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Skyline Millars
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« Mar 13
Auditor's Report (Skyline Millars) Year End : Mar '14
We have audited the accompanying financial statements of SKYLINE
 MILLARS LIMITED (the Company), which comprise the st Balance Sheet as
 at 31 March, 2014, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended,and a summary of the 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) th 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,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.
 
 Auditors'' 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 the internal control relevant to the
 Company''s preparation and fair presentation of the financial statements
 but not for the purpose of expressing an opinion on the effectiveness
 of the Company''s internal control. An audit also includes evaluating
 the appropriateness of accounting policies used and the reasonableness
 of the accounting estimates made by the 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 31 March, 2014.
 
 b) In the case of the Statement of Profit and Loss of the LOSS of the
 company for the year ended on that date and
 
 c) In the case of the Cash Flow Statement of the cash flows of the
 Company 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 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 it appears from our examination of those
 books,
 
 c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 accounts.
 
 d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
 the Cash Flow Statement comply with the Accounting Standards referred
 to in sub-section (3C) of Section 211 of the Companies Act,1956 read
 with the General Circular th 15/2013 dated 13 September, 2013 of the
 Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act,1956.
 
 e) On the basis of the written representations received from the
 Directors as on 31 March 2014 taken on record by the st Board of
 Directors, none of the directors is disqualified as on 31 March 2014
 from being appointed as a Director in terms of clause (g) of sub
 section (1) of section 274 of the Act.
 
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 (Referred to in Para 1 under Report on other Legal and Regulatory
 Requirements Section of our Report of even date)
 
 1 a) The company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets.
 
 b) As informed, there is a regular program of physical verification,
 which in our opinion is reasonable, having regard to the size of the
 Company and the nature of fixed assets. No material discrepancies have
 been noticed in respect of the assets physically verified during the
 year.
 
 c) Fixed assets disposed of during the year were not substantial and
 therefore do not affect the going concern assumption.
 
 2 a) The Stock of finished goods, stores, spares and raw materials have
 been physically verified by the Management at the end of the year or
 after the close of the year.
 
 b) The procedure of physical verification of stocks followed by the
 Management are reasonable and adequate in relation to the size of the
 Company and the nature of its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of stocks as compared to
 books records were not material and the same have been properly dealt
 with in the books of accounts.
 
 3 a) According to the information and explanation given to us, the
 Company has not granted any loans, secured or unsecured to Companies,
 Firms or other parties covered in the register maintained under Section
 301 of the Companies Act ,1956. Therefore the provisions of clause 4
 (iii) (b) to (d) of the Companies (Auditors'' Report) Order, 2003 are
 not applicable for. the year under report.
 
 b) The company has not taken any loans secured/unsecured from
 companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956. Therefore, the provisions
 of clause 4 (iii) (f) and (g) of the Companies (Auditors'' Report)
 order, 2003 are not applicable for the year under report.
 
 4. 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 stores, raw materials including components
 and fixed assets and with regard to the sale of goods and services.
 During the course of our audit no major weakness has been noticed in
 the internal control system.
 
 5 a) To the best of our knowledge and belief and according to the
 information and explanations given to us, we are of the opinion that
 the transactions that need to be entered into the register maintained
 under Section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and having regard to the explanation that in few
 cases of purchase where the items are of a special nature for which no
 comparable quotations are available, 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
 Rupees Five Lakhs in respect of any party during the year have been
 made at prices which are reasonable having regard to prevailing market
 prices at the relevant time where such market prices are available.
 
 6. The Company has not accepted any deposits from the public within the
 meaning of Section 58A and 58AA of the Companies Act, 1956 and the
 rules framed there under. To the best of our knowledge and according to
 the information and explanation given to us, no order has been passed
 by the Company Law Board.
 
 7. The Company has an internal audit system which in our opinion· is
 commensurate with the size of the Company and the nature of its
 business.
 
 8. We have broadly reviewed the cost records maintained by the Company
 pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central government under Section 209(1)(d) of the
 Companies Act, 1956 and are of the opinion that prima facie the
 prescribed cost records have been maintained. We have, however, not
 made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete.
 
 9 a) According to the information and explanations given to us, the
 Company is regular in depositing with appropriate authorities
 undisputed statutory dues including provident fund, investor education
 and protection fund, employees'' state insurance, income tax, sales tax,
 service tax, wealth tax, customs duty, excise duty, cess and other
 material statutory dues applicable to it.
 
 b) According to the information and explanations given to us, no
 undisputed amounts, payable in respect of income tax, wealth tax, sales
 tax, service tax, customs duty, excise duty and cess were in arrears as
 at March 31, 2014 for a period of more than six months from the date
 they became payable.
 
 c) According to the information and explanations given to us, the
 following dues are not deposited on account of disputes at various
 Forums
 
 Name of the   Nature of    F.Y.          Amount   Forum where
 Statute       Dues                                dispute is pending
 
 Income tax    Assessment   2010-11    34,62,376   CIT (Appeals)
               Dues
 
 Sales tax     Assessment  2003-04     47,42,810   Appellate Authority
               Dues        
                           2004-05   1,63,61,947   -do-
 
                           2009-10   1,24,55,235   -do-
 
                           2008-09      7,13,049   Tribunal
 
 10. The Company has no accumulated losses at the end of the financial
 year and has not incurred any cash losses in the financial year under
 report, or in the immediately preceding financial year.
 
 11. According to the information and explanations given to us, the
 Company has not defaulted in repayment of dues to financial
 institutions/banks. The Company has not issued any debentures.
 
 12. According to the information explanations given to us, the Company
 has not granted any loans and advances on the basis of security by way
 of pledge of shares, debentures and other securities.
 
 13. In our opinion, the Company is not a chit fund or a nidhi/mutual
 benefit fund/society. Therefore, the provisions of clause4 (xiii) of
 the Companies (Auditors'' Report) Order, 2003 are not applicable to the
 Company.
 
 14. In our opinion and, according to the information and explanations
 given to us, the Company is not dealing in or trading in shares,
 securities, debentures and other investments. Accordingly the
 provisions of clause 4 (xiv) of the Companies (Auditors'' Report) Order,
 2003 are not applicable to the Company.
 
 15. According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 16. In our opinion and, according to the information and explanations
 given to us, the term loans have been applied for the purpose for which
 they were obtained.
 
 17. According to the information and explanations given to us, and on
 an overall examination of the Balance Sheet of the Company, there are
 no funds raised on short-term basis which have been used for long-term
 investment.
 
 18. During the year under report, the Company has not made any
 preferential allotment of shares to any party covered in the register
 maintained under Section 301 of the Companies Ad, 1956.
 
 19. The Company has not issued any debentures during the year.
 
 20. The Company has not raised any money by way of public issue during
 the year.
 
 21. According to the information arid explanation given to us, no fraud
 on or by the company was noticed or reported during the year.
 
 
                                                         FOR SHAH & CO.,
                                                   Chartered Accountants
                                                             FRN 109430W
 
                                                             ASHISH SHAH
                                                                 Partner
 Mumbai, May 28, 2014.                             Membership No: 103750
Source : Dion Global Solutions Limited
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