The members of Graphic Charts Limited Report on the Financial Statements
We have audited the accompanying financial statements of GRAPHIC CHARTS LIMITED whichcomprise the balance sheet as at 31 March 2015 the statement of Profit and Loss and theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information. Management's Responsibility for the FinancialStatements
The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position of the Company inaccordance with the Accounting Standards specified under section 133 of the Act read withrule 7 of the Companies (Accounts) Rules 2014. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
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 involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditors judgmentincluding 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order todesign audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management 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.
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 31March 2015; and
b) In the case of the statement of Profit and Loss of the loss for the year ended onthat date.
c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. The Company is having accumulated losses of Rs.7326262/- as at 31st March 2015.The companys net worth is eroded. This raises a doubt that the company will be ableto continue as a going concern.
2. As required by the Companies (Auditors Report) Order 2015 (the Order*)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to usduring the course of the audit we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
3. As required by sub-section (3) of section 143 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 purpose of our audit.
b) In our opinion proper books of account as required by law have been kept by theCompany so far as 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 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 written representations received from thedirectors and 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 ofsub-section (2) of section 164 of the Act.ss
| ||For ASJ a Company LLP |
| ||CHARTERED ACCOUNTANTS. FRN: 133292W |
| ||CA. SHARAD KUMAR PATEL PARTNER |
| ||M.NO. 047570 |
|Place: MUMBAI. Date: 07/09/2015 || |
ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements section of our report to the members of Graphic Charts'Umited (theCompany))
On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:-
1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.
b) As explained to us the management at reasonable intervals in a phasedverification- program has physically verified fixed assets. In our opinion the frequencyof verification is reasonable having regard to the size of the company and the nature ofits assets. The discrepancies reported on such verification were not material and havebeen properly dealt with in the books of account.
c) The Company has not disposed off any fixed assets during the year.
2. a) The management has conducted physical verification of inventory at reasonableintervals.
b) In our opinion the procedures followed by the management for physical verificationof inventory are reasonable and adequate in relation to the size of the Company and natureof its business.
c) In our opinion the company is maintaining proper records of inventory. Thediscrepancies noticed on physical verification of inventories as compared to the bookrecords were not material and the same have been properly dealt with in the books ofaccount.
3. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured from / to companies firms or other parties listedin the register maintained under Section 301 of the Companies Act 1956. The Company hastaken demand loans from its Directors which are interest free.
4. In our opinion to the information and explanations given to us there is an adequateinternal control system commensurate with the size of the Company and the nature of itsbusiness with regard to the purchase of inventory fixed assets and for sale of goods andservices. In our opinion and according to the information and explanations given to usthere is no continuing failure to correct major weaknesses in the internal control system.
5. In our opinion and according to the information and explanations given to us thereare no contracts and arrangements the particulars of which need to be entered into theregister maintained under section 301 of the Companies Act 1956.
6. The Company has not accepted any deposit in contravention of the provisions ofSection 58A and 58AA and other provisions of the Companies Act and it's Rules and a!so2the directives of Reserve Bank of India with regard to acceptance of deposits from thepublic.
7. The Company does not have an Internal Audit system.
8. As informed to us the Central Government has not prescribed the maintenance of costrecords under Section 209(1) (d) of the Companies Act 1956 in respect of the Company'sproducts.
9. (a) According to the records of the Company and explanation given to us there arecertain statutory dues which are in arrears for a period of more than six months as on theBalance Sheet date.
|Sr. No. ||Name of Statute ||Nature of dues ||Due from ||Amount (Rs.) |
|1. ||Sales Tax Act ||Sales Tax ||F.Y. 2000-2001 ||161466 |
|2. ||Income Tax Act ||TDS on Professional Fees ||F.Y. 2000-2001 ||4974 |
|3. ||Income Tax Act ||TDS on Salary ||F.Y 2000-2001 ||63477 |
However the detailed working & particulars are not available on records withcompany.
(b) There was no disputed amount payable in respect of Income Tax Wealth Tax ServiceTax and Custom Duty except for 76333 /- pertaining to Sales Tax pending in appeal beforeCommissioner of Sales Tax for the financial year 1995-96.
10. The Company has accumulated losses of Rs.7326262/- as at the end of the financialyear and incurred cash losses in the financial year under the report and cash loss in theimmediately preceding financial year.
11. Based on the information and explanations given by the management and as reflectedin the books the Company has not taken any loan from any financial institution or bank.
12. As explained to us the Company has not granted any loans or advances on the basisof security by way of pledge of shares debentures or any other securities.
13. In our opinion the provisions of any Special Statute applicable to Chit FundNidhi or Mutual Fund/ Schemes are not applicable to the Company.
14. According to the information and explanations given to us the Company is not adealer or trader in securities. .
15. According to the information and explanations given to us and the representationsmade by the management the Company has not given any guarantees for loans taken by othersfrom any bank or financial institution.
16. According to the information and explanations given to us and as per the books ofaccount the company has not taken any term loan during the year.
17. The Company has not borrowed any funds hence comments for utilization of long termfunds for short term uses and vice versa does not arise.
18. The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 301 of the Act of the CompaniesAct 1956.
19. During the year the company has not-issued any debentures.
20. The Company has not raised any money by public issue during the year.
21. According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by the Company has been noticed or reported duringthe year under audit.
| ||FOR ASJ & Company LLP |
| ||CHARTERED ACCOUNTANTS |
| ||FRN: 133292W |
| ||CA. SHARAD KUMAR PATEL |
| ||PARTNER |
| ||Membership No: 047570 |
|Place : Mumbai || |
|Date : 7th-Sept. 2015 || |