Mar 31, 2015
We have audited the accompanying financial statements of UNJHA
FORMULATIONS LIMITED('the Company'), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended and a summary of 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 the
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 the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgment 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
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the act and the rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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
companies' 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:
(i) in the case of the Balance sheet,of the state of affairs of the
company as at March 31,2015;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by 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
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 it appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of sub section (2) of section 164 of
the Companies Act, 2013.
f. With respect to the other matters included in the auditor's report
and to best of our information and according to the explanation given
to us.
1) The company has disclosed the impact of pending litigation on its
financial position in its financial statement.
2) The company has made provision, as required under the applicable law
or Accounting Standards, for material foreseeable losses, if any, on
long term contracts including derivative contracts.
3) There has been no delay in transferring amounts, required to be
transferred, to the investor's education and protection fund by the
company.
ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situations of fixed
assets.
b) As per the information and explanations given to us, the fixed
assets of the Company have been physically verified by the management
at reasonable intervals and no serious discrepancies between the book
records and physical verification were noticed.
c) During the year the Company has not disposed off any substantial
/major part of fixed assets.
2. a) As per the information and explanations given to us, the
inventories have been physically verified by the management at
reasonable intervals during the year.
b) In our opinion and as per the information and explanations given to
us, procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c) The Company is maintaining proper records of inventories. In our
opinion, discrepancies noticed on physical verification of inventory
were not material in relation to the operations of the Company and the
same have been properly dealt with in the books of account.
3. As per information furnished, the company has not granted any loans
to companies, firms or other parties.
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 it business
with regard to purchase of inventory and fixed assets and for the sale
of goods. During the course of audit,no major 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 transactions that need to be entered into the
prescribed statutory register have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the prescribed statutory register maintained
under section 189 of the Companies Act, 2013 and exceeding the value of
five lakh rupees in respect of any party during the year have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The company has not accepted any deposits from the public.
7. In our opinion, the company has no internal audit system
commensurate with the size of the Company and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government.
9. (a) According to information and explanations given to us and the
records examined by us, the Company has generally been regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, value added tax, wealth tax,
custom duty, excise duty, cess and other statutory dues wherever
applicable.
(b) According to information and explanations given to us, no
undisputed arrears of statutory dues were outstanding as at March
31,2015, for a period of more than six months from the date they became
payable.
(c) According to the records of the Company, there are no dues
outstanding in respect of income tax, MVAT,customs duty, wealth-tax,
service tax, excise-duty, cess, etc, on account of any dispute.
10. There are accumulated losses of the Company as on March 31,2015.
The Company has not incurred any cash losses during the financial
year covered by our audit and the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to Banks and
payments have been made as per the repayment schedule sanctioned
by the banks. The Company has no borrowings from financial institutions
or by way of debentures.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/ or
advances on basis of security by way of pledge of shares, debentures
and other securities.
13. Clause (xiii) of the order is not applicable to the Company as the
Company is not a Chit fund company or nidhi/mutual benefit fund/
society.
14. Clause (xiv) of the order is not applicable to the Company as the
Company is not dealing or trading in shares,securities, debentures and
other investments.
15. According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
16. The company has applied funds from term loans raised during the
year only for the purpose for which those term loans were raised .
17. During the year under purview the Company has not made any long
term Investments out of funds raised on short-term basis or vice versa.
18. The Company has not made any preferential allotment of shares
during the year.
