We have audited the attached Balance Sheet of M/S. SAPAN CHEMICALS
LIMITED as at 31st March, 2014 and also the Profit and Loss account of
the year ended on the date annexed thereto and cash flow statement for
the year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We 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 (Auditor's Report) Order, 2003 (as
amended) 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 purposes
of our audit;
(ii.) 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;
(iii.) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv.) In our opinion, the balance sheet, profit and loss account and
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.
(v.) On the basis of the written representations received from the
directors, as on March 31, 2014, and taken on record by the Board of
Directors, we report that 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.
(vi.) 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;
* in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
* in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
* in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, and we are of the opinion that prima facia the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the Company, and as explained to
us, the company is regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Provident Fund. Employees State Insurance,
Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and other
statutory dues to the extent applicable to it.
(b) According to the information and explanations given to us there
are no undisputed amounts payable in respect of income tax, wealth
tax, custom duty, excise duty and cess were outstanding as at 31st
march, 2014 for a period of more than six months from the date they
become payable.
(x) The company has not incurred any loss during the year but it has
accumulated loss as at 31-03-2014.
(xi) The company never took any loan from any financial institution
and bank since the date of its inception. The company has also not
incurred any cash loan in the any of the year since its inception.
(xii) Based on our examination of documents and records maintained by
the company, we are of the opinion that since the company has not
granted any loan and advance on the basis of security by way of pledge
of shares, debenture and other securities, it is not required to
maintain records in respect thereof.
(xiii) In our opinion, the company is neither a chit fund nor nidhi/
mutual benefit fund/ society and hence clause 4 (xiii) of the Order is
not applicable.
(xiv) Based on our examination of the records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xv) The Company has not taken any term loan from anybody.
(xvi) According to the information and explanations given to us and on
an over all examination of the balance sheet of the company we report
that the funds raised on short term basis have not been used for long
term investment.
(xvii) During the year 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.
(xviii) During the year the company has not issued any debenture.
(xix) During the year under review no money was raised by public
issue.
(xx) During the course of examination of the books and records of the
company, carried out in accordance with auditing standards generally
accepted in India, we have neither come across any instance of fraud
by the Company, noticed or reported during the year nor have been
informed of such case by the management.
Mukesh M Chokshi & Co.
Chartered Accountants
Place :MUMBAI Sd/
Date : 01/09/2014 (Mukesh Chokshi)
Proprietor
M. No.31751 |