Mar 31, 2021
ASIAN GRANITO INDIA LIMITED
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of ASIAN GRANITO INDIA LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2021, 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 significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").
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 Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and ICAI''s Code of Ethics. 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matters |
How our audit addressed the key audit matters |
During the year ended on March 31, 2021, the Company has allotted 39,67,000 equity shares (Instrument value of '' 180/-) of face value of '' 10/- each and premium of '' 170/-each. Amount received on allotment of equity shares has been depicted in ''Equity Share Capital and Other Equity'' in the Balance Sheet as at March 31, 2021. As the allotment of equity shares by the Company during the Year ended on March 31,2021, has the effect of enhancing the Equity of the Company the same is considered to be a key audit matter. |
⢠We gained an understanding of the process of allotment of equity shares followed by the Company, to include amongst others: ⢠Passing of resolution in a validly convened and constituted Board meeting of the Company. ⢠Passing of resolution in a validly convened and constituted general meeting of the Company. ⢠Obtained permission from the BSE & NSE Limited. Under (Listing obligations and Disclosure requirements) Regulations, 2015. ⢠We assessed the adequacy of disclosures in the financial statements. |
Information Other than the Financial Statements and Our opinion on the standalone financial statements does not Auditor''s Report Thereon cover the other information and we do not express any form The Company''s Board of Directors is responsible for the of assurance conclusion there°n. other mfomatton The other information comprises the m connection with our audit of the standalone financial information included in the Management Discussion and statements, our responsibility is to read the other information Analysis, Board s Report including Annexure to Board s Report, Corporate Governance and shareholder''s information, but and, in do''ng so, consider whuetheur the info;mation does not include the standalone financial statements and our is materially inconsistent with the standalone financial auditor''s report thereon. The other information is expected to statements or our knowledge obtained during the course of be made available to us after the date of this auditor''s report. our audit or otherwise appears to be materially misstated. |
When we read the Other Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 ''The Auditor''s responsibilities Relating to Other Information''.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the 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, changes in equity and cash flows of the Company in accordance with the Ind AS 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.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the result of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
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 Flows 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 Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 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 Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at March 31, 2021;
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 (Auditor''s 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.
Chartered Accountants FRN.118336W
(Partner)
Place: Ahmedabad Membership No. 034549
Date: May 31, 2021 UDIN: 21034549AAAAAT5439
Mar 31, 2017
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Asian Granito India Limited (âthe Companyâ), which comprise the balance sheet as at 31 March 2017, the statement of standalone profit and loss and the cash flow statement for the year then ended, and a summary of 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 (âthe Actâ) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 1 33 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2017 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in the paragraph 3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 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 âAnnexure Bâ; and
(g) with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 1 1 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigation on its standalone financial statements. Refer Note - 46 to the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The Company has Provided requisite disclosure in Note- 45 of its standalone financial statements as to holding as well as dealing in specified bank notes during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with books of accounts maintained by Company
Annexure - A to the Independent Auditorsâ Report
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the standalone financial statements for the year ended 31 March 2017, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and nature of its business. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
(iii) The Company has granted loans to cover in the register maintained under section 189 of the Companies Act, 2013 (âthe Actâ).
(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the bodies corporate listed in the register maintained under Section 189 of the Act were not, prima facie, prejudicial to the interest of the Company
(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the principal and interest as stipulated.
(c) There are no overdue amounts in respect of the loan granted to a body corporate listed in the register maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 1 85 and 1 86 of the Act, with respect to the loans and investments made.
(v) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employeesâ state insurance and duty of excise.
According to the information and explanations given to us there are no due of duty of customs which have not been deposited with appropriate authorities on account of any dispute. However, according to information and explanations given to us the following dues of income tax, sales tax, value added tax, service tax have not been deposited by the Company on account of disputes.
