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AksharChem (India) Ltd.

BSE: 524598 Sector: Industrials
NSE: N.A. ISIN Code: INE542B01011
BSE LIVE 15:46 | 09 Dec 643.75 30.65
(5.00%)
OPEN

620.00

HIGH

643.75

LOW

601.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 620.00
PREVIOUS CLOSE 613.10
VOLUME 28726
52-Week high 791.55
52-Week low 130.50
P/E 12.89
Mkt Cap.(Rs cr) 470.58
Buy Price 643.75
Buy Qty 5916.00
Sell Price 0.00
Sell Qty 0.00
OPEN 620.00
CLOSE 613.10
VOLUME 28726
52-Week high 791.55
52-Week low 130.50
P/E 12.89
Mkt Cap.(Rs cr) 470.58
Buy Price 643.75
Buy Qty 5916.00
Sell Price 0.00
Sell Qty 0.00

AksharChem (India) Ltd. (AKSHARCHEMI) - Auditors Report

Company auditors report

To the Members of AksharChem (India) Limited

Report on the Financial Statements

We have audited the accompanying financial statements of AksharChem (India) Limited(“the Company”) which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of the 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 Section134(5) of The Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 at 31stMarch 2015;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Companies Act 2013 we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

(d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with Rule 7 of Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of section164(2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on longterm contracts includingderivative contracts

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For Trushit Chokshi & Associates
Chartered Accountants
Firm Registration No: 11 1072W
Trushit Chokshi
Place: Ahmedabad Proprietor
Date: 12.08.2015 Membership No. : 040847

Referred to in paragraph 1 of the Auditors’ Report of even date to the members ofAksharChem (india) Limited on the financial statements as at and for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets according to the practice of the company arephysically verified by the management at reasonable intervals in phased verificationprogramme which in our opinion is reasonble looking to the size of the Company and thenature of its business. As explained to us on such physical verification of fixed assetsno major discrepancies have been noticed.

2. (a) During the year the inventories have been physically verified by theManagement at regular intervals except for the stock lying with the outside partieswhich have however been confirmed by them. In our opinion the frequency of verificationis reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedure of the physical verification of inventories followed by the Management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) On the basis of our examination of records of the inventories we are of theopinion that the Company has maintained proper records of inventories. As explained tous no material discrepancies were noticed on physical verification of inventories ascompared to the book records.

3. As per the information and explanations given to us the Company has not granted anyloans secured or unsecured loans to Companies firms or other parties listed in theregister maintained under Section 189 of the Companies Act 2013.

4. In our opinion and as per the information and explanations given to us there isadequate internal control system commensurate with the size of the company and the natureof its business with regards to purchase of inventory and fixed assets and sale of goodsand services. During the course of our audit no major weaknesses in the internal controlsystem have been noticed and there is no continuing failure in the same.

5. According to the information and explanations given to us as the company has notaccepted any deposits from the public Therefore the provision of clause(v) of paragraph 3of the CARO 2015 are not applicable to the Company.

6. The provisions of clause 3(vi) of the Order are not applicable to the company as thecompany is not covered by the Companies (Cost Records and Audit) Rules 2014. The companydoes maintain cost records however the detailed examination has not been made todetermine whether they are accurate or correct.

7. (a) In our opinion and as per the information and explanations given to us theCompany is generally regular in depositing undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax Value added Taxcustom duty excise duty and cess and other statutory dues if any with the appropriateauthorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Service Tax Custom Duty and Excise Duty /Cess were in arrears as at 31 st March 2015 for a period of more than six months fromthe date of they become payable.

(b) The disputed dues on account of income tax sales tax VAT which have remainedunpaid as on 31.03.2015 are as follows:

Name of the Statute Nature of Dues Amount of Demand net of Deposits Year to Which Amount Relates Forum where Dispute is Pending
Income Tax Act 1961 Income Tax 669293 2001-2002 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 4427236 2003-2004 High Court of Gujarat
Gujarat VAT Act 2003 Sales Tax 1803341 2004-2005 Ahmedabad VAT Tribunal
Income Tax Act 1961 Income Tax 293669 2004-2005 Commissioner of Income Tax Circle (1) Ahmedabad
Income Tax Act 1961 Income Tax 261960 2010-2011 Appellate Tribunal

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.

8. The Company has neither accumulated losses at the end of the financial year as at31st March 2015 nor has it incurred cash losses in the current financial year ended onthat date and in the immediately preceding financial year.

9. In our opinion and as per the information and explanations given to us the Companyhas not defaulted in repayment of dues to Banks and Financial Institutions and debentureholders.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11. According to the information and explanations given to us the Company has nottaken any fresh term loan hence the clause is not applicable. However pursuant to thescheme of demerger the company has received the loan liability in the form of term loanagainst the assets of the demerged unit.

12. According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by Company was noticed or reported in the course ofour audit during the year.

For Trushit Chokshi & Associates
Chartered Accountants
Firm Registration No: 11 1072W
Trushit Chokshi
Place: Ahmedabad Proprietor
Date: 12.08.2015 Membership No. : 040847

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