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Adarsh Mercantile Ltd.

BSE: 538563 Sector: Financials
NSE: N.A. ISIN Code: INE673E01018
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Adarsh Mercantile Ltd. (ADARSHMERCANTIL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To the Members of ADARSH MERCANTILE LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of ADARSH MERCANTILE LIMITED('the Company') which comprises the Balance Sheet as at March 31 2013 the Statement ofProfit & Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 (‘the Act'). This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We have relied upon the management's representation relating to the disclosures in thefinancial statements regarding (a) segment reporting (Note 22); (b) related partydisclosures (Note 23) and (c) dues to Micro Small & Medium Enterprises (Note 26).

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effect of the matters described in the Basis for QualifiedOpinion paragraph the financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2013;

(b) in the case of the Statement of Profit & Loss of the loss for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

5. Report on Other Legal and Regulatory Requirements

5.1 As required by the Companies (Auditors' Report) Order 2003 issued by the CentralGovernment of India in terms of sub-section (4A) of section 227 of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

5.2 As required by section 227(3) of the Act we report that:

(i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books;

(iii) The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account;

(iv) In our opinion the Balance Sheet Statement of Profit & Loss and Cash FlowStatement comply with the Accounting Standards referred to in Sub-Section (3C) of section211 of the Act;

(v) On the basis of written representations received from the Directors as on March 312013 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2013 from being appointed as a Director in terms of clause (g) ofSub-Section (1) of Section 274 of the Act;

For Ray & Co.
Firm Registration No.: 313124E
Chartered Accountants
Kolkata Subrata Roy
May 25 2013 Partner
Membership No. 051205

Annexure to Auditors' Report

Referred to in paragraph 5 of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year. Nomaterial discrepancies were noticed on such verification.

(c) As per the information and explanations given to us substantial part of fixedassets has not been disposed off during the year.

(ii) The Company is trading and investing in shares mutual funds etc. and thereforethe provisions of clauses 4(ii)(a) 4(ii)(b) & 4(ii)(c) of the Companies (Auditors')Report Order 2003 (as amended) are not applicable.

(iii) According to the information and explanations given to us the Company hasneither granted nor taken any loan secured or unsecured to/from companies firms orparties covered in the register maintained under Section 301 of the Companies Act 1956.Accordingly paragraph 4(iii) of the Companies (Auditors' Report) Order 2003 is notapplicable.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory fixed assets andwith regard to sale of goods and services. During the course of our audit we have notobserved any major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us the particulars ofcontracts or arrangements referred to in section 301 of the Act have been entered in theregister required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of such contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of rupeesfive lacs in respect of any party during the year have been made at prices which arereasonable having regard to prevailing market prices at the relevant time.

(vi) No deposits within the meaning of section 58A 58AA or any other relevantprovisions of the Act and the rules framed there under have been accepted by the Company.

(vii) The Company does not have an internal audit system. However in our opinion andaccording to the representations made by the management the level of operations andtransactions of the Company by itself do not require a formal internal audit system.

(viii) The Central Government has not prescribed maintenance of cost records undersection 209(l)(d) of the Companies Act 1956 for any of the products of the Company.

(ix) (a) According to the records of the Company examined by us in our opinion theCompany is regular in depositing undisputed statutory dues including provident fundinvestor education protection fund employees' state insurance income tax sales taxwealth tax service tax custom duty excise duty cess and other material statutory duesapplicable to it with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of statutory dues as aforesaid were outstanding as at 31 March 2013for a period of more than six months from the date they became payable except incometax for Rs 6014 for the AY 2007-08.

(b) According to the information and explanations given to us there are no dues ofsale tax income tax customs duty wealth tax service tax excise duty and cess whichhave not been deposited on account of any dispute except

Name of the statute Nature of dues Assessment year Amount (in Rs) Forum where dispute is pending
Income Tax Act 1961 Income Tax 2008-2009 44600 Assistant Commissioner of Income tax

(x) The Company does not have accumulated losses at the end of the financial year. TheCompany has incurred cash losses during the financial year covered by our audit. TheCompany did not incur any cash losses in the immediately preceding financial year.

(xi) The Company has no borrowings from financial institutions banks or debentureholders.

(xii) According to the information and explanations given to us and based on recordsproduced to us the Company has not granted loans and advances on the basis of security byway of pledge of shares debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society.

(xiv) In our opinion and according to the information and explanations given to us weare of the opinion that proper records have been made of the transactions in respect oftrading in shares securities debentures and other investments and timely entries havebeen made therein. All the shares debentures and other investments are held by theCompany in its own name.

(xv) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions duringthe year.

(xvi) The Company has not raised any term loans during the year.

(xvii) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company we report that no funds raised onshort-term basis have been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) The Company has not issued any debentures during the year.

(xx) The Company has not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For Ray & Co.
Firm Registration No.: 313124E
Chartered Accountants
Kolkata Subrata Roy
May 25 2013 Partner
Membership No. 051205

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