Mar 31, 2023
HLE Glascoat Limited
We have audited the Separate financial statements (also known as Standalone Financial Statements) of HLE Glascoat Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2023, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year ended, and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at 31st March 2023, and its profit(financial performance including Other Comprehensive Income), the Changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Sr. No. Key Audit Matter |
Our Response |
|
2 Property, Plant & Equipment (Including Capex) |
Principal Audit Procedures |
|
Tracking and monitoring capex requires more attention to ensure reasonable accurateness and completeness of financial reporting in respect of Property, plant and equipment. Further, technical complexities require management to assess and make estimates/judgements about capitalization, estimated useful life, impairment etc. which has material impact on Balance sheet and operating results. |
Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows; i. We assessed company''s process regarding maintenance of records and accounting of transactions pertaining to property, plant and equipment including capital work in progress with reference to Indian Accounting Standard 16. |
|
Refer note 2 to Standalone financial statements |
ii. |
We have carried out substantive audit procedures at financial and assertion level to verify the capitalization of assets as Property, Plant & Equipment |
iii. |
We have reviewed management judgement pertaining to estimation of useful life and depreciation of the Property, Plant and equipment in accordance with Schedule II of the Companies Act, 2013. |
|
iv. |
We have relied on physical verification conducted by management and management representations. |
4. Information Other than the Standalone Financial Statements and Auditorâs Report thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board''s Report including Annexures to Board''s Report, Management Discussion and Analysis, Report on Corporate Governance, Business Responsibility Report, but does not include the Standalone Financial Statements and our auditor''s report thereon. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
5. Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, Changes in Equity and Cash Flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company''s financial reporting process.
6. Auditorâs Responsibility for the audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
7. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act, based on our
audit, 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 including Other Comprehensive Income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) As required by section 197(16) of the Act, based on our audit, we report that the Company has paid and provided for remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.
h) 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, as amended 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
Standalone Financial Statements - Refer Note 28 (l) to the Standalone Financial Statements;
ii. The Company has long-term contracts including derivative contracts for which there were no material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) As represented to us by the management
and to the best of its knowledge and belief, no funds have been advanced or lend or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (Intermediariesâ), with the understanding whether recorded in writing or otherwise that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(b) As represented to us by the management and to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures, we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that causes us to believe that the above representations under subclause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material misstatement.
v. The Company has complied with the provisions with respect to Section 123 of the Companies Act, 2013 in respect of final dividend proposed in the previous year and paid by the company during the year and the proposed final dividend for the year which is subject to the approval of members at the ensuing Annual General Meeting.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for maintaining books of account in accounting software having a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled, is applicable to the Company
only with effect from financial year beginning April 1, 2023, the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.
For M M NISSIM & CO LLP
Chartered Accountants
Firm Reg.No.107122W / W100672
N Kashinath
Partner
Mem.No.36490
UDIN: 23036490BGXRYP9722
Place: Mumbai
Date: 29th May 2023
Mar 31, 2022
1. Opinion
We have audited the Separate financial statements (also known as Standalone Financial Statements) of HLE GLASCOAT Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2022, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at 31st March 2022, and its profit(financial performance including Other Comprehensive Income), the Changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing
(SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
S No. Key Audit Matter |
Our Response |
1 Evaluation of Provisions and Contingent Liabilities w.r.t. litigations and claims The Company has material uncertain positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. |
Principal Audit Procedures We performed the following substantive procedures: Testing the design, implementation and operating effectiveness of key internal controls around the recognition and measurement of provisions and re-assessment of development of contingent liabilities. We have assessed the value of significant provisions and contingent liabilities, in light of the nature of the exposures, applicable regulations and related correspondence with the authorities. Evaluating judgements made by the Company by comparing the estimates of prior year to the actual outcome. Assessing the Company''s disclosures in the financial statements in respect of provisions and contingent liabilities. Conclusion We agree with management''s evaluation. |
S No. Key Audit Matter |
Our Response |
2 Defined benefit obligation |
We have examined the key controls over the process involving |
The valuation of the retirement benefit schemes |
member data, formulation of assumptions and the financial |
