Mar 31, 2014
We have audited the accompanying financial statements of APIS INDIA
LIMITED, which comprise the Balance Sheet as at March 31st, 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. 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:
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 Profit and Loss Account, of the profit/loss for
the year ended on March 31, 2014; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on March 31, 2014.
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 Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of APIS INDIA LIMITED on the accounts of the company for
the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, 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 to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes, except the following:
Name of Nature Amount Period for which Forum where
Statue of (In INR amount relates dispute is pending
Dues Lacs)
Sales Sales 223.43 AY 2006-07, 2008-09, Assessing
Tax, Punjab Tax 2009-10 Authority, Punjab
Customs, Custom 114.66 AY 2009-10 Custom, Excise &
New Delhi Duty Service Tax
Appellate
Tribunal, Delhi
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained.
15. According to the information and explanations given to us, the
Company has given corporate guarantee to Yes Bank for proposed loan to
suppliers of raw honey against bill discounting to the extent of INR
400.00 lacs.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
FOR SUDHIR AGARWAL & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm registration No: 509930C
(Amit Kumar)
Place: New Delhi PARTNER
Date: 29 May 2014 M. No. : 518735
Mar 31, 2010
1. We have audited the attached Balance Sheet of Apis India Limited,
as at March 31, 2010 and also the Profit and Loss account and the cash
flow statement 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.
2. 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records of the company as we considered appropriate
and the information and explanations given to us during the course of
audit, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable;
v. On the basis of the written representations received from the
directors, as on March 31, 2010, and taken on record by the Board of
directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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, 2010;
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS
OF APIS INDIA LIMITED FOR THE YEAR ENDED 31st MARCH 2010:
1. In respect of its fixed assets
a) The Company is compiling records showing full particulars including
quantitative details and situation of fixed assets and the same are
currently being updated.
b) As explained to us, the major portion of fixed assets was physically
verified by the management during the year, which in our opinion is
reasonable having regard to the size of the company and nature of its
assets. As informed & according to our opinion its not feasible to
comment whether material discrepancies were noticed on such physical
verification as records are currently being updated.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year, hence the going concern status of the
company is not affected.
2. In respect of its inventories
a) Physical verification of Inventory has been conducted at reasonable
intervals by the management.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
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 records of inventory and
according to the information and explanations given to us, we are of
the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records, though insignificant, have been
properly dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
company to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The company has granted loans to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The details of amount involved during the year and the year
end balance of loans granted to such parties were entered in the
register.
b) According to the information and explanation given to us, we are of
the opinion that the rate of interest and terms of conditions of loans
given by the company are prima facia prejudicial to the interest of the
company on account of following reasons: i) the company has granted
loans interest free and ii) there are no covenants with regard to the
repayment of loan.
c) The loans granted are repayable on demand. As informed, the company
has not demanded repayment of any such loan during the year, thus there
has been no default on the part of the parties to whom the money has
been lent. The loan given is interest free.
d) Based on our audit procedures and the information and explanations
made available to us, in case where overdue amount is more than Rupees
One Lakh, reasonable steps have been taken by the company.
e) The company has taken loan from following companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The details of amount involved during the year and
the year end balance of loans taken from such companies, firms or other
parties were entered in the register.
f) In our opinion and according to the information and explanations
given to us, the loan taken by the company is interest free and other
terms and conditions are not prima facie prejudicial to the interest of
the company.
g) In respect of the loan taken by the company, the same is interest
free and there are no stipulations as regards repayment of principal
amounts.
4. 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect of contracts or arrangements referred to in section 301
of the Act
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
b) In our opinion and according to the information and explanation
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 are made at price which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of sections 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and rules framed there under.
7. The company has an internal audit system, the scope and coverage of
which, in our opinion required to be enlarged to be commensurate which
the size and nature of its business.
8. To the best of our knowledge and as explained, the central
government has not prescribed maintenance of cost records under Section
209(1)(d) of the Companies Act, 1956 for the products of the company.
9. In respect of statutory dues;
a) According to the information and explanation given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, Investor education
and protection fund, employees state insurance, income-tax, sales-
tax, wealth-tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees
state insurance, income-tax, wealth-tax, service tax, sales-tax,
customs duty, cess and other undisputed statutory dues were in arrears,
as at 31st March 2010, for a period of more than six months from the
date they became payable.
c) According to the information and explanation given to us, no dues
outstanding of sales-tax, Investor education and protection fund,
income-tax, custom duty, wealth-tax, excise duty and cess on account of
any dispute, except the following:
Name of the Nature of Amount Period to which
Status Dues (Rs. In Lakhs) the amount Relates
Sales Tax, Sales Tax 24.45 Assessment Years
Punjab 2005-06,06-07,
08-09 & 09-10
Customs, Custom Duty 114.66 2009-10
New Delhi
Name of the Statue Forum where
dispute is pending
Sales Tax,
Punjab Appellate
Authority,
Punjab
Customs,
New Delhi Customs, Excise &
Service Tax Appellate
Tribunal, New Delhi
10. The companyÃs accumulated losses at the end of the financial year
are less than 50% of its net worth and it has not incurred cash losses
in the current and immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the manage- ment, the Company has not defaulted
in repayment of any dues to a financial institution, banks or debenture
holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. There- fore, the provisions of clause 4(xiii)
of the Companies (Auditors Report) Order, 2003 (as amended) are not
applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. During the year, the Company has not made preferential allotment
of shares to parties or companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Arora Rajesh & Associates
Chartered Accountants
Rajesh Arora
Proprietor
Membership No. 076575
Place: New Delhi
Dated: 3rd September 2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of Apis India Limited,
as at March 31, 2009 and also the Profit and Loss account and the cash
flow statement 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.
