AUDITORS REPORT
To,
THE MEMBERS OF AMAR REMEDIES LIMITED
We have audited the attached Balance Sheet of AMAR REMDIES LIMITED as at 30th
June, 2012, the statement of Profit & Loss and 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.
We have 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.
As required by the Companies (Auditors Report) Order, 2003, issued by the Central
Government of India in terms of subsection (4A) of Section 227 of the Companies Act, 1956,
we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the Annexure referred to in paragraph 3 above we report as
follows:
a) We have obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the
Company, so far as appears from our examination of the books;
c) The Balance Sheet, the statement of Profit & Loss Account and the cash flow
statement dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the Balance Sheet, the statement of Profit & Loss Account and
the cash flow statement dealt with by this report comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act, 1956;
e) Directors of the Company do not, prima facie, have any disqualification as referred
to clause (g) of sub section (1) of section 274 of the Companies Act 1956 which is based
on written representation received from them.
f) 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:
i) In the case of the Balance Sheet, of the state of affairs of the Company as at 30th
June, 2012;
ii) In the case of the statement of Profit & Loss Account, of the Profit of the
Company for the year ended on that date; and
iii) In the Case of Cash Flow Statement, of the Cash flow for the year ended on that
date.
|
FOR SHYAM C. AGRAWAL & CO. |
|
CHARTERED ACCOUNTANTS |
|
FIRMS REGISTRATION NO.110243W |
|
SD/- |
| PLACE: MUMBAI |
SHYAM C. AGRAWAL |
| DATE: 28TH NOVEMBER, 2012 |
(PROPRIETOR) |
|
(MEMBERSHIP NO. 31774) |
ANNEXURE TO THE AUDITORS REPORT
{Referred to in paragraph (3) thereof}
i (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets. Fixed Assets were physically verified
by the management during the period ended on June 30, 2012.
(b) We were informed that no material discrepancies were noticed by the management on
such verification. In our opinion, the frequency of verification is reasonable having
regards to the size of the company and the nature of the assets. None of the fixed assets
have been revalued during the period ended on June 30,2012
(c) Fixed Assets disposed of during the year were not substantial, and therefore, do
not affect going concern assumption.
ii (a) The inventory have been physically verified during the year by the management .
in our opinion the frequency of the verification is reasonable.
(b) The procedure for physical verification of stock followed by the company are
reasonable and adequate in relation to the size of the company and nature of its business.
(c) The company has maintained proper records of inventories. The Discrepancies, if
any, noticed on the physical verification of stock as compared to book records have been
properly dealt within the books of accounts
iii (a) The Company has granted interest free unsecured loans, to Two (Nos. 2) Parties
Namely a wholly owned subsidiary company and associate firm. The Maximum amount
outstanding during the year was Rs. 3419.25 Lacs and balance at the end of the year is Rs.
3419.25 Lacs.
(b) In our opinion, other terms and conditions on which loans have been granted to
wholly owned subsidiary company and associate firm are not, prime facie, prejudicial to
the interest of the company.
(c) In case of loans granted to wholly owned subsidiary company and associate firm,
where stipulation have been made, no repayment schedule have been specified.
(d) There is no overdue amount of more than Rupees One Lakh in respect of loan granted
to parties covered in the register maintained under section 301 of the companies act,
1956.
(e) As per information furnished, the company has taken interest free unsecured loan
from the Three (Nos. 3) parties covered in the register maintained under section 301 of
the companies Act, 1956. The Maximum amount outstanding during the year was Rs. 1223.80
Lacs and balance at the end of the year is Rs. 1223.80 Lacs.
(f) In our opinion, other terms and conditions on which loans have taken from the
parties are not, prime facie, prejudicial to the interest of the company.
(g) In case of interest free loan taken from the parties, where stipulation have been
made, no repayment schedule have been specified.
iv In our opinion and accounting 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 regards to the purchase of inventory, fixed assets and also
for the sale of goods. In our opinion and according to explanation given to us during the
course of audit no major weakness has been noticed in the internal control system in
respect of these areas.
v (a) In our opinion, and according to the information and explanations given to us,
the particulars of the contracts or arrangements referred to section 301 of the Companies
Act, 1956 have been entered in the register required to be maintained under that section.
(b) In our opinion, and according to the information and explanations given to us, the
transaction made in pursuance of such contracts or arrangements and exceeding the value of
Rupees Five Lakhs in respect of any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the relevant time.
vi According to information and explanation given to us, the Company has not accepted
any deposit during the year from the public within the meaning of the provision of Section
58A and Section 58AA of the Companies Act, 1956 and the rules framed there under. Hence,
clause 4(vi) of the order is not applicable.
vii In our opinion, the internal audit system of the company is commensurate with the
size and its nature of business.
viii We have broadly reviewed the cost records maintained by the company including
pursuant to the companies (Cost Accounting Records) Rules, 2011 prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956, and are of opinion that
prima facie the prescribed cost records have been maintained and are being made up. We
have, however, not made detailed examination of the cost records with view to determine
whether they are accurate or complete.
ix (a) According to the records of the Company, the Company is regular in depositing
with appropriate authorities undisputed statutory dues including income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
(b) According to the information and explanation given to us, there are no undisputed
amount payable in respect of Such statutory dues which have remained outstanding as at 30th
June 2012 for a period of more than six months from the date they become payable.
x The Company does not have any accumulated losses at the end of the financial year and
has not incurred any cash losses in the financial year and in the immediately preceding
financial year.
xi Based on our examination and as per the information and explanations given to us,
the Company has not defaulted in repayment of dues to any financial institution or bank as
at the balance sheet date. The Company has not issued any debentures.
xii Based on our examination and as per the information and explanation given to us,
the Company has not granted loans and advances on the basis of security by the way of
pledge of shares, debentures and other securities.
xiii 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 Order are not applicable to
the company.
xiv In our opinion and according to the explanations given to us, the Company is not
dealing in or trading in shares, securities, debentures and other investment. Therefore,
the provision of the clause 4(xiv) of the order is not applicable to the company.
xv According to the information and explanations given to us, the company has not given
any guarantee for loans taken by others from banks or financial institutions.
xvi According to the information and explanations given to us and the records examined
by us, on an overall basis, the term loans have been applied for the purpose for which the
loans were obtained.
xvii Based on the information and explanation given to us and on an overall examination
of the balance sheet of the company, in our opinion, there are no fund raised on a
short-term basis which have been used for the long-term investment.
xviii According to the information and explanations given to us, the Company has not
made any preferential allotment of shares to parties and companies covered in the register
maintained under section 301 of the companies Act, 1956.
xix According to the information and explanations given to us, the company had not
issued debenture during the year.
xx According to the information and explanations given to us, the company has not
raised any money by public issues during the year.
xxi During the course of our examination of the books and records of the company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanation given to us, we have neither come across any
instance of fraud on or by the company, noticed or reported during the year, nor have we
been informed of any such case by the management.
|
FOR SHYAM C. AGRAWAL & CO. |
|
CHARTERED ACCOUNTANTS |
|
FIRMS REGISTRATION NO.110243W |
|
SD/- |
| PLACE: MUMBAI |
SHYAM C. AGRAWAL |
| DATE: 28TH NOVEMBER, 2012 |
(PROPRIETOR) |
|
(MEMBERSHIP NO. 31774) |
+91-9892691696
