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શેન્ટ્રાકોન કેમિકલ્સ

બીએસઈ: 530757  |  ઍનઍસઈ : N.A  |  ISIN:  |  Chemicals

શોધો શેન્ટ્રાકોન કેમિકલ્સ કનેક્શન � Mar 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
We have audited the accompanying financial statements of M/S SHENTRACON
 CHEMICALS LIMITED (the Company), which comprises the Balance Sheet as
 at 31st March 2015, 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
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of Companies Act, 2013 (the Act'''') with respect to
 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 principles, generally
 accepted in India including the Accounting Standards specified under
 section 133 of the Act, read with Rule 7 of the Companies (Accounts)
 Rules,2014. This responsibility also includes maintenance of adequate
 accounting records in accordance with the provision of the Act for
 safeguarding the assets of the Company and for preventing and detecting
 frauds and other irregularities; selection and application of
 appropriate accounting policies; making judgments and estimates that
 are reasonable and prudent; and the design, implementation and
 maintenance of adequate internal financial control, that were operating
 effectively for ensuring the accuracy and completeness of the
 accounting records, 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 have taken into account the provision of the Act, the accounting and
 auditing standards, and matters which are required to be included in
 the audit report under the provision of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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 misstatements.
 
 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 financial control relevant to the Company''s
 preparation of the financial statements that give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and operating effectiveness of
 such controls. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by Company''s Directors, 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 on the financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid 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, of the state of affairs of the Company as
 at 31st March 2015, and its Loss and its cash flows for the year ended
 on that date.
 
 Emphasis of Matters
 
 We draw the attention to the following matters in the notes to the
 financial statements:
 
 a) Note 19(i) in the financial statements which indicates that there is
 no production in the chemical plant since 18.09.1996 and the work
 suspension has been notified and declared since 10.10.1999. The
 management has resolved to close the chemical plant in the F.Y 2010-11.
 The company has accumulated losses and its net worth has been eroded by
 more than fifty percent of its net worth. The company has incurred net
 loss in current financial year. These conditions indicate the existence
 of material uncertainty that may cast significant doubt about the
 company''s ability to continue on a going concern.  However the
 financial statements of the company have been prepared on a going
 concern basis for the reason stated in the said Note No 19(i).
 
 b) Note 19(iii) to the financial statements as regards to contingent
 liability which might have impact on company''s net worth.
 
 c) Note 19(v) to the financial statements as regards possible erosion
 in value of assets held for disposal under current assets due to the
 plant being shut since many years and it is not possible to assess the
 possible erosion in value.
 
 d) Note 19(vi) to the financial statements as regards possible
 reduction in inventory value not ascertained in the absence of physical
 verification and valuation thereof.
 
 Our opinion is not modified in respect of these matters.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statements on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2. As required by Section 143 (3) of the Act, we report that:
 
 a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes 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, the Statement of Profit and Loss and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account;
 
 d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014;
 
 e) On the basis of written representations received from the directors
 as on 31st March 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March 2015, from being
 appointed as a director in terms of Section 164 (2) of the Act;
 
 f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies ( Audit and
 Auditors) Rules ,2014, in our opinion and to the best of our
 information and according to the explanation given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements as referred to in Note
 No 19 (iii) to the financial statements;
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 Annexure to the Independent Auditor''s Report
 
 The Annexure referred to in our independent Auditor''s Report to the
 members of the company on the Financial Statements for the year ended
 31st March 2015, we report that:
 
 1.a.  The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets.
 
 b.  We are informed that the Board of Directors had resolved to close
 the company''s main business of chemicals in F.Y 2010-11. In view of the
 fact that the existing chemical plant will not be of any use in any
 other probable line of production. It was decided to dispose the Plant
 & Machinery and Electrical appurtment thereto, As these are meant for
 disposal, the same were shown under Current Assets since last few
 years.
 
 2.
 
 a.  It is informed to us that inventory comprising stock of materials,
 stores, fuel, finished goods, work-in-process and reusable residues
 could not be physically verified since 21.07.1998 due to closure of the
 factory and hence we are not in a position to comment thereon.
 Consequently we are not in a position to comment on as regards
 unserviceable and damaged inventory.
 
 b.  It is informed to us that any erosion in potential value of the
 stock, which may arise due to its nature, could not be dealt with due
 to non verification of stock and its technical evaluation.
 
 c.  The closing stock of finished goods, work in progress and reusable
 residues and raw materials have been taken in the account on the basis
 of verification/evaluation certificate dated 21.07.1998 of an
 independent valuer appointed by State Bank of India. There was no
 movement of inventory thereafter. No further physical verification and
 / or technical evaluation has been made thereafter.
 
 d. We are informed that proper records of inventory has been maintained.
 However in absence of physical verification thereof we are not in a
 position to comment on discrepancy comparing with the physical stock.
 The stock has been taken in these accounts on the basis of physical
 counting and evaluation made by the independent valuer in 1998-99 and
 there is no movement thereafter.
 
 3.  The Company has not granted any loans or advances in the nature of
 loans to parties covered in the register maintained under Section 189
 of the Companies Act, 2013.  Hence the question of reporting whether
 the receipt of principal and interest are regular and, whether
 reasonable steps for recovery of over-dues of such loans are taken does
 not arise.
 
 4.  Having regard to the fact that there is complete suspension of
 operational activity during the year, procedure of internal control as
 regard to purchase of fixed assets and inventory and for sale of goods
 and services is not applicable.
 
 5.  Based on our scrutiny of the company''s records and according to the
 information and explanations provided by the management, in our
 opinion, the company has not accepted any deposits so far up to 31st
 March 2015, the directives issued by Reserve Bank of India and
 provisions of Section 73 to Section 76 of the Companies Act, 2013 and
 the rules framed there under are not applicable.
 
 6.  According to the information and explanations provided by the
 management, the company is not engaged in production of any such goods
 or provision of any such services for which the Central Government has
 prescribed particulars relating to utilization of material or labour or
 other items of cost. Hence the provisions of section 148(1) of the Act
 do not apply to the company. Hence, in our opinion, no comment on
 maintenance of cost records under section 148 (1) of the Act is
 required.
 
 7.
 
 a.  According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 generally been regular in depositing undisputed statutory dues
 including, Income Tax, and other statutory dues during the year with
 appropriate authorities.
 
 b.  According to the information and explanations given to us, there
 are no dues of Sales Tax, Custom Duty, Wealth Tax, Excise Duty and Cess
 which have not been deposited as on 31st March, 2015 with the
 appropriate authorities on account of any dispute.
 
 c. According to the information and explanations given to us, no amount
 is required to be transferred to Investor Education and Protection Fund
 in accordance with the relevant provisions of Companies Act 2013 and
 Rules made there under.
 
 8.  The Company has accumulated losses at the end of the financial year
 which is exceeding its fifty percent of net worth and it has incurred
 cash losses during the financial year ended on that date but not in the
 immediately preceding financial year.
 
 9.  Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in repayment of dues to the financial
 institutions, banks or debenture holder during the year.
 
 10.  The Company has not given any guarantee in connection with loan
 taken by others from banks or financial institutions.
 
 11.  In our opinion and according to the information and explanations
 given to us, the company did not have any term loans outstanding during
 the year.
 
 12.  According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 year.
 
 
                                                 For K.PJhawar & Co.
                                                 Chartered Accountants
                                                 Firm Regn. No. 306105E
 
 Place: Kolkata                                       (CA K. P. Jhawar)
 Date: 28th May 2015                                        Proprietor
                                                  Membership No.010309
 
સ્તોત્ર: રેલીગેર ટેકનોવા


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