AUDITORS
To
The Members of
Allied Photographies India Limited
Report on financial Statements:
1. We have audited the accompanying financial statements of Allied Photographies India
Limited (" the company") Which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and loss and Cash Flow Statement for the year then ended, and
a summary of significant accounting policies and other explanatory information.
Management responsibility for the Financial Statement:
2. The Companys 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 referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with
the General Circular 15/2013 dated 13 September 2013 of the ministry of corporate Affairs
in respect of section 133 of the companies Act,2013. 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:
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 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 but not for the purpose of expressing an opinion on the
effectiveness of the companys Internal control. 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 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 the Balance Sheet, of the state of affairs of the Company as at March
31, 2014;
b) in the case of statement of Profit and loss, of the Profit for the year ended on
that date
c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that
date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1) As required by the Companies (Auditors Report) Order, 2003 ("the order")
issued by the Central Government of India in terms of sub-section (4A) of section 227 of
the Act, we give in the Annexure statement on the matters specified in paragraphs 4 and 5
of the Order.
2) As required by section 227(3) of the Act, we report that:
a) 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;
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 and Profit & Loss and Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Profit & Loss and Cash Flows Statement
comply with the Accounting Standards referred to in subsection (3C) of section 211 of the
Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the
ministry of corporate Affairs in respect of section 133 of companies Act,2013 ; and
e) On the basis of written representations received from the directors as on March 31,
2014, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2014, from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
For Virendra Mona & Associates
Chartered Accountants
CA V. K.Gupta
(Partner)
Mem. No. 077497
FRN no. 009803C
Place : Mumbai
Dated : 28thJune, 2014
ANNEXURE TO THE AUDITORS REPORT OF ALLIED PHOTOGRAPHICS INDIA LTD. FOR THE YEAR ENDED
31 ST MARCH, 2014 (Referred to in paragraph 3 of our report of even date)
(i) In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of its fixed assets.
b. According to the information and explanations given to us, the Company has verified
all the fixed assets during the year. Discrepancies found on physical verification have
been appropriately dealt with in the books.
c. In our opinion, fixed assets disposed off during the year do not affect Going
Concern Assumption.
(ii) In respect of its Inventories:
a. Inventory has been physically verified during the year by the Management. In our
opinion, the frequency of verification of inventories is reasonable in relation to size of
the company and the nature of its business.
b. In our opinion and according to information and explanations given to us, the
procedures of physical verification of inventories followed by the management were
reasonable and adequate in relation to the size of the Company and the nature of its
business.
c. During the year, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification were not material and the same have been
properly dealt with in the books of account.
(iii) During the year, the Company has not taken or granted any loans, secured or
unsecured to / from companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control systems commensurate with the size of the Company and
the nature of its business with regard to purchase of inventories and fixed assets and for
the sale of goods and services. During the course of our audit, we have not observed any
major weakness in the internal controls.
(v) (a) In our opinion and according to the information and explanation given to us,
the particulars of contracts or arrangements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so entered.
(b) In respect of transactions of purchase & sale of traded goods with one of the
Company entered in the 301 register, we have been informed by the management that the
prices have been agreed upon considering the volume of the transactions. In the absence of
any other parties with a similar volume, we are unable to opine on the reasonableness of
the prices charged for such transactions.
(vi) According to the information and explanation given to us, the Company has complied
with the provisions of section 58A, 58AA or any other relevant provision of the Companies
Act, 1956 and the rules framed there under in respect of deposits accepted from the
public/shareholders. To the best of our knowledge and according to the information and
explanations given to us, no order on the Company under the aforesaid section has been
passed by the Company Law Board or National Company Tribunal or RBI or any court or any
other Tribunal.
(vii) In our opinion, the Company has an internal audit system commensurate with the
size and nature of its business.
(viii) The Company does not have any manufacturing activity during the year and hence
maintenance of cost records under section 209(1) (d) does not arise.
(ix) (a) According to the information and explanation provided to us, the Company is
generally regular in depositing 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 and other applicable statutory
dues with the appropriate authorities. No undisputed statutory dues were in arrears as at
31st March, 2014 for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, the following dues of
sales tax have not been deposited on account of dispute.
| Nature of Statute |
Year |
Forum where dispute is pending |
Amount (Rs.) |
| Sales Tax of Various States |
2003-04 |
Joint Commissioner |
65,300 |
|
2003-04 |
Joint Commissioner |
26,897 |
|
2006-07 |
Comm.Tax Officer |
68,700 |
|
2007-08 |
Dy. Com. Trade Officer |
2,00,000 |
|
2008-09 |
Dy. Commissioner |
1,37,202 |
(x) The Company does not have accumulated loss as at the balance sheet date and has not
incurred cash losses during the financial year and in the immediately preceding financial
year.
(xi) In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to banks and financial institutions.
(xii) According to the information and explanations given to us, the company has not
granted loans and advances on basis of security by way of pledge shares, debentures and
other securities.
(xiii) The Company is not a chit or a nidhi/mutual fund benefit fund/ society.
Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
(xiv) According to the information and explanations given to us, the Company is mainly
not dealing or trading in shares, securities and debentures other than those for
investments.
(xv) According to the information and explanations given to us, the Company has not
given guarantee for loans taken by others from banks or financial institutions.
(xvi) As per records maintained, and according to the information and explanations
given to us, during the year the Company has not raised any term loan.
(xvii) In our opinion and according to the information and explanations given to us,
and on an overall examination of the Balance Sheet of the Company, we report that
short-term funds raised have not been used for long term purposes.
(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) As per records maintained by the company and according to the information and
explanations given to us, the company has not issued any secured debentures during the
year and there are not outstanding for the earlier years.
(xx) The Company has not raised any money by way of public issue during the year.
(xxi) Based on the audit procedures performed and information and explanations given to
us by the management, we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
|
For Virendra Mona & Associates |
|
Chartered Accountants |
|
Ragistration No. 009803 C |
|
V. K. Gupta |
|
(Partner) |
| Place : Mumbai |
Membership No: 077497 |
| Date : 28th June, 2014 |
FRN no. 009803C |
+91-9892691696
