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« Mar 12
Auditor's Report (Alchemist) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Alchemist
 Limited (the Company) which comprise the Balance Sheet as at March
 31, 2013, 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''s Responsibility for the Financial Statements
 
 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). 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 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 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, 2013;
 
 b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 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 (Auditor''s Report) Order, 2003 (the
 Order) as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure
 a 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, 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 Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956; and
 
 e) on the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date. We report that:
 
 (i) (a) In our opinion and according to the information and
 explanations given to us, the Company has maintained proper records
 showing full particulars including quantitative details and situation
 of its fixed assets.
 
 (b) In our opinion and according to the information and explanations
 given to us, the Company has formulated a regular program of
 verification by which all the assets of Company have been physically
 verified. No material discrepancies were noticed on physical
 verification conducted by the management during the year as compared
 with the book records.
 
 (c) In our opinion and according to the information and explanations
 given to us, no substantial part of fixed asset has been disposed
 during the year and therefore it does not affect the going concern
 status of the company.
 
 (ii) (a) In our opinion and according to the information and
 explanations given to us, inventories have been physically verified
 during the year by the management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and on the basis of our examination of the records,
 the Company is generally maintaining proper records of its inventories.
 No material discrepancy was noticed on physical verification of stocks
 by the management as compared to book records.
 
 (iii) (a) According to the information & explanations given to us the
 Company has granted loans to subsidiary companies namely Alchemist
 Foods Limited, Alchemist Infrastructure Private Limited and Alchemist
 Hospitality Group Limited (Parties covered in the register maintained
 under section 301 of the Companies Act, 1956) for which the maximum
 amount outstanding during the year was Rs. 12425.02 Lacs, Rs. 237.50
 Lacs and Rs. 1500.00 Lacs respectively and amount outstanding on 31st
 March, 2013 was Rs. 9772.66 Lac, Rs.  237.50 Lacs and Rs. 25.00 Lacs
 respectively. The Company has taken unsecured loan from KDS Corporation
 Pvt. Ltd. (Party covered in the register maintained under section 301
 of the Companies Act, 1956) for which the maximum amount outstanding
 during the year was Rs. 35237.68 Lacs and amount outstanding on 31st
 March, 2013 was Rs 26737.68 Lacs.
 
 (b) The loan taken/given by the company are interest-free and the other
 terms and conditions of the loan taken/given by the company from/to
 parties covered in registered maintained under Section 301 are not
 prima-facie prejudicial to the interest of the Company.
 
 (c) The terms of the repayment for both the loan taken and given have
 not been defined and are repayable/receivable on the mutual agreement
 of both the parties involved.
 
 (d) In our opinion and according to the information and explanations
 given to us, there is no overdue amount in respect of the loan
 taken/given by the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control procedure
 commensurate with the size of the Company and the nature of its
 business, for the purchase of inventories & fixed assets and payment
 for expenses & for sale of goods. During the course of our audit, no
 major instance of continuing failure to correct any weaknesses in the
 internal controls has been noticed. (v) a) In our opinion and according
 to the information and explanations given to us, the transactions made
 in the pursuance of contracts or arrangements, that need to be entered
 into the register maintained under section 301 of the Companies Act,
 1956 for the year have been so entered. (b) In our opinion and
 according to the information and explanations given to us, the
 transaction made in pursuance of contracts or arrangements entered in
 the register maintained under section 301 of the Companies Act, 1956
 aggregating during the year to Rs. 5.00 Lacs or more in respect of each
 party have been made at prices which in our opinion, are reasonable
 having regard to prevailing market price at relevant time. (vi) The
 Company has not accepted deposits from the public during the year
 covered by our audit report. However, the deposits have been repaid
 during the year and also the balance stands in the books at the year
 end. The Company has complied with all the provisions of Section 58A
 and 58AA of the Act and the rules framed there under.
 
