Mar 31, 2015
We have audited the accompanying financial statements of Jagran
Production Limited (''The Company''), which comprise the Balance Sheet
as at 31 March 2015, the Profit and Loss Statement, Cash Flow Statement
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 and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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 in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made
by the Company's Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide basis for our audit opinion on the standalone
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.
Other Matters
We draw attention to the following matter in the Notes to Financial
Statements:
a. Note 5.1 which describes that company has not maintained any
information regarding payments made as well as amounts, including
interest if any, due to Micro Small and Medium Enterprises as required
by section 22 of Micro, Small and Medium Enterprises Development Act,
2006.
Our Opinion is not modified / qualified in respect of this matter.
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 the paragraph 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 necessary for the
purposes of our audit.
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 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; and
(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, if
any, on its financial position in its financial statements;
ii. 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; and
iii. There has been no delay in transferring amounts, if any, required
to be transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31st March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As certified by the management, all the assets have been physically
verified by the management during the year as there is a regular
program of verification. In our opinion, the same is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(ii) (a) The inventory have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 the examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. As reported to us, the discrepancies noticed on verification
between the physical stocks and the book records were not material in
relation to the operations of the company.
(iii) (a) As reported to us, the Company had not granted loans, secured
or unsecured to companies, firms, or other parties covered in the
register maintained under section 189 of the Companies Act, 2013 ('the
Act')
(b) The company has not given loans to any party and hence this clause
is not applicable.
(c) The company has not given loans to any party and hence this clause
is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business
specifically with regard to the purchases of inventory and fixed assets
and for the sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
(v) The Company has accepted deposits to the extent of its paid up
capital from the public.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148(1)(d) of the
Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and cost records have been maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty of
excise, value added tax, cess and other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities. No undisputed amounts payable in respect of
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, value added tax, cess and
other material statutory dues were in arrears as at 31st March 2015 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are
no material dues of income tax, sales tax, service tax, wealth tax, duty
of customs, duty of excise, value added tax and cess which have not been
deposited with the appropriate authorities on account of any dispute.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
(viii) The Company has not accumulated losses exceeding 100% ofits
networth at the end of the financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) On the basis of the records examined by us, and relying on the
information compiled by the company for co-relating the funds rose to
the end use of term loans, we have to state that the company has, prima
facie, applied the term loans for the purpose for which they were
obtained.
(xii) On the basis of our examination of the books of account and other
relevant records and information made available to us, prima facie, we
have not noticed any fraud (i.e. intentional material misstatements
resulting from fraudulent financial reporting and misappropriations of
assets) on or by the company, during the year. Further, the management
has represented to us that no fraud on or by the company has been
reported during the year. However, we are unable to determine/verify as
to whether any such reporting has been made during the year.
As per our report of even date attached For and on behalf of the Board
For Rishi Shekhri & Associates.
(Chartered Accountants)
Sd/- Sd/- Sd/-
Rishi Shekhri
Proprietor Director Director
Place : Ahmedabad
Date: May 29, 2015
Mar 31, 2013
Report on Financial Statements
1. We have audited the accompanying Financial Statements of Shrey
Chemicals Limited which comprise the Balance Sheet as at 31st March
2013, Profit and Loss Account for the year then ended, and other
explanatory information.
Management''s Responsibility for the Financial Statements:
2. Management of the Branch is responsible for the preparation of
these Financial Statements that give true and fair view of the
financial position and financial performance of the Branch in
accordance with the Banking Regulation Act, complying with Reserve Bank
of India Guidelines from time to time. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and fair presentation of the financial statements that
are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility:
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether
the .
financial statements are free from material misstatement. .
4. An audit involves performing procedures to obtain audit evidence
- about the amounts and disclosures in the financial statements. The
Procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the financial
statement, whether due to fraud or error. In making those risk
assessments, the auditor
considers internal control relevant to the entity''s preparation and
fair ''
presentation of the financial statements in order to design audit
procedures that-are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our Audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanation given to us, read with the Memorandum of Changes
mentioned in paragraph 11 below, the financial statements give a true
and fair view in conformity with the accounting principles generally
accepted in India:
(a) in the case of fifes Balance Sheet, of the state of affairs of the
Branch as at March 31, 2013; and
(b) in the case of Profit and Loss Account, of the Profit for the year
ended on that date;
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with Section 29 of the Banking Regulation Act, 1949;
8. Subject to the limitations of the audit as indicated in Paragraphs
3 to 5 above and paragraph 10 below, we report that:
'' We further report that:
- The Balance Sheet and Profit and loss account dealt with by this . ''
report are in agreement with the books of account and returns;
- We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
- In our Opinion, the Balance Sheet and Statement of Profit & Loss ''
Account comply with the Accounting Standards referred to in .
