AUDITORS
TO THE MEMBERS OF AMZEL LIMITED
We have audited the attached Balance Sheet of AMZEL LIMITED as at March 31,
2012, and the Profit and Loss Account of the company 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
1. We conducted our audit in accordance with auditing standards generally accepted in
India. These 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.
2. 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 paragraphs 4 and
5 of the said Order.
3. The Company is providing for depreciation on the fixed assets as per the Income-tax
Act, 1961 and not as specified under the Companies Act, 1956. The impact of such
accounting policy followed by the Company on assets and profits of the company is not
ascertainable in the absence of necessary information. [Refer Note No.1B & 1E]
4. Further to our comments in the annexure referred to above, we report that:
a. We have obtained all the information and explanations, except as stated in para 3
above 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 the law have been kept by the
company so far as appears from our examination of books.
c. The Balance Sheet and Profit & Loss Account dealt with by this report are in
agreement with the books of account ;
d. In our opinion, subject to our observation in para 3 above, the Balance Sheet,
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
5. On the basis of written representation received from the Directors and taken on
record by the Board of Directors, we report that none of the Directors is disqualified as
on March 31, 2012 from being appointed as Director in terms of Clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956;
6. Subject to our observation in para 3 above, in our opinion and to the best of our
information and according to the explanations given to us, the said Accounts read with
Notes thereon give the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the accounting principles
generally accepted in India;
a. in case of the Balance Sheet, of the state of affairs of the company as at March 31,
2012;
and
b. in case of the Profit and Loss Account, of the Profit for the year ended on that
date.
|
FORSHR&CO |
|
Chartered Accountants |
|
FRN: 120491W |
|
Hitesh R. SHAH |
|
Partner |
| Mumbai, dated July 31, 2012 |
M.No.104795 |
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 2 of our Report of even date to the Members of Amzel Limited
on the financial statements for the year ended March 31,2012.)
(i) (a) The company has not maintained its fixed assets record showing full particulars
including quantitative details and situation of fixed assets.
(b) According to information and explanations given to us, fixed assets have not been
verified by the management during the year. The discrepancies if any noticed on physical
verification of assets will be given effect in the books of account upon such
verification.
(c) The company has not disposed of substantial part of fixed assets during the year
and the going concern status of the company is not affected.
(ii) (a) The inventory has 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 inventory followed by the management are
reasonable and adequate in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of inventory records, in our opinion, the company
is maintaining proper records of inventory. The discrepancies noticed on verification of
inventory as compared to book records were not material and have been properly dealt with
in books of account
(iii) (a) According to the information and explanations given to us, the company has
not granted any loans secured or unsecured to companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956
(b) According to the information and explanations given to us, the company has not
taken any loans secured or unsecured from any companies, firms or other parties covered in
register maintained under section 301 of the Act
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control procedures commensurate with the size of the company
and the nature of its business with regard to purchase of inventory, and sale of goods
except purchase of fixed asset which needs to be strengthened. During the course of our
audit, we have not observed any continuing failure to correct major weaknesses in internal
controls except as stated.
(v) (a) According to the information and explanations given to us, the transactions
that need to be entered in the register maintained under section 301 of the Companies Act,
1956 have been so entered.
(b) According to the information and explanations given to us, there are no
transactions made in pursuance of contracts or arrangements entered in the Register
maintained under section 301 of the Companies Act, 1956, exceeding the value of Rs. 5
Lakhs in respect of any party during the year. Hence, this clause is not applicable to the
company.
(vi) The company has not accepted any deposits from the public; hence the question of
compliance with the provisions of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules 1975 does not arise. As informed to us no order
has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any other Tribunal.
(vii) According to the information and explanations given to us, the company has no
formal internal audit system but its control procedures ensure reasonable checking of its
financial and other records.
(viii) According to the information and explanations given to us, the Central
Government has not prescribed the maintenance of Cost records by the company under section
209(l)(d) of Companies Act, 1956.
(ix) (a) According to the information and explanations given to us, the Company is
generally regular in depositing with appropriate authorities the undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Service Tax, Wealth tax, Custom Duty, Excise Duty, deduction of tax at source
under the Income Tax Act, Sales Tax (VAT), Cess and any other statutory dues wherever
applicable. According to information and explanations given to us, there are no arrears of
outstanding dues as at the last date of the financial concern for a period of more than
six months from the date they become payable.
(b) According to the information and explanations given to us, there are no dues
outstanding of sales tax, income tax, custom duty, service tax, wealth tax, excise duty or
cess on account of any dispute.
(x) The Company does not have accumulated losses at the end of the financial year and
has not incurred any cash losses during the financial year or in the immediately preceding
financial year.
(xi) The company has not taken any loans, from financial institution, bank or
debenture-holders hence question of default in repayment of dues does not arise.
(xii) In our opinion and according to information and explanation given to us, company
has not granted any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or nidhi/ mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of para 4 of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
(xiv) In our opinion, proper records have been maintained of the transactions and
contracts entered into by the company and timely entries have been made therein of the
shares & securities purchased and sold by the company. All the investment are in the
name of the company.
(xv) In our opinion and according to information and explanations given to us, the
company has not given any guarantees for loans taken by others from banks or financial
Institutions during the year.
(xvi) The company has not raised any term loan during the year; hence question of
applicability of term loan for its purpose does not arise.
(xvii) According to the information and explanations given to us and on an overall
examination of the balance sheet of the company, there are no funds raised on short-term
basis which have been used for 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 Act during the year.
(xix) The company has not issued any debenture and created any securities in respect of
debentures.
(xx) The Company has not raised any money by way of public issue during the year.
(xxi) According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the course of our audit
|
FORSHR&CO |
|
Chartered Accountants |
|
FRN: 120491W |
|
Hitesh R. SHAH |
|
Partner |
| Mumbai, dated July 31, 2012 |
M.No.104795 |
+91-9892691696
