Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of 52
Weeks Entertainment Limited ('the Company'), which comprise the balance
sheet as at 31st March 2015, the statement of profit and loss and the
cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone 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 principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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 standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31st March 2015 and its profit and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the 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 best of 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 the Company 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 statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) Account has been drawn under going concern concept.
(f) on the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(g) With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness
of such controls.
(h) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and 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
financial position in its financial statements , if any.
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts, if any; and
iii.There were no amounts required to be transferred to the Investor
Education and Protection Fund by the Company
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31st March 2015, we report that:
(I)
a) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
b) The Company has regular programme of physically verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(II) The company is a service company, primarily rendering Production
house and creative consultancy services. Accordingly, it does not hold
any physical inventories. Thus, Para 3(ii) of the order is not
applicable.
(III) According to the information and explanation given to us, company
has granted loan to a associate company and two other company covered
in register maintained under section 189 of the Companies Act, 2013,
the outstanding balance of such loans given aggregate Rs.16,74,77,000
and maximum amount outstanding during the year was Rs. 19,17,50,000, no
interest has been provided on two of these company.
(IV) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
(V) The Company has not accepted any deposits from the public.
(VI) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(VII)
(a) 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
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty of excise.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, wealth tax, duty of customs and cess which
have not been deposited with the appropriate authorities on account of
any dispute.
According to the information and explanations given to us the no amount
was required to be transferred to the investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956).
(VIII) The Company has accumulated loss of Rs. 1,894.40 Lacs which is
more than 50% of net worth of the Company. The company has not incurred
cash losses in the current financial year under review and has incurred
cash losses of approximately Rs.852.7 Lacs in the immediate preceding
financial year.
(IX) The company has defaulted in repayment of dues to the financial
institution and banks and as on balance sheet date total amount
outstanding is Rs. 11.305 crores, meanwhile, no provision of interest
has been made for the year under review. The Company has not issued any
debentures during the year.
(X) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(XI) The Company has not taken any term loan during the year.
(XII) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Motilal & Associates
Chartered Accountants
Registration No.:106584W
Sd/-
(Motilal Jain)
(Partner)
M. No. 036811
Place : Mumbai
Date : 30/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of 52 WEEKS
ENTERTAINMENT LTD., which comprises the Balance Sheet as at March 31st
2014, the Statement of Profit and Loss and the Cash Flow Statement of
the company for the year 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"). 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. 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:
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st 2014;
2. in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. The Companies (Auditor''s Report) Order, 2003 issued by the Central
Government of India in terms of sub- section (4A) of Section 227 of the
Companies Act, 1956, apply to the Company.
2. In our opinion, the Balance sheet and the Profit and loss Account
dealt with by this report comply with the Accounting Standard (AS)
referred to in sub-section of Section 211 of the Companies Act, 1956.
3. 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 and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account;
D. in our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
E. on the basis of written representations received from the directors
as on March 31st 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
52 WEEKS ENTERTAINMENT LIMITED
ANNEXURE TO THE AUDITOR''S REPORT FOR THE YEAR ENDED ON 3IST MARCH. 2014
Referred to in our paragraph 3 of our report of even date
(i) (a) The company has maintained proper records showing full
particulars, including quantities details and situation of assets.
(b) The management has carried out physical verification of its assets
during the year, the frequency of verification is reasonable having
regard to the nature of fixed assets. No material discrepancies were
noticed on such physical verification.
(c) During the year, the company has not disposed off substantial part
of its fixed assets and therefore, going concern status of the company
is not affected.
(ii) In respect of inventories:
As informed, the Company does not have any inventory and such, clause
4(ii) (a) to 4(ii) (c) of the Order are not applicable.
(iii) (a) The company has not granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraph 4
(iii) (b) (c) & (d) of the Order are not applicable.
(b) The Company has taken unsecured loans from two parties and a
company maintained under section 301, as at the year end, the
outstanding balance of such loans taken aggregate Rs. 53,91,133.38/-
and the maximum amount outstanding during tlievear was Rs.
57,91,133.38/-
(c) The rate of interest and other terms and conditions of such loans
are, in our opinion, prima facie, not prejudicial to the interest of
the company.
(iv) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size and nature of its business with regard to purchase of
inventory, fixed assets and for the sale of goods and services. We have
not observed any major weaknesses in the internal control system during
the course of the audit.
(v) According to the information and explanation given to us, during
the year there were no transactions that need to be entered into to the
register maintained under the section 301 of the Companies Act, 1956.
Accordingly the paragraph (v) (a) & (b) of the Order are not
applicable.
(vi) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from public
within the meaning of section 58-A and 58AA of the Companies Act, 1956
and the rules framed there under.
(vii) We are informed by the company that they are in the process of
appointing a suitable Internal Auditor''s firm, meanwhile since the last
year and the year under review the position remains same for appoint of
Internal Auditor.
(viii) According to the information and explanation given to us the
Central government of India has not prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for any
product of the company.