subsection (3C) of section 211 of the companies Act, 1956. -
- In our opinion, proper books of account as required by law have been
kept by the branch so far as appears from our examination of those
books; ''
- We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
audit and have found them to be satisfactory.
- On the basis of written representation received from the directors as
on March, 2013 and taken on record by the Board of Directors, none of
the directors is disqualified as on March 31,2013, from being appointed
as a director in terms of clause (g) of sub section (1) of
_ section 274 of the Companies Act, 1956.
- Since Central Government has not issued any notification as to the
rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company. ''
The Annexure referred to In paragraph 1 of the Our Report of even date
to the members of Shrey Chemicals Limited, on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that: .
1. (a) The company has maintained proper records showing full
particulars including '' quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature to its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii(c) and iii (d) of the order are not applicable to the Company. -
2,69,09,798/-
(e) 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 loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company. -
4. In our opinion and according to the information and explanations
given to us, there is generally not 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. But 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 entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises. ''
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956. - .
7. As per information & explanations given by the management, the
Company has not an internal audit system commensurate with its size and
the nature of its business.
8. As per information & explanation given by the management. No
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have not been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us as on 31-03-2010 undisputed Amount of Rs. 534456/-, Rs.
327102/- and Rs. 78062/- were outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes. ¦ .
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore. Du: provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31*
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Gaurang Vora & Associates.
Chartered Accountants
sd/-
Gaurang Vora
Place: Ahmedabad Proprietor
Date: 30th May, 2013 Membership No. : 39526
Mar 31, 2012
We have audited the attached Balance Sheet of SHREY CHEMICALS LIMITED
as at 31st March 2012 and also the annexed Profit and Loss Account of
the Company for the year ended on that date annexed thereto,. These
financial, statements are the responsibility of the Company''s
management. Our responsibility is to express an- opinion on these
financial statements based on our audit,
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An Audit includes
examining, on a test basis, evidence supporting the amount and
disclosures in financial 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.
As per the Companies (Auditors report), order, 2003 issued by the
Central! Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956, we - do hereby state that the company is exempted
under the Companies (Auditors report) order, 2003, on the matter
specified paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
1, 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.
2. In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as appears from our examination of the
books.
3. The Balance Sheet & Profit. & Loss Account dealt with by this
report-is in agreement with the. books of accounts and comply with the
Accounting Standards referred to in Sub- Section 3(C) of section 211 of
the Companies Act, 1956.
4. According to information and explanations given'' to ,us and on the
basis of written representations from the directors of the Company,
none of the Director is disqualified from being appointed as a director
of the Company, under section 274(1) (g) of the Companies Act, 1956.
5. In ,our opinion and to the best of our information and according to
the explanation given to us, they said Balance Sheet and the Profit and
Loss Account, together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view: -
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012 and
b) In the case, of the Profit & Loss Account of the Profit for the year
ended on that date. ''
ANNEXURE
(Referred to in paragraph 1 of our report of even date)
i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) All the Assets have been physically verified by the management
during to the year and there is regular program of Verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets, No material discrepancies were noticed on
such verification
(c) In our opinion and according to the information and explanation
given, to us the company has not, disposed off substantial part of
fixed assets during the year ;
ii) (a) In our opinion, physical verification of inventory has been
conducted by Management at reasonable intervals.
(b) The procedure of Physical Verification of inventory not followed by
the management.
iii) (a) As informed to us, the company has not granted loans, secured
or " unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Act. The yearend Balance
of Loan is Rs.2,69,09,798/-
(b) In our opinion 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 register maintained under section 301 of
the companies Act,1956 are not, prima facie, prejudicial to the
interest of the company.
(c) In respect of the aforesaid loans, the amount is received on
demand, the company is receiving the principal amount as & when
demanded & has not been receiving any interest.
(d) The aforesaid loan is received on demand & therefore the
Question of overdue amount does not arise.
