| We have audited the accompanying financial statements of Parth
Alluminium Limited ("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 Sub-Section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with general circular 15/
2013 dated 13th September 2013 of Ministry of Corporate Affairs in
respect of Section 133 of Companies Act 2013. 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 misstatements.
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 judgments, 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. 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
explanation 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 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
sub-section (4A) of section 227 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 227(3) 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 in
subsection (3C) of section 211 of the Company's Act, 1956 read with
general circular 15/2013 dated 13th September 2013 of Ministry of
Corporate Affairs in respect of Section 133 of Companies Act 2013
e. On the basis of written representation received from the directors
as on March 31,2014 and taken in 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 clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITOR'S REPORT RE: PARTH ALLUMINIUM LIMITED
(Referred to in Paragraph 1 of our Report of even date.)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The same are in the process of being updated;
(b) As explained to us, fixed assets, according to the practice of the
Company, are physically verified by the management at reasonable
intervals, in a phased verification-programmed, which, in our opinion,
is reasonable, looking to the size of the Company and the nature of its
business.
(c) The Company has not disposed off significant part of the fixed
assets during the year,
(ii) (a) During the year, the inventories have been physically verified
by the management at reasonable intervals. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, 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) On the basis of our examination of the record of inventories, we
are of the opinion that, the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to book records were not material and have been
properly dealt with in the books of account.
(iii) (a) According to the information and explanation given to us, the
Company has not granted loans to companies or firms or other parties
covered in the Register, maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year to company or
firms or other parties Rs. NIL ( P.Y. Rs.Nil) and the period end
balances of such loan is Rs. NIL ( P.Y. Rs. Nil Lacs)
(b) In our opinion, the other terms and conditions on which interest
free loan has been granted to the company listed in the Register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
(c) The repayment of the principal amount and interest are regular.
(iv) (a) As per the information and explanation given to us, there were
no transactions of loan given to the director during the year which
require necessary entries in the Register maintained under section 301
of the Companies Act, 1956.
(b) According to the information and explanation given to us, the
Company has not taken loan from the parties covered in the Register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year is NIL (P. Y. Rs. NIL) and the period
end balance of such loan is Rs. NIL (P.Y. Rs. NIL).
(v) According to the information and explanations given to us, there is
adequate internal control system commensurate with the size of the
Company and the nature of its business, for the purchase of inventory
and fixed assets. During the course of our audit, no major weakness
has been noticed in the internal control system.
(vi) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of the contracts or arrangements that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of one party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vii) The Company has not accepted deposits from the public within the
meaning of section 58A & AA of the Companies Act, 1956 or any other
relevant provisions of the act and the Rules framed hereunder. We are
informed that no Order has been passed by the Company Law Board or
national company law tribunal or reserve bank of India or any court or
any other Tribunal.
(viii) The maintenance of cost records under Section 209(1)(d) of the
Companies Act, 1956 is not applicable to the Company.
(ix) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed dues
including Provident Fund, Income-tax, Value Added tax, & other material
statutory dues have been generally regularly deposited by the Company
with the appropriate authorities though there has been some delay in a
few cases, which were not in arrears at the end of the financial year
for a period of more than 6 months from the date they become payable.
(x) The accumulated losses at the end of the Financial year exceed
fifty percent of its net worth and has incurred cash loss during
financial year.
(xi) Since the Company has not taken/issued any loan from financial
institution, bank or debentures, paragraph (xi) of the order is not
applicable to the Company.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanation
given to us, the Company is not a chit fund or a nidhi/mutual benefit
fund/society.
(xiv) According to our audit procedure and on the basis of information
and explanations given to us , the Company has not indulged in dealing
or trading of shares, securities , debentures and other investments,
the provisions of clause (xiv) of the paragraph 4 of the Order is not
applicable to the Company.
(xv) According to the 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, the
Company has not taken any term loan so paragraph (xvi) of the order is
not applicable to the Company.
(xvii) According to the records examined by us and the information and
explanations given to us, there are no funds raised on a short term
basis which have been used for long term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956 during the year.
(xix) Since the Company has not issued debentures, the provision of
clause (xix) of the paragraph 4 of the Order is not applicable.
(xx) During the year, the Company has not raised money by way of public
issue.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the period ended 31st March, 2014.
For RAVAL SUTARIA & ASSOCIATES
Chartered Accountants
Firm Registration Number: 122981W
Pinakin U. Raval
Date :28th May, 2014 Partner
Place : Ahmedabad Membership No. 109981 |