Mar 31, 2018
Independent Auditors'' Report
To the Members of ARO GRANITE INDUSTRIES LTD.
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of ARO GRANITE INDUSTRIES LTD. ("the Company"), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs 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 of these Standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Standalone financial statements based on our audit. In conducting 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 and the Order issued under section 143(11) of the Act.
We conducted our audit of the Standalone financial statements 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 Standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Standalone financial statements.
We believe that the audit evidence obtained by us 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 March 31, 2018, and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow 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 Indian Accounting Standards prescribed under section 133 of the Act.
e) on the basis of the written representations received from the directors of the Company as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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 Standalone financial statements.
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.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditorâs Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
Annexure âAâ to the Independent Auditors'' Report
(Referred to in paragraph 1 (f) under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Aro Granite Industries Ltd. of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of ARO GRANITE INDUSTRIES LTD. ("the Company") as of March 31, 2018 in conjunction with our audit of the Standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgments, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the Standalone financial statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Aro Granite Industries Ltd of even date)
i. In respect of the Companyâs fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date.
ii. According to the information available to us that physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies is noticed on physical verification between the physical stocks and the book records.
iii. The Company has not granted any loans to the parties covered in the register maintained under section 189 of the Companies Act, 2013 (âthe Actâ)
iv. According to the information and explanations given to us the company has not given any guarantees for loans taken by others from Banks or Financial institutions.
v. The Company has not accepted any public deposit, so clause (v) is not applicable.
vi. The maintenance of cost records has not been specified by the Centrl Government under section 148 (1) of the companies act 2013 for the business activities carried out by the company. Thus Reporting under clause 3(vi) of the order is not applicable to the company.
vii. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund,
Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it. According to information and explanation given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess are in arrears, as at 31st March, 2018 for a period of more than six months from the date they become payable.
b. According to the information and explanation given to us, there are no dues of any statutory dues which have not been deposited on account of any dispute.
viii. In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to banks and other financial institution
ix. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. In our opinion and according to the information and explanations given to us, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
xiv. During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly paid convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.
xv. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For VAPS & COMPANY
Chartered Accountants (FRN.: 003612N)
P K. JAIN Partner
(Membership No. 82515)
Hosur, April 21, 2018
Mar 31, 2016
To the Members of M/S ARO GRANITE INDUSTRIES LIMITED.
Report on the Financial Statements
We have audited the accompanying financial statements of M/S ARO GRANITE INDUSTRIES LIMITED. which comprise the Balance Sheet as at March 31, 2016, the Profit and Loss Statement 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 section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that We comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material 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 auditorâs 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 Companyâs 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 and the reasonableness of the accounting estimates made by management, 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.
01. 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, 2016;
b) in the case of the Profit and Loss Statement, 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.
Report on Other Legal and Regulatory Requirements
01. As required by the Companies (Auditorâs Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2015 We give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
02. As required by section 143(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 are 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, Profit and Loss Statement, and Cash Flow Statement 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 section 133 of the Companies Act;
e) on the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director under sub-section
(2) of Section 164 of the Companies Act, 2013;
f) in our opinion the company has adequate internal financial controls system in place and operating effectiveness of such controls;
Referred to in our report of even date
(i) The Company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year and 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.
(ii) According to the information available to us that physical verification of inventory has been conducted as reasonable intervals by the management and no material discrepancies is noticed on physical verification between the physical stocks and the book records.
(iii) The Company has not granted any loans to the parties covered by clause (76) of Section 2 of the Companies Act 2013.
(iv) According to the information and explanations given to us the company has not given any guarantees for loans taken by others from Banks or Financial institutions.
(v) The Company has not accepted any public deposit, so clause (v) is not applicable.
(vi) Pursuant to the provision of sub-section (1) of Section 148 of the Companies Act 2013, The company is required to maintain cost records which are being made in respect of the business being carried out.