19. Clause (xix) of the order is not applicable to the company, as the
Company has not issued any debentures.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For KANTILAL MANILAL SHAH & CO
Chartered Accountants
Place:MEHSANA DIPAK K.SHAH (PROPRIETOR)
Date: 28/05/2015 Membership No :046226
FRN:104741W
Mar 31, 2014
We have audited the accompanying financial statements of UNJHA
FORMULATIONS LIMITED("the CompanyÂ), which comprise the Balance Sheet
as at March 31, 2014,and the Statement of Profit and Loss and Cash Flow
statement for the year ended March, 2014, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENT
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 Company Act, 1956("the
Act")read with the General Circular 15/2013 dated 13"Â September 2013
of the Ministry Corporate Affairs in respect of section 133 of the
Company Act,2013.This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are aporopriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) In the case of the Profit and Loss Account, of the profit/ loss for
the year ended on March 31,2014;
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 (AuditorÂs Report) Order, 2003 ("the
Order") issued by the Central Government of ,ndia in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 read with the General Circular
15/2013 dated 13''" September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the CompanyAct,2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of UNJHA FORMULATIONS LIMITED on the accounts of the
company forthe year ended 3111 March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets on the basis of available information.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial amount of fixed asset has been disposed
during the year that affects the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material c;screpancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the
Company has not taken/given loans from other concerns covered in the
register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the particulars
of contracts or arrangements referred to in section 301 of the Act have
been entered in the register required to be maintained under that
section.
b) As per information & explanations given to us and in our opinion,
the transaction made in pursuance of such contracts or arrangements
with parties referred to in (a) above, have been made at rates which
are reasonable having regard to the prevalent market rates at relevant
time.
6. The Company has not accepted any deposits from the public.
Therefore, the provision of clause (vi) of the paragraph 4 of the Order
are not applicable to the company.
7. Though the company is having paid up share capital and reserves
exceeding 50 lacs as at the commencement of the financial year
concerned, it does not have formal internal audit system. However the
Company has adequate internal control procedure as stated in (4) above.
8 To the best of our knowledge and information and explanation
furnished to us. the company has been maintained the accounts and cost
records as perthe Section 209(1 )(d) of the Companies Act, 1956.
9. (a) As per the information and explanation furnished to us and
according to our examination of the books of accounts, the company has
been generally regular in depositing undisputed statutory dues, with
the appropriate authority during the year. There are no arrears of
undisputed statutory dues outstanding as at the last day of the
financial year, for a period of more than six months from the date on
which they become payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses of the company are more than fifty percent
of its net worth. The company has not incurred any cash losses during
the financial year covered by our audit and immediately preceding year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a n/dh/Anutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. Based on our examination of records and information and explanation
furnished to us, the Company does not deal/trade i shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others froma
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17 Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as
at 31st March, 2014, we report that no funds raised on short-term basis
have been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during theyear, nor have we been informed
of such case by the management.
Place:MEHSANA D.K.SHAH (PARTNER)
Date: 29/05/2014 Membership No :046226 For KANTILAL MANILAL SHAH & CO
FRN: 104741W Chartered Accountants
Mar 31, 2013
1. We have audited the attached balance sheet of, UNJHA FORMULATIONS
LTD., as at 31st March 2013, 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
company''s management. Our responsibility is to express an opinion on
these financial statements - based on ouraudit.
2. We 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 mis-statement. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basisforouropinion.
3. As required by the Companies(Auditor''s Report)Order,2003 issued by
the Central Government of India in terms ofsub- section(4A) of section
227 of the CompaniesAct,1956, we enclose in the Annexure a statement on
the matters specified in paragraphs4 and 5 of the said Orderto the
extentapplicable.
4. Further to our comments in the Annexure referred to above.we
report that:
(I) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary forthe purposes of
ouraudit; (ii) In our opinion, proper books of account as required by
law have been kept by the company so far as appears from our
examination of those books; (iii) The balance sheet, profit and loss
account and cash flow statement dealt with by this report are in
agreementwith the books of account; (iv) In our opinion, the balance
sheet profit and loss account and cash flow statement dealt with by
this report comply with the accounting standards referred toin
sub-section (3C)ofsection 211 oftheCompaniesAct,1956; (v) On the basis
of written representations received from the directors, as on 31st
March 2013 and taken on record by the Board of Directors, we report
that none ofthe directors is disqualified as on31stMarch2013 from being
appointed asadirectorinterms of clause (g) of sub-sectionn (1) of
section 27 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 give the information
required by the Companies Act,1956,in the manner so required and give a
true and fair view in conformity with
theaccountingprinciplesgenerallyacceptedin India:
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31 st March 2013.
