Mar 31, 2015
We have audited the accompanying financial statements of TRIOCHEM
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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 financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has an adequate internal
financial controls system over financial reporting in place and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Board of Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the company as
at 31st March, 2015 and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015
("the Order") issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the
order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessaiy for the
purpose of our audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note No. 17(a)
to the financial statements;
ii. The Company did not have any long-term contracts Including
derivative contracts for which there were any material foreseeable
losses; and
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company,
Annexure referred to in Paragraph titled as "Report on Other Legal
and Regulatory Requirements" of Auditor's report to the members of
Triochem Products Limited for the year ended 31st March 2015,
On the Basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
I. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. Pursuant to the programme, a portion of the fixed assets
has been physically verified by the Management during the year and
discrepancies noticed between the book records and the physical
inventories were not material and have been properly dealt with in the
accounts.
II. (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
III. The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Accordingly, clause 3
(III) of the Order is not applicable to the Company.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit no
continuing failure to correct major weakness in such internal controls
system has been observed.
V. The Company has not accepted any deposits from the public during
the year covered by the audit. Accordingly, clause 3 (V) of the Order
is not applicable to the Company.
VI. The Central Government has specified maintenance of cost records
under sub-section (1) of section 148 of the Companies Act, 2013 for
the products manufactured by the Company and such accounts and records
have been made and maintained. However, we have not made a detailed
examination of such records.
VII. (a) According to the records of the Company, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Employees' State Insurance, Income-tax, Sales-tax,
Duty of Customs, Wealth tax, Service Tax, Excise Duty, Cess and other
statutoiy dues applicable to it with the appropriate authorities and
no such amounts were outstanding at the year end for a period of more
than six months from the date they became payable.
(b) According to the records of the Company, there are no dues of
Sales Tax, Wealth-Tax, Service Tax, Customs Duty, Excise Duty and Cess
which have not been deposited on account of any dispute.
The disputed amounts in respect of Income Tax are as under:
Sr Name of the Accounting Amount Forum where
No. Statute Description period (Rs.) dispute is
pending
1 Income Tax Income Tax 1992-1993 3,21,069 The Appellate
Act,1961 Dispute -43B Tribunal
disallowances.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
VIII. The Company does not have accumulated losses at the end of the
financial year March 31, 2015. Further, the Company has not incurred
any cash losses during the financial year ended March 31, 2015 and in
the immediately preceding financial year ended March 31, 2014.
IX. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to banks during the year. The company has not
taken any loans from financial institution and has not issued
debenture during the year.
X. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 3 (X) of the
Order is not applicable to the Company.
XI. The Company has not taken any term loans during the year.
Accordingly, clause 3 (XI) of the Order is not applicable to the
Company.
XII. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit for the period ended March 31, 2015.
For and on behalf of M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
Ashish Bairagra
Partner
Membership No: 109931
Place: Mumbai
Date: 30th May, 2015
F-11,3rd Floor, Manek Mahal,
90, Veer Nariman Road, Churchgate,
Mumbai - 400 020, India.
Mar 31, 2014
We have audited the accompanying financial statements of TRIOCHEM
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of section 133 of 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
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 31,2014
(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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and of the Order.
2. As required by Section 227(3) of the Act, we report that: ;
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those books
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the books
ofaccount.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
Directors as on March 31, 2014, taken on record by the Board of Directors
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Section 274(l)(g) of the Act.
Annexure referred to in Paragraph titled as "Report on Other Legal and
Regulatory Requirements" of Auditor''s report to the members of Triochem
Products Limited for the year ended 31st March 2014.
On the Basis of the records produced to us for our verification perusal
such checks as we considered appropriate, and in terms of information
and explanation given to us on our enquiries, we state that
1. (a) The company is maintaining the proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year s and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the Company during the year.
2. (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories.
The discrepancies noticed on physical verification of inventories as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. (a) During the year, the Company has not granted any loan, secured
or unsecured, to companies, firms and other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly clause 4 (iii) (a) to (d) of the Order is not applicable
to the Company.
(b) During the year, the Company has taken loan from companies covered
in the register maintained under Section 301 of the Companies Act, 1956.
The other terms and conditions are prima facie not prejudicial to the
interest of the company.
There are no stipulations with respect to the repayment of the loan
thereon.
The details of loan transactions are as under
No. of parties Total amount of Maximum balance Amount outstanding
loan taken outstanding at the end of the
during the year. year.
1 40,00,000 12,35,00,000 Nil
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, no weakness
has been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management we are of the
opinion that the contracts or arrangements that need to be entered into
the register required to be maintained under section 301 have been so
entered.
(b) In respect of the transactions with parties with whom transactions
of sale and purchase of goods exceeding value of Rupees Five Lakhs
have been entered into during the year in pursuance of such contracts
or arrangements entered in the registers maintained under section 301
of the Companies Act, 1956, except transactions of special nature for
which suitable alternative sources do not exist for obtaining
comparative quotations, in our opinion, have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public during the
year.
Accordingly, clause 4 (vi) of the Order is not applicable to the
Company.