2. 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records of the company as we considered appropriate
and the information and explanations given to us during the course of
audit, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable;
v. On the?Basis of the written representations received from the
directors, as on March 31, 2009,-andtaken on record by the Board of
directors, we report that none of the directors is disqualified aS on
March 31, 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of.section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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, 2009;
b); ;in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE ON JHE ACCOUNTS
OF APIS INDIA LIMITED FOR THE YEAR ENDED 31st MARCH 2009
1. In respect of its fixed assets
a) The Company is compiling records showing full particulars including
quantitative details and situation of fixed assets and the same are
currently being updated.
b) As explained to us, the major portion of fixed assets was physically
verified by the management during the year, which in our opinion is
reasonable having regard to the size of the company and nature of its
assets. As informed & according to our opinion its not feasible to
comment whether material discrepancies were noticed on such physical
verification as records are currently being updated.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year, hence the going concern status of the
company is not affected.
2. In respect of its inventories
a) Physical verification of Inventory has been conducted at reasonable
intervals by the management.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
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 records of inventory and
according to the information and explanations given to us, we are of
the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records, though insignificant, have been
properly dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
company to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The company has granted loans to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The details of amount involved during the year and the year
end balance of loans granted to such parties were entered in the
register.
b) According to the information and explanation given to us, we are of
the opinion that the rate of interest and terms of conditions of loans
given by the company are prima facia prejudicial to the interest of the
company on account of following reasons: i) the company has granted
loans interest free and ii) there are no covenants with regard to the
repayment of loan.
c) The loans granted are repayable on demand. As informed, the company
has not demanded repayment of any such loan during the year, thus there
has been no default on the part of the parties to whom the money has
been lent. The loan given is interest free.
d) Based /on our audit procedures and the information and explanations
made available to us, in case where overdue amount is more than Rupees
One Lakh, reasonable steps have been taken by the company.
e) The company has taken loan from following companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The details of amount involved during the year and
the year end balance of loans taken from such companies, firms or other
parties were entered in the register.
f) In,our opinion and according to the information and explanations
given to us, the loan taken by the company is interest free and other
terms and conditions are not prima facie prejudicial to the interest of
the company.
g) In respect of theloan taken by the company, the same is interest
free and there are no stipulations as regards repayment of principal
amounts.
4. 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect of contracts or arrangements referred to in section 301
of the Act
a) According to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
b). In our opinion and according to the information and explanation
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 are made at price which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of sections 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and rules framed there under.
7. The company has an internal audit system, the scope and coverage of
which, in our opinion required to be enlarged to be commensurate which
the size and nature of its business.
8. To the best of our knowledge and as explained, the central
government has not prescribed maintenance of cost records under Section
209(1 )(d) of the Companies Act, 1956 for the products of the company.
9. In respect of statutory dues;
a) According to the information and explanation given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, Investor education
and protection fund, employees state insurance, income-tax, sales-
tax, wealth-tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it during the year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees
state insurance, income-tax, wealth-tax, service tax, sales-tax,
customs duty, cess and other undisputed statutory dues were in arrears,
as at 31st March 2009, for a period ofviiiore than six months from the
date they became payable.
c) According to the information and explanation given to us, no dues
outstanding of sales-tax, Investor education and protection-fund^
income-tax, custom duty, wealth-tax, excise duty and cess on account of
any dispute, ^except the following:
Name of the Nature of Amount Period to which
Status Dues (Rs. In Lakhs) the amount Relates
Sales Tax, Sales Tax 9.75 Assessment Years
Punjab 2005-06,06-07
& 08-09
Name of the Forum where
Status dispute is pending
Sales Tax, Appellate Authority,
Punjab Punjab
10. The companys accumulated losses at the end of the financial year
are less than 50% of its net worth and it has not incurred cash losses
in the current and immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, the Company has not defaulted in
repayment of any dues to a financial institution, banks or debenture
holders. * :
12. According to the information and explanations given to us and
based,on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund I society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 (as amended) are not
applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. During the year, the Company has made preferential allotment of
shares to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956. In our opinion, the price at
which shares have been issued is not prejudicial to the interest of the
company.
10. The Company did not have any outstanding debentures during the
year.
11. The Company has not raised any money through a public issue during
the year.
12. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Arora Rajesh a Associates
Chartered Accountants
Rajesh Arora
Proprietor
Membersip No. 076575
Place: New Delhi
Dated: 29th August 2009