We have audited the accompanying financial statements of ALPHA HI-TECH
FUEL LTD.("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in 133 of the Companies Act, 2013
"the Act"). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the entity's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit/
loss for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of section
143 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by section 143 of the Act, we report that:
a. ) we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
c. ) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt 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 Flow Statement comply with the Accounting Standards referred
to section 133 of the Companies Act, 2013;
e. ) on the basis of written representations received from the
directors as on March 31,2014, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of section 164 of the
Companies Act, 2013.
f. ) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS' REPORT OF EVEN DATE OF ALPHA HI-TECH FUEL LIMITED
Referred to in paragraph 1 of our Report of even date on the accounts
of ALPHA HI-TECH FUEL LTD. for the year ended March 31, 2014.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, the Assets have been physically verified by
management in accordance with the phased programme of verification,
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) During the year, the Company has not disposed off a substantial
part of its fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company has maintained proper records of inventory. No material
discrepancies have been noticed on physical verification of stocks as
compared to book records.
(iii) As informed to us, the Company has, during the year, not granted
any loans, secured or unsecured, to Companies, firms or other parties
covered in the register maintained under section 189 of the Act.
Accordingly, paragraphs 4(iii)(a),(b),(c) and (d) of the order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of audit, no major weakness has been
noticed in these internal controls.
(v) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, there are no
transactions that need to be entered into the register maintained under
section 189 of the Act.
(vi) The Company has not accepted any deposit from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
records u/s. 128 of the Act for any of the products of the Company.
Though, Cost Audit is mandated, in absence of manufacturing activity
during the year, Cost Audit is not applicable.
(ix) (a) The Company is regular in depositing with the appropriate
authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-tax, Sales tax,
Wealth-tax, Custom Duty, Excise Duty, Cess and other material statutory
dues applicable to it. There were no arrears as at 31st March 2014 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and
records of the Company examined, following amounts have not been
deposited as on March 31, 2014 on account of pending dispute :
Department ' in lacs Forum where dispute is pending
Income tax 72.11 ITAT, Rajkot
Income tax 26.19 ITAT, Mumbai
(x) The Company has no accumulated losses at the end of the financial
year but has incurred cash losses in the current and in the preceding
financial years.
(xi) According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank. The Company has not issued any debentures.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures
and other investments.
Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
(xvi) According to the information and explanations given to us, no
term loan has been raised.
(xvii) According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long term
investment. No long-term funds have been used to finance short-term
assets except working capital.
(xviii) The Company has not made preferential allotment of shares to
parties and Companies covered in the register maintained under section
189 of the Act.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit.
for M/s. K.U. Kothari & Co.
Chartered Accountants
ICAI firm registration no. : 105310W
Prakash Chechani
Partner
Membership no. : 104203
Mumbai; 21st April, 2014
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