(vii) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund,
Employeesâ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it. According to information and explanation given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess are in arrears, as at 31st March, 2016 for a period of more than six months from the date they become payable.
(b) According to the information and explanation given to us , there are no material dues of sale tax, income tax, custom duty, Wealth tax, excise duty, Value Added Tax and cess which have not been deposited on account of any disputes.
(c) (According to the information and explanation given to us , the amount of Rs. 2,87,174/- to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.
(viii) In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to banks and other financial institution.
(ix) According to the information and explanations given to us, the company has not issued any preferential allotment and Private Placement offer during the period covered under audit.
(x) During the period covered under our audit no fraud has been noticed by the company or by its officers and employees.
(xi) According to the information and explanations given to us, due to inadequate profits the company has paid remuneration to Managing Director and Whole Time Director in excess of limits prescribed under the provisions of section 197 read with schedule V to the Companies Act during the period covered under our audit. However the management has seek the approval from the Central Government to comply with the requirement of the provision of section 197 of the Companies Act, of which approval is awaited.
(xii) According to the information and explanations given to us, the company is not a Nidhi Company hence clause (xii) is not applicable.
(xiii) According to the information and explanations given to us, all transactions with the related parties are in compliance with section 188 and 177 of Companies Act, 2013 have been disclosed in the Financial Statements etc as required by the accounting standards and Companies Act 2013.
(xiv) According to the information and explanations given to us, the company has not issued any preferential allotment and Private Placement offer during the period covered under audit.
(xv) According to the information and explanations given to us, the company has not entered any non-cash transactions with directors or persons connected with him during the period covered under audit.
(xvi) According to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 hence clause (xvi) is not applicable
For ALOK MITTAL & ASSOCIATES
Firm Reg No. - 005717N
CHARTERED ACCOUNTANTS
ALOK K. MITTAL
(PROPRIETOR)
M.No. 071205
Place : HOSUR
Date : 30.04.2016
Mar 31, 2015
We have audited the accompanying financial statements of M/S ARO
GRANITE INDUSTRIES LTD. which comprise the Balance Sheet as at March
31,2015, the Profit and Loss Statement 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 section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material 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.
1. 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, 2015;
b) in the case of the Profit and Loss Statement, 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.
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 Companies Act, 2015 we give in
the Annexure a statement on the matters specified in paragraphs 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 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, Profit and Loss Statement, and Cash Flow
Statement 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
section 133 of the Companies Act;
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director under sub-section (2) of Section 164 of the
Companies Act, 2013;
f) in our opinion the company has adequate internal financial controls
system in place and operating effectiveness of such controls;
Annexure to the Auditor's Report
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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.
(ii) The inventory has been physically verified during the year by the
Management. The procedures of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business. The company is
maintaining proper records of inventory. No material discrepancies were
noticed on physical verification between the physical stocks and the
book records.
(iii) The Company has not granted any loans to the parties listed in
the register maintained under section 189 of the companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventory, fixed assets and
with regard to the sale of goods and services.
(v) The Company has not accepted any public deposit, so clause (v) is
not applicable.
(vi) Pursuant to the provision of sub-section (1) of Section 148 of the
Companies Act 2013, The company is required to maintain cost records
which are being made in respect of the business being carried out.
(vii) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and other
material statutory dues applicable to it. According to information and
explanation given to us, no undisputed amounts payable in respect of
Provident Fund, Employees' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added
Tax, Cess were in arrears, as at 31st March, 2015 for a period of more
than six months from the date they become payable.
(b) According to the information and explanation given to us , there
are no dues of sale tax, income tax, custom duty, wealth tax, excise
duty, Value Added Tax and cess which have not been deposited on account
of any dispute.
(c) According to the information and explanation given to us, the
amount of Rs. 2,81,026/- to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
(viii) The company has no accumulated losses as at 31st March, 2015 and
it has not incurred any cash losses during the financial year covered
by our audit and the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to banks
and other financial institution.
(x) According to the information and explanations given to us the
company has not given any guarantees for loans taken by others from
Banks or Financial institutions.