7. The Company does not have a formal internal audit system.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 for the products manufactured by the Company and are of the
opinion that prima facie, the prescribed accounts and records have been
prepared and maintained. However, we have not made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income-tax, Sales-tax, Customs Duty, Wealth tax, Service Tax
Excise Duty, Cess and other statutory dues applicable to it with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of Income Tax,
Sales Tax, Customs Duty, Wealth Tax and Excise Duty were outstanding
at the year end for a period of more than six months from the date they
became payable.
According to the records of the Company, there are no dues of Sales
Tax, Wealth-Tax,Service Tax, Customs Duty, Excise Duty and Cess which
have not been deposited on account of any dispute. The following are the
disputed amounts in respect of Income Tax.
Description Accounting Amount Forum where dispute is
Period (Rs.) pending
Income Tax Dispute - 1992-1993 3,21,069 The Appellate Tribunal
43B disallowances.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to banks during the year. The company has not
taken any loans from financial institution and has not issued debenture
during the year.
12. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the Order is not applicable to the Company.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the Order is not
applicable to the Company.
14. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable to the Company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not taken any term loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable to the
Company.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no fund raised on short term basis have been used for long-term
investment by the Company.
18. The Company has not made any allotment of shares during the year.
Accordingly, clause 4 (xviii) of the Order is not applicable to the
Company.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4 (xix) of the Order is not applicable to the
Company.
20. The Company has not raised any money through public issue during
the year. Accordingly, clause 4 (xx) of the Order is not applicable to
the Company.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
for the period ended March 31, 2014.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
Vijay Kumar Jain
Partner
Membership No: 108374
Place: Mumbai
Date: 28h May, 2014
F-11, 3rd Floor, Manek Mahal, |
90, Veer Nariman Road, Churchgate,
Mumbai - 400 020, India.
Mar 31, 2012
1. We have audited the attached balance sheet of Triochem Products
Limited, Mumbai as at 31st March 2012, and also the statement of profit
and loss and the cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(together the 'Order') issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(iii) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the balance sheet, 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.
(v) On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information 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:
a. in the case of the Balance Sheet, of the State Of Affairs of the
Company as at 31st March 2012;
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.
Annexure referred to in paragraph 3 of Auditor's report to the members
of Triochem Products Limited for the year ended 31st March 2012.
On the Basis of the records produced to us for our verification/
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
1. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets. As per
the information and explanation given to us, physical verification of a
major portion of the fixed assets was conducted by the management
during the year. In our opinion, the frequency of physical verification
is reasonable. Having regard to the size of the operations of the
Company and on the basis of explanation received, in our opinion, no
material discrepancies were noticed on such verification.
There was no substantial disposal of fixed assets during the year.
2. The management has conducted physical verification of inventory at
reasonable intervals. 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. The
Company is maintaining proper records of inventory and no material
discrepancies were noticed on physical verification.
3. During the year, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
During the year, the Company has taken interest free loan from parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The terms and conditions thereof are prima facie not
prejudicial to the interest of the Company. There are no stipulations
with respect to the repayment of the loan. The details of loan
transactions are as under:
No. of parties Total amount Maximum balance Amount
of loan taken outstanding outstanding
during the year at the end
of the year.
1 125,000,000 70,000,000 62,500,000
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods' and services. During the course of our audit, no
weakness has been noticed in the internal controls.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management we are of the
opinion that the contracts or arrangements that need to be entered into
the register required to be maintained under section 301 have been so
entered.
In respect of the transactions with parties with whom transactions of
sale and purchase of goods exceeding value of Rupees Five Lakhs have
been entered into during the year in pursuance of such contracts or
arrangements entered in the registers maintained under section 301 of
the Companies Act, 1956, are at prices which are reasonable having
regards to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year, Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
7. The Company does not have a formal internal audit system.
8.. Cost records and accounts as prescribed by the Central Government
under section 209 (1) (d) of the Companies Act, 1956 have been
maintained by the Company, but no details examination of such records
and accounts have been carried out by us.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income-tax, Sales-tax, Customs Duty, Wealth tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Income Tax, Sales Tax, Customs Duty, Wealth Tax and Excise Duty were
outstanding at the year end for a period of more than six months from
the date they became payable.
According to the records of the Company, there are no dues of Sales
Tax, Wealth-Tax, Service Tax, Customs Duty, Excise Duty and Cess which
have not been deposited on account of any dispute. The following are
the disputed amounts in respect of Income Tax.
Description Accounting Amount Forum where dispute
Period (Rs.) is pending
Income Tax 1992-1993 3,21,069 The Appellate Tribunal
Dispute- 43B
dis-allowances.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. The Company has not taken any loan from financial institution or
bank and does not have any borrowings by way of debenture. Accordingly,
clause 4 (xi) of the Order is not applicable to the Company.
12. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the Order is not applicable to the Company.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the Order is not
applicable to the Company,
14. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing/trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable to the Company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not taken any term loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable to the
Company.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no fund raised on short term basis have been used for long-term
investment by the Company.
