You are here » Home » Companies » Company Overview » Arcee Industries Ltd

Arcee Industries Ltd.

BSE: 520121 Sector: Industrials
NSE: N.A. ISIN Code: INE276D01012
BSE LIVE 14:19 | 07 Dec 3.74 -0.19
(-4.83%)
OPEN

3.74

HIGH

3.74

LOW

3.74

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.74
PREVIOUS CLOSE 3.93
VOLUME 1562
52-Week high 4.56
52-Week low 2.24
P/E
Mkt Cap.(Rs cr) 1.92
Buy Price 3.74
Buy Qty 138.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.74
CLOSE 3.93
VOLUME 1562
52-Week high 4.56
52-Week low 2.24
P/E
Mkt Cap.(Rs cr) 1.92
Buy Price 3.74
Buy Qty 138.00
Sell Price 0.00
Sell Qty 0.00

Arcee Industries Ltd. (ARCEEINDS) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

Tc

The Members of ARCEE INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ARCEE INDUSTRIES LIMITED("the Company") which comprise the Balance Sheet as at 31st March2014 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that givea true and fajr view of the financial position financial performance and cash flows ofthe Company in accordance with the Accounting Standards referred to in sub-section (3C) ofSection 211 of the Companies Act1956 ("the Act") read with the General Circular15/2013 dated 13.09.2013 of the Ministry of Corporate Affairs in respect of Section 133 ofthe Companies Act 2013. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and fair presentation of thefinancial statements that are free from material misstatement whether due to fraud orerror.

Auditors' 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 amountsand. the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditorconsiders internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but. not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Management as well as evaluating the overall presentation of thefinancial 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 andfair 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 2014;

(b) in the case of the Statement of Profit and Loss of the Ltiss 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 (Auditors" Report) Order; 2003 ("theOrder") issued by the Central Government of India in terms of Section 227(4A) of theAct we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order.

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 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 bytheCompany so far as appears from our examination of those books.

(b) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by 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 sub section (3C) of Section211 of the Act read with the General Circular 15/2013 dated 13.09.2013 of the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act 2013 and

(e) On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of bjreptors none of the directors isdisqualified as on 31' March 2014 from being appointed as a director in terms of Section274 (1)(g) of the Act.

FOR JAIN MITTAL CHAUDHARY & ASSOCIATES CHARTERED ACCOUNTANTS
Place : Hisar Firm Registration No.015140N
Dated : 28/06/2014 (SACHIN KUMAR)
Partner
Membership No. 528180

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements'section of our report of even date)

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

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification

(c) The company has not disposed off substantial part of fixed assets during the year.

2. (a) As explained to us the inventories were physically verified during theyear bythe Management at reasonable intervals.

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

(c) In our opinion and according to the information and explanations given to us the.Company has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

3.(a) The company has granted unsecured loan to companies firms or other partieslisted in the Register maintained under section 301 of the Act amounting to Rs.179.80Lacs. The outstanding amount as on Balance Sheet date is Rs. Nil.

(b) According to the information and explanations given to us in our opinion the rateof interest and other terms and conditions of above loan granted by the company are notprima facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us the company to whom loanand advance in the nature of loan have been given is repaying the principal amount asstipulated and is also regular in payment of interest.

(d) There is no overdue amount of loan granted to the company listed In the registermaintained under section 301 of the Act.

4.(a) The company has taken unsecured loan from companies firms or other partieslisted in the Register maintained under section 301 of the Act amounting to Rs.76.00Lacs. The outstanding amount as on Balance Sheet date is Rs. 4.50 lacs.

(b) No interest has been paid on the outstanding amount as the arrangement is oncurrent account basis and the amount is repayable on demand.

(c) The payment of principal amount is regular.

5.In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods & services. During the course of our audit no major weakness has been noticedin the internal controls.

6.In respect of transactions entered in the register maintained in pursuance of Section301 of the Act.

(a) Based on audit procedures applied by us to the best of our knowledge and beliefand according to the information and explanations given to us we are of the opinion thatthe transactions that needed to be entered into the register maintained under section 301of the Act if any have been so entered.

(b) According to the information and explanations given to us and where transactions isin excess of Rs. 5:00 Lacs in respect of any party if any in our opinion thetransactions have been made at prices which are prima facie reasonable having regard.tothe prevailing market price at the relevant time.

7.The company has not.accepted any deposits from the public.

8.In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.

9.The company has maintained the cost records as required under Section 209 (1) (d) ofthe Act. However we have not made the detailed examinations.

10.According to the information and explanations given to us^no undisputed amountspayable in respect of provident fund investor education and protection fund employees'state insurance income tax wealth tax service tax. sales tax customs duty exciseduty cess and other undisputed statutory dues were outstanding at the year end for aperiod of more than six months from the date they became payable

11.According to the records of the company and information and explanations given tous the company is generally regular in depositing undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employee's State Insurance IncomeTax Sales Tax Wearth Tax Service Tax Customs Duty; Excise Duty Cess and otherStatutory Dues if any with the appropriate authorities during the year.

12.The company have accumulated Josses as at the end of the year which are not morethan 50% of its networth. Further the company has not incurred cash losses during thepreceding financial year but during"the current year The company has incurred cashlosses of Rs. 35.75 Lacs.

13.Based on our audit procedures and on the basis of information and explanations givenby the management we are of the opinion that the company has not defaulted in-therepayment of dues to financial institutions or banks. The company has not issued anydebenture.

14 According to the: information and explanations given to us the companyhas not granted any loans and advances on the basis of security by way of pledge ofshares debentures and other securities.

15 The Provisions of any Special Statute applicable to Chit Fund Nidhi or MutualBenefit Fund/ Societies are not applicable to the Company.

16 (a) The company does not deal or trade in shares securities debentures and otherInvestments.

b) Based on our audit procedures and to the best of our knowledge and belief andaccording to the information and explanations given to us the shares and. securities havebeen held by the company in its own name.

17 During the year the company has not given any guarantee for loans taken by othersfrom Banks or Financial Institutions.

18 According to the information and explanations given to us the term loans raised bythe Company have been applied for the purpose for which thev were raised.

19 Based on the information and explanations given to us and on an overall examinationof the Balance Sheet of the Company as at 31" March 2014 we report that no fundsraised on short-term basis have been used for long-term investment by the Company.

20 As the compnay has not made any preferential allotment of shares durinq the yearclause (xviii) of the order is not applicable to the company.

21 The company did not have any outstanding debentures during the year.

22 The company has net raised money by any public Issues during the year.

23 Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has beer noticed or reported duringthe year nor have we been informed of such case by the management.

FOR JAIN MITTAL CHAUDHARY & ASSOCIATES CHARTERED ACCOUNTANTS
Place : Hisar Firm Registration No.015140N
Dated : 28/06/2014 (SACHIN KUMAR)
Partner
Membership No. 528180

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard