at 31st March 2010, and
(ii) In the case of Profits Loss Account of the Profit of the Company
for the year ended 31st March 2010.
(iii) In the case of cash flow statement of the said statement for year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure to the Auditors Report of SAMYAK international Ltd. for the
year ended 31st March, 2010. (Referred to in paragraph (3) thereof)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us the Company has a phased program for physical
verification of the fixed assets of the company to cover all location.
In our opinion, the frequency of verification is reasonable,
considering the size of the Company. No serious discrepancies were
noticed on such verification as compared with the available records.
c. During the year there is no disposable of substantial part of fixed
assets, affecting going concern assumption.
2. a. Inventories have been physically verified by the management
during the year. In our opinion. the frequency of verification is
reasonable.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properiy dealt with in
the books of account.
3. a. ln our opinion and according to the information a any party
during the year from the parties covered in the register maintained u/s
301 of the companies act and No. of parties was-Nil. The outstanding
year end balance of such parties during the year was Rs. NIL and
maximum outstanding balance during the year was Rs. NIL.
b. In our opinion and according to the information and explanations
given to us, the company has not granted loans to any party covered in
the register u/s 301 of the Companies Act, 1956.
c. In our opinion and according to the information and explanations
given to us, the rates of interest and other terms & conditions on such
loans have been taken/granted from Companies, Firms & other listed
parties in the register maintained u/s 301 of the Companies Act, 1956
are not prima facie prejudicial to the interest of the company.
d. The Company has taken unsecured loan from directors.
e. In our opinion and according to the information and explanations
given to us. There in no overdue amount of loan taken from Companies.
Firms or other parties listed in the register maintained u/s 301 of the
companies act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of shares. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the infomtation and
explanations given to us.contract and arrangement, transactions that
need to be entered as reffered to the Register maintained in pursuance
of 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 that goods material services aggregating to Rs 5 Lacs on more were
sold to Aadi Chem Trade Pvt. Ltd. in pursuance of contracts register
maintained u/s 301 of the Companies Act, 1956. Amounting to Rs. 80.58
Lacs, for Sate and Amounting Rs. NIL Lacs for purchase transaction. 6
In our opinion and according to the information and explanations given
to us, the company has not accepted deposit from Directors Shareholders
and Directors relatives only as per section 58(A) and 58(AA) of the
Companies Act, 1956 and any other relevent provisions of the act. No
order has been passed by the Company Law Board or National Co. Law
Tribunal or RBI or any Court or Tribunal.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost record by the Company under section 209(l)(d)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory 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 any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2010 for a period of more that six months
from the date they became payable.
b. As at 31st March, 2010 according to the records of the company and
the information and explanations given to us, the following are the
particulars of dues on account of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, and other matters that have not
been deposited on account of dispute:
10. The Company have no accumulated losses. The Company has incurred
no cash losses during the financial year covered by our audit and
immediate preceding the year of audit.
11. According to information and explanations given to us, the Company
has enjoing credit facility from HDFC Bank (Vehicle Loan) and Cash
Credit Limit from Bank of Baroda.
12. According the information and explanations given to us the Company
has not granted loans and advances on the basis of Security by way of
pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (XIII) of the order
are not applicable to the Company.
14. In our opinion the company has maintained adequate records of its
dealing in Shares, Securities, Debentures and others invetments and
finally enteries have been made therein.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. During the financial year the company has not obtained any term
loans. Hence clause 4(xvi) and (xvii) of the order relating to
utilisation of the said loan is not applicable.
17. 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 funds raised on short term basis have not been used for long
term investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Bharat Neema & Co.
Chartered Accountants
Place: Indore Bharat Neema
Date: 28th August 2010 Proprietor
Membership No. 074810