in the Company is determined with reference to |
reporting process in arriving at the provision for retirement |
various actuarial assumptions including discount |
benefits. We tested the controls for determining the actuarial |
rate, rate of inflation and mortality rates. Due to |
assumptions and the approval of those assumptions by senior |
the size of these schemes, small changes in these |
management. We found these key controls were designed, |
assumptions can have a material impact on the |
implemented and operated effectively, and therefore determined |
estimated defined benefit obligation |
that we could place reliance on these key controls for the purposes of our audit. We tested the employee data used in calculating the obligation and where material, we also considered the treatment of curtailments, settlements, past service costs, remeasurements, benefits paid, and any other amendments made to obligations during the year, if any. From the evidence obtained, we found the data and assumptions used by management in the actuarial valuations for retirement benefit obligations to be appropriate. |
5. Information Other than the Standalone Financial Statements and Auditorâs Report thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board''s Report including Annexures to Board''s Report, Management Discussion and Analysis, Report on Corporate Governance, Business Responsibility Report, but does not include the Standalone Financial Statements and our auditor''s report thereon. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
6. Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, Changes in Equity and Cash Flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company''s financial reporting process.
7. Auditorâs Responsibility for the audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion, The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
8. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act, based on our audit, 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 including Other Comprehensive Income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) As required by section 197(16) of the Act, based on our audit, we report that the Company has paid and provided for remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.
h) 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, as amended 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 Standalone Financial Statements - Refer Note 29 (k) to the Standalone Financial Statements;
ii. The Company has long-term contracts including derivative contracts for which there were no material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) As represented to us by the management
and to the best of its knowledge and belief, no funds have been advanced or lend or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (Intermediariesâ), with the understanding whether recorded in writing or otherwise that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(b) As represented to us by the management and to the best of its knowledge and belief, no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures, we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that causes us to believe that the above representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material misstatement.
v. The Company has complied with the provisions with respect to Section 123 of the Companies Act, 2013 in respect of final dividend proposed in the previous year and paid by the company during the year and the proposed final dividend for the year which is subject to the approval of members at the ensuing Annual General Meeting.
For M M NISSIM & CO. LLP
Chartered Accountants
Firm Reg.No.107122W / W100672
N Kashinath Partner
Mem.No.36490
UDIN : 22036490AJLGMX3731 Place : Mumbai Date : 23rd May 2022
Mar 31, 2018
1. REPORT ON THE STANDALONE FINANCIAL STATEMENTS
1.1 We have audited the accompanying standalone financial statements of SWISS GLASCOAT EQUIPMENTS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including other comprehensive income), the statement of changes in Equity and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
2. MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS.
2.1 The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
2.2 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; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. AUDITOR''S RESPONSIBILITY
3.1 Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder and the order issued under Section 143 (11) of the Act.
3.2 We conducted our audit of the Standalone financial statements 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 Standalone financial statements are free from material misstatement.
3.3 An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 Standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating 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 Standalone financial statements.
3.4 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
4. OPINION
4.1 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 (financial position) of the Company as at 31st March, 2018, its profit (financial performance including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.
5. OTHER MATTERS
5.1 The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1stApril 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016 dated 29th May, 2017 and 26th May, 2016 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, have been audited by us.
Our opinion is not modified in respect of these matters.
6. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
6.1 As required by the Companies (Auditor''s Report) Order, 201 6("the Order") issued by the Central Government in terms of Section 143 (11) of the Act, we give in "Annexure A" - a statement on the matters specified in paragraphs 3 and 4 of the Order.
6.2 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 including other comprehensive income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) 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, as amended, 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 Standalone financial statements - Refer Note 27 (n) to the Standalone financial statements;
ii. The Company did not have no long-term contracts including derivative contracts for which there were no material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the company during the year ended 31st March, 2018.
