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Choksi Imaging Ltd.

BSE: 530427 | NSE: | Series: NA | ISIN: INE865B01016 | SECTOR: Consumer Goods - Electronic

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Annual Report

For Year :
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Auditor's Report

We have audited the attached balance sheet of CHOKSI IMAGING LTD., as at 31st March 2010, the Profit and Loss account for the year ended on that date and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with the 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, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment), Order,2004 (together the Order) issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956 of India (the Act), 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 give to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph (2) above 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, the Profit and Loss account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; e) On the basis of written representations received from the directors, as on 31s1 March 2010 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010; ii) in the case of the Profit and Loss account, of the profit of the Company for the year ended on that date; and iii) in the case of Cash Flow Statement, of the cash flow for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 2 of our report of even date) (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its asset. No material discrepancies were noticed on such verification. (c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the Company. (ii) (a) The inventory of the Company at work, godown and branches and with consignment agent has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification 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 verification between the physical stocks and the books record were not material. (iii) (a) The company has taken loans from the parties listed in the register maintained under section 301 of the Companies Act,1956. The maximum amount involved during the year was Rs. 14,58,80,948/- and the year end balance of loan taken was Rs.14,54,66,884/-. (b) In our opinion the rate of interest and other terms and conditions on which loan have been taken from the parties listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the company. (c ) There is no stipulation fixed regarding repayment of principal and interest. (d) There is no overdue amount of the loan taken from the parties listed in the register maintained u/s.301 of the companies act, 1956. (iv) In our opinion and according to the information and explanation given to us, there are adequate internal procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets for sale goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. (v) (a) According to the information and explanations given to us, we are of the opinion that the transactions made in pursuance of contracts or arrangements entered in the registered maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, transaction 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 lacks 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. (vi) In our opinion and according to the information and explanation given to us, the company has complied with the provision of section 58(A) and 58 (AA) of the Companies Act,1956 and companies rules (Acceptance of deposit) Rule, 1975 with regard to the deposit accepted from the public. (vii) In our Opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The provision of Cost Audit prescribed by the Central Government, u/s 209 (1 )(d) of the Companies Act, 1956 are not applicable to the company. (ix) (a) The company is generally been regular in depositing withappropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, cess and other material statutory dues applicable to it. (b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2010 for a period of more than six months from the date they became payable. According to the information and explanation given to us, the disputed Income tax Rs.9,80,187/- related to Assessment Year 2001-2002 & matter is pending before Bombay High Court, that have not been deposited on account of disputed matters pending. (x) The Company does not have any accumulated losses as at 31s March,2010 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. (xi) Based on our audit procedures and on the information and explanations given by management, we are of the opinion that the Company has not defaulted in repayment of its dues to any financial institution, bank during the year. (xii) According to the information and explanation 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. Therefore, the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (xiv) In our opinion, 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 Reports) Order,2003 are not applicable to the company. (xv) The company has not given any guarantees for loans taken by others from banks or financial institutions. (xvi) The company has not taken any term loan. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa. (xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year. (xix) Company has not made any issue of debentures. (xx) During the period covered by our audit report, the company has not raised any money by public issues. (xxi) 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 has been noticed or reported during the course of our audit. FOR PARIKH AND AMIN ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No. 107520W K. R. PARIKH Place : Mumbai PARTNER Date :30th May, 2010. Membership No. 36517