(ix) The Company is regular in depositing undisputed statutory dues,
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any statutory dues with the
appropriate authorities, there is no other undisputed statutory demand
outstanding for more than six months except the following-
Name of the Nature of Amount Period to Due Date Date of
statue the dues which amount Payment
relates
Maharashtra Profession Rs.1,200 April, 2013 to Various Still due
Professional Tax September 2013 Date
Tax Act, 1975
(x) The Company has accumulated loss of Rs. 2,603.4 Lacs which is more
than 50% of net worth of the Company. The company has incurred cash
loss during the financial year under review.
(xi) The Company has defaulted in payment of loans/ interest to the
financial institutions and banks and as on Balance sheet date total
amount outstanding is Rs. 11.305 crores, meanwhile, no provision of
interest has been made for the year under review. The Company has not
issued any debentures during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities
and hence company is not required to maintain documents and records.
(xiii) In our opinion, the company is not a Chit fund or a Nidhi fund
or a mutual benefit fund/society. Accordingly, paragraph 4 (xiii) (a),
(b),(c),(d) of the order are not applicable to the company.
(xiv) The company is not dealing or trading in shares, securities,
debentures and other investments, meanwhile they have traded in the
Futures and Options and hence no records of such transactions is
required to be maintained by 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) The Company has applied loans for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance sheet of the company, we are of
the opinion that there are no funds raised on short term basis have
been used for long term investment.
(xviii) The Company has made preferential allotment of shares. The
parties and companies are not covered in the register maintained under
section 301 of the Companies Act, 1956 during the year. The prices at
which such shares are allotted are not prima facie prejudicial to the
interest of the Company.
(xix) During the year Company has not issued debentures, so no security
or charge created during the year.
(xx) The Company has not raised money through public issue during the
year.
(xxi) According to the information and explanations given by the
management, no material fraud on or by the company has been noticed or
reported during the year.
For Motilal & Associates Chartered Accountants
F. No. : 106584WCA.
Motilal Jain
Proprietor
Membership No. 036811
Place : Mumbai
Date : 29th May, 2013
Mar 31, 2012
I have audited the attached Balance Sheet of SHANTANU SHEOREY AQUAKULT
LIMITED as at 31st March, 2012 and also the Profit and Loss Account and
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these
financial statements based on my audit
I report as follows:
I conducted my audit in accordance with Auditing Standards generally
accepted in India. Those Standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable
basis for my opinion.
1. As required by Companies (Auditor's report) Order, 2003 as amended
by the Companies (Auditor's Report) Amendment Order, 2004 issued by the
Government of India in terms of Section 227(4A) of the Companies Act,
1956 and on the basis of such checks of the books and records of the
Company as I considered appropriate and according to the information
and explanations given to me during the course of the audit, I am
enclosing the Annexure a Statement on the matters specified in
Paragraphs 4 and 5 of the said Order.
2. Further to my comments in the annexure referred to in paragraph (1)
above:
a) Subject to what is stated in paragraph 2 (d) below, I have obtained
all the information and explanations, which to the best of my knowledge
and belief were necessary for the purpose of my audit.
b) In my opinion, proper books of account as required by law have been
kept by the company as far as appears from my examination of the books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d) The accounts of certain parties in respect of unsecured loans taken,
creditors, are subject to confirmations, reconciliations and consequent
adjustments, if any. (Refer Note No. 22 under "Notes to Financial
Statements for the year ended 31st March'2012")
e) In my opinion, the Balance Sheet and Profit and loss Account comply
with the accounting standards referred to in section 211 (3C) of the
Companies Act, 1956.
f) Based on representations made by all the Directors of the Company
and the information and explanations as made available, directors of
the Company do not prima facie have any disqualification as referred to
in clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956.
g) In my opinion and to the best of my information and according to the
explanation given to me, the said Balance Sheet and the Profit and Loss
Account read together with notes thereon, give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view :
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to paragraph (1) of my report of even date)
1. The company has no Fixed Assets during the year, hence physical
verification of such assets did not arise.
2. There are no stocks of stores, spare parts and raw materials left
during the year, hence physical verification of such stocks did not
arise.
3. The Company has not taken any loan, secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. I am informed that there
are no companies under the same management as defined under Section 370
(IB) of the Companies Act, 1956.
4. The Company has not given any loans to the parties listed in the
Register maintained under Section 301 of the Companies Act, 1956. I am
informed that there are no companies under the same management as
defined under Section 370 (IB) of the Companies Act, 1956.
5. Since Company has no stock of stores, raw materials and finished
goods, no comment is offered on the procedure for the determination
unserviceable or damaged stores, raw materials and finished goods.
6. The Company has not accepted any deposits from the public.
7. In my opinion, reasonable records have been maintained by the
Company for the sale and disposal of realizable scrap. There are no
by-products.
8. The central Government has not prescribed maintenance of cost
records u/s 209 (1) (d) of Companies Act, 1956.
9. Provident Fund and Employees State Insurance are not applicable to
the Company. However Company had started Provident Fund for the
employees drawing salary upto Rs. 5,000/- p.m. According to the records
of the Company, there were no dues in arrears as at Balance Sheet date.
