Mar 31, 2014
We have audited the accompanying financial statements of SHUKRA
BULLIONS LIMITED ("the Company"), 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 RESPONSIBILITY FOR 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 notified under the Companies Act, 1956 ("the
Act") read with General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of Section 133 of
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. 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 subject to following comment;
"In view of no commercial operation in its SEZ unit at Surat the
company has not provided for depreciation amounting to Rs. 2,65,006/-
during the year." And,
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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 notified under
the Act read with General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of
Companies Act, 2013 subject to the qualification made in our report
above and point no. 1.5, 1.10 and 1.11 of Accounting Policies and Notes
of Accounts forming part of audited accounts;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of Our Report of even date to
the members of SHUKRA BULLIONS LIMITED on the accounts of the company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been 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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
(b) The Company has taken loans from the parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount outstanding during the year was of Rs. 22,12,296/- and
year end balance of such loan amounted to Rs. 10,02,296/-. Other than
above company has not taken any loans, secured or unsecured, from
companies, firms or parties covered in the register maintained under
Section 301 of the Act.
(c) The said loan is interest free loan and based on the information
and explanation given to us, the terms and conditions of loan taken
from such body corporate covered in the register maintained under
section 301 of the Act is not prima facie prejudicial to the interest
of the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods.
During the course of our audit, no major instance of continuing failure
to correct any weaknesses in the internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion and explanation given to us, the transactions
exceeding the value of 5 lakh in respect of any party during the year
have been made at prices which are prima-facie reasonable having regard
to prevailing market prices at the relevant time where such prices are
available.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. To the best of our knowledge the Central Government has not
prescribed the maintenance of cost records U/s 209(1) (d) of the
company act, 1956 for any of the products of the company.
9. (a) According to the records of the company, 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 to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to 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 provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not dealing in or trading in Shares, Mutual funds & other
Investments. Accordingly, the provisions of clause (XIV) of the
paragraph 4 of the order are not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, S. K. Jha & Co.
Chartered Accountants
FRN: 126173W
Satyendra K Jha
Place: Ahmedabad (Partner)
Date: 19th May, 2014 Membership No.: 100106
Mar 31, 2012
We have audited the attached Balance Sheet of SHUKRA BULLIONS LIMITED
as at 31st March, 2012, the Statement of Profit and Loss and also the
Cash Flow Statement 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. 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 Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
3. Further to our comments in the Annexure referred to in paragraph
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of account, as required by the law,
have been kept by the company, so far as appears from our examination
of those books.
c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and the Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act 1956
e) In our opinion, and based on information and explanation given to
us, none of the Directors are disqualified as on 31st March, 2012 from
being appointed as Directors in term of section 274( 1 )(g) 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
significant Accounting Policies and other notes thereon give die
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) In so far as it is relates to Balance Sheet, of die state of
affairs of the company as at 31st March, 2012;
(ii) In so far as it relates to the Profit & Loss Account, the profit
of the company for the year ended on that date subject to die following
comment.
"The company has not provided for provision for depreciation amounting
to RS. 386586/- on the assets ofSEZ Unit and Daman Unit against the
accounting policy regularly followed by the company."
(iii) In so far as it relates to the cash flow statement, of the cash
flow of the company for the year ended on that date.
For S K Jha & Co. (Chartered Accountants) FRN: 126173W
Satyendra K Jha Place: Mumbai (Partner)
Date: 28th May, 2012 Membership No. 100106
ANNEXURE REFERRED IN PARAGRAPH 2 OF THE AUDITOR'S REPORT ON THE
ACCOUNTS OF M/S. SHUKRA BULLIONS LIMITED FOR THE YEAR ENDING 2012
As required by the Companies (Auditor's report) Order, 2003 issued by
the central Government of India in terms of section 227(4-A) of the
Companies Act, 1956, we report that:
1 In respect of fixed assets:
(A) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
(B) As explained to us, all the fixed assets have been physically
verified by the management during the year at reasonable intervals,
which in our opinion, is reasonable having regard to the size of the
company and the nature of assets. No material discrepancies were
noticed on such physical verification.
(C) In our opinion the Company has not disposed off any
substantial/major part of fixed assets during the year and the going
concern status of the company is not affected.