18. The Company has not made any allotment of shares during the year.
Accordingly, clause 4 (xviii) of the Order is not applicable to the
Company.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4 (xix) of the Order is not applicable to
the Company,
20. The Company has not raised any money through public issue during
the year. Accordingly, clause 4 (xx) of the Order is not applicable to
the Company.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Registration No. 101484W
Ashish Bairagra
Partner
Membership No - 109931
Place: Mumbai
Date : 14th May 2012
F-11, 3rd Floor, Manek Mahal,
90, Veer Nariman Road, Churchgate
Mumbai - 400 020, India.
Mar 31, 2010
1. We have audited the attached balance sheet of Triochem Products
Limited,Mumfoai as at 31st March 2010, and also the profit and loss
account and the cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the Order) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956, we
enclose in the Anncxurc a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexurc referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
atidit;
(ii) 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;
(iii) The balance sheet, profit and loss account and cash flow
statement dealt: with by this report are in agreement with the books of
account;
(iv) In our opinion, trie balance sheet, profit and loss account and
cash flow statement dealt with by this report comply wilih the
accounting standards referred to in sub-section (3C) of section 21 1 of
the Companies Act, 1956
(v) On the basis of written representations received from the
directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information 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:
a. in the case of the Balance Sheet, of the State Of Affairs of the
Company as at 31st March 2010;
b. in the case of the Profit And Loss Account, of the Loss 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.
Anncxure referred to in paragraph 3 of Auditors report to the members
of Triochem Products Limited for the year ended 31st March 2010.
On the Basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
1. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets. As per
the information and explanation given to us, physical verification of a
major portion of the fixed assets was conducted by the management
during the year. In our opinion, the frequency of physical verification
is reasonable. Having regard to the size of the operations of the
Company and on the basis of explanation received, in our opinion, no
material discrepancies were noticed on such verification.
There was no substantial disposal of fixed assets during the year.
2. The management has conducted physical verification of inventory at
reasonable intervals. 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. The
Company is maintaining proper records of inventory and no material
discrepancies were noticed on physical verification.
3. During the year, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
During the year, the Company has taken interest free loan from parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The terms and conditions thereof are prima facie not
prejudicial to the interest of the Company. There are no stipulations
with respect to the repayment of the loan. The details of loan
transactions arc as under:
No. of parties Total amount Maximum balance Amount
of loan taken outstanding
during outstanding
at the
the year. end of the
year.
1 30,00,000 30,00,000 30,00,000
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods. The Company does not provide any service. During the
course of our audit, no weakness has been noticed in the internal
controls.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management we are of the
opinion that the contracts or arrangements that need to be entered into
the register required to be maintained under section 301 have been so
entered.
In respect of the transactions with parties with whom transactions of
sale and purchase of goods exceeding value of Rupees Five Lakhs have
been entered into during the year in pursuance of such contracts or
arrangements entered in the registers maintained under section 301 of
the Companies Act, 1956, are at prices which are reasonable having
regards to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
7. The Company does not have a formal internal audit system.
8. Cost records and accounts as prescribed by the Central Government
under section 209 (1) (d) of the Companies Act, 1956 have been
maintained by the Company, but no details examination of such records
and accounts have been carried out by us.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income-tax, Sales-tax, Customs Duty, Wealth tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Income Tax, Sales Tax, Customs Duty, Wealth Tax and Excise Duty were
outstanding at the year end for a period of more than six months from
the date they became payable.
According to the records of the Company, there are no dues of Sales
Tax, Wealth-Tax, Service Tax, Customs Duty, Excise Duty and Cess which
have not been deposited on account of any dispute. The following are
the disputed amounts in respect of Income Tax.
Description Accounting Amount Forum where
dispute is
Period (Rs.) pending
Income Tax Dispute - 1992-1993 3,21,069 The Appellate
Tribunal
43B disallowances.
Income Tax Dispute - 2005-2006 47,548 Commissioner of
Income
Disallowance of Tax Appeals
expenses, addition
on account of
capital gains.
10. The accumulated losses at the end of the financial year are not
less than fifty percent of the net worth of the Company. The Company
has not incurred any cash losses in this financial year and also in the
immediately preceding financial year.
11. The Company has not taken any loan from financial institution or
bank and docs not have any borrowings by way of debenture. Accordingly,
clause 4 (xi) of the Order is not applicable to the Company.
12. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the Order is not applicable to the Company.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the Order is not
applicable to the Company.
14. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable to the Company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not taken any term loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable to the
Company.
17. The Company has not raised short term funds during the year.
Accordingly, clause 4 (xvii) of the Order is not applicable to the
Company.
18. The Company has not made any allotment of shares during the year.
Accordingly, clause 4 (xviii) of the Order is not applicable to the
Company.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4 (xix) of the Order is not applicable to
the Company.
20. The Company has not raised any money through public issue during
the year. Accordingly, clause 4 (xx) of the Order is not applicable to
the Company.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
Ashish Bairagra
Partner
Membership No-109931
Place: Mumbai
Date : 29th May, 2010