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Fineotex Chemical
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« Mar 12
Auditor's Report (Fineotex Chemical) Year End : Mar '13
REPORT ON THE FINANCIAL STATEMENTS
 
 We have audited the accompanying Financial Statements of Fineotex
 Chemical Limited which comprises the Balance Sheet as at 31st March
 2013, 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 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 flow of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956. 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 the 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 errors. 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:
 
 - In the case of the Balance Sheet, of the state of affairs of
 the Company as at 31st March, 2013;
 
 - In the case of Statement of Profit and Loss, 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.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 As required by the Companies (Auditor''s Report) Order, 2003, issued by
 the Central Government of India in terms of Section 227(4A) of the
 Companies Act, 1956, based upon such checks of the books and records as
 we considered appropriate and according to the information and
 explanations given to us, we annex herewith a statement on the matters
 specified in paragraphs 4 and 5 of the said Order to the extent
 applicable to the Company.
 
 As required by section 227(3) of the Act, we report that:
 
 - 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;
 
 - In our opinion, proper books of accounts as required by the law
 have been kept by the Company so far as appears from our examination of
 those books;
 
 - The Balance Sheet and Statement of Profit and Loss and Cash
 Flow Statement dealt with by this report are in agreement with the
 books of account;
 
 - In our opinion, the Balance Sheet, the Statement of Profit and
 Loss and Cash Flow Statement attached with by this report comply with
 the Accounting Standards referred to in sub-section 3(C) of Section 211
 of the Companies Act, 1956 to the extent they are applicable to the
 Company.
 
 - Based on the written representations made by the directors of
 the Company we report that none of the Directors are disqualified as on
 31st March,2013 from being appointed as Directors in terms of clause
 (g) of Sub-section(1) of Section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE AUDITOR REPORT
 
 (Referred to in Paragraph-1 under the heading of ''Report on Other
 Regulatory Requirements'' of even date of Fineotex Chemical
 Limited on the financial statements for the year ended 31st March,
 2013).
 
 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.
 
 c.  No Fixed assets have been disposed off during the year and
 therefore do not affect the going concern status of the Company.
 
 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.  Related Party Transactions:
 
 a.  Loans granted:
 
 According to information and explanations given to us, no loans have
 been granted to companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956 and
 hence the requirement of clauses (iii)(a) to (iii)(d) of paragraph 4 of
 the Order are not applicable.
 
 b.  Loans taken:
 
 According to information and explanations given to us, no loans have
 been taken from companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956 and
 hence the requirement of clauses (iii)(e) to (iii)(g) of paragraph 4 of
 the order are not applicable.
 
 c.  In our opinion, and according to the information and explanations
 given to us, the particulars of contracts or arrangements referred to
 section 301 of the Companies Act, 1956 have been so entered in the
 register required to be maintained under that section.
 
 d.  In our opinion, and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies Act, 1956 and exceeding the value of Rs.  5,00,000/- in
 respect of any party during the year have been made at prices which are
 reasonable having regard to the prevailing market prices.
 
 4.  Internal Controls:
 
 In our opinion and according to the information and explanations given
 to us, there are adequate internal control procedures 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.
 During the course of audit we have not observed any continuing failure
 to correct major weakness in the internal control.
 
 5.  Internal Audit:
 
 The Company has an internal audit system, which in our opinion is
 commensurate with the size of the Company and nature of its business.
 
 6.  Taxation:
 
 a.  According to the books and records as produced and examined by us
 and in accordance with generally accepted auditing practices in India,
 the Company has been generally regular in depositing undisputed
 statutory dues including Provident Fund, ESIC dues, Sales Tax, Wealth
 Tax, Excise Duty, Service Tax, Education Cess and other material
 statutory dues applicable to it.  There are no arrears of outstanding
 statutory dues as at the last day of the financial year for a period of
 more than six months from the date they become payable.
 
 b.  According to the information and explanation given to us, and also
 based on management''s representation, there were no dues of
 Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service tax,
 Education Cess and Sales Tax that have not been deposited except for
 the following dues of Cess Tax which have not been deposited by the
 Company on account of disputes:
 
 
 Statute   Nature of dues   Amount       Period         Remarks
 
 Cess Tax  Excess Tax 
           Levied by NMMC  38,98,285  Various Years   Navi Mumbai
                                                      Municipal
                                                      Corporation
 
 
 Miscellaneous:
 
 7.  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 209(1)(d) 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.
 
 8.  The Company does not have any accumulated losses at the end of the
 financial year. The Company has not incurred any cash losses in the
 current financial year covered by our audit or in the immediately
 preceding financial year.
 
 9.  According to the information and explanations given to us on the
 basis of our examination of the books of accounts, there are no
 defaults in repayment of dues to financial institutions and banks
 during the year.
 
 10.  The Company has not accepted any deposits from the public within
 the meaning of the provisions of section 58A or section 58AA or any
 other relevant provisions of the Act & the rules framed there under.
 
 11.  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, debenture and other securities.
 
 12.  The Company is not a chit fund or a nidhi / mutual benefit fund /
 society. Hence the provisions of clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the
 Company.
 
 13.  The Company has maintained proper records of the transactions and
 contracts in respect of dealings or transactions in shares, securities,
 debentures and other investments and timely entries have been made
 therein. All the shares, securities, debentures and other investments
 have been held by the Company in its own name.
 
 14.  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.
 
 15.  In our opinion and on the basis of information and explanations
 provided to us, term loans have been applied for the purposes for which
 they have been raised.
 
 16.  According to the information and explanation given to us and on
 overall examination of the balance sheet of the Company, we report that
 no funds raised on short term basis have been used for long term
 investment.
 
 17.  According to the information and explanation given to us, the
 Company has not made any preferential allotment of shares to parties or
 Companies covered by the register maintained under section 301of the
 Companies Act, 1956.
 
 18.  According to the information and explanation given to us, the
 Company has not issued any debentures during the year.  Accordingly,
 the provisions of clause 4(xix) of the Companies (Auditor''s
 Report) Order, 2003 are not applicable to the Company.
 
 19.  We have verified the end use of money raised by public issues from
 the prospectus filed with SEBI, the offer document and as disclosed in
 Note no. 35 forming part of the financial statements.
 
 20.  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
 
                                                             Partner 
 
                                          Membership Number : 101769
 
 
 
 Date : 15th-May-2013 
 
 Place : Mumbai
Source : Dion Global Solutions Limited
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