We have audited the accompanying financial Statements of ICVL Chemicals
Limited (the Company) which comprise the Balance Sheet as at 31 March
2014, the statement of profit and loss and Cash Flow Statement for the
year then ended 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 (the Act) (which continue to be applicable
in respect of section 133 of the Companies Act, 2013 in terms of
General Circular 15/ 2013 dated 13Sepetember issued by the Ministry of
Corporate Affairs w.e. f. 12 September, 2013) and in accordance with
accounting principles generally accepted in India. 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.
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 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, 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 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.
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014 (ii)in the case of the statement of profit
and loss, of the profit for the year ended on that date (iii) in the
case of the Cash Flow Statement, of the Cash Flow for the year ended on
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
2. As required by section 227(3) 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
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
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
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 subsection (3C) of section 211 of the Companies Act,
1956, (which continue to be applicable in respect of section 133 of the
Companies Act, 2013 in terms of General Circular 15/ 2013 dated 13
September issued by the Ministry of Corporate Affairs w.e. f. 12
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to our Report of even date on the accounts of ICVL Chemicals
Ltd. for the year ended 31st March, 2014.
In terms of the information and explanation given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
1. (a) The Company has maintained proper records showing full
particulars, including details of quantity & the situation of its fixed
(b) The Fixed assets has been physically verified by the management
during the year in accordance with a phased periodical manner, which in
our opinion is reasonable having regard to the size of the company &
nature of it''s assets. No material discrepancies were noticed on such
(c) In our opinion, the Company has not disposed off substantial part
of Fixed Assets, during the year, which will affect the going concern
status of the Company.
2. The Company is engaged in the business of Trading in Chemicals,
Trading in shares and providing Advisory and Consultancy Services.
During the year there is no purchase and sale of goods. Accordingly, it
does not hold any Physical inventories. Thus paragraph 4(ii) of the
order is not applicable.
3. The company has neither granted nor taken any loans, secured or
unsecured to/from the companies ,firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of Clause 4(ii), (b), (c) ,(d) (e),(f) and
(g) of the said order are not applicable to the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the company and nature of its business
with the regard to purchase of inventories and fixed assets and for
sale of goods and Services. We have not observed any major weakness in
5. (a) In our opinion and according to the information and explanation
given to us there are no transaction that needs to be entered in to the
register in pursuance to the section 301 of the Company Act, 1956. (b)
In our opinion and according to the information and explanation given
to us there are no transaction in pursuance of contracts or
arrangements entered in the register maintained U/s 301 of the
Companies Act, aggregating during the year to Rupees Five Lakhs or more
in respect of any party.
6. In our opinion and according to the information and explanation
given to us the company has not accepted any deposits from the public
which fall within the meaning of the section 58 A and 58 AA of the
Company Act ,1956 and rules framed there under.
7. According to the information and explainations given to us, there
is no formal internal audit system in the company , however in our
opinion the company has adequate internal control system commensurate
with the size and nature of its business.
8. As informed to us the maintenance of cost records has not been
prescribed by the Central Government U/s 209 (1) (d) of the Companies
9. According to the information and explanation given to us and on the
basis of our examination of the records of the company, there are no
undisputed statutory dues including Provident Fund , Investor Education
and Protection Fund, Employees '' State Insurance , Income Tax, Wealth
Tax , Sales Tax , Service Tax, Custom Duty, Excise duty and other
Statutory dues applicable to it in respect of such statutory dues which
have remained outstanding as at 31st March, 2014 for a period of more
than six months.
10. According to the information and explanation given to us the
company has accumulated losses at the end of the financial Year, and
has not incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to a financial
institution, banks debenture holders as at Balance Sheet date.
12. The Company has not granted any loans and advances on the bases of
security by way of pledge of share, debentures and other securities.
13. The Company is not a chit fund, nidhi fund or mutual benefit fund
/ society. Therefore, the provision of clause 4 (xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
14. According to the information and explanations given to us, the
Company is not dealing in or Trading in shares, securities, debentures
and other investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions during the year.
16. The Company has not obtained any term loan during the financial
17. According to the information and explanations 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
investments and vice-versa.
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. No Debentures has been issued by the Company during the year.
20. The Company has not raised any money by way of public issue during
21. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the company and no fraud on the
company has been noticed or reported during the course of our audit.
For J.B.DUDHELA & CO
FRN : 102777W
PLACE: Mumbai Sd/-
DATED: 30/05/2014 (J.B.DUDHELA)
Proprietor Memb. No. 035354