Name of the Statute |
Nature of the Dues |
Amount (Rs.) |
Period to which the amount relates |
Forum where dispute is pending |
Sale Tax Laws |
Sale Tax |
45.08/- Lacs |
2003-04 |
Joint. Comm. Tax Comi.Appeals |
Sale Tax Laws |
Sale Tax |
19.63/- Lacs |
2004-05 |
Joint. Comm. Tax Comi.Appeals |
Sale Tax Laws |
CST |
176.37/- Lacs |
2014-15 |
Joint. Comm. Tax Comi.- Indore |
Sale Tax Laws |
CST |
135.20/- Lacs |
2014-15 |
Asst. Commi. Of Comm. Tax - Tamilnadu |
Income Tax |
I.T. |
2553.46/- Lacs |
2004-05 |
Appeal before Gujarat High Court, Aâbad |
Income Tax |
I.T. |
336.68/- Lacs |
2005-06 |
Appeal before IT Appellate - Tribunal, Aâbad Benches |
Income Tax |
I.T. |
19.40/- Lacs |
2009-10 |
Appeal before IT Appellate - Tribunal, Aâbad Benches |
Income Tax |
I.T. |
27.66/- Lacs |
2010-11 |
Appeal before IT Appellate - Tribunal, Aâbad Benches |
Income Tax |
I.T. |
10.14/- Lacs |
2011-12 |
Appeal before IT Appellate - Tribunal, Aâbad Benches |
Income Tax |
I.T. |
32.18/- Lacs |
2012-13 |
Appeal before CIT appeal, Aâbad |
(b) According to the information and explanations given to us, there are no material dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax which have not been deposited with the appropriate authorities 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 the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the Government and has not issued any debentures.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) Based upon the audit procedures performed and according to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For A. L. Thakkar & Co
Chartered Accountants
FRN: 120116W
Sanjiv V Shah
Place: Ahmedabad Partner
Dated: 30.05.2017 Membership No.042264
Mar 31, 2016
Asian Granito India Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of ASIAN GRANITO INDIA LIMITED (''the Company''), which comprise the balance sheet as at 31st March 2016, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on 31 March 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 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 B"; and
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer "Note 01" of Annexure A to Audit Report;
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 to the financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
[i] (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
[ii] (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material
[iii] The Company has granted loans to three bodies corporate covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act'').
(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the bodies corporate listed in the register maintained under Section 189 of the Act were not, prima facie, prejudicial to the interest of the Company
(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the principal and interest as stipulated.
(c) There are no overdue amounts in respect of the loan granted to a body corporate listed in the register maintained under section 189 of the Act.
[iv] In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
[v] The Company has not accepted any deposits from the public.
[vi] The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
[vii] (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at 31 March 2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material dues of duty of customs which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of income tax, sales tax, duty of excise, service tax and value added tax have not been deposited by the Company on account of disputes:
Name of the Statute |
Nature of the Dues |
Amount (Rs) |
Period to which the amount relates |
Forum where dispute is pending |
Sale Tax Laws |
Sale Tax |
45,07,857/-# |
2003-04 |
Joint. Comm. Tax Comi.Appeals |
Sale Tax Laws |
Sale Tax |
19,62,743/- |
2004-05 |
Joint. Comm. Tax Comi.Appeals |
Gujarat Value Added Tax Act. & Central Sales Tax Act, |
VAT |
49,27,910/- |
2007-08 |
Deputy Comm.of Commercial Tax - Appeal-III, Gandhinagar |
Gujarat Value Added Tax Act. & Central Sales Tax Act, |
VAT/CST |
1,09,20,314/- |
2010-11 |
Deputy Comm.of Commercial Tax - Appeal-III, Gandhinagar |
Income Tax |
I.T. |
2553.46 In Lacs |
2004-05 |
Appeal before Gujarat High Court, A''bad |
Income Tax |
I.T. |
336.68 In Lacs |
2005-06 |
Appeal before IT Appellate - Tribunal, A''bad Benches |
Income Tax |
I.T. |
19.40 In Lacs |
2009-10 |
Appeal before IT Appellate - Tribunal, A''bad Benches |
Income Tax |
I.T. |
27.66 In Lacs |
2010-11 |
Appeal before IT Appellate - Tribunal, A''bad Benches |
Income Tax |
I.T. |
10.14 In Lacs |
2011-12 |
Appeal before IT Appellate - Tribunal, A''bad Benches |
Income Tax |
I.T. |
32.18 In Lacs |
2012-13 |
Appeal before CIT appeal, A''bad |
[viii] The Company has not defaulted in repayment of dues from financial institution, banks, government or debenture holders during the year.
