TO THE MEMBER OF ADVANCE SYNTEX PRIVATE LIMITED
REPORT ON THE FINACIAL STATEMENTS
We have audited the accompanying financial statements of Advance Syntex Private Ltd.("the company") which comprise the Balance Sheet ns at March 31 2015 theProfit and Loss Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The company's Board of directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give true & fair view of the financial positionfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting standards specified under section 133of the Act read with rule 7 of the companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effective forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand ore free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provision of the Act the accounting and auditingstandards and matter which are required to be included in the audit report under theprovisions of the Act and the Rules made there-under.
We conducted our audit in accordance with the standards on auditing specified undersection 143(10) of the Act. Those standards required that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT;
As required by the Companies (Auditor Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub section (11) of Section 143 ofthe act we give in the Annexure a statement on the matter specified in paragraph 3 and 4of the order.
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 bestof 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 theCompany so far as it appears from our examination of those books.
c) The Balance Sheet the Profit and Loss Statement dealt with by this Report are inagreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read Rule 7 of the Companies (Accounts)Rules 2014;
To the Member of Advance Syntex Pvt. Ltd.
On the basis of records produced before us for our verification/ examination as weconsidered appropriate and in terms of information and explanations given to us for ourenquiries we state that;
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets on the basis of availableinformation.
b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and nature of its assets. As informed to us no materialdiscrepancies were noticed on such physical verification.
c) As explained to us no substantial part of fixed assets has been disposed off duringthe year and it has not affected the going concern.
d) In the opinion of the Management fixed assets should be clubbed into a single groupfor the assets which are having useful life as prescribed in the Schedule II to theCompanies Act 2013. Accordingly they have clubbed the same based on useful life.
ii. In respect of its inventories:
a) The inventories have been physically verified during the' year by the management.
b) According to the information and explanation given to us the procedures of physicalverification of inventories followed by the management are reasonable and adequate inrelation to the size of the Company and ^nature of its business.
c) On tire basis of our examination of the records of Inventories we are of theopinion that the company has maintained proper records of inventories. As per theinformation and explanation given to us no material discrepancies were noticed onphysical verification. *
iii. In respect of the loans secured or unsecured granted by the company tocompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013.
a) The Company has not granted loan to firms and other parties covered in the registermaintained under section 189 of the Companies Act 2013. Hence no reporting is given onthis clause.
b) According to the sub clause a) above applicability of all other terms and conditionsfor such loans and about prejudicial to the interest of the company reporting since notrequired not given.
c) The Company has taken loan under section 189 of companies act 2013 & it'srepayable on demand.
d) According to the information and explanations given to us all other terms andconditions for such loans are not prima facie prejudicial to the interest of the company!
iv. In respect of internal control.
In our opinion and according to the information and explanation given to us theCompany has an adequate internal control system commensurate with its size and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of our audit we have not observed any continuing failureto correct major weaknesses in such internal control system.
v. In respect of deposits from public
According to the information and explanation given to us the Company has not acceptedany deposit from the public. Therefore the provisions of Clause (v) of paragraph 3 of theCARO 2015 are not applicable to the Company.
vi. In respect of maintenance of cost records
In pursuant to the Companies (Cost Records and Audit) Rules 2014 prescribed by thecentral Government under Section 148 (1) of the Companies Act 2013. is not applicable onthe company.
vii. In respect of statutory dues:
a) According to the records of the Company undisputed statutory dues includingEmployees' State Insurance Sales Tax Wealth Tax Duty of Customs Duty of Excise ValueAdded Tax Income Tax Service Tax Provident Fund and Professional Tax Cess and othermaterial statutory dues have been generally regularly deposited with appropriateauthorities.
b) According to the information and explanation given to us no undisputed statutorydues including Employees' State Insurance Sales Tax Wealth Tax Duty of Customs Duty ofExcise Value Added Tax Income Tax Service Tax Provident Fund and Professional TaxCess and other material statutory dues were outstanding as at March 31 2015 for a periodmore than six months from the date of becoming payable.
c) The disputed Statutory dues are as listed below;
Against above demands the Company had provided bank guarantee for Rs.390662/. !
viii. In respect of accumulated losses and cash losses.
The company does not have any accumulated losses at he end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.
ix. In respect of dues to financial institution /banks/debentures
According to the information and explanations given to us and as per the books andrecords examined by us the Company has not defaulted in repayment of dues to financialinstitutions or bank.
x. In respect of Loans and advances granted on the basis of security.
According to information and explanations given to us the company has not granted loansand advances on the basis of security by way of pledge of shares debentures and othersecurities.-
xi. In respect of application of Term loans.
The Company has not raised loan during the year. The term loans outstanding at thebeginning of the year have been applied for the purposes for which they were raised
xii. In respect of Fraud
During the course of our examination of the books and records of thc companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of material fraud on or by thc Company noticed or reported during the year norhave we been informed of any such case by the Management.
| ||For K J Shah & Co. Chartered Accountants Firm Reg. No. 132369W |
|Place: Vadodara || |
|Date: 31st August 2015 ||Kamlesh J Shah |
| ||(Proprietor) |
| ||Membership No.42390 |