Mar 31, 2015
We have audited the accompanying financial statement of ALKA DIAMOND
INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet as
at 31st MARCH 2015 and the statement of Profit & Loss Account and the
cash flow statement of the Company for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statement.
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 financial statements that
give a true and fair view of the financial position and financial
performance 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 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 31 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
subsection (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we repot 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 and the statement of profit and loss dealt with by
this Report are in agreement with the books of account;
d. In our opinion, the aforesaid 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. On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. 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.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORÂS REPORT
Re: ALKA DIAMOND INDUSTRIES LIMITED.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended 31
March 2015, we report that :
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical 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) In our opinion and according to the information and explanations
given to us, the Company has not hold any inventory during the year.
Therefore, the provisions of Clause 3(ii) of the said order are not
applicable to the company.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
(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) In our opinion and according to the information and explanation
given to us, The Company has not accepted any deposits during the year
and does not have any unclaimed deposits. Therefore, the provisions of
the clause 3(v) of the Order are not applicable to the Company.
(vi) The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rule 2014.
(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.
According to the information and explanations given to us, no undisputed
amounts payable in respect of provident fund, income tax, sales tax,
wealth tax, service tax, duty of customs, value added tax, cess and
other material statutory dues were in arrears as at 31 March 2015 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(c) According to the information and explanations given to us the
amounts which were 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) and rules there under has been
transferred to such fund within time.
(viii) The Company does have accumulated losses at the end of the
financial year and has also incurred cash losses in the financial year
and in the immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders 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 did not have any term loans outstanding 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 K.K. Jhunjhunwala & Co.
CHARTERED ACCOUNTANTS
F. R. No. 111852W
PLACE : MUMBAI
DATE : 31.08.2015
K.K. Jhunjhunwala (Partner)
M. No. 045154
Mar 31, 2014
We have audited the accompanying financial statement of ALKA DIAMOND
INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet as
at 31st MARCH 2014 and the statement of Profit & Loss Account and the
cash flow statement of the Company for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statement.
Management is responsible for the preparations 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 of the financial statements that gives 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 of
material misstatement.
An audit involves performing procedures to obtain audit evidence
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.
(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 said
Order.
2. As required by section 227(3) of the Act, we repot that:
a) We have obtained all the information and explanations except
mentioned in the notes to accounts which to the best of our knowledge
and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts
of the Company;
d) In our opinion the Balance Sheet and Statement of Profit & Loss
Account and cash flow statement comply with the requirement of the
Accounting standards referred to in Sub Section (3C) of Section 211 of
the Companies Act, 1956
e) On the basis of written representations received from the directors,
as on 31st March, 2014, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2014 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
FOR K. K. JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
FIRM''S REG. NO. 111852W
PLACE : MUMBAI
DATE : 03-09-2014
K. K. JHUNJHUNWALA
(PARTNER)
M. No.045154
Mar 31, 2012
We have audited the attached Balance sheet of ALKA DIAMOND INDUSTRIES
LIMITED as at 31ST MARCH 2012 and also the Statement of Profit & Loss
Account of the Company for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in India.
Those Standards require that we 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 management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditor's Report) Order, 2003 as amended
by the Companies (Auditor's Report) (Amendment) order, 2004 (now herein
after referred to as "the Order") issued by the Central Government of
India in terms of sub-section (4A) of section 227 of the Companies Act,
1956, we enclose in the annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 1
above 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 accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Statement of Profit & Loss Account dealt with
by this report are in agreement with the books of accounts of the
Company;
d) In our opinion the Statement of Profit & Loss Account and Balance
sheet comply with the requirement of the Accounting standards referred
to in Sub Section (3C) of Section 211 of the Companies Act, 1956,
except Accounting Standard à 11 on Accounting for effects of Changes in
Foreign Exchange Rates. (Refer Note no.6 of Schedule "M")
e) On the basis of written representations received from the directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2012 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
I. The Company doesn't have a whole time Company Secretary as on date
as required under section 383-A of the Companies Act, 1956.
II. Exports related receivables have not been revalued at the exchange
rate prevailing at the end of the year in accordance with Accounting
Standard 11 issued by the Institute of Chartered Accountants of India.
III. Related Party Transactions has not been disclosed separately.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance-sheet and Statement of
Profit & Loss Account read together with the other notes thereon give
the information required by the Companies Act, 1956 in the manner so
required, and give a true and fair view :
1 In case of the Balance-sheet, of the state of affairs of the Company
as at 31st March 2012; and
2 In case of the Statement of Profit & Loss Account of the Profit for
the year ended on 31st March 2012.
ANNEXURE TO THE AUDITOR'S REPORT
Re: ALKA DIAMOND INDUSTRIES LTD.
Referred to in the 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.