(xi) According to the information and explanations given to us the term
loan were applied for the purpose for which the loans were obtained.
(xii) 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 ALOK MITTAL & ASSOCIATES
(Firm Reg No - 005717 N)
CHARTERED ACCOUNTANTS
(ALOK K. MITTAL)
PARTNER
M. NO. - 71205
Place: Hosur
Date: 25.04.2015
Mar 31, 2014
We have audited the accompanying financial statements of M/S ARO
GRANITE INDUSTRIES LTD. which comprise the Balance Sheet as at March
31, 2014, 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.
1. 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 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 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 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditor''s Report Referred to in our report of even date
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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. Fixed assets disposed during the year
were not substantial and therefore, do not affect the going concern
assumption.
(ii) The inventory has been physically verified during the year by the
Management. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification between
the physical stocks and the book records.
(iii) The Company has not taken loans from the parties listed in the
register maintained under Sec. 301 of the Companies Act, 1956. The
company has not granted any loans to the parties listed in the register
maintained under section 301 of the companies Act, 1956.
(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 the purchase of inventory, fixed assets and
with regard to the sale of goods.
(v) In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no contracts or
agreements referred to in section 301 of the companies Act, 1956.
(vi) The Company has not accepted any public deposit, so clause (VI) is
not applicable.
(vii) In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
(viii) Pursuant to the provision of 209(1)(d) of the Companies Act 1956
The company is required to maintain cost records which are being made
in respect of the business being carried out. However, we have not
carried out a detailed examination of such records with a view to
determining whether they are accurate or complete.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investors Education &
Protection Fund, Provident Fund, Employees'' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income Tax, Sale Tax, Provident Fund,
Investors Education & Protection Fund, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, were in arrears, as at 31st March, 2014 for
a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us , there
are no dues of sale tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) The company has no accumulated losses as at 31st March, 2014 , and
it has not incurred cash losses during the financial year covered 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
and other financial institution.
(xii) According to the information and explanations given to us the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities so clause
(xii) is not applicable.
(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) (a) The Company has not made any dealing in shares during the
year under consideration.
(b) Based on audit procedures and to the best of our knowledge and
belief and according to the information and explanation given to us,
the shares and securities have been held by the company in its own
name.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from Banks or Financial institutions.
(xvi) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no fund raised on short - term basis have been used for long -term
investment.
(xviii) The company has not issued any debentures.
(xix) The company has not raised any money by public issue during this
year, so clause (xix) is not applicable.
(xx) 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 ALOK MITTAL & ASSOCIATES
(Firm Reg No  005717 N)
CHARTERED ACCOUNTANTS
(ALOK K. MITTAL)
PARTNER
M. NO. Â 71205
Place: Hosur
Date: 19.04.2014
Mar 31, 2013
We have audited the attached Balance Sheet of ARO GRANITE INDUSTRIES
LTD. as at 31st March 2013. The 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 (Auditors Report) Order, 2003 as amended
by the Companies (Auditors'' Report) Amendment Order, 2004 issued by the
Central Government in terms of Sec. 227 (4A) of The Companies Act,
1956, we annex hereto a statement on the matters specified in the
paragraph 4 and 5 of the said order
Further to our comments in the annexure referred to in above paragraph,
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 the
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from examination of the
books;
c) The Balance Sheet, Statement of Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion the Statement of Profit & Loss Account, Balance Sheet
and Cash Flow Statement comply with the accounting standards specified
by the Institute of Chartered Accountants of India referred to in sub
section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
as on 31.03.2013, none of the directors are disqualified as on 31st
March 2013 from being appointed as directors in terms of clause (g) of
Section 274 of The Companies Act 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us, they 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;
i) In the case of Balance Sheet, the state of the affairs of the
Company as at 31st March, 2013.
ii) In the case of Statement of Profit & Loss, of the Profit of the
company for the period ending on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditor''s Report
Referred to in our report of even date
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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. Fixed assets disposed during the year
were not substantial and therefore, do not affect the going concern
assumption.