(e) The company had not taken loan, secured or unsecured from
companies, firms or others parties covered in the register maintained ''
under section 301 of the Act. and the yearend balance of loans taken
to such parties was Rs.NIL /-
(f) In our opinion the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the companies
Act,1956 are not, prima facie, prejudicial to the interest of the
company.
(g) In respect of the aforesaid loans, the amount is payable on demand,
¦ the company is repaying the principal amount as & when demanded & has
not been paying any interest.
(h) The aforesaid loan is repayable on demand & therefore the question
of overdue amount does not arise,
iv) In our opinion and according to information & 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. During the course of audit, no
major weakness has been noticed in these internal controls.
v) According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the companies Act, 1956 have
been so entered.
vi) In our opinion, according to the information and explanations given
to us, the company has not taken any deposit from the public.
vii) In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
viii) The company has no need to maintained Cost records has been
prescribed by the Central Government under clause (d) of sub section
(1) of section 209 of the Act.
ix) (a) The company is generally regular in depositing with the
appropriate authorities, undisputed statutory dues including Provident
Fund, Income tax, Sales-tax, Excise Duty, investors education and
protection fund, wealth Tax, Custom Duty, Cess, and other material
Statutory dues applicable to it. As on 31-03-2010 undisputed Amount of
Rs. 534456/-, Rs. 327.02/- and Rs. 78062/- were outstanding for a
period of more than six month from the date they became payable in
respect of Sales Tax arrears for a period of more than six month from
the date they became payable as at 31st March 2011.
(b) According to the information and explanation given to us, there are
no cases of non-deposits with the appropriate authorities of disputed
dues of sales tax /excise duty /custom duty / wealth tax / cess.
x) The company has no any accumulated losses at the end of the current
financial year. The company has not incurred any cash losses in current
year
xi) According to the information and explanations given to us, the
company is hot defaulting any repayment of loan.
xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of Shares, debentures and other securities.
xiii) The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore, the provision of clause 4 (xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the company.
xiv) According to the information and explanations given to us, the
company is not dealing or trading in Shares, Securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order 2003 is not applicable to the
company.
xv) In our opinion, and explanation given to us the terms and condition
on which the" company has no given guarantees for loans taken by others
from Bank or Financial Institutions are, prima facie, not prejudicial
to the interest'' of the company.
xvi) According to the information and explanations given to us company
has not received any loan during the year.
xvii) 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 funds raised on short-term basis have been used for long-term
investment.
xviii)The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
xix) According to the information and explanations given to us, no
debentures and/or preference shares have been issued during the year.
xx) The company has not raised any money through a public issue.
xxi) Based upon the .audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit
For, Gaurang Vora & Associates
Chartered Accountants
Sd/-
(Gaurang Vora)
Proprietor
Firm No. 103110W
Membership : 39526
PLACE : AHMEDABAD
Date : September 01, 2012.
Mar 31, 2011
We have audited the attached Balance Sheet of DHVANIL CHAMICALS LIMITED
as at 31st March 2011 and also the annexed Profit and Loss Account of
the Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An Audit includes
examining, on a test basis, evidence supporting the amount and
disclosures in financial 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.
As per the Companies (Auditors report) order, 2003 issued by the
Central Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956, we do hereby state that the company is exempted
under the Companies (Auditors report) order, 2003, on the matter
specified paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
1. 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.
2. In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as appears from our examination of the
books.
3. The Balance Sheet & Profit & Loss Account dealt with by this report
is in agreement with the books of accounts and comply with the
Accounting Standards referred to in Sub- Section 3(C) of section 211 of
the Companies Act, 1956.
4. According to information and explanations given to us and on the
basis of written representations from the directors of the Company,
none of the Director is disqualified from being appointed as a director
of the Company under section 274(1) (g) of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and the Profit and
Loss Account, together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view: -
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011 and
b) In the case of the Profit & Loss Account of the Profit for the year
ended on that date.
ANNEXURE
(Referred to in paragraph 1 of our report of even date)
i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) All the Assets have been physically verified by the management
during the year and there is regular program of Verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification ;
(c) In our opinion and according to the information and explanation
given to us the company has not disposed off substantial part of fixed
assets during the year ;
ii) (a) The Company has no inventory, hence not applicable
iii) (a) As informed to us, the company has not granted loans, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Act. The year end Balance
of Loan is Rs.3,78,04,798/-
(b) In our opinion 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 register maintained under section 301 of
the companies Act, 1956 are not, prima facie, prejudicial to the
interest of the company.