[ix] The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
[x] According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
[xi] According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
[xii] In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
[xiii] According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
[xiv] According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
[xv] According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
[xvi] The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Act")
We have audited the internal financial controls over financial reporting of ASIAN GRANITO INDIA LIMITED ("the Company") as of 31st March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management 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 (''ICAI''). 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, including adherence to company''s policies, 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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 auditor''s judgment, including the assessment of the risks of material misstatement of the 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 Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s 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 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 company''s assets that could have a material effect on the financial statements.
Inherent 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, 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 31 March 2016, 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.
For A. L. THAKKAR & CO
Chartered Accountants
Firm Regi. No. 120116W
Sanjiv V Shah
Place: Ahmadabad Partner
Dated: 11.08.2016 Membership No.042264
Mar 31, 2015
We have audited the accompanying financial statements of ASIAN GRANITO
INDIA LIMITED, which comprise the Balance Sheet as at 31 st March,
2015, the Statement of Profit and Loss and the Cash Flow Statement for
the year ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone Financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies, making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provision of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of the our information and according to
the explanations given to us, the aforesaid standalone financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2015 and its profit/loss and
its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditor's Report) Order, 2015 issued by
the Ministry of Corporate Affairs in terms of Section 143(11) of the
Act, we annex hereto a statement on the matters specified in paragraph
3 of the said order.
2. As reguired by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account of the Company.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the Directors
as on 31 st March, 2015 taken on record by the Board of Directors, none
of the Directors is disqualified as on 31 st March, 2015 from being
appointed as a Director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on the 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.
I Annexure to the Auditor's Report ANNEXURE REFERRED TO IN THE AUDITORS
REPORTTO THE MEMBERS OF ASIAN GRANITO INDIA LIMITED FOR THE YEAR ENDED
31 ST MARCH, 2015
i. The Company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets. The
management has certified the physical verification of the fixed assets
at reasonable intervals. No significant discrepancy was noticed on such
verification.
ii. As informed to us by the management, the stock of goods has been
physically verified during the year by the management. In our opinion,
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. In our opinion, the Company is
maintaining a proper record of inventory. The discrepancies noticed on
verification between the physical stocks and the book records were not
material and have been properly dealt with in the books of account.
iii. (a) The Company has granted three parties loans to companies,
firms or other parties covered in the register maintained under section
189 of the Act.
(b) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the
Order is not applicable to the Company in respect of repayment of the
principal amount.
(c) There are overdue amounts of more than rupees one lakh in respect
of the loans granted to the bodies corporate listed in the register
maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. In our opinion, there is no continuing failure on the part of
the Company to correct major weaknesses in internal control system.
v. The Company has not accepted any deposits from the public within the
meaning of section 73 to 76 and other relevant provisions of the Act.
vi. The provisions of the maintenance of cost records under sub section
(1) of section 148 of the Act are applicable to the Company. We have
broadly reviewed the books of accounts maintained by the Company and
are of the opinion that prima facie, the prescribed accounts and
records have been maintained. However, we have not made detailed
examination of the cost records with a view to determine whether they
are accurate or complete.
vii. To the best of our knowledge and according to the information and
explanations given to us, the Company has been regular in depositing
the undisputed statutory dues consisting of Provident Fund, Employees
'State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Value Added Tax and Cess with the
appropriate authorities. There are no dues in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty, Value Added Tax or Cess which have not been deposited by the
Company with the appropriate authorities on account of any dispute. The
amount required to be transferred to Investor Education and Protection
Fund in accordance with the relevant provisions of the Act and rules
made there under have been transferred to such fund within time.
Details of disputed dues of sales tax which have not been deposited by
the Company are as under.