"ANNEXURE A" TO THE INDEPENDENT AUDITORS'' REPORT
OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF SWISS GLASCOAT EQUIPMENTS LIMITED
i) In respect of its Fixed Assets:
a) The company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets;
b) As explained to us, the Assets have been physically verified by the management in accordance with a regular programme of verification, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification;
c) According to the information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the Company.
ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification.
iii) The company has not granted any loans, secured or unsecured during the year to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Act. Accordingly, the clauses 3(iii) (a), (b) and (c) of the Order are not applicable to the Company.
iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to investments made during the year.
v) The Company has not accepted any deposits within the meaning of Provisions of Section 73 to 76 of the Act, and the rules framed thereunder from the public.
vi) We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
vii) a) The company is regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales-Tax, Service Tax, Goods & Services Tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with appropriate authorities, where applicable. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.
b) According to the records of the company, the dues outstanding of income-tax, sales-tax, service tax, duty of customs, duty of excise, goods and services tax and value added tax on account of any dispute, are as follows:
Statute and nature of dues |
Financial year to which the matter pertains |
Forum where the dispute is pending |
Rs. Lakhs |
Finance Act 1994 |
|||
Service Tax |
2008-2013 |
CESTAT |
11.28 |
2012-2015 |
CESTAT |
23.98 |
|
INCOME TAX, 1961 |
|||
Income Tax |
2003-04 |
High Court |
15.89 |
2004-05 |
58.80 |
viii) The company has not defaulted in repayment of its loans or borrowings to banks. The Company does not have any borrowings by way of debentures.
ix) The Company has not raised any moneys by way of Initial public offer or further Public offer (Including debt instruments). Moneys raised by way of Term / Hire Purchase Loan were applied for the purpose for which those are raised.
x) On the basis of our examination and according to the information and explanations given to us, no fraud by the Company or any material fraud on the company by its officers or employees has been noticed or reported during the year, nor have we been informed of any such case by the management.
xi) The managerial remuneration has been paid/provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii) The company is not a nidhi Company and accordingly provisions of clause (xii)of Para 3 of the order are not applicable to the Company.
xiii) On the basis of our examination and according to the information and explanations given to us, we report that all the transaction with the related parties are in compliance with Section 1 77 and 188 of the Act, and the details have been disclosed in the Financial statements in Refer Note 27(e) as required by the applicable accounting standards.
xiv) The company has not made any preferential allotment or private placement of share or fully or partly paid convertible debentures during the year and accordingly provisions of clause (xiv) of Para 3 of the Order are not applicable to the Company.
xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with the directors. Accordingly, provisions of clause (xv) of Para 3 of the Order are not applicable to the company.
xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act,1934 and accordingly, provisions clause (xvi) of Para 3 of the Order are not applicable to the Company.
"ANNEXURE B" TO THE INDEPENDENT AUDITORS'' REPORT
OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF SWISS GLASCOAT EQUIPMENTS LIMITED.
7. REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SWISS GLASCOAT EQUIPMENTS LIMITED ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
8. MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Act.
9. AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by Institute of Chartered accountants of India and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
10. MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
11. INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
12. OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India.
For M. M. NISSIM & CO.
Chartered Accountants
(Firm Regn. No. 107122W)
(N. Kashinath)
Partner
Mem. No.: 036490
Mumbai, 19th May, 2018
Mar 31, 2015
We have audited the accompanying financial statements of Swiss Glascoat
Equipments Limited ("the compan"),which comprise the Balance Sheet as
at 31 March 2015, the Statement of Profit and Loss, 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 The Company's Board of
Directors is responsible for the matters 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 the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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 there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal 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. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit 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.
Emphasis of Matters
We draw attention to the following matters in the Notes to the financial
statements:
a) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
33.1 to the financial statements.
Our opinion is not modified in respect of these matters.
