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Fineotex Chemical Ltd.

BSE: 533333 Sector: Industrials
NSE: FCL ISIN Code: INE045J01026
BSE 15:56 | 27 Mar 2018 Fineotex Chemical Ltd
NSE 05:30 | 01 Jan 1970 Fineotex Chemical Ltd
OPEN 60.95
PREVIOUS CLOSE 59.25
VOLUME 64176
52-Week high 106.05
52-Week low 23.50
P/E 30.66
Mkt Cap.(Rs cr) 678
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 60.95
CLOSE 59.25
VOLUME 64176
52-Week high 106.05
52-Week low 23.50
P/E 30.66
Mkt Cap.(Rs cr) 678
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Fineotex Chemical Ltd. (FCL) - Auditors Report

Company auditors report

TO THE MEMBERS OF FINEOTEX CHEMICAL LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying Financial Statements of Fineotex Chemical Limitedwhich comprises the Balance Sheet as at 31st March 2014 the Statement ofProfit and Loss and Cash Flow Statement for the year ended on that date and a summary ofSignificant Accounting Policies and other explanatory information.

MANAGEMENT'S RESPONISBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flow of theCompany in accordance with the Accounting Standards notified under the Companies Act 1956read with general circular 15/2013 dated 13th September 2013 of the Ministryof Corporate Affairs in respect of section 133 ofthe Companies Act 2013. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand 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 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 involves performing the procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or errors. In making those risk assessmentsthe auditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

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:

• In the case of the Balance Sheet of the state of affairs of the Company as at31st March 2014;

• In the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

• In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor's Report) Order 2003 issued by the CentralGovernment of India in terms of Section 227(4A) of the Companies Act 1956 based uponsuch checks of the books and records as we considered appropriate and according to theinformation and explanations given to us we annex herewith a statement on the mattersspecified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company.

As required by section 227(3) of the Act we report that:

• We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

• In our opinion proper books of accounts as required by the law have been keptby the Company so far as appears from our examination of those books;

• The Balance Sheet and Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account;

• In our opinion the Balance Sheet the Statement of Profit and Loss and CashFlow Statement attached with by this report comply with the Accounting Standards notifiedunder the Companies Act 1956 read with general circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of section 133 of theCompanies Act 2013 to the extent they are applicable to the Company.

• Based on the written representations made by the directors of the Company wereport that none of the Directors are disqualified as on 31st March2014 frombeing appointed as Directors in terms of clause (g) of Sub-section(1) of Section 274 ofthe Companies Act 1956;

For UKG & Associates
Chartered Accountants
Firm Regn No : 123393W
Champak K. Dedhia
Place: Mumbai Partner
Date: 30th May 2014 Membership No: 101769

ANNEXURE TO THE AUDITOR REPORT

(Referred to in Paragraph-1 under the heading of 'Report on Other RegulatoryRequirements' of even date of Fineotex Chemical Limited on the financial statements forthe year ended 3151 March 2014)

1. Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets.

b. The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of three years. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.

c. No significant fixed assets have been disposed off during the year and therefore donot affect the going concern status of the Company.

2. Inventories:

a. The inventory has been physically verified by the management during the year. In ouropinion the frequency of such verification is reasonable.

b. In our opinion the procedures for the physical verification of inventory followedby the management are reasonable and adequate in relation to the size of the Company andthe nature of its business.

c. On the basis of our examination of records of inventory in our opinion the Companyis maintaining proper records of inventory. The discrepancies noted on physicalverification between the physical stocks and the book records were not material.

3. Related Party Transactions:

a. Loans granted:

According to information and explanations given to us no loans have been granted tocompanies firms or other parties listed in the register maintained under section 301 ofthe Companies Act 1956 and hence the requirement of clauses (iii)(a) to (iii)(d) ofparagraph 4 of the Order are not applicable.

b. Loans taken:

According to information and explanations given to us no loans have been taken fromcompanies firms or other parties listed in the register maintained under section 301 ofthe Companies Act 1956 and hence the requirement of clauses (iii)(e) to (iii)(g) ofparagraph 4 of the order are not applicable.

c. In our opinion and according to the information and explanations given to us theparticulars of contracts or arrangements referred to section 301 of the Companies Act1956 have been so entered in the register required to be maintained under that section.

d. In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of Rs.500000/-in respect of any party during the year have been made at prices which arereasonable having regard to the prevailing market prices.

4. Internal Controls:

In our opinion and according to the information and explanations given to us there areadequate internal control procedures commensurate with the size of the Company and natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit we have not observed any continuing failure tocorrect major weakness in the internal control.

5. Internal Audit:

The Company has an internal audit system which in our opinion is commensurate with thesize of the Company and nature of its business.

6. Taxation:

a. According to the books and records as produced and examined by us and in accordancewith generally accepted auditing practices in India the Company has been generallyregular in depositing undisputed statutory dues including Provident Fund ESIC dues SalesTax Wealth Tax Excise Duty Service Tax Education Cess and other material statutorydues applicable to it. There are no arrears of outstanding statutory dues as at the lastday of the financial year for a period of more than six months from the date they becomepayable.

b. According to the information and explanation given to us and also based onmanagement's representation there were no dues of Income Tax Customs Duty Wealth TaxExcise Duty Service tax Education Cess and Sales Tax that have not been deposited onaccount of any dispute.

Miscellaneous:

7. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government for the maintenance of cost records underSection 209(1)(d) of the Act and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. However we have not made a detailedexamination of the records.

8. The Company does not have any accumulated losses at the end of the financial year.The Company has not incurred any cash losses in the current financial year covered by ouraudit or in the immediately preceding financial year.

9. According to the information and explanations given to us on the basis of ourexamination of the books of accounts there are no defaults in repayment of dues tofinancial institutions and banks during the year.

10. The Company has not accepted any deposits from the public within the meaning of theprovisions of section 58A or section 58AA or any other relevant provisions of the Act& the rules framed there under.

11. According to the information and explanations given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debentureand other securities.

12. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Hencethe provisions of clause 4(xiii) of the Companies (Auditor's Report) Order 2003 are notapplicable to the Company.

13. The Company has maintained proper records of the transactions and contracts inrespect of dealings or transactions in shares securities debentures and otherinvestments and timely entries have been made therein. All the shares securitiesdebentures and other investments have been held by the Company in its own name.

14. According to the information and explanations given to us the Company has notgiven any guarantees for loans taken by others from banks and financial institutions.

15. In our opinion and on the basis of information and explanations provided to usterm loans have been applied for the purposes for which they have been raised.

16. According to the information and explanation given to us and on overall examinationof the balance sheet of the Company we report that no funds raised on short term basishave been used for long term investment.

17. According to the information and explanation given to us the Company has not madeany preferential allotment of shares to parties or Companies covered by the registermaintained under section 301of the Companies Act 1956.

18. According to the information and explanation given to us the Company has notissued any debentures during the year. Accordingly the provisions of clause 4(xix) of theCompanies (Auditor's Report) Order 2003 are not applicable to the Company.

19. We have verified the end use of money raised by public issues from the prospectusfiled with SEBI the offer document and as disclosed in Note no. 36 forming part of thefinancial statements.

20. According to the information and explanations given to us no fraud on or byCompany have been noticed or reported during the year.

For UKG & Associates
Chartered Accountants
Firm Regn No : 123393W
Champak K. Dedhia
Place: Mumbai Partner
Date: 30th May 2014 Membership No: 101769