(c) In respect of the aforesaid loans, the amount is received on
demand, the company is receiving the principal amount as & when
demanded & has not been receiving any interest.
(d) The aforesaid loan is received on demand & therefore the question
of overdue amount does not arise.
(e) The company had not taken loan, secured or unsecured from
companies, firms or others parties covered in the register maintained
under section 301 of the Act. and the year end balance of loans taken
to such parties was Rs.NIL /-
(f) In our opinion the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(g) In respect of the aforesaid loans, the amount is payable on demand,
the company is repaying the principal amount as & when demanded & has
not been paying any interest.
(h) The aforesaid loan is repayable on demand & therefore the question
of overdue amount does not arise.
iv) In our opinion and according to information & 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. During the course of audit, no major
weakness has been noticed in these internal controls.
v) According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the companies Act, 1956 have
been so entered.
vi) In our opinion, according to the information and explanations given
to us, the company has not taken any deposit from the public.
vii) In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
viii) The company has no need to maintained Cost records has been
prescribed by the Central Government under clause (d) of sub section
(1) of section 209 of the Act.
ix) (a) The company is generally regular in depositing with the
appropriate authorities, undisputed statutory dues including Provident
Fund, Income tax, Sales-tax, Excise Duty, investors education and
protection fund, wealth Tax, Custom Duty, Cess and other material
Statutory dues applicable to it. As on 31-03-2010 undisputed Amount of
Rs. 534456/-, Rs. 327102/- and Rs. 78062/- were outstanding for a
period of more than six month from the date they became payable in
respect of Sales Tax arrears for a period of more than six month from
the date they became payable as at 31st March 2011.
(b) According to the information and explanation given to us, there are
no cases of non-deposits with the appropriate authorities of disputed
dues of sales tax /excise duty /custom duty / wealth tax / cess.
x) The company has no any accumulated losses at the end of the current
financial year. The company has not incurred any cash losses in current
year
xi) According to the information and explanations given to us, the
company has defaulted in repayment of dues of loan of taken from Bank
of Baroda Rs. 66.57/-and Rs.5.46 of GSFC. Which is stand in the
Secured Loan.
xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of Shares, debentures and other securities.
xiii) The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore, the provision of clause 4 (xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
xiv) According to the information and explanations given to us, the
company is not dealing or trading in Shares, Securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditor's Report) Order 2003 is not applicable to the
company. xv) In our opinion, and explanation given to us the terms and
condition on which the company has no given guarantees for loans taken
by others from Bank or Financial Institutions are, prima facie, not
prejudicial to the interest of the company.
xvi) According to the information and explanations given to us company
has not received any loan during the year.
xvii) 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 funds raised on short-term basis have been used for long-term
investment.
xviii)The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
xix) According to the information and explanations given to us, no
debentures and/or preference shares have been issued during the year.
xx) The company has not raised any money through a public issue.
xxi) Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit
For NIRAV S. SHAH & Co.
Chartered Accountants
(NIRAV S.SHAH)
Proprietor
Firm No. 130244W
Membership : 133345
PLACE: AHMEDABAD
Date : Sep 01, 2011
Mar 31, 2010
We have audited the attached BALANCE SHEET of DHAVNIL CHEMICALS LIMITED
as at 31.03.2010, the Profit & Loss Account for the period ended on
that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as .well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
(1) (a) As required by the Companies (Auditors Report) Order, 2003
issued by the Central. Government of India in terms of subsection (4 A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
(2) Further to our comments in the Annexure referred to above, we
report that:-
(f) We have obtained all the information and expianation which to the
best of our knowledge and bellef were necessary for purpose of our
audit;
(g) In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of such
books.
(h) The Blance Sheet and the profill and Loss Account dealt with by this
report are in agreement with the books of account.