Report on other Legal and Regulatory Requirements
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 appears from our examination of those
books.
c) The Balance Sheet, the 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 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.
f) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
33.1 to the financial statements.
g) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts required to be
transferred to the Investor Education and Protection Fund by the
Company during the year ended March 31, 2015.
To the Members of Swiss Glascoat Equipments Limited
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) 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 is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) 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
189 of the Companies Act, 2013. Accordingly, the provisions of
clause3(iii)(a) and (b) of the Order are not applicable to the Company
and hence not commented upon.
(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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
(vi) The Central Government has not prescribed the maintenance of cost
records under clause (d) of sub-section (1) of section 148 of the
Companies Act 2013 for any of its products. Therefore, the provisions
of clause 4 (viii) of the Order are not applicable to the Company.
(vii) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, value added tax, cess and other material statutory dues applicable
to it. The provisions relating to employees' state insurance are not
applicable to the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, value
added tax, cess and other material statutory dues were outstanding, at
the year end, for a period of more than six months from the date they
became payable. The provisions relating to employees' state insurance
are not applicable to the Company.
(c) According to the information and explanations given to us, the
statutory dues which have not been deposited on account of disputes are
given below:
Name of Statute Nature of Dues
Central Excise Disallowance of CENVAT credit of service tax
Central Excise Disallowance of CENVAT credit of service tax
Central Excise Disallowance of CENVAT credit of service tax
Central Excise Refund of Excise Duty
Income Tax Tax demand
Name of Statute Amount Rs. Forum where dispute is pending
Central Excise 2,87,562/- Commissioner Appeals
Central Excise 25,66,924/- Commissioner Appeals
Central Excise 2,17,671/- Commissioner Appeals
Central Excise 9,17,954/- Commissioner Appeals
Income Tax 41,64,380/- Commissioner Appeals
(d) According to the records of the Company, there are no amounts that
are due 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 made there under.
(viii) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
(ix) The Company did not have any outstanding dues in respect of a
bank, financial institution or debenture holders during the year.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) The Company has not raised new term loans during the year. The
term loans outstanding at the beginning of the year and those raised
during the year have been applied for the purposes for which they were
raised.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no material fraud on or by the Company has been noticed or
reported during the year.
For Darji & Associates
Chartered Accountants
(Registration No. 116519W)
CA L. B. DARJI
30th May,2015 Partner
Vallabh Vidhyanagar M. No. 030992
Mar 31, 2014
1. We have audited the accompanying financial statements of Swiss
Glascoat Equipments Limited ,("the company") which comprise the Balance
Sheet as at 31st March, 2014,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
2. The Company''s Management is responsible for the preparation of these
financial statements that give 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 Section 211
(3C) of the Companies Act, 1956 ("the Act") read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013 and in
accordance with the accounting principles generally accepted in India.
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.
Auditors'' Responsibility
3. 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.
4. 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 judgement, 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
the accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
8. 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 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Annexure referred to in Clause I of Report on Other Legal and
Regulatory Requirements of Our Report of Even Date to the Members of
Swiss Glascoat Equipments Limited on the Accounts as at and for the
Year ended 31st March, 2014
I) In respect of its fixed assets;
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 year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
c. During the year, the Company has not disposed off substantial part
of fixed assets that affects the going concern status of the Company.
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 are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification.
III) In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firm or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a. The Company has not granted any loans, secured or unsecured to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not
applicable to the Company.
b. The Company has taken unsecured loans amounting to Rs 11.00 lacs
from One party covered in the register maintained under section 301 of
the Companies Act, 1956. The maximum amount outstanding during the year
Rs 11.00 lacs and also the year end balance was Rs 11.00- lacs.
c. The rate of interest and other terms and conditions on which loans
have been taken are not prima- facie, prejudicial to the interest of
the Company.
d. The payment of the principal amount and the interest was regular
during the year.