(ii) The inventory has been physically verified during the year by the
Management. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification between
the physical stocks and the book records.
(iii) The Company has not taken loans from the parties listed in the
register maintained under Sec. 301 of the Companies Act, 1956. The
company has not granted any loans to the parties listed in the register
maintained under section 301 of the companies Act, 1956.
(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 the purchase of inventory, fixed assets and
with regard to the sale of goods.
(v) In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no contracts or
agreements referred to in section 301 of the companies Act, 1956.
(vi) The Company has not accepted any public deposit, so clause (VI) is
not applicable.
(vii) In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
(viii) Pursuant to the provision of 209(1)(d) of the Companies Act 1956
The company is required to maintain cost records which are being made
in respect of the business being carried out. However, we have not
carried out a detailed examination of such records with a view to
determining whether they are accurate or complete.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investors Education &
Protection Fund, Provident Fund, Employees'' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income Tax, Sale Tax, Provident Fund,
Investors Education & Protection Fund, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, were in arrears, as at 31st March, 2013 for
a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us , there
are no dues of sale tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) The company has no accumulated losses as at 31st March, 2013, and
it has not incurred cash losses during the financial year covered 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
and other financial institution.
(xii) According to the information and explanations given to us the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities so clause
(xii) is not applicable.
(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) (a) The Company has not made any dealing in shares during the
year under consideration.
(b) Based on audit procedures and to the best of our knowledge and
belief and according to the information and explanation given to us,
the shares and securities have been held by the company in its own
name. (xv) In our opinion, the company has not given any guarantees
for loans taken by others from Banks or Financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, the Company has taken Buyer''s
Credit from The Hong Kong and Shanghai Banking Corporation Limited for
USD 27,20,623 (INR 1,496 Lacs) during the financial year.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no fund raised on short - term basis have been used for long -term
investment.
(xviii) The company has not issued any debentures.
(xix) The company has not raised any money by public issue during this
year, so clause (xix) is not applicable.
(xx) 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 ALOK MITTAL & ASSOCIATES
(Firm Reg No - 005717 N)
CHARTERED ACCOUNTANTS
(ALOK K. MITTAL)
PARTNER
M. NO. - 71205
Place: Hosur
Date: 19.04.2013
Mar 31, 2012
We have audited the attached Balance Sheet of ARO GRANITE INDUSTRIES
LTD. as at 31st March 2012. The 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 (Auditors Report) Order, 2003 as amended
by the Companies (Auditors' Report) Amendment Order, 2004 issued by the
Central Government in terms of Sec. 227 (4A) of The Companies Act,
1956, we annex hereto a statement on the matters specified in the
paragraph 4 and 5 of the said order.
Further to our comments in the annexure referred to in above paragraph,
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 the
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from examination of the
books;
c) The Balance Sheet and statement of Profit & Loss dealt with by this
report are in agreement with the books of account;
d) In our opinion the Statement of Profit & Loss Account and the
Balance Sheet comply with the accounting standards specified by the
Institute of Chartered Accountants of India referred to in sub section
(3c) of section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
as on 31.03.2012, none of the directors are disqualified as on 31st
March 2012 from being appointed as directors in terms of clause (g) of
Section 274 of The Companies Act 1956.
f) 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;
i) In the case of Balance Sheet, the state of the affairs of the
Company as at 31sl March, 2012.
ii) In the case of Statement of Profit & Loss, of the Profit of the
company for the period ending on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
Report referred to in our report of even date
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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. Fixed assets disposed during the year
were not substantial and therefore, do not affect the going concern
assumption.
(ii) The inventory has been physically verified during the year by the
Management. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification between
the physical stocks and the book records.
(iii) The Company has not taken loans from the parties listed in the
register maintained under Sec. 301 of the Companies Act, 1956. The
company has not granted any loans to the parties listed in the register
maintained under section 301 of the companies Act, 1956.
