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Ashok Alco-Chem Ltd.

BSE: 524594 | NSE: ASHOKALCO | Series: NA | ISIN: INE994D01010 | SECTOR: Chemicals

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Oct 27, 16:00
96.50 2.50 (2.66%)
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2,835
10-Day
4,992
30-Day
5,911
4,652
  • Prev. Close

    94.00

  • Open Price

    94.05

  • Bid Price (Qty.)

    96.50 (370)

  • Offer Price (Qty.)

    96.50 (30)

NSE Live

Dec 27, 11:22
17.90 0.05 (0.28%)
Volume
No Data Available
9,690
  • Prev. Close

    17.85

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Ashok Alco-Chem is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of ASHOK ALCO CHEM LIMITED, as at 31st March, 2012 and also the Statement of Profit and Loss Account for the year ended on that 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 the 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 Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the 'Order') issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said order.

Further to our comments as above, we report that;

1. 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.

2. 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;

3. The Balance Sheet and Statement of Profit and Loss dealt with by this report are in agreement with the books of accounts.

4. In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report are in agreement with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956.

5. According to information & explanations given to us and on the basis of written representations received from the Directors of the Company & taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, they said accounts subject to Note No. 1 for non provision of interest on sales tax dues aggregating to Rs. 66,67,265/- and read along with other notes to 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.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

b) In the case of Statement of Profit and Loss Account, of the PROFIT for the year ended on that date, and

c) In case of Cash Flow Statement, cash flow for the year ended on that date.

1. (a) The Company is in the process of updating the records

showing particulars, including quantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management & we are informed that no major discrepancies were noticed on such verification;

(c) In our opinion and according to the information and explanations given to us, during the year the Company has not disposed of substantial part of fixed assets and the going concern status of the Company is not affected.

2. (a) The stock of Finished Goods, Raw materials, Stores and consumables were physically verified by the Management at the year end;

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is 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 inventories. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account.

3. (a) According to the information and explanations given to us, the Company has taken unsecured loans from one party covered in the register maintained under Section 301 of the Companies Act, 1956 and the maximum amount outstanding during the year was Rs. 21,33,800/- and outstanding at the yearend was Rs. 2,29,303/-and the terms and conditions of the loans are not prejudicial to the interest of the company.

(b) Deposits and advances given to parties listed under section 301 for use of the assets or otherwise are free of interest. The loans or advances in nature of loan from companies or parties listed in the register maintained under section 301 of Companies Act 1 956 are, prima facie, not prejudicial to the interest of the Company. There are no stipulations as to repayments of loans.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed asset and with regard to the sale of goods. During the course of our audit, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control system.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section; (b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lacs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from public and as such provisions of Section 58A and Rules made there under, coupled with directives issued by Reserve Bank of India are not applicable.

7. The Company has an internal audit system commensurate with the size and nature of its business

8. The company has to maintain cost records pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956, for its manufacturing activities applicable to the Company for the year under review and the same are certified by the Cost Accountant appointed by the Company as proper.

9. (a) According to the records of the Company and information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales tax, Wealth Tax, Service Tax, Customs duty, Excise Duty, Cess and other material statutory dues applicable to it.

(b) According to the records of the Company and subject to method of accounting consistently followed by it the undisputed amount payable to appropriate authorities in respect of -

Name of the Nature of Dues Amount Financial Year /s to Forum where dispute Statute Rs in lacs which the amount relates is pending

Sales Tax Assessment dues 3.92 1993-1994 Commissioner of Sales Tax

Sales Tax Assessment dues 25.17 2000-2001 Commissioner of Sales Tax

Sales Tax Assessment dues 35.17 2001-2002 Commissioner of Sales Tax

Sales Tax Assessment dues 45.46 2002-2003 Commissioner of Sales Tax

Sales Tax Assessment dues 12.53 2003-2004 Commissioner of Sales Tax

Sales Tax Assessment dues 24.12 2004-2005 Joint Commis sioner of Sales Tax

Sales Tax * Deferral 84.52 1993-1994 to 2000-2001 Commissioner of Sales Tax

Income Tax Act Demand Notice 26.30 1996-1997 ITAT, Mumbai

Income Tax Act Demand Notice 99.37 1997-1998 Mumbai High Court

* The Company has obtained Installment facility in respect of the Deferral dues and is regular in remitting the installments as stipulated.

10. The Company has accumulated losses in excess of free reserves. The company has not incurred cash loss during the year under review.

11. The Company has not defaulted in repayment of dues to financial institution or banks or debenture holders.

12. The Company has not given any guarantees for loan taken by others from banks and financial institutions.

13. According to the information and explanations given to us the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

14. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) are not applicable to the Company.

15. The Company has invested in mutual funds. The Company has maintained proper records of transactions and contracts and the same have been held in the name of the Company.

16. According to the information and explanations given to us, the Company has not taken any term loan during the year under review.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short-term basis, prima facie , have not been used during the year for long-term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

19. The Company has not raised any money through a public issue during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year under review.

For R.A. KUVADIA & Co.

Chartered Accountants

(R.A. KUVADIA)

Place : Mumbai Proprietor

Date : 22.05.2012 M. No. 40087

FRN NO.: 105487W