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 regards to purchases of
inventory, fixed assets and the sale of goods and services. During the
course of our audit, we have not observed any major weaknesses 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 knowledge and belief and according the information and
explanations given to us:
a. The particulars of contracts or arrangements referred to Section 301
that needed to be entered in the Register maintained under the said
Section 1956 have been so entered.
b. Where each of such transaction is in excess of Rs. 5.00 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
VI) The Company has accepted deposits from the public during the year.
In our opinion and according to the information and explanations given
to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of section 58A, 58AA or any
relevant provision of the Act and the rules framed their under, where
applicable, have been complied with, and no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal.
VII) In our opinion, the Company''s present internal audit carried out
by a firm of Chartered Accountants is commensurate with size and nature
of its business.
The Companies (Cost Accounting Records) Rules 2011 have been applicable
to the company w.e.f. the financial year 2011 -12. The company has
appointed cost accountant and is in the process of compliance with the
said rules.
VIII) In respect of statutory dues:
a. The Company has generally been regular in depositing undisputed
dues, including Provident Funds, Investor Education & Protection Fund,
Income tax, Sales tax, Customs duty, Service tax, Excise duty, Cess and
other material statutory dues applicable to it with the appropriate
authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Funds, Investor
Education & Protection Fund, Income tax, Sales tax, Customs duty,
Excise duty, Service tax and Cess were in arrears, as at 31 st March,
2014 for a period of more then six months from the date of they became
payable.
c. Details of dues of Sales tax and Income tax which have not been
deposited as on 31st March, 2014 on account of disputes are given
below:
Particulars Period of Forum where Amount
which amount the dispute is (Rs. in lacs)
relates pending
Income Tax 2003-04 Income Tax 1.58
Appellate Tribunal
2009-10 Deputy Comm. of 4.49
Income Tax
IX) The Company neither has any accumulated losses nor incurred any
cash losses during the financial year covered by the audit and
immediately preceding financial year.
X) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or bank.
XI) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
bases of security by way of pledge of shares, debentures or other
securities.
XII) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Order are not applicable to the Company.
XIII) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of clause 4(xiv) of the Order are not applicable to the Company.
XIV) In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions.
XV) In our opinion and according to the information and explanations
given to us, the term loans obtained have been applied for the purpose
for which they were raised.
XVI) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term bases have not been
used during the year for long-term investment.
XVII) The Company has not made any preferential allotment of shares to
the parties or companies covered in the Register maintained under
Section 301 of the Companies Act, 1956 during the year.
XVIII) The Company has not issued any secured debentures during the
year.
XIX) The Company has not raised any money by way of public issue during
the year.
XX) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year.
For Darji & Associates
Chartered Accountants
(Registration No. 116519W)
CA L. B. DARJI
30th May, 2014 Partner
Vallabh Vidhyanagar M. No. 030992
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Swiss
Glasscoat Equipments Limited ,("the company") which comprise the Balance
Sheet as at 31st March, 2013,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
2. The Company''s Management is responsible for the preparation of
these financial statements that give 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 Section
211(3C) of the Companies Act, 1956 ("the Act") and in accordance with
the accounting principles generally accepted in India. 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.
Auditors'' Responsibility
3. 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.
4. 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 judgement, 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
the accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
8. 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 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
I) In respect of its fixed assets;
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 year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
c. During the year, the Company has not disposed off substantial part
of fixed assets that affects the going concern status of the Company.
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 are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification.
III) In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firm or other parties covered in the
register maintained under Section 301 of the Companies Act, 1 956:
a. The Company has not granted any loans, secured or unsecured to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not
applicable to the Company.
b. The Company has taken unsecured loans amounting to Rs 6.00 lacs
from Two parties covered in the register maintained under section 301
of the Companies Act, 1956. The maximum amount outstanding during the
year Rs 32.00 lacs and also the year end balance was Rs 1 7.00- lacs.
c. The rate of interest and other terms and conditions on which loans
have been taken are not prima-facie, prejudicial to the interest of the
Company.
d. The payment of the principal amount and the interest was regular
during the year.
