You are here » Home » Companies » Company Overview » Chemiesynth (Vapi) Ltd

Chemiesynth (Vapi) Ltd.

BSE: 539230 Sector: Industrials
NSE: N.A. ISIN Code: INE829R01018
BSE 05:30 | 01 Jan Chemiesynth (Vapi) Ltd
NSE 05:30 | 01 Jan Chemiesynth (Vapi) Ltd

Chemiesynth (Vapi) Ltd. (CHEMIESYNTHVAPI) - Auditors Report

Company auditors report

To

THE MEMBERS OF CHEMIESYNTH (VAPI) LIMITED

REPORT ON THE FINANCIAL STATEMENTS:

We have audited the accompanying financial statements of CHEMIESYNTH (VAPI) LIMITED(“the Company”) which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of 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 Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified 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 judgements 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.

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 accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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 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 including the Ind. AS of the State of Affairs ofthe Company as at 31st March 2017 and its Loss and its Cash Flows for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS: a) As required by the Companies(Auditor's Report) Order 2016 (“the Order”) issued by the Central Government interms of Section 143(11) of the Act we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

b) As required by Section 143(3) of the Act we report that; i. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit.

ii. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books.

iii. 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 Accounts.

iv. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

v. On the basis of written representations received from the Directors as on 31stMarch 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164(2) of the Act.

vi. On the basis of the information and explanation of the Company provided to us inour opinion the Company has adequate internal financial controls systems in place and theoperating effectiveness of such controls.

vii. 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:

a) The Company does not have any pending litigations pursuant to which there is noimpact on its financial position which needs to be disclosed in its financial statements;

b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

c) There were no amounts required to be transferred to Investor Education andProtection Fund by the Company in accordance with the relevant provisions of the Act andthe rules made thereunder.

d) The Company has provided requisite disclosures in its financial statements as todealings in Specified Bank Notes during the period from 8 November 2016 to 30 December2016 and these are in accordance with the books of accounts maintained by the Company.

For MANOJ SHAH & CO.
Place : Vapi. CHARTERED ACCOUNTANTS
Date: 26/05/2017 Firm Reg.No.106036W
Sd/-
(MANOJ T.SHAH)
PARTNER.
M.No. 043777

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

(REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE)

i. In respect of The Company's fixed assets; a) The Company has maintained properrecords showing full particulars including quantitative details and situation of thefixed assets. b) As explained to us some of the Fixed Assets according to the practiceof the company were physically verified by the Management at reasonable intervals inaccordance with a programme of verification which in our opinion is reasonable lookingto the size of the company and the nature of its business. We are informed that nomaterial discrepancies were noticed on such verification. c) According to the informationand explanations given to us and on the basis of our examination of the records of theCompany the Title Deeds of Immovable Properties of the Company are held in the name ofthe Company.

ii. In respect of its inventories; a) As explained to us the inventories other thanmaterials in transit & materials lying with third parties were physically verified bythe Management at reasonable intervals during the year. b) In our opinion and according tothe information and explanation given to us no material discrepancies were noticed onphysical verification.

iii. According to information & explanation given to us the Company has notgranted any loans secured or unsecured to Companies Firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Consequently requirement of clauses (iiia) (iiib) and (iiic) ofparagraph 3 of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to ustheCompany has complied with provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and security.

v. In our opinion and according to information and explanations given to us theCompany has not accepted any deposits from the public during the year. Therefore theprovisions of the Clause 3(v) of the Companies(Auditor's Report) Order 2016 are notapplicable to the Company.

vi. As explained to us the Central Government has not prescribed the maintenance ofCost Records under subsection (1) of section 148 of the Companies Act 2013 for theCompany's products.

vii. According to the information and explanations given to us in respect of statutorydues; a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxCustoms Duty Excise Duty Value Added Tax Cess and other material statutory duesapplicable to it with the appropriate authorities.

There were no undisputed statutory dues in arrears as at 31st March 2017for a period of more than six months from the date they become payable.

viii. Based on our audit procedures and according to the information and explanationsgiven by the management we are of the opinion that the Company has not defaulted in therepayment of Loans or Borrowings to Banks as at the Balance Sheet date. The Company hasnot obtained any loan from financial institutions debenture holders and Government. ix.The Company has not taken any Term Loans during the year. The Company has not raised anymoney by way of initial public offer or further public offer (including debt instruments).

x. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the Company or no fraud on the Company by itsOfficers or Employees has been noticed or reported during the course of our audit.

xi. The Company has not paid any managerial remuneration as laid down by the provisionsof section 197 read with schedule V to the Companies Act 2013

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of the Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and therefore theprovisions of clause 3(xiv) of the Companies (Auditor's Report) Order 2016 are notapplicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transaction with Directors or persons connected with theDirectors. Accordingly paragraph 3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For MANOJ SHAH & CO.
Place : Vapi. CHARTERED ACCOUNTANTS
Date: 26/05/2017 Firm Reg.No.106036W
Sd/-
(MANOJ T.SHAH)
PARTNER.
M.No. 043777