(b) All the assets have been physically verified by the management
during the year. There is a regular 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 any 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. Nil and the
year-end balance of loans taken from such parties was Rs. NIL. There
are no firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the Company has granted loans. The
maximum amount involved during the year was Rs. nil and the year end
balance of loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause is 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are a few transactions during the year 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 any party.
(vi) The Company has not accepted deposits from directors and public.
(vii) In our opinion, the Company has adequate internal audit system
commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees' state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it. The Sales Tax Liability of
Rs.153464/- is in dispute and the same has not been paid.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2012 a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are NO dues OF Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess. The income tax department has levid the penalty
u/s. 271(1)(C ) amounting to Rs. 11,95,138/-for A. Y. 2001-02. The CIT
(A) had deleted this addition but Income Tax Department has filed the
appeal in ITAT against This Order. The ITAT again deleted this addition
but Income Tax Department has filed the appeal in High Court against
this ITAT Order.
(x) The Company has not incurred cash losses during the financial year,
covered by our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or institute in the current year.
(xii) We are of the opinion that the Company has maintained adequate
records where the company has granted loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, 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 has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR K. K. JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
FIRM'S REG. NO.
111852W
PLACE : MUMBAI
Sd/- DATE : 01-09-2012
K. K. JHUNJHUNWALA
(PARTNER)
M. No. 045154
Mar 31, 2009
We have audited the attached Balance sheet of ALKA DIAMOND INDUSTRIES
LIMITED as at 31st MARCH 2009 and also the Profit & Loss Account of the
Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in India.
Those Standards require that we 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 management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003 as amended
by the Companies (Auditors Report) (Amendment) order, 2004 (now herein
after referred to as "the Order") issued by the Central Government of
India in terms of sub-section (4A) of section 227 of the Companies Act,
1956, we enclose in the annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 1
above we report
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 accounts as required by Law have
been kept by the Company, so far as appears from our examinations of
the Books;
c) The Balance-sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts of the Company;
d) In our opinion the Profit & Loss Account and Balance sheet comply
with the requirement of the Accounting standards referred to in Sub
Section (3C) of Section 211 of the Companies Act, 1956, except
Accounting Standard - 11 on Accounting for effects of Changes in
Foreign Exchange Rates. (Refer Note no.7 of Schedule "M")
e) On the basis of written representations received from the directors,
as on 31st March, 2009, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2009 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
I. The Company doesnt have a whole time Company Secretary as on date
as required under section 383-A of the Companies Act, 1956.
II. Exports related receivables have not been revalued at the exchange
rate prevailing at the end of the year in accordance with Accounting
Standard 11 issued by the Institute of Chartered Accountants of India.
III. Related Party Transactions has not been disclosed separately.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance-sheet and Profit & Loss
Account read together with the other notes thereon give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view :
1 In case of the Balance-sheet, of the state of affairs of the Company
as at 31st March 2009; and
2 In case of the Profit & Loss Account of the Profit for the year ended
on 31st March 2009.
ANNEXURE TO THE AUDITORS REPORT Re: ALKA DIAMOND INDUSTRIES LTD.
Referred to in the 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.
(b) Ail the assets have been physically verified by the management
during the year. There is a regular 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.
(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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not taken loan from other Companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. Nil and the
year-end balance of loans taken from such parties was Rs. NIL. There
are no firms covered in the register maintained under section 301 of
the Companies Act, 1956 to which the Company has granted loans. The
maximum amount involved during the year was Rs. nil and the year end
balance of loans granted to such parties Rs. nil
(b) The clause relating to the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firms or other parties listed in the register maintained under section
301 of the Conpanies Act, 1956 is not applicable.
(c) Since the company has not taken / granted loans therefore this
clause is not applicable.
(d) Since the company has not taken / granted loans therefore this
clause is 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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are a few transactions during the year 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 any party.
(vi) The Company has not accepted deposits from directors and public.
(vii) In our opinion, the Company has adequate internal audit system
commensurate with the size and nature of its business.
(viii) The Rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
(ix) (a) The Company is regular in depositing with appropriate
aughorities undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it. The Sales Tax Liability of
Rs. 153464/- is in dispute and the same has not been paid.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2009 a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are NO dues OF Sale Tax and Income Tax, customs duty, wealth tax,
excise duty and cess.
(x) The Company has incurred cash profits during the financial year,
only covered by our audit.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or institute in the current year.
(xii) We are of the opinion that the Company has maintained adequate
records - where the company has granted loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhij
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information and explanations given to us, the
company has maintained proper records of transactions and contracts
showing full particulars of investments including quantitative details.
The company has made entries timely.
(xv) As explained to us the Company has not given any guarantee for
loan taken by others from Banks or Financial Institution.
(xvi) As explained to us the Company has not taken any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the baiance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) Company has not raised funds by loans.
(xx) The Company has not raised funds by public issue during the year
under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR K. K. JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
PLACE : MUMBAI
DATE : 29-06-2009
K. K. JHUNJHlMWALA
(PARTNER)
M. No. 045154