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Ashok Alco-Chem Ltd.

BSE: 524594 Sector: Industrials
NSE: ASHOKALCO ISIN Code: INE994D01010
BSE LIVE 13:45 | 09 Dec 102.00 0.60
(0.59%)
OPEN

102.45

HIGH

102.45

LOW

98.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 102.45
PREVIOUS CLOSE 101.40
VOLUME 1434
52-Week high 257.30
52-Week low 86.65
P/E 7.02
Mkt Cap.(Rs cr) 46.92
Buy Price 99.65
Buy Qty 16.00
Sell Price 102.00
Sell Qty 970.00
OPEN 102.45
CLOSE 101.40
VOLUME 1434
52-Week high 257.30
52-Week low 86.65
P/E 7.02
Mkt Cap.(Rs cr) 46.92
Buy Price 99.65
Buy Qty 16.00
Sell Price 102.00
Sell Qty 970.00

Ashok Alco-Chem Ltd. (ASHOKALCO) - Auditors Report

Company auditors report

To the Members of

ASHOK ALCO CHEM LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ASHOK ALCO CHEM LIMITED ('theCompany') which comprise the Balance Sheet as at 31 March 2015 the statement of Profitand Loss and the Cash Flow Statement for the year then ended and a summary of significantaccounting 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.

Opinion

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 of the state of affairs of the Company as at 31March 2015 and its PROFIT and its cash flows for the year ended on that date.

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 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 bestof our knowledge and belief were necessary for the purposes of our audit. (b) In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books; (c) The Balance Sheet the Statement ofProfit and Loss and the Cash Flow Statement dealt with by this Report are in agreementwith the books of account; (d) In our opinion the aforesaid financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014; (e) on the basis of the written representationsreceived from the Directors as on 31 March 2015 taken on record by the Board of Directorsnone of the directors is disqualified as on 31 March 2015 from being appointed as adirector in terms of Section 164 (2) of the Act; and (f) with respect to the other mattersto be included in the Auditor's Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition. ii. The Company does not any long term contracts including derivative contractsfor which there are any material foreseeable losses; iii. There were no amounts which wererequired to be transferred to Investor Education and Protection Fund.

For R.A.Kuvadia & Co.
Chartered Accountants
FRN: 105487W
R.A.Kuvadia
Place: Mumbai (proprietor)
Date: 11.05.2015 M.No. 40087

Annexure to the Auditors’ Report

ASHOK ALCO-CHEM LIMITED

(Referred to in Paragraph 1 under 'Report on other Legal and Regulatory Requirements'section of our report of even date)

1. (a) The Company is in the process of updating the records showing particularsincluding quantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management & we areinformed that no major discrepancies were noticed on such verification;

2. (a) The stock of Finished Goods Raw materials Stores and consumables werephysically verified by the Management at the year end;

(b) In our opinion and according to the information and explanations given to us theprocedure of physical verification of stocks followed by the management is reasonable andadequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventories. The discrepancies noticedon verification between the physical stocks and book records were not material and havebeen properly dealt with in the books of account.

3. Company has not granted any unsecured loans to companies firms or other partiescovered in the register maintained under Section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanation given to usinternal control procedures needs to be strengthened to be commensurate with the size ofthe Company and the nature of its business with regard to purchases of inventory fixedasset and for the sale of goods and services. There is no continuing failure to correctmajor weakness in internal control system

5. The Company has not accepted any deposits from public and as such provisions ofSection 73 to 76 of Companies Act 2013 and the rules framed there under are notapplicable to the company.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Accounting Records) Rules 2011 prescribed by the Central Government underSection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

7. (a) According to the records of the Company and information and explanations givento us the Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees State Insurance Income TaxSales tax Wealth Tax Service Tax Customs duty Excise Duty Cess and other materialstatutory dues applicable to it.

(b) According to the records of the Company and subject to method of accountingconsistently followed by it the undisputed amount payable to appropriate authorities inrespect of

Name of the Statute Nature of Dues Amount Rs in lacs Financial Year /s to which the amount relates Forum where dispute is pending
Sales Tax Assessment dues 199.21 1993-1994 To 2004-2005 Commissioner of Sales Tax
Sales Tax * Deferral 3.29 1998-1999 to 2000-2001 Commissioner of Sales Tax
Income Tax Act Demand Notice 123.53 2012-2013 Rectification U/s 154 of the I.T Act. Dy.CIT Mumbai

* (The Company has obtained Installment facility in respect of the Deferral dues and isregular in remitting the installments as stipulated.)

8. No amount is required to be transferred to Investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956.

9. The Company does not have accumulated losses exceeding fifty percent of its networth. The company has not incurred cash loss during the year under review nor in theimmediately preceding financial year.

10. The Company has not defaulted in repayment of dues to financial institution orbanks or debenture holders.

11. The Company has not given any guarantees for loan taken by others from banks andfinancial institutions.

12. According to the information and explanations given to us the Company has nottaken any term loan during the year under review.

13. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during theyear under review.

For R.A.Kuvadia & Co.
Chartered Accountants
FRN: 105487W
R.A.Kuvadia
Place: Mumbai (proprietor)
Date: 11.05.2015 M.No. 40087

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