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 regards to purchases of
inventory, fixed assets and the sale of goods and services. During the
course of our audit, we have not observed any major weaknesses 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 knowledge and belief and according the information and
explanations given to us:
a. The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section 1956 have been so entered.
b. Where each of such transaction is in excess of Rs. 5.00 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
VI) The Company has accepted deposits from the public during the year.
In our opinion and according to the information and explanations given
to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of section 58A, 58AA or any
relevant provision of the Act and the rules framed their under, where
applicable, have been complied with, and no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal.
VII) In our opinion, the Company''s present internal audit carried out
by a firm of Chartered Accountants is commensurate with size and nature
of its business.
The Companies (Cost Accounting Records) Rules 201 1 have been
applicable to the company w.e.f. the financial year 201 1-1 2.The
company has appointed cost accountant and is in the process of
compliance with the said rules.
VIII) In respect of statutory dues:
a. The Company has generally been regular in depositing undisputed
dues, including Provident Funds, Investor Education & Protection Fund,
Income tax, Sales tax, Customs duty, Service tax, Excise duty, Cess and
other material statutory dues applicable to it with the appropriate
authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Funds, Investor
Education & Protection Fund, Income tax, Sales tax, Customs duty,
Excise duty, Service tax and Cess were in arrears, as at 31st March,
2013 for a period of more than six months from the date of they became
payable.
c. Details of dues of Sales tax and Income tax which have not been
deposited as on 31st March, 2013 on account of disputes are given
below:
Particulars Period of Forum where Amount
which amount the dispute is (Rs. in lacs)
relates pending
Income Tax 2003-04 Income Tax 1.58
Appellate Tribunal
2009-10 Deputy Comm. of 4.49
Income Tax
IX) The Company neither has any accumulated losses nor incurred any
cash losses during the financial year covered by the audit and
immediately preceding financial year.
X) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or bank.
XI) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
bases of security by way of pledge of shares, debentures or other
securities.
XII) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
XIII) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of clause 4(xiv) of the Order are not applicable to the Company.
XIV) In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions.
XV) In our opinion and according to the information and explanations
given to us, the term loans obtained have been applied for the purpose
for which they were raised.
XVI) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term bases have not been
used during the year for long-term investment.
XVII)The Company has not made any preferential allotment of shares to
the parties or companies covered in the Register maintained under
Section 301 of the Companies Act, 1956 during the year.
XVIII) The Company has not issued any secured debentures during the
year.
XIX) The Company has not raised any money by way of public issue during
the year.
XX) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year.
For Darji & Associates
Chartered Accountants
(Registration No. 116519W)
CA L. B. DARJI
29th May,2013 Partner
Vallabh Vidhyanagar M. No. 030992
Mar 31, 2012
We have audited the attached Balance Sheet of SWISS GLASCOAT EQUIPMENTS
LTD. as at 31 st March, 2012 and also the Statement of Profit & Loss
and the Cash Flow Statement of the Company for the year ended on that
date annexed thereto. This 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
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.
1. As required by the Companies (Auditors Report) Order 2003, issued
by the Central Government of India in terms sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
2. Further to our comments in the annexure referred to in paragraph I
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those book;.
c) The Balance sheet and 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 and Statement of Profit and Loss
and Cash Flow Statement 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 bases of written representation received from the Directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that non of the Directors are disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause (g) of
sub-section (I) of Section 274 of the Companies Act, 1956;
I) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Polices and notes thereon, give the information
as required by the Companies Act, 1956, in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012;
(ii) in case of Statement of Profit & Loss of the profit for the year
ended on that date; and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
I) In respect of its fixed assets;
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 year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
c. During the year, the Company has not disposed off substantial part
of fixed assets that affects the going concern status of the Company.
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 are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification.
III) In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firm or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a. The Company has not granted any loans, secured or unsecured to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not
applicable to the Company,
b. The Company has taken unsecured loans amounting to Rs. 65.00 lacs
from four parties covered in the register maintained under section 301
of the Companies Act, 1956. The maximum amount outstanding during the
year was Rs. 100.00 lacs and balance at the year end was Rs. 50.00
lacs.
c. The rate of interest and other terms and conditions on which loans
have been taken are not prima- facie, prejudicial to the interest of the
Company.
d. The payment of the principal amount and the interest was regular
during the year.
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 regards to purchases of
inventory, fixed assets and the sale of goods and services. During the
course of our audit, we have not observed any major weaknesses 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 knowledge and belief and according the information and
explanations given to us;
a. The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section 1956 have been so entered.
b. Where each of such transaction is in excess of Rs.5,00 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
VI) The Company has accepted deposits from the public during the year.
In our opinion and according to the information and explanations given
to us, the Company has complied with the derivatives issued by the
Reserve Bank of India and the provisions of sections 58A, 58AA or any
relevant provisions of the Act and the rules framed thereunder, where
applicable, have been complied with, and no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
VII) In our opinion, the Company's present internal audit carried out
by a firm of Chartered Accountants is commensurate with size and nature
of its business.
VIII) The Companies (Cost Accounting Records) Rules 2011 have been
applicable to the Company w.e.f. the financial year 2011 -2012. The
company has appointed a Cost Accountant and is in the process of
compliance with the said rules.
IX) In respect of statutory dues:
a. The Company has generally been regular in depositing undisputed
dues, including Provident funds, Investor Education & Protection Fund,
Income tax, Sales tax, Customs duty, Service tax, Excise duty, Cess and
other material statutory dues applicable to it with the appropriate
authorities,
b. According to the information and explanations given to us,
undisputed amounts payable in respect of Provident Funds, Investor
Education & Protection Fund, Income tax, Sales tax, Customs duty,
Excise duty, Service tax and Cess were in arrears, as at 31 st March,
2012 for a period of more then six months from the date of they became
payable.
c. Details of dues of Sales tax and Income tax which have not been
deposited as on 31 st March, 2012 on account of disputes are given
below:
Particulars Period of Forum where Amount
which amount the dispute (Rs. in lacs)
relates is pending
Income 1999-00 Commissioner 0.30
Tax
2000-01 of Income Tax 0.20
2001-02 (Appeals) 0.18
2002-03 10.00
2003-04 45.00
X) The Company neither has any accumulated losses nor incurred any cash
losses during the financial year covered by the audit and immediately
preceding financial year.
XI) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or bank.
XII) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
bases of security by way of pledge of shares, debentures or other
securities.
XIII) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Order are not applicable to the Company.
XIV) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of clause 4(xiv) of the Order are not applicable to the Company.
XV) In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions.
XVI) In our opinion and according to the information and explanations
given to us, the term loans obtained have been applied for the purpose
for which they were raised.
XVII) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term bases have not been
used during the year for long-term investment.
XVIII) The Company has not made any preferential allotment of shares to
the parties or companies covered in the Register maintained under
Section 301 of the Companies Act, 1956 during the year.
XIX) The Company has not issued any secured debentures during the year.
XX) The Company has not raised any money by way of public issue
During the year.
XXI) According to the information and explanations given to us no fraud
on or by the Company has been noticed or reported during the year.
For, Darji And Associates
Chartered Accountants
(Registration No. 116519W)
Place : Vallabh Vidyanagar CA L. B. DARJI
Date : 25th July, 2012 Proprietor
M.No. 030992
Mar 31, 2010
We have audited the attached Balance Sheet of SWISS GLASCOAT EQUIPMENTS
LTD. as at 31st March,2010 and also the Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. This 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 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.