2 In respect of its inventories:
(A) As explained to us, the inventory has been physically verified by
the management at regular intervals during the year.
(B) In our opinion and according to the information and explanations
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
size of the company and nature of its business.
(C) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company has maintained proper records of inventory. And
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956:
(A) The company has not granted any secured or unsecured loan, to
parties covered under register maintained under section 301 of the Act.
Hence the provisions of clause (III) (b), (c), (d) of paragraph 4 of
the order are not applicable.
(B) During the year, the company has accepted unsecured short term
loans amounting to Rs. 10,00,000/- from one party covered under
section 301 of the Act. The loan is interest free. Based on the
information and explanation given to us, the terms and conditions of
loans taken from such parties covered in the register maintained under
section 301 of the Act are not prima facie prejudicial to the interest
of the company.
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 nature of its business
with regard to purchase of inventory and fixed assets and with regard
for the sale of goods and services. During the course of audit, no
major weakness has been noticed in the internal control.
5 In respect of contracts or arrangements entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956.
(A) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, which needed to be entered in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(B) In our opinion and explanation given to us, the transactions
exceeding the value of 5 lakh in respect of any party during the year
have been made at prices which are prima-facie reasonable having regard
to prevailing market prices at the relevant time where such prices are
available.
6 In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of Clause (XI) of paragraph 4 of the order
are not applicable to the company,
7 In our opinion, the company has internal audit system commensurate
with its size and nature of its business.
8 To the best of our knowledge the Central Government has not
prescribed the maintenance of cost records U/s 209(1) (d) of the
company act, 1956 for any of the products of the company.
9 In respect of statutory dues:
(A) According to the information and explanations given to us, the
company was generally regular in depositing undisputed statutory dues
including Employees Provident Fund, Employees State Insurance Fund,
Income Tax, Sales Tax, Wealth Tax, Service tax, Customs Duty, Excise
Duty, Cess and other statutory dues with the appropriate authority
during the year.
(B) According to the records examined by us and the information and
explanations given to us, there are no disputed amounts due in respect
of income tax, wealth tax, sales tax, service tax, excise duty,
Employees provident fund, Employee state insurance fund and other
statutory dues at the end of the year.
10 In our opinion, Company has not incurred cash losses during the
financial year covered by audit.
11 Based on our audit procedures and on the basis of information and
explanations given by the management, in our opinion, the provisions of
clause (XI) of the paragraph 4 of the order are not applicable to the
Company.
12 In our opinion and according to information and explanation given to
us, no loans and advances have been granted by the company on the basis
of security by way of pledge of shares, debentures and other security.
13 In our opinion the company is not a Chit Fund, Nidhi or Mutual
Benefit Fund/Society. Therefore, the provisions of clause (XIII) of
the paragraph 4 of the order are not applicable to the company.
14 The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
(XIV) of the paragraph 4 of the order are not applicable.
15 As per information and explanation given to us, the company has not
given any guarantees for loans taken by other from banks and financial
institutions.
16 In our opinion and according to information and explanation given to
us, the Company has not availed of any term loans during the year.
There were no term loans outstanding as at the beginning and as at end
of the year.
17 According to the information and explanations given to us and on
examination of balance sheet, funds raised on short term basis have,
prima facie, not been used during the year for long term investment and
vice versa.
18 The company has not made any preferential allotment to parties and
companies covered under register maintained under Section 301 of the
Companies Act, 1956, during the year.
19 The Clause (XIX) of the paragraph 4 of the order is not applicable,
as the company has not issued any debentures during the year.
20 The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
21 In our opinion and according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For, S. K. Jha & Co.
(Chartered Accountants)
FRN: 126173W
Satyendra K. Jha
Place:- Mumbai (Partner)
Date: - 28th-May-2012 M. No.: 100106
Mar 31, 2010
We have audited the attached Balance Sheet of Shukra Bullions Limited
for the year ended as at 31 st March 2010, and also the Profit and Loss
Account for the year ended on that date annexed thereto and report that
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 have conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4 A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the Annexure referred to above, we report
that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of accounts;
iv. In our 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;
v. On the basis of written representations received from the
Directors, as on 31 st March 2010 and taken on record by the Board of
Directors, We report that none of the directors is disqualified as on
31 st 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;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts gives the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 2010;
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF SHUKRA BULLIONS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
MARCH 31,2010.
