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Crestchem Ltd.

BSE: 526269 Sector: Industrials
NSE: N.A. ISIN Code: INE293N01016
BSE LIVE 13:32 | 08 Nov Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.80
PREVIOUS CLOSE 9.80
VOLUME 100
52-Week high 10.00
52-Week low 9.03
P/E
Mkt Cap.(Rs cr) 2.94
Buy Price 9.80
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.80
CLOSE 9.80
VOLUME 100
52-Week high 10.00
52-Week low 9.03
P/E
Mkt Cap.(Rs cr) 2.94
Buy Price 9.80
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Crestchem Ltd. (CRESTCHEM) - Auditors Report

Company auditors report

To the Members of

CRESTCHEM LIMITED Indrad(Kadi)

Report on the Financial Statements

We have audited the accompanying financial statements of Crestchem Limited (‘theCompany’) which comprise the Balance sheet as at March 31 2015 the Statement ofprofit and loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and 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 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 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 on the financial statements.

Opinion

In our opinion and to the best our information and according to the explanations givento us the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with theaccountingprinciples generally accepted in India of the state of affairs of the Companyas at March 31 2015 and its profits and its cash flows for the year ended on that date.

Emphasis of Matters:

During the year the company has sold / disposed off all fixed assets like LandFactory Building and a significant portion of its Plant & Machinery. This conditionindicates the existence of a material uncertainty that may cast significant doubt aboutthe Company’s ability to continue as a going concern. However Financial Statementsof the Company have been prepared on a going concern basis. Our opinion is not modified inrespect of these matters.

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 Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 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 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 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 aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct; and

(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 did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses;

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30th May 2015 PARTNER
M.NO. 34834

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT : (Referred to in paragraph 1under the heading of "Report on Other Legal and Regulatory Requirements" of ourreport of even date.) i) a) The company has maintained proper records showing fullparticulars including quantitative details and situation of the fixed assets on the basisof available information.

b) As explained to us a major portion of the fixed assets has been physically verifiedby the management during the year in accordance with a phased program of verificationadopted by the Company. In our opinion the frequency of verification 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.

ii) In respect of its inventories:

a) As explained to us inventories were physically verified by the management atreasonable intervals during the year. In our opinion the frequency of the verification isreasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanations given to us thecompany has maintained proper records of inventories. As explained to us there was nomaterial discrepancies noticed on Physical Verification of Inventories as compared withthe book records.

iii) In respect of Loans Secured or Unsecured granted by the company to companiesfirms or other parties covered in the register maintained under section 189 of theCompanies Act 2013: According to the information and explanations given to us and on thebasis of the records produced before us the company has not granted any Loan Secured orUnsecured to the companies or firms or other parties covered in the register maintainedunder section 189 of the Companies Act 2013 and hence sub-clause (a) & (b) ofparagraph 3 of the Companies Auditor’s Report Order 2015 are not applicable to theCompany

iv) In our opinion and according to the information and explanations given tous there is an adequate internal control system commensurate with the size of the companyand the nature of its business for the purchases of inventory fixed assets and for thesales of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal controls system.

v) In our opinion and according to the information and explanations given to usthe Company has not accepted any deposit and hence the provisions of Section 73 to 76 orany other relevant provisions of the Companies Act and the Companies (Acceptance ofDeposits) Rules 2014 with regard to the deposits accepted are not applicable to theCompany.

Therefore the provisions of Clause (v) of paragraph 3 of the Companies Auditor’sReport Order 2015 are not applicable to the Company. According to the information andexplanations given to us no order has been passed by Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi) In our opinion and according to the information and explanation given to usthe Central Government of India has not prescribed the maintenance of Cost AccountingRecords under sub Section (1) of Section 148 of the Companies Act 2013 and hence thisclause is not applicable to the company.

vii) a) In respect of the Statutory dues:The company is regular in depositing otherstatutory dues applicable to it.

According to the information and explanations given to us and on the basis of recordsproduced before us FBT of Rs. 42540/- is outstanding for more than six months. Exceptabove there are no undisputable amount payable in respect of Income Tax Wealth Tax SalesTax custom duty excise duty and cess were outstanding as at 31st March 2015 for aperiod of more than six months from the date they become payable.

b) According to the records of the company there are no dues of Sales Tax Income TaxExcise Duty and Cess which have not been deposited on account of any dispute.

c) According to the information and explanations given to us there is no amount whichis required to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956).

viii) On the basis of information and explanations given to us and on the basis ofrecords produced before us the company’s accumulated losses at the end of thefinancial year are more than fifty percent of its net worth. Thecompany has not incurredcash loss during the financial year covered by our audit and in the immediately precedingprevious year.

ix) On the basis of the information and explanation given to us and on the basis ofrecords produced before us the company has not defaulted in repayment of dues to a Bank.

x) On the basis of the information and explanation given to us and on the basis ofrecords produced before usthe company has not given any guarantee for loans taken byothers from bank or financial institution hence the provision of this clause is notapplicable to the company.

xi) According to the information & explanations given to us the Company hasnot raised any term loan during the year under audit.

xii) In our opinion and according to the information and explanations given to usand based on management representation no material fraud on or by the company has beennoticed or reported during the financial year covered by the audit.

For TALATI & TALATI
Chartered Accountants
(Firm Reg. No 110758W)
AHMEDABAD (UMESH H.TALATI)
DATE: 30th May 2015 PARTNER
M.NO. 34834

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