Name of the Statute Nature of Amount Period to which the
the dues (Rs.) amount relates
Sale Tax Laws Sale Tax 45,07,857/- 2003-04
Sale Tax Laws Sale Tax 19,62,743/- 2004-05
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, CST 48,33,126/- 2008-09
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, VAT 49,27,910/- 2007-08
Gujarat Value
Added Tax Act. &
Central Sales
Tax Act, CST 8,83,893/- 2009-10
Gujarat Value
Added Tax Act.&
Central Sales
Tax Act, VAT/CST 1,24,20,314/- 2011-12
Income Tax IT. 2553.46
In Lacs 2004-05
Income Tax IT. 336.68
In Lacs 2005-06
Income Tax IT. 118.77
In Lacs 2009-10
Income Tax IT. 27.66
In Lacs 2010-11
Income Tax IT. 636.39
In Lacs 2011-12
Name of the Statute Forum where dispute is pending
Sale Tax Lawa Joint. Comm.Tax Comi. Appeals
Sales Tax Laws Joint. Comm.Tax Comi. Appeals
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, Joint. Comm.Tax Comi. Appeals
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, Deputy Comm. of Commercial Tax -
Appeal-Ill, Gandhinagar
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, Joint. Comm.Tax Comi.Appeals
Gujarat Value
Added Tax Act. &
Central Sales Tax
Act, Deputy Comm. of Commercial Tax -
Appeal-Ill, Gandhinagar
Income Tax Appeal before Gujarat High Court, A'bad
Income Tax Appeal before CIT Appeal, A'bad
Income Tax Appeal before CIT Appeal, A'bad
Income Tax Appeal before CIT Appeal, A'bad
Income Tax Appeal before CIT Appeal, A'bad
viii. The Company does not have accumulated loss, nor has it incurred
cash loss in the current financial year or the immediately preceding
financial year.
ix. The Company has not defaulted in repayment of dues to financial
institutions or banks or debenture holders.
x. The Company has not given any guarantee for loans taken by others
from the banks or financial institutions.
xi. In our opinion, term loans were applied for the purpose for which
they were obtained.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For A.L.Thakkar & Co.
Chartered Accountants
FRN 120116W
Sanjiv V. Shah
Place : Ahmedabad [Partner]
Date : May 30, 2015 Membership No.: 42264
Mar 31, 2014
We have audited the accompanying financial statements of ASIAN GRANITO
INDIA LIMITED, which comprise the Balance Sheet as at March 31, 2014,
the Statement of Profit and Loss and Cash Flow Statement for the year
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation ofthe 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
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 ofthe
Company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As reguired by the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As reguired 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 reguired by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated September
13, 2013 of the Ministry of Corporate Affairs in respect of Section 133
of the Companies Act, 2013;
e) On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) ofthe
Act.
Annexure to the Auditor''s Report
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Asian Granito India Limited on the accounts of the
Company for the year ended March 31, 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 on the basis of available information.
(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, the Company has not disposed off a substantial part of its
fixed asset during the year and therefore does not affect the going
concern assumption.
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
given loans, to two companies, and one trust listed in the register
maintained under Section 301 of the Companies Act, 1956. In respect of
said loans, the maximum amount outstanding at any time during the year
was Rs. 1,05,50,563/- & Rs. 2,60,00,000/- and in Trust Rs.
3,16,83,021/- respectively. The year-end balance is Rs. 19,21,828/-,
Rs. 2,17,23,359/- & Rs. 3,16,83,021/- respectively.
(b) In our opinion and according to the information and explanation
given to us, The rate of interest and other terms and conditions on
which loans have been given by the Company are not prima facie,
prejudicial to the interest of the Company.
(c) We have been informed that the said loans are repayable on demand.
The parties are regular in paying the interest.
(d) In respect of the said loans and interest thereon, there are no
overdue amounts.
(e) The Company had taken unsecured loans from one party covered in the
register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year as Rs. 27,65,000/- and the year
end balance of loans taken from such parties was Rs. NIL.
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 Companies Act, 1956 and exceeding the value of Rs. 5,00,000
in respect of each party during the year have been made at prices which
are reasonable as per information available with the Company.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public. Therefore the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
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. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
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 undisputed outstanding statutory dues as on
March 31, 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
are no disputed dues of wealth tax, service tax, customs duty and
excise duty which have not been deposited. Details of disputed dues of
sales tax which have not been deposited by the Company are as follows.