On the basis of the information and explanations furnished to us, the
books and records examined by us in the normal course of audit and to
the best of our knowledge and belief in our opinion, we further report
that:
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The Fixed
assets of the company have been physically verified by the management
during the period and no significant discrepancies were reported on
such verification.None of the fixed asstes sold by the company which
affects the going concern.
2. None of the fixed assets of the company has been revalued during
the year.
3. The stocks of finished goods and raw materials have been physically
verified by the management at the reasonable intervals.
4. The procedure for physical verification of stock followed by the
management at the reasonable and adequate in relation to the size of
the company and nature of its business.
5. There were no discrepancies noticed on verification of stock as
compared to book records as explained to us.
6. In our opinion the valuation of stocks has been fair and proper in
accordance with normally accepted principles.
7. The company has not taken any loans, secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the companies Act, 1956 or form the companies
under same management as defined under section 370 (IB) of the
companies act 1956.The rate of interest and other terms and conditions
of such loans are not prime facie prejudicial to the interest of the
company.
8. The company has not granted any loans to companies, firms or other
parties listed in the register maintained under section 301 of The
Companies Act, 1956 or form the companies under same management as
defined u/s 370(1B) of the companies Act 1956.However in our opinion
the terms and conditions on which the loan have been given, are not
prima facie prejudicial to the interest of the company.
9. The company has not given any loans or advances to any employee or
other parties . However in our opinion the terms and conditions on
which the loans have been given are not prima facie prejudicial to the
interest of the company.
10. As per information given to us there is an adequate internal
control procedure commensurate with the size of the companies the
nature of its business for the purchase of stores, raw materials ,plant
and machineries, equipment and other asset and sale of goods.
11. As per information and explanation given to us the company has not
entered into any transaction in respect of purchase of goods and
material and sale of goods and the prices on which the transactions are
entered are at a fair price prevailing in the market and are not
prejudicial for company and company has not entered into any
transaction in respect of services rendered in pursuance of
arrangements with companies of firms entered in the register maintained
u/s 301 of the companies Act, 1956 aggregating during the year to Rs.
50000/- or more in respect of each party.
12. The company has no unserviceable or damaged stores, raw materials
and finished goods.
13. The company has not accepted any deposit from public during the
year.
14. In our opinion 4(viii) internal audit is recommended.
15. In our opinion 4(x)-losses & net worth is not
applicable,4(xi)-default for financial institution,4(xii)-loan granted
by way of pledge of shares and securities,4(xiii)- chit fund-
4(xiv)-deaiing in shares,4(xv)-guarantee for loan,4(xvi)-term loan
uti!ization,4(xvii)- short term fund used for long
term,4(xviii)-preferential allotment,4(xix)-charge for
debenture,4(xx)-end use of public fund,4(xxi)-any fraud are not
applicable to the company
16. In our opinion the company has an adequate internal audit system
commensurate With size of the company and the nature of its business.
17. The central government has not prescribed maintenance of cost
records under section 209-1-dofthe companies act, 1956.
18. As per the opinion of the company management there is no liability
of employees providend Fund and E.S.I.S.
19. According to the information and explanation given to us and
records of the company examined by us, there are no undisputed amounts,
payable in respect of Income tax, custom duty sales tax, profession tax
and excise duty outstanding as At 31 st march 2010 for a period of more
than six months from time the date they become payable.
20. On the basis of records of the company and as per information and
explanation given to us no personal expenses of employees and directors
have been charged to revenue accounts other than those payable under
contractual obligation or in accordance with generally accepted
business practices.
21. The company is not sick Industrial company within the meaning if
clauses (o) of sub section 3 of the sick Industrial (special
provisions) Act, 1985.
22. In case of trading activates, we are informed that the company
does not have damaged goods lying with it at the end of the year.
FOR A.D.LALWANI & ASSOCIATES
CHARTERED ACCOUNTANTS
AVINASH LALWANI
PARTNER
PLACE :MUMBAI
DATE : 06.08.2010