To,
The Members of
Excel Castronics Limited
(Earlier Known as Ahmedabad Gases Limited)
Ahmedabad.
Report on the Financial Statements
We have audited the attached Balance-Sheet of EXCEL CASTRONICS LIMITED (EARLIER KNOWN AS AHMEDABAD GASES LIMITED), as on 31st March 2014 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
Management’s Responsibility for the Financial Statements
The Company’s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("The Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/ 2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.:
a) in the case of Balance-Sheet, of the state of affairs of the company as at 31st March, 2014; and
b) in the case of the Profit & Loss Account, of the PROFIT for the year ended on that date.
c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies Auditors’ 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.
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 purpose of audit;
ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from examination of the books;
iii) The Balance-Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs).
v) On the basis of the written representations received from the directors of the company as at March 31, 2014 and taken on record by the board of directors, we report that no director is disqualified as on 31st March 2014 from being appointed as director of the company under clause (g) of sub-section (1) of section 274 of the Companies’ Act, 1956;
Place: Ahmedabad | for SAMIR M. SHAH & ASSOCIATES |
Date: 29/05/2014 | CHARTERED ACCOUNTANTS |
FIRM REG. No.: 122377W | |
SAMIR M. SHAH | |
(PARTNER) | |
MEMBERSHIP No.: 111052 |
ANNEXURE TO INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 of "Report on Other Legal and regulatory Requirements" of our report of even date.)
(i) Fixed Assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The management during the year has physically verified at the fixed assets. According to the information and explanations given to us, 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 such verification.
(c) During the year, Company has not disposed of any substantial / major part of fixed assets.
(ii) In respect of Inventories:
(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 as per information and explanations given to us, 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) As per the information and explanations given to us and on the basis of documents provided to us, we opine that the Company is maintaining proper records of inventory and no material discrepancies were noticed during the year.
(iii) In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
(a) The company has not granted any loans to any parties who are covered in the Register, maintained under section 301 of the Companies Act, 1956 during the current as well as preceding financial year. The Company has not accepted loan from the Company which is covered under section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, in our opinion, the rate of interest and other terms and conditions of above loans given or taken by the Company, secured or unsecured, are not prima facie prejudicial to the interest of the Company.
(c) As the Company has not granted any loans this clause is not applicable.
(d) As the Company has not taken or granted any loans this clause is not applicable.
(iv) In our opinion and as per 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 inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control.
(v) In respect of contracts or arrangements covered under Section 301 of the Companies Act, 1956:
(a) In our opinion and as per information and explanations given to us, transactions that need to be entered into a register in pursuance of section 301 of the Act, have been so entered;
(b) In our opinion and as per information and explanations given to us, the transactions exceeding Rupees five lakh each have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time;
(This information is required only in case of transactions exceeding the value of five lakh rupees in respect of any party and in any one financial year)
(vi) In our opinion and as per information and explanations given to us, the Company has complied with the provisions of Sec. 58A and 58AA of the Companies Act, 1956 and rules framed there under with regard to deposits accepted from public.
(vii) As per the information and explanations given to us, the company is yet to set up a formal internal audit system commensurate with the size of the Company and nature of its business. We are also informed that the day-to-day activities of the company are under direct control and supervision of directors of the company.
(viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.
(ix) In respect of Statutory Dues:
(a) According to the records of the Company, the company has been regular in depositing undisputed statutory dues, including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other statutory dues with the appropriate authorities during the year.
(b) According to the information and explanations provided to us there were no undisputed demands payable in respect of Sales Tax, Income Tax, Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., where in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable.
(c) According to the information and explanations provided to us there were no undisputed demands payable in respect of Sales Tax, Income Tax, Custom Duty, Cess, Wealth tax, Excise Duty, Cess etc., which have not been deposited on account of any dispute.
(x) The Company does not have accumulated losses exceeding fifty percent of its net worth at the end of the year. The Company has not incurred cash losses during the current financial year. However, during the last year there was cash loss.
(xi) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to a financial institution or bank or debenture holders.
(xii) According to the records, of the Company and 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.
(xiii) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or any Mutual Benefit/ Societies are not applicable to the Company.
(xiv) Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the Company has not entered into transactions and contracts of dealing in shares and securities so this clause is not applicable.
(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.
(xvi) As explained to us and on the basis of the records provided to us, Company has not availed any Term Loan Facility during the year.
(xvii) According to the Cash Flow Statement and records examined by us and according to the information and explanation given to us, on overall basis, funds raised on short term basis have , prima facie, not been used during the year for long term investment and vice versa.
(xviii) 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, during the year so the clause is not applicable to the Company.
(xix) The Company has not issued debenture during the year so the clause is not applicable to the Company.
(xx) The Company has not raised money by any public issues during the year so the clause is not applicable to the Company.
(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.
Place: Ahmedabad | For SAMIR M. SHAH & ASSOCIATES |
Date: 29/05/2014 | CHARTERED ACCOUNTANTS |
FIRM REG. No.: 122377W | |
SAMIR M. SHAH | |
(PARTNER) | |
MEMBERSHIP No.: 111052 |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.