(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 the purchase of inventory, fixed assets and
with regard to the sale of goods.
(v) In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no contracts or
agreements referred to in section 301 of the companies Act, 1956.
(vi) The Company has not accepted any public deposit, so clause (VI) is
not applicable.
(vii) In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
(viii) The company is not required to maintain the cost records under
section 209 (1) (d) of the Companies Act 1956, so clause (viii) is not
applicable.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investors Education &
Protection Fund, Provident Fund, Employees' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income Tax, Sale Tax, Provident Fund,
Investors Education & Protection Fund, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, were in arrears, as at 31st March, 2012 for
a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, custom duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
(x) The company has no accumulated losses as at 31st March, 2012, and
it has not incurred cash losses during the financial year covered 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
and other financial institution.
(xii) According to the information and explanations given to us the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities so clause
(xii) is not applicable.
(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) (a) The Company has not made any dealing in shares during the
year under consideration.
(b) Based on audit procedures and to the best of our knowledge and
belief and according to the information and explanation given to us,
the shares and securities have been held by the company in its own
name.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from Banks or Financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, no term loan was availed by
the company during the financial year.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no fund raised on short - term basis have been used for long -term
investment.
(xviii) The company has not issued any debentures. ,
(xix) The company has not raised any money by public issue during this
year, so clause (xix) is not applicable.
(xx) 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 ALOK MITTAL & ASSOCIATES
(Firm Reg No- 005717 N)
CHARTERED ACCOUNTANTS
(ALOK K. MITTAL)
Partner
M. NO. : 71205
Place: Hosur
Date: 14.04.2012
Mar 31, 2011
We have audited the attached Balance Sheet of ARO GRANITE INDUSTRIES
LTD. as at 31st March 2011. The 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 (Auditors Report) Order, 2003 as amended
by the Companies (Auditors' Report) Amendment Order, 2004 issued by the
Central Government in terms of Sec. 227 (4A) of The Companies Act,
1956, we annex hereto a statement on the matters specified in the
paragraph 4 and 5 of the said order
Further to our comments in the annexure referred to in above paragraph,
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 the
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from examination of the
books;
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Profit & Loss Account and the Balance Sheet
comply with the accounting standards specified by the Institute of
Chartered Accountants of India referred to in sub section (3c) of
section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
as on 31.03.2011, none of the directors are disqualified as on 31st
March 2011 from being appointed as directors in terms of clause (g) of
Section 274 of The Companies Act 1956.
f) 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;
i) In the case of Balance Sheet, the state of the affairs of the
Company as at 31st March, 2011.
ii) In the case of Profit & Loss Account, of the Profit of the company
for the period ending on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditor's Report
Report referred to in our report of even date
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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. Fixed assets disposed during the year
were not substantial and therefore, do not affect the going concern
assumption.
(ii) The inventory has been physically verified during the year by the
Management. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification between
the physical stocks and the book records.
(iii) The Company has not taken loans from the parties listed in the
register maintained under Sec. 301 of the Companies Act, 1956. The
company has not granted any loans to the parties listed in the register
maintained under section 301 of the companies Act, 1956.
(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 the purchase of inventory, fixed assets and
with regard to the sale of goods.
(v) In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no contracts or
agreements referred to in section 301 of the companies Act, 1956.
(vi) The Company has not accepted any public deposit, so clause (VI) is
not applicable.
(vii) In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
(viii) The company is not required to maintain the cost records under
section 209 (1) (d) of the Companies Act 1956, so clause (viii) is not
applicable.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investors Education &
Protection Fund, Provident Fund, Employees' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income Tax, Sale Tax, Provident Fund,
Investors Education & Protection Fund, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, were in arrears, as at 31st March, 2011 for
a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us , there
are no dues of sale tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) The company has no accumulated losses as at 31st March, 2011, and
it has not incurred cash losses during the financial year covered 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
and other financial institution.