(b) in the case of the profit and loss account, of the profit/ 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.
ANNEXURE TO THE AUDITOR''S REPORT
Re:UNJHAFORMULATIONSLTD. Referred to in paragraph 3 of our report of
even date.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. (b) All the 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 verification 2. (a) As explained to us,
the inventory has been physically verified during the year by the
management. In ouropinion, the frequencyofverification 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 reasonavle and adequate in relation to
the size ofthe company and the natureof its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepencies noticed on verification between the physical stocks
and the book records were not material.
3 (a) The company had taken loan from ona other concerns covered in the
register maintained under section 301 ofthe CompaniesAct,1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventories and fixed assets
and with regard to the saleof goods. During the courseofouraudit,
nc.major weakness has been noticed inthe internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6. In ouropinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts
orarrangements entered in the registers maintained undersection 301 and
exceeding the value offive lakh rupees in respect
ofanypartyduringtheyearhave been made at prices which are reasonable
having regard to prevailing market prices at the relevanttime where
such market prices are available.
7. In ouropinion and according to the information and explanations
given to us, the company has complied with the provisions of
sections58Aand 58AAof the Companies Act,1956 and the
Companies(Acceptance of Deposits) Rules,1975 with regard to the
deposits accepted from the public .No order has been passed by the
National Company Law Tribunal.
8. In our opinion, the company has no internal audit system, the scope
& coverage of which is commensurate with the size of the companyand the
nature of its business.
9. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company. We
have not, however, made a detailed examination of the records with
aviewto determining whether they are accurate or complete. The Central
Govt, has notprescribed the maintenance of cost records undersection
209(1 )(d) ofthe Companies Act.1956.
10^According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, income-tax,sales-tax,custom duty,
excise-duty, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Incom-tax, Sales- tax, Customs
duty and Excise duty were in arrears as at 31-03-2013 for a period of
more than six months from the date they became payable.
(c)According to the records of the company, there are no dues of sales
tax, income-tax, customs tax, excise duty/cess which have notbeen
deposited on accountof any dispute.
11. The accumulated losses of the company are more than fifty percent
of its net worth. The company has not incurred any cash
lossesduringthefinancial year covered byourauditand immediately
preceding year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
companyhasnot defaulted
inrepaymentofduestoafinancialinstitution,banketc.
13. In our opinion.the Company isnot achitfundoranidhi/mutual
benefitfund/society.Therefore.the provisions of clause 4(xiii) ofthe
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us.the Company is not dealing in ortradingin shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv)of the Companies (Auditor''s Report)
Order,2003 are not applicable to the company.
15. In our opinion and according to the information and explanations
given to us, the company had not given any guarantee for loans taken by
others from bank or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposefor which
the yereraise do ther than amount spendingu tili sation of the funds
for the intended use.
17. According to the information and explanations given to us and on
an overall examination ofthe balance sheet of the company, we report
that the no funds raised on short-term basis have been
usedforlong-terminvestmentandvice-versa.
18. According to information and explanations given to us, the company
has not made preferential allotment of shares to parties andcompanies
covered in the registermaintainedundersection301 ofthe Companies
Act.1956.
19. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures durig
the period covered by our report. Accordingly, the provisions of clause
4(xix) of the Companies (Auditor''s Report) Order,2003 are not
applicable to the company.
20. During the period covered by our audit report, the Company has not
raised any money by public issues.
21. Based on the audit procedures performed and according to the
information and explanations given by the management, we report that no
fraud on or by the company has been not icedorreported during the
courseo four audit
Place: Mehsana. For, Kantilal Manilal Shah & Co.
