To
The members of Graphic Charts Limited Report on the Financial Statements
We have audited the accompanying financial statements of GRAPHIC CHARTS LIMITED which
comprise the balance sheet as at 31 March 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. Managements Responsibility for the Financial
Statements
The Companys Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position of the Company in
accordance with the Accounting Standards specified under section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. 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 Companys 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 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 31
March 2015; and
b) In the case of the statement of Profit and Loss, of the loss 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
1. The Company is having accumulated losses of Rs.73,26,262/- as at 31st March, 2015.
The company’s net worth is eroded. This raises a doubt that the company will be able
to continue as a going concern.
2. 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, and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us
during the course of the audit, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
3. As required by sub-section (3) of section 143 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 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 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 written representations received from the
directors, and taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 2015 from being appointed as a director In terms of
sub-section (2) of section 164 of the Act.ss
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For ASJ a Company LLP |
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CHARTERED ACCOUNTANTS. FRN: 133292W |
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CA. SHARAD KUMAR PATEL PARTNER |
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M.NO. 047570 |
| Place: MUMBAI. Date: 07/09/2015 |
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ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our report to the members of Graphic ChartsUmited (the
Company))
On the basis of such checks as we considered appropriate and in terms of the
information and explanations given to us, we state that:-
1. a) The Company has maintained proper records showing full particulars including
quantitative details and situation of Fixed Assets.
b) As explained to us, the management at reasonable intervals, in a phased
verification- program has physically verified fixed assets. In our opinion, the frequency
of verification is reasonable having regard to the size of the company, and the nature of
its assets. The discrepancies reported on such verification were not material and have
been properly dealt with in the books of account.
c) The Company has not disposed off any fixed assets during the year.
2. a) The management has conducted physical verification of inventory at reasonable
intervals.
b) In our opinion, the procedures followed by the management for physical verification
of inventory are reasonable and adequate in relation to the size of the Company and nature
of its business.
c) In our opinion, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventories as compared to the book
records were not material and the same have been properly dealt with in the books of
account.
3. According to the information and explanations given to us, the Company has not
granted any loan, secured or unsecured from / to companies, firms or other parties listed
in the register maintained under Section 301 of the Companies Act 1956. The Company has
taken demand loans from its Directors which are interest free.
4. In our opinion to the information and explanations given to us, there is an adequate
internal control system commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventory, fixed assets and for sale of goods and
services. In our opinion, and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in the internal control system.
5. In our opinion and according to the information and explanations given to us, there
are no contracts and arrangements the particulars of which need to be entered into the
register maintained under section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposit in contravention of the provisions of
Section 58A and 58AA and other provisions of the Companies Act, and its Rules, and a!so2
the directives of Reserve Bank of India with regard to acceptance of deposits from the
public.
7. The Company does not have an Internal Audit system.
8. As informed to us, the Central Government has not prescribed the maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956 in respect of the Companys
products.
9. (a) According to the records of the Company and explanation given to us, there are
certain statutory dues which are in arrears for a period of more than six months as on the
Balance Sheet date.
| Sr. No. |
Name of Statute |
Nature of dues |
Due from |
Amount (Rs.) |
| 1. |
Sales Tax Act |
Sales Tax |
F.Y. 2000-2001 |
1,61,466 |
| 2. |
Income Tax Act |
TDS on Professional Fees |
F.Y. 2000-2001 |
4,974 |
| 3. |
Income Tax Act |
TDS on Salary |
F.Y 2000-2001 |
63,477 |
However, the detailed working & particulars are not available on records with
company.
(b) There was no disputed amount payable in respect of Income Tax, Wealth Tax, Service
Tax and Custom Duty except for 76,333 /- pertaining to Sales Tax pending in appeal before
Commissioner of Sales Tax for the financial year 1995-96.
10. The Company has accumulated losses of Rs.73,26,262/- as at the end of the financial
year, and incurred cash losses in the financial year under the report and cash loss in the
immediately preceding financial year.
11. Based on the information and explanations given by the management, and as reflected
in the books, the Company has not taken any loan from any financial institution or bank.
12. As explained to us, the Company has not granted any loans or advances on the basis
of security by way of pledge of shares, debentures or any other securities.
13. In our opinion, the provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Fund/ Schemes are not applicable to the Company.
14. According to the information and explanations given to us, the Company is not a
dealer or trader in securities. .
15. According to the information and explanations given to us, and the representations
made by the management, the Company has not given any guarantees for loans taken by others
from any bank or financial institution.
16. According to the information and explanations given to us, and as per the books of
account the company has not taken any term loan during the year.
17. The Company has not borrowed any funds, hence comments for utilization of long term
funds for short term uses and vice versa does not arise.
18. 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 of the Companies
Act, 1956.
19. During the year the company has not-issued any debentures.
20. The Company has not raised any money by public issue, during the year.
21. According to the information and explanations given to us, and to the best of our
knowledge and belief, no fraud on or by the Company, has been noticed or reported during
the year under audit.
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FOR ASJ & Company LLP |
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CHARTERED ACCOUNTANTS |
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FRN: 133292W |
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CA. SHARAD KUMAR PATEL |
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PARTNER |
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Membership No: 047570 |
| Place : Mumbai |
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| Date : 7th-Sept. 2015 |
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+91-9892691696