 (vii) As per information & explanations given by the management, the
 Company has a separate internal audit department constituting of
 professionals undertaking audit exercises throughout the year.
 Accordingly the internal audit system in the Company seems commensurate
 with its size and the nature of its business.
 
 (viii) We have broadly examined the books of accounts maintained by the
 Company pursuant to the rules by the Central Government for the
 maintenance of cost records under section 209 (1)(d) of the Companies
 Act, 1956 and are of the opinion that, prima facie, the prescribed
 accounts and records have been made and maintained. We have however,
 not made a detailed examination of the records with a view to determine
 whether they are accurate or complete.
 
 (ix) (a) Based on our audit procedures and on the information and
 explanations given by the management, we report that 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 to the extent
 applicable and any other statutory dues have generally been regularly
 deposited with the appropriate authorities, though there have been
 slight delays in few cases. According to the information and
 explanations given to us there were no outstanding statutory dues as on
 31st of March, 2013 for a period of more than six months from the date
 they became payable.
 
 (b) Details of excise duty which has not been deposited as on 31st
 March, 2013 by the Company on account of dispute is given below:
 
 Name of      Nature of  Forum       Total
                                     Amount  Amount 
                                              paid    Period to
 the Statute the dues    where 
                         pending    involved* under 
                                              protest which 
                                                      amount
                                   (Rs. 
                                    Lacs)   (Rs. 
                                             Lacs)    relates
 
 Central 
 Excise       Excise 
              Duty     Commissioner 173.55   63.13    December,
 Act, 1944             of 
                       Central 
                       Excise                         2007 to
                       Commissionerate,               September,
                       Chandigarh                     2012
 
 * Amount as per demand order, not including interest and penalty as not
 quantified in the demand order.
 
 (x) The Company does not have any accumulated loss and has not incurred
 cash loss during the financial year covered by our audit and in the
 immediately preceding financial year.
 
 (xi) Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that, the
 Company has not defaulted in repayment of dues to a financial
 institution, bank or debenture holders.
 
 (xii) According to the 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.
 
 (xii) The Company is not a chit fund or a nidhi/mutual benefit
 fund/society. Therefore, the provision of clause 4(xiii) of the Order
 is not applicable to the Company.
 
 (xiv) Based on our audit procedures and on the information and
 explanation given by the management, we report that the Company is not
 dealing or trading in Shares, Securities, Debentures & other
 Investments. Therefore, the provision of clause 4(xiv) of the Order is
 not applicable to the Company.
 
 (xv) According to the information and explanations given to us, the
 Company has given guarantees to the tune of Rs.  3049.45 Lacs for loans
 taken by others from banks and financial institutions, the terms
 whereof are prima-facie not prejudicial to the interest of the Company.
 
 (xvi) Based on our audit procedures and on the information and
 explanation given by the management, we report that the term loans have
 been applied for the purpose for which they were raised.
 
 (xvii) Based on our audit procedures and on the information and
 explanation given by the management, we report that no funds raised on
 short-term basis have been used for long-term investment by the
 Company.
 
 (xviii) The Company has made preferential allotment of 6,75,000 shares
 to KDS Corporation Pvt. Ltd., Company covered in the register
 maintained u/s 301 of the Companies Act, 1956, during the year. In our
 opinion the price at which shares have been issued is not prejudicial
 to the interest of the Company.
 
 (xix) According to the information and explanations given to us, the
 Company has not issued any secured debentures during the year.
 Therefore, the provision of clause 4(xix) of the Order is not
 applicable to the Company.
 
 (xx) During the year, the Company has not raised any money by way of
 the public issue.
 
 (xxi) Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the Company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
                                               Sd/-
 
                                              C.A. Ashish Chhabra 
 
                                              Partner 
 
                                              Membership No. 507083 
 
                                              N. Kumar Chhabra
                                              & Co. 
 
 Date: 30 May, 2013                           Chartered Accountants
 
 Place: New Delhi                             Firm Registration
                                              No. 000837N
Source : Dion Global Solutions Limited
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