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Fineotex Chemical

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« Mar 14
Auditor's Report (Fineotex Chemical) Year End : Mar '15
 We have audited the accompanying Standalone Financial Statements of
 FINEOTEX CHEMICAL LIMITED (''the Company'') which comprises the Balance
 Sheet as at 31st March 2015, the Statement of Profit and Loss and Cash
 Flow Statement for the year ended on that date and a summary of
 Significant Accounting Policies and other explanatory information.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
 
 The Management and Board of Directors of the Company are responsible
 for the matters stated in Section 134(5) of the Companies Act, 2013
 (the Act) with respect to the preparation of these standalone
 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 principles generally accepted in India
 including the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.  This
 responsibility also includes maintenance of adequate accounting records
 in accordance with the provisions of the Act for safeguarding the
 assets of the Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 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 standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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 misstatements.
 
 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 financial control relevant to the Company''s
 preparation of the financial statements that give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Management and Board of Directors
 of the Company, 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 standalone 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, of the state of affairs of the Company as
 at March 31, 2015, and its profit and its 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 2.  As required by section 143(3) 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 accounts 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
 as on 31st March 2015, and taken on record by the Board of Directors,
 none of the directors are disqualified as on 31st March, 2015 from
 being appointed as a director in terms of sub-section (2) of section
 164 of the Act.
 
 f.  With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its standalone financial statements - refer note
 27 to the financial statements.
 
 ii.  The Company did not have any material foreseeable losses on its
 long term contract including derivative contracts
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund.
 
 ANNEXURE TO THE AUDITOR REPORT
 
 (Referred to in Paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 1.  Fixed Assets:
 
 a.  The Company has maintained proper records showing full particulars
 including quantitative details and situations of fixed assets.
 
 b.  The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 over a period of three years.  In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets. No material discrepancies were
 noticed on such verification.
 
 2.  Inventories:
 
 a.  The inventory has been physically verified by the management during
 the year. In our opinion, the frequency of such verification is
 reasonable.
 
 b.  In our opinion, the procedures for the 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.  On the basis of our examination of records of inventory, in our
 opinion, the Company is maintaining proper records of inventory.  The
 discrepancies noted on physical verification between the physical
 stocks and the book records were not material.
 
 3.  Loans and Advances Granted:
 
 a. According to the verification of books and records and the
 information and explanation given to us, the Company has not granted
 any loans that are repayable on demand, to companies covered in the
 register maintained under section 189 of the Act. Hence, the
 requirement of clause (iii) of paragraph 3 of the Order is not
 applicable to the Company.
 
 4.  Internal Controls:
 
 In our opinion and according to the information and explanations given
 to us, there is an adequate internal control system commensurate with
 the size of the Company and nature of its business, for the purchase of
 inventory and fixed assets and for the sale of goods and services.
 Further, on the basis of our examination of the books and records of
 the Company and according to the information and explanations given to
 us, we have not observed continuing failure to correct major weaknesses
 in the internal control system.
 
 5.  Deposits:
 
 The Company has not accepted any deposits covered under the provisions
 of section 73 to 76 of the Act and rules made thereunder, hence clause
 (v) of paragraph 3 of the said order is not applicable to the Company.
 
 6.  Cost Records:
 
 We have broadly reviewed the books of account maintained by the Company
 pursuant to the rules prescribed by the Central Government for the
 maintenance of cost records under Section 148(1) of the Act and are of
 the opinion that prima facie, the prescribed accounts and records have
 been made and maintained.  However, we have not made a detailed
 examination of the records.
 
 7.  Statutory Dues:
 
 a. According to the information and explanations given to us and based
 on the records examined by us, the Company has been generally regular in
 depositing undisputed statutory dues including provident fund,
 Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Value Added Tax, Custom Duty, Excise Duty, Cess and other material
 statutory dues as and wherever applicable to the Company, with
 appropriate authorities and no dues remain outstanding for a period of
 more than six months from the date they became payable.
 
 b.  According to the information and explanations given to us and based
 on the records of the Company examined by us, there are no dues of
 Sales Tax, Wealth Tax, Service Tax, Value Added Tax, Custom Duty,
 Excise Duty and cess which have not been deposited on account of any
 dispute except for the following
 
 Name of      Nature             Amount          Period to        Forum
 Statute      of dues           (in Rs.)         which the        where
                                                    amount   dispute is
                                                   relates      pending
 
 Income        Income          2,14,820/-      A.Y. 2012-13     CIT(A) -
 Tax Act,        tax                                            20
 1961
 
 c.  Based on the records of the Company examined by us, there has been
 no delay in transferring the amount required to be transferred to
 Investor Education and Protection Fund by the Company in accordance
 with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
 rules made thereunder..
 
 8.  Accumulated Losses:
 
 The Company has no accumulated losses at the end of financial year and
 it has not incurred cash losses in the current and in the immediately
 preceding financial year.
 
 9.  Dues To Financial Institutions/Banks:
 
 According to the information and explanations given to us and on the
 basis of our examination of the books of accounts, the Company has not
 defaulted in repayment of dues to Financial Institutions or Banks or
 Debenture holders, wherever applicable to the Company.
 
 10. Guarantees Given
 
 According to the information and explanations given to us, the Company
 has not given any guarantees for loans taken by others from banks and
 financial institutions.
 
 11. Application of Term Loan
 
 According to the information and explanations given to us, as also on
 the basis of books and records examined by us, the Company has not
 obtained any fresh term loans during the audit period.
 
 12. Frauds:
 
 To the best of our knowledge and belief, according to the information
 and explanations given to us, no fraud on or by Company have been
 noticed or reported during the year.
 
                                                  For UKG & Associates
                                                  Chartered Accountants
                                                 Firm Regn No : 123393W
 
                                                      Champak K. Dedhia
 Place: Mumbai                                                  Partner
 Date: 29th May, 2014                             Membership No: 101769
 
 
 
 
 
 
 
Source : Dion Global Solutions Limited
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