1. As required by the Companies (Auditors Report) Order 2003, issued
by the Central Government of India in terms sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
2. Further to our comments in the annexure referred to in paragraph 1
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books;
c) The Balance sheet and profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement 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 bases of written representation received from the Directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that non of the Directors are 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 our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Polices and notes thereon, give the information
as required by the Companies Act, 1956, in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India.
(i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2010;
(ii) in case of Profit & Loss Account of the profit for the year ended
on that date, and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
I) In respect of its fixed assets;
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 year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
c. During the year, the Company has not disposed off substantial part
of fixed assets that affects the going concern status of the Company.
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 are reasonable and adequate in relation to
the 1 size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification.
III) In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firm or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a. The Company has not granted any loans, secured or unsecured to the
companies, firms or other parties
covered in the register maintained under section 301of the Companies
Act, 1956. Therefore, the provisions of sub-clause (b), (c) and (d) of
clause 4(iii) of the order are not applicable to the Company.
b. The Company has taken unsecured loans amounting to Rs.3.60 lacs
from one party covered in the register maintained under section 301 of
the Companies Act, 1956. The maximum amount outstanding during the year
and also the year end balance was Rs.12.60 lacs.
c. The rate of interest and other terms and conditions on which loans
have been taken are not prima-facie, prejudicial to the interest of the
Company.
d. The payment of the principal amount and the interest was regular
during the year.
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 regards to purchases of
inventory, fixed assets and the sale of goods and services. During the
course of our audit, we have not observed any major weaknesses 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 knowledge and belief and according the information and
explanations given to us:
a. The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
b. Where each of such transaction is in excess of Rs. 5 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
VI) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the year. Therefore, the provisions of clause 4(vi) of the Order
are not applicable to the Company.
VII) In our opinion, the Companys present internal audit carried out
by a firm of a Chartered Accountants is commensurate with size and
nature of its business.
VIII) The Central Government has not prescribed the maintenance of cost
records under clause (d) of sub-section (1) of section 209 of the Act
for any of its products. Therefore, the provisions of clause 4 (viii)
of the Order are not applicable to the Company.
IX) In respect of statutory dues:
a. The Company has generally been regular in depositing undisputed
dues, including Provident Funds, Investor Education & Protection Fund,
Income tax, Sales tax, Customs duty, Service tax, Excise duty, Cess and
other material statutory dues applicable to it with the appropriate
authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Funds, Investor
Education & Protection Fund, Income tax, Sales tax, Customs duty,
Excise duty, Sercvice tax and Cess were in arrears, as at 31st March,
2010 for a period of more then six months from the date of they became
payable.
c. Details of dues of Sales tax and Income tax which have not been
deposited as on 31st March, 2010 on account of disputes are given
below:
Particulars Period of which amount Forum where the
dispute is Amount
relates pending (Rs.
in lacs)
Sales Tax 2000-01 Joint Comm.(Appeals) 0.88
Income Tax 2006-07 Commissioner of Income
Tax 1.22
2007-08 (Appeals) 6.38
X) The Company neither has any accumulated losses nor incurred any cash
losses during the financial year covered by the audit and immediately
preceding financial year.
XI) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or bank.
XII) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
bases of security by way of pledge of shares, debentures or other
securities.
XIII) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Order are not applicable to the Company.
XIV) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of clause 4(xiv) of the Order are not applicable to the Company.
XV) In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from banks or financial institutions.
XVI) In our opinion and according to the information and explanations
given to us, the term loans obtained have been applied for the purpose
for which they were raised.
XVII) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term bases have not been
used during the year for long-term investment.
XVIII) The Company has not made any preferential allotment of shares to
the parties or companies covered in the Register maintained under
Section 301 of the Companies Act, 1956 during the year.
XIX) The Company has not issued any secured debentures during the year.
XX) The Company has not raised any money by way of public issue during
the year.
XXI) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For Darji and Associates
Chartered Accountants
(Registration No. 116519W)
C.A. LB. Darji
Proprietor
M.No. 30992
Date: 20.07.2010
Place: Vitthal Udyognagar
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