Name of the Nature of Amount Period to Forum where
Statute the Dues (Rs.) which the dispute is
amount pending
relates
Sales Tax Sales Tax 45,07,857/- 2003-04 Joint Commissioner
Laws of Commercial Tax-
Appeals
Sales Tax Sales Tax 19,62,743/- 2004-05 Joint Commissioner
Laws of Commercial Tax-
Appeals
Gujarat VAT/CST 26,53,636/- 2006-07 Deputy Comm. of
Value Added Commercial Tax-
Tax Act Appeal-III,
Gandhinagar
Gujarat CST 55,83,126/- 2008-09 Joint Commissioner
Value Added of Commercial Tax-
Tax Act & Appeals
Central Sales
Tax Act
Gujarat VAT 49,27,910/- 2007-08 Deputy Comm. of
Value Added Commercial Tax-
Tax Act Appeal-III,
Gandhinagar
Gujarat CST 11,83,893/- 2009-10 Joint Commissioner
Value Added of Commercial Tax-
Tax Act & Appeals
Central Sales
Tax Act
Gujarat VAT/CST 26,53,636/- 2011-12 Deputy Comm. of
Value Added Commercial Tax-
Tax Act & Appeal-III,
Central Sales Gandhinagar
Tax Act
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. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the Company has raised term loans during the
year and the same have been applied for the purpose for which they were
raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at March 31,
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 during the
year the Company has made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956. We are of the opinion that the price at which preferential
allotment of shares has been made is not prejudicial to the interest of
the Company.
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 A.L.Thakkar & Co.
Chartered Accountants
FRN: 120116W
Sanjiv V. Shah
Place : Ahmedabad [Partner]
Date : May 29, 2014 Membership No. : 42264
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Asian Granito
India Limited which comprise the Balance Sheet as at March 31, 2013,
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 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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, 2013;
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 the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, 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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the Members of Asian Granito India Limited on the accounts of the
company for the year ended 31st March, 2013.
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 on the basis of available information.
(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, the company has not disposed off a substantial part of its
fixed asset during the year and therefore does not affect the going
concern assumption.
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 given loans, to two companies, five firms and one party listed in
the register maintained under Section 301 of the Companies Act, 1956.
In respect of said loans, the maximum amount outstanding at any time
during the year was Rs.2,33,84,610/-, Rs.72,50,000/-, &
Rs.3,02,68,568/- respectively. The year end balance is Rs.42,32,383/-,
Rs.39,72,000/- & Rs.3,02,68,568/- respectively ( including interest
free loan of Rs.82,04,383).
(b) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions on
which loans have been given by the Company are not prima facie,
prejudicial to the interest of the company.
(c) We have been informed that the said loans are repayable on demand.
The parties are regular in paying the interest.
(d) In respect of the said loans and interest thereon, there are no
overdue amounts.
(e) The Company had taken unsecured loans from two parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs 1,00,32,361/- and the
yearend balance of loans taken from such parties was Rs NIL.
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 Companies Act, 1956 and exceeding the
value of Rs.5,00,000 in respect of each party during the year have been
made at prices which are reasonable as per information available with
the company.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public. Therefore the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
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. We have broadly reviewed the cost records maintained by the company
pursuant to the companies ( Cost Accounting records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act,1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
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 undisputed outstanding statutory dues as on
31st of March, 2013 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of wealth tax, service tax, customs duty and
excise duty which have not been deposited. Details of disputed dues of
sales tax which have not been deposited by the company are as follows.