Date: 30-05-2013 Chartered Accountants
DipakK.Shah
(PARTNER)
M.NO.46226FRNNO.104741W
Mar 31, 2012
1. We have audited the attached balance sheet of, UNJHA FORMULATIONS
LTD., as at 31st March 2012, 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
company's management. Our responsibility is to express an opinion on
these financial statements - based on our audit.
2. We 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 mis-statement. 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 the 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 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 paragraphs4and5of the said Order to the
extent applicable.
4. Further to our comments in the Annexure referred to above we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The balance sheet, 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, the balance sheet 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 theCompaniesAct,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
on31st 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 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 profit and loss account, of the profit/ 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.
ANNEXURE TO THE AUDITOR'S REPORT
Re: UNJHA FORMULATIONS LTD.
Referred to in paragraph 3 of our report of even date.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the 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 verification.
2. (a) As explained to us, the inventory has been physically verified
during the year 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) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
3 (a) The company had taken loan from on a other concerns covered in
The register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventories and fixed assets
and with regard to the sale of goods. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time where such market prices
are available.
7. In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of
sections58A and 58AAof the Companies Act,1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public .No order has been passed by the
National Company Law Tribunal.
8. In our opinion, the company has no internal audit system, the scope
& coverage of which is commensurate with the size of the company and
the nature of its business.
9. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company. We
have not, however, made a detailed examination of the records with a
view to determining whether they are accurate or complete. The Central
Govt, has not prescribed the maintenance of cost records under section
209(1 )(d) of the Companies Act. 1956.
10 (a)According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, income-tax, sales-tax, custom duty,
excise-duty, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax, Sales- tax, Customs
duty and Excise duty were in arrears as at 31-03-2012 for a period of
more than six months from the date they became payable.
(c)According to the records of the company, there are no dues of sales
tax, income-tax, customs tax, excise duty/cess which have not been
deposited on account of any dispute.
11. The accumulated losses of the company are more than fifty percent
of its net worth. The company has not incurred any cash losses during
the financial year covered by our audit and immediately preceding year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues
to a financial institution bank etc.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor's Report) Order,2003 are not applicable to the
Company.
14. 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. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)
Order,2003 are not applicable to the company.
15. In our opinion and according to the information and explanations
given to us, the company had not given any guarantee for loans taken by
others from bank or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised other than amounts pending utilisation of the funds
for the intended use.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment and vice-versa.
18. According to information and explanations given to us, the company
has not made preferential allotment of shares to parties and companies
covered in the register maintained under section 301 of the Companies
Act,1956.
19. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4(xix) of the Companies (Auditor's Report) Order,2003 are not
applicable to the company.
20. During the period covered by our audit report. The Company has
not raised any money by public issues.
21. Based on the audit procedures performed and according to the
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.
Date: 31-05-2012 For, Kantilal Manilal Shah & Co.
Place: Mehsana Chartered Accountants
Dipak K.Shah( PARTNER)
M.NO.46226 FRN NO. 104741W
Mar 31, 2010
1. We have audited the attached balance sheet of, UNJHAFORMULATIONS
LTD., 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 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 mis-statement. An audit
includes examining, onatestbasis.evidence supporting the amounts and
disclosures in the financial statements.An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 theCompanies(Auditors Report)Order,2003 issued by
the à Central Government of India in terms of sub- section (4A)of
section 227 of the Companies Act, 1956, ween close in the Annexure as
tatementon the matters specified in paragraphs 4 and 5 of the said
Order to the extent applicable.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations.which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion,proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books:
(iii) The balance sheet, 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.the balance sheet profit and
loss account and cash flow statement dealt with by this report comply
with
the accounting standards referred toin sub-section (3C) of section 211
of the Companies Act,1956;
(v) On the basi so fwrrtten represent at ion srecerved fromt hed
irectors .as on 31st March 2010 and taken on record by the Board of
Directors ,we report that none ofthe directors is disqualified as
on31stMarch2010 from being appointed as
a director in terms of clause (g)of sub-sectionn (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 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 profit/ 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.