(xii) According to the information and explanations given to us the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities so clause
(xii) is not applicable.
(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) (a) The Company has not made any dealing in shares during the
year under consideration.
(b) Based on audit procedures and to the best of our knowledge and
belief and according to the information and explanation given to us,
the shares and securities have been held by the company in its own
name.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from Banks or Financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, no term loan was availed by
the company during the financial year.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no fund raised on short - term basis have been used for long -term
investment.
(xviii) The company has not issued any debentures.
(xix) The company has not raised any money by public issue during this
year, so clause (xix) is not applicable.
(xx) 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 ALOK MITTAL & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration
No. 05717N
ALOK K. MITTAL
(PARTNER)
M. NO. - 71205
Place : New Delhi
Date : 22.04.2011
Mar 31, 2010
We have audited the attached Balance Sheet of ARO GRANITE INDUSTRIES
LTD. as at 31st March 2010. The 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 issued by the
Central Government in terms of Sec. 227 (4A) of The Companies Act,
1956, we annex hereto a statement on the matters specified in the
paragraph 4 and 5 of the said order
Further to our comments in the annexure referred to in above paragraph,
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 the
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from examination of the
books;
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Profit & Loss Account and the Balance Sheet
comply with the accounting standards specified by the Institute of
Chartered Accountants of India referred to in sub section (3c) of
section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the directors
as on 31.03.2010, none of the directors are disqualified as on 31st
March 2010 from being appointed as directors in terms of clause (g) of
Section 274 of The Companies Act 1956.
f) 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;
i) In the case of Balance Sheet, the state of the affairs of the
Company as at 31" March, 2010.
ii) In the case of Profit & Loss Account, of the Profit of the company
for the period ending on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors Report Report referred to in our report of
even date
(i) The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets. All the assets have been physically verified by the management
during the year and 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. Fixed assets disposed during the year
were not substantial and therefore, do not affect the going concern
assumption.
(ii) The inventory has been physically verified during the year by the
Management. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification between
the physical stocks and the book records.
(iii) The Company has not taken loans from the parties listed in the
register maintained under Sec. 301 of the Companies Act, 1956. The
company has not granted any loans to the parties listed in the register
maintained under section 301 of the companies Act, 1956.
(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 the purchase of inventory, fixed assets and
with regard to the sale of goods.
(v) In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no contracts or
agreements referred to in section 301 of the companies Act, 1956.
(vi) The Company has not accepted any public deposit, so clause (VI) is
not applicable.
(vii) In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
(viii) The company is not required to maintain the cost records under
section 209 (1) (d) of the Companies Act 1956, so clause (viii) is not
applicable.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investors Education &
Protection Fund, Provident Fund, Employees State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income Tax, Sale Tax, Provident Fund,
Investors Education & Protection Fund, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, were in arrears, as at 31st March, 2010 for
a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us , there
are no dues of sale tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) The company has no accumulated losses as at 31st March, 2010, and
it has not incurred cash losses during the financial year covered 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
and other financial institution.
(xii) According to the information and explanations given to us the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities so clause
(xii) is not applicable.
(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 (Auditors Report) Order, 2003 are not
applicable to the company.
(xiv) (a) The Company has not made any dealing in shares during the
year under consideration.
(b) Based on audit procedures and to the best of our knowledge and
belief and according to the information and explanation given to us,
the shares and securities have been held by the company in its own
name.
(xv) In our opinion, the company has not given any guarantees for loans
taken by others from Banks or Financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, no term loan was availed by
the company during the financial year.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no fund raised on short - term basis have been used for long -term
investment.
(xviii) The company has not issued any debentures.
(xix) The company has not raised any money by public issue during this
year, so clause (xix) is not applicable.
(xx) 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 ALOK MITTAL & ASSOCIATES
CHARTERED ACCOUNTANTS
ALOK K. MITTAL
(PARTNER)
M. NO.-71205
Place : New Delhi
Date : 24.04.2010