Name of Nature of Amount Rs.
the Statute the dues
Sales Tax Laws Sales Tax 45,07,857/-
Sales Tax Laws Sales Tax 19,62,743/-
Gujarat Value VAT/CST 2,68,730/-
Added Tax Act
Gujarat Value CST 55,83,126
Added Tax ACT &
Central Sales
Tax Act,
Gujarat Value VAT 49,27,910
Added Tax Act
Gujarat Value VAT / CST 53,79,049
Added Tax ACT
Gujarat Value VAT / CST 60,51,080
Added Tax ACT &
Central Sales
Tax Act,
Gujarat Value VAT / CST 26,63,864
Added Tax ACT &
Central Sales
Tax Act,
Name Period to which Forum where
the amount
relates dispute is pending
Sales Tax Laws 2003-04 Joint. Comm. Tax
Comm. Appeals
Sales Tax Laws 2004-05 Joint Comm. Tax
Comm. Appeals
Sales Tax Laws 2006-07 Deputy Comm. Appeal-III,
Gandhinagar
Sales Tax Laws 2008-09 Joint. Comm. Tax
Comm. Appeals
Sales Tax Laws 2007-08 Deputy Comm. Of
Commercial Tax  Appeal Â
III, Gandhinagar
Sales Tax Laws 2009-10 Deputy Comm.
Appeal-III, Gandhinagar
Sales Tax Laws 2010-11 Deputy Comm.
Appeal-III, Gandhinagar
Sales Tax Laws 2011-12 Deputy Comm.
Appeal-III,Gandhinagar
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. The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has raised term loans during the
year and the same have been applied for the purpose for which they were
raised.
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, 2013, 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 during the
year the Company has made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956. We are of the opinion that the price at which preferential
allotment of shares has been made is not prejudicial to the interest of
the Company.
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 A.L.Thakkar & Co.
Chartered Accountants
(FRN: 120116W)
Sanjiv V. Shah
Place: Ahmedabad [Partner]
Date : 30th May, 2013 Mem.No. 42264
Mar 31, 2012
1. We have audited the attached Balance Sheet of ASIAN GRANITO INDIA
LIMITED as at 31st March 2012, 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
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 (Auditor's Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to 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 purpose of our
audit.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and 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 and Profit and Loss Account and
Cash Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the
Directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed as a Director in terms of Clause
(g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, given the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the 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)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets has 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. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management except for inventories lying with third parties &
branches where confirmations have been received. In our opinion, the
frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the Company is maintaining proper records of
stock except stores & consumables.
(iii) (a) There are no companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from three parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as ' 19,09,259/- and the
year end balance of loans taken from such parties was ' NIL.
(c) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from parties listed in the register
maintained under section 301 of he companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
The company is regular in paying the interest.
(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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Sections
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
(vii) The Company has appointed a firm of Chartered Accountants as its
Internal Auditor for the year under review. The Internal Audit for the
year is therefore carried out by the said firm. In our opinion, the
company has an internal audit system commensurate with the size and
nature of its business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the companies (Cost Accounting records) Rules,2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act,1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom Duty, Excise
Duty, Cess and other Statutory Duties applicable to it. There were no
undisputed statutory dues as at the year end, outstanding for a period
of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of wealth tax, service tax, customs duty and
excise duty which have not been deposited. Details of disputed dues of
sales tax and income tax which have not been deposited by the company
are as follows.
Name of Nature of Amount (Rs) Period to Forum where dispute
the Dues which the is pending
Statute amount
relates
Sales Tax Sales Tax 45,07,857/- 2003-04 Joint.comm.Tax comi.
Laws Appeals
Sales Tax Sales Tax 19,62,743/- 2004-05 Joint.comm.Tax comi.
Laws Appeals
Gujarat VAT/CST 2,68,730/- 2006-07 Joint.comm.Tax comi.
Laws Appeals
(x) The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) 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 the banks.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of this clause of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xv) According to the information & explanation given to us, the
company has not given any guarantees for loans taken by others from
bank or financial institutions hence the provision of this clause are
not applicable to the Company.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purpose for which the loans were obtained.
(xvii) Based on the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956 hence we do not have any comments under this Para.
(xix) During the period covered by our audit report, the company has
not issued any secured debentures. Accordingly, the provision of
clause (xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xx) The company has not raised money by public issue during the year
hence any specific comments up on the disclosure of end use is not
applicable to the company.
(xxi) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
For, A.L.Thakkar & Co.