ANNEXURE TO THE AUDITORS REPORT
Re:UNJHAFORMULATIONS LTD.
Referred to in paragraph 3 of our report of even date.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the
management1 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 verification.
2. (a) As explained to us, the inventory has been physically verified
during the year 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 reasonavle 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 inventory. The
discrepencies noticed on verification between the physical stocks and n
the book records were not material.
3 (a) The company had taken loan from ona other concerns covered in the
[register maintained under section 301 ofthe Companies Act, 1956.The
maximumamountinvolvedduringtheyearwasRsî25588906/-andtheyearend balance
of loans taken from such parties was Rs.25588906/-.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from/granted to companies.firms or other
parties listed in the registers maintained under section 301 are not
prima facie,prejudicial to the interest of the company.
(c) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest.The parties
have repaid the principal amounts as stipulated and have been regular
in the payment of interest.
(d) There is no overdue amount of loans taken from or granted to j
companies,firms or other parties listed in the registers maintained
under section 301 of the Companies Act.1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventories and fixed assets
and with regard to the sale of goods. During the course of our audit,
no major weakness has been :.; noticed in the internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301 and
exceeding the j value of five lakh rupees in respect of any party
during the year have l been made at prices which are reasonable having
ragard to prevailing market prices at the relevant time where such
market prices are available.
7. In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of
sections58Aand 58AAof the Companies Act, 1956 and the
Companies(Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.No order D has been passed by the
National Company Law Tribunal.
8. ouo opinion-- tha companu had internal audi6 systei commensurata
wite tha siza oae tha companu ana nature of its business.
9. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company. We
have not, however, made a detailed examination of the records with a
view too determining whether they are accurate or complete.The Central
Govt.has a not prescribed the maintenance of cost records under section
209(1 )(d) ofthe Companies Act. 1956.
10 (a)According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed
statutory dues including provident fund, income-tax.sales-tax.custom
duty.excise-duty, : cess and other statutory dues applicable to it.
(b)Accordinc ti tha informatiot ana explanationd give us.ni undispute
amound payabla inrespecd oae incoma tax.saleo tax.customd dutu excisa
dutu wera it arreard ao ao 2010 foo a period oas mora thai sis monthb
frol the date they became payable.
(c)According to the records of the company, there are no dues of sales
tax.income-tax.customs tax.excise duty/cess which have not been
deposited Don account of any dispute.
11. The accumulated losses of the company are more than fifty percen
of itd ne6 worth.tha companu hao nod incurred anu case losseo during
tha financial yea6 covered bu oub audio ana tha immediatelu preceding
year.
12. Based on our audit procedures and on the information and
explanations Li given by the management.we are of the opinion that the
company has not n defaulted in repayment of dues to a financial
institution.bank etc.
13. In our opinion,the Company is not a chit fund or a nidhi/mutual
benefit fund/society.Therefore, the provisionsofclause4(xiii) of the;
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. 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.Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not l i applicable to the company.
15. In our opinion and according to the information and explanations
given to us.the company had not given any guarantee for loans taken by
r others from bank or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised other than amounts pending uiilisation ofthe funds
fori the intended use.
17. According to the information and explanations given to us and on
an ; overall examination ofthe balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment and vice-versa.
18. Accordingto information and explanations given to us, the company
has not made preferential allotment of shares to parties andcompanies
!coveredin the registermaintainedundersection301 of the Companies
Act,1956.
19. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures durig
the ] period covered by our report.Accordingly.the provisions of clause
4(xix) of the Companies (Auditors Report) Order,2003 are not
applicable to the u company.
20. During the period covered by our audit report, the Company has
notr raised any money by public issues.
21. Based on the audit procedures performed and according to the
information and explanations given by the management.we report that no
n fraud on or by the company has been noticed or reported during the
course of our audit.
Date: 31-05-2010 For, Kantilal Manilal Shah & Co.
Place: Mehsana Chartered Accountants
(D.K.SHAH)
PARTNER
M.N0.46226