(i) In our opinion, the Balance Sheet, and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
(j) On the basis of written representations received .form Board of
Directors, we report that none of the directors disqualified as on 31*
March 2010 from being appointed as a director in terms of clause (g) of
sub section Companies Act,1956 Given the information required by the
companies Ac 1956 ln the manner so required and given a true and fair
view in conformity with the accounting principles generally accepted In
India
(iii) In the case of the Balance sheet of the state of affairs of the
company as at 31.03.2010 and;
(iv) In case of Profit and Loss Account of the PROFIT for the period
ended on that date;
ANNEXURE
(Referred to in paragraph 1 of our report of even date)
a. The Company has maintained proper records showing full particulars
including quantities details and situation of Fixed Assets.
b. All the Assets have not been physically verified, by the management
during the year but there is reguiar program of Verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
c. In our opinion and according to the information and explanation
given to us the company has not disposed off substantial part of fixed
assets during the year. Moreover In Previous Year Depreciation on the
Fixed provided, but we not provided Depreciation on the Fixed Assets
for the Particular Financial Year. On the value of the last audited
Balance Sheet. Because as per management given explanation to us the
company has not done any Business during the year.
ii. There is no inventory at the year end.
iii. 1. As informed to us, the company has not granted any loans,
secured or unsecured to companies, firms or other parties covered in
the register maintained under section 301 of the Act. However, year end
Balance of Loan taken from relatives of director is. Rs NIL-
2.The.company had no taken loan from any other companies covered in the
register maintained under section 301 of the Companies Act, 1956. And
the year end balance of loans taken from such parties was Rs. NIL There
are to firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the company has granted loans..
3. In our opinion the rate of interest and other terms and conditions
on which loans have beenwken from/ granted to companies, firms or other
parties listed in the register maintained under section 301 of the
companies Act,1956 are not prima facie, prejudicial to the interest of.
the company.
4. In respect of the aforesaid loans, the amount is payable on demand,
the company is repaying the principal amount as & when demanded & has
not been paying any interest.
5. The aforesaid loan is repayable on demand & therefore the question
of overdue amount docs not arise.
iv. In our opinion and according to information & 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. During the
course of audit, no major weakness has been noticed in these internal
controls.
v. According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the companies Act, 1956 have
been so entered.
vi. In our opinion, according to the information and explanations given
to us, the company has not taken any deposit from the public during the
year.
vii. In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
viii. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209(1) (d) of the products of
the company.
ix. (a.) The company is generally reular In depositing with the
appropriate authorities, undisputed statutory dues including Provident
Fund, Income tax, Sales-tax, Excise Duty, investors education and
protection fund, wealth Tax, Custom Duty, Cess and other material
Statutory dues applicable to it except Income Tax Liability of
Rs.NIL/-. There were no arrears for a period of mor- than six month
from the date they became payable as at 31st March 2010.
x. As on 31-03-2010 undisputed amount of Rs.534456/- Rs.327102/- and
Rs.78062/- were outstanding for a period of more than six month from
the date they became payable in respect of Sales Tax. Central Sales Tax
and Turnover Tax Respectively.
xi. The accumulated losses of the company are not more than 50% of its
Net Worth. The company has not incurred any cash losses in current year
xii. According to the information and explanations given to us/the
company has defaulted in repayment of dues of loan of taken from AS PER
SCHEDULE "C" OF THE BALANCE SHEET, i.e. Rs.66.57 of Bank of Baroda,
Rs.5.46 of GSFC, The details are mentioned at Schedule J. Notes
forming part of Accounts given at Audited Annual Accounts of the
Financial Year 2009-10.
xiii.. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of Shares, debentures and other securities.
xiv. The company is not a chit fund
or a nidhi mutual benefit fund / society. Therefore, the provision of
clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not
applicable to the company.
xv. According to the information and explanations given to us, the
company is not dealing or trading in Shares, Securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors Report) Order 2003 is not applicable to the
company.
xvi. In our opinion, the terms and condition on which the company has
given guarantees for loans taken by others from Bank or Financial
Institutions are prima facie not prejudicial.to.the interest of the
company.
xvii. According to the information and explanations given to us in
this year there is no term loan during the loan.
xviii. 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 funds raised on short-term basis have been used for
long-term investment.
xix. The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
xx. According to the information and explanations given to us, no
debentures and/or preference shares have been issued during the year.
xi. The company has not raised any money through a public issue.
xii. Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit
For NIRAV S. SHAH & Co.
CHARTERED ACCOUNTANTS
PLACE : AHMEDABAD
DATE : 01/09/2010 (NIRAV S. SHAH )
Proprietor
Membership # 133345
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