10. On the last day of the financial year, there was no amount
outstanding in respect of undisputed Income-Tax, Wealth Tax, Sales Tax,
Custom Duty and Excise Duty which were due for more than six months
from the date they became payable.
11. According to the information and explanations given to me and the
records of the company examined by me, no personal expenses of
employees or directors have been charged to revenue account, other than
those payable under contractual obligations or in accordance with
generally accepted business practice.
12. The Company has become a sick industrial Company within the
meaning of clause (o) of sub section (1) of Section 3 of the Sick
Industrial Companies (Special Provisions) Act, 1985.
For K. R. Thanawalla
Chartered Accountants
K. R. Thanawalla
Place: Mumbai
Date: 4th September, 2012
Mar 31, 2010
I Have audited the attached Balance sheet of SHANTANU SHEOREY AQUAKULT
LIMITED as at 31st March 2010 and the profit and loss Account for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the company's management My responsibility is to
express an opinion on these financial statements based on my audit.
I report as follows:
I Conducted my audit in accordance with Auditing standards generally in
India. Those standards require that i plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit in includes exiling, on a test
basis evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management as we as
evaluating the overall financial statement presentation. I Believe that
my audit provided a reasonable basis for my opinion.
1. As require by the manufacturing and other companies (Audit report)
Order, 1988 issued by the company law Board in terms of section 227(4A0
of the companies Act, 1956 and on the basis of such checks of the books
and records of the company as I considered appropriate and according to
the information and explanation given to me during the course of the
audit, I am enclosing the Annexure a statement on the matters spec field
in paragraph 4 and of the said order.
2. Further to my comments in the annexure referred to in paragraph (1)
above
a)Subject to what is stated in paragraph 29d) below. I have obtained
all the information and explanations which to the best of my knowledge
and belief were necessary of the purpose of my audit.
b) In my opinion, proper books of account as required by law have been
kept by the company as far as appeared is from my examination of the
books.
c) The Balance sheet and Profit and loss Account dealt with by this
report are in agreement with the books of account.
d) The Accounts of certain parties in respect of unsecured loans taken,
creditors, debtors and loans and advances deposits given ate subject to
confirmation reconilatiations and consequent adjustments, if any (refer
No3. in Schedule K.)
e) Based of representations made by all the directors of the company
and the information and explanations as made available directors of
the company do not prima facie have disqualification as referred to in
clause (g) of sub section (1) of section 274 of the companies Act, 1956
f)In my opinion and to the best of my information an according to the
explanation give to me, the said Balance sheet and the Profit and Loss
Account read together with notes thereon give the information required
by the companies Act, 1956 in the manner so required and give a true
and fair view:
(i) in the case of the Balance sheet of the state of affairs of the
company as at 31st March, 2010 and
(ii) in the case of profit and loss Account, of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to paragraph 1) of my report of ever date)
(i) The company has maintained proper records showing full particulars
including quantitative details an section of remaining fixed assets. A
major pertain of the assets has been physically verified by management
in accordance with a phased programs verification adopted by the
company in my opinion the frequency of verification is reasonable
subject discrepancies stated in point no.7 of notes to accounts
(schedule's) to the best of my knowledge no discrepancies have been
noticed on verification.
ii) None of the Fixed Assets have been revalued during the year.
iii) Subject to discrepancies stated in point no 7 of notes to Accounts
(Schedule's) there are no stocks of stores, spare parts and raw
materials left during the year hence physical verification of such
stocks did not arise.
(iV) The company has not taken any loan, secured or unsecured om
companies firms or other parties listed in the register maintained
under section 301 of the companies Act, 1956 I am informed that three
are no companies under the same management as defined under section
370(1b) of the companies Act, 1956
(v) The company has not given any loans to the parties listed in the
Register maintained under section 301 of the companies Act, I am
informed that are companies under the same management as defined under
section 370 (1B) of the companies Act, 1956
(Vi) As explained to me, the company has a regular procedure for the
determination of unserviceable or damaged stores, raw materials and
finished goods.
(vii) The company has not accepted any deposits from the pub.
(viii) In my opinion reasonable records have been maintained the
company for the sale and disposal of realizable scrap there are
by-products
(ix) The central Government has not prescribed maintence cost records
us 209 (1) (d0 of companies Act, 1956.
(x) Provident fund and employees state insurance are not applicable to
the company however company had started provident fund for the
employees drawing as up to Rs. 5000/- p.m According to the records of
the company there were no dues in arrears as balance sheet date.
(xi) On the last day of the financial year there was no amount
outstanding in respect undisputed income Tax, wealth Tax, Custom Duty
and Excise Duty were due for more than six months from the date they
become payable, except for Rs.20.09 laks respect of Tax deducted at
source.
(xii)According to the information and explanation given to me records
of the company examined by me, no personal expenses of employees of
director have charged to revenue account, others than those payable
under contractual obligation or in accordance generally accepted
business practice.
(xiii) The company has become a sick industrial company with a meaning
of clause 90) of sub section (1) of section 3 of the sick industrial
companies (Special provisions)Act, 1985.
Mumbai (K R THANAWALLA
Date :20th August, 2010 CHARTERED ACCOUTANT