Chartered Accountants
(FRN: 120116W)
(Sanjiv Shah)
Place : Ahmedabad Partner
Date : August 13, 2012 Mem.No. 42264
Mar 31, 2011
1 We have audited the attached Balance Sheet of ASIAN GRANITO INDIA
LIMITED as at 31st March 2011, 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
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2 We conducted our audit in accordance with the 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 (Auditor's Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4 Further to our comments in the Annexure referred to 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 purpose of our
audit.
ii. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet and 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 and Profit and Loss Account and
Cash Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the Directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2011 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 read with significant
accounting policies and other notes thereon, given the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the 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)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets has 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. No material
discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management except for inventories lying with third parties &
branches where confirmations have been received. In our opinion, the
frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) On the basis of our examination of the records of the Company, we
are of the opinion that the Company is maintaining proper records of
stock except stores & consumables.
(iii) (a) There are no companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from two parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs 3,01,357/-and the
year end balance of loans taken from such parties was Rs NIL. .
(c) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from parties listed in the register
maintained under section 301 of he companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
(d) We have been informed that the said loans are repayable on demand.
The Company is regular in paying the interest.
(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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
(vii) The Company has appointed a firm of Chartered Accountants as its
Internal Auditor for the year under review. The Internal Audit for the
year is therefore carried out by the said firm. In our opinion, the
Company has an internal audit system commensurate with the size and
nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956. Hence the
provision of this clause is not applicable to the Company.
(ix) (a) According to the records of the Company, the Company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom Duty, Excise
Duty, Cess and other Statutory Duties applicable to it. There were no
undisputed statutory dues as at the year end, outstanding for a period
of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of wealth tax, service tax, customs duty and
excise duty which have not been deposited. Details of disputed dues of
sales tax and income tax which have not been deposited by the Company
are as follows.
Name of Nature of Amount Rs. Period to which Forum where
the Statute the dues the amount
relates dispute is
pending
Sales Tax Sales Tax 4507857 2003-04 Joi.comm.Tax
comi..Appeals
Sales Tax Sales Tax 1962743 2004-05 Joi.comm.Tax
comi..Appeals
Gujarat Vale VAT/CST 268730 2006-07 Joi.comm.Tax
comi..Appeals
Added Tax ACT
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) 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 the banks.
(xii) The Company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi mutual benefit
fund/society.Therefore, the provisions of this clause of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xv) According to the information & explanation given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions hence the provision of this clause are
not applicable to the Company.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purpose for which the loans were obtained.
(xvii) Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no significant funds raised on short-term basis have been used for
long-term investment by the Company.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956 hence we do not have any comments under this Para.
(xix) During the period covered by our audit report, the Company has
not issued any secured debentures. Accordingly, the provision of clause
(xix) of the Companies (Auditors Report) Order, 2003 are not applicable
to the Company.
(xx) The Company has not raised money by public issue during the year
hence any specific comments up on the disclosure of end use is not
applicable to the Company.
(xxi) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the Company
was noticed or reported during the year.
For A.L.Thakkar & Co.
Chartered Accountants
(FRN: 120116W)
(Sanjeev Shah)
Place: Ahmedabad Partner
Date : 12.08.2011 Mem.No. 42264
Mar 31, 2010
1. We have audited the attached Balance Sheet of ASIAN GRANITO INDIA
LIMITED as at 31st March 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 the 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 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to 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 purpose of our
audit.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and 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 and Profit and Loss Account and
Cash Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the Directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
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 read with significant
accounting policies and other notes thereon, given the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets has 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. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management except for inventories lying with third parties &
branches where confirmations have been received. In our opinion, the
frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the Company is maintaining proper records of
stock except stores & consumables.
(iii) (a) There are no companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from six parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs. 4,75,974/- and the
year end balance of loans taken from such parties was Rs 3,01,858/-.
(C) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from parties listed in the register
maintained under section 301 of he companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
The company is regular in paying the interest.
(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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Sections
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
(vii) The Company has appointed a firm of Chartered Accountants as its
Internal Auditor for the year under review. The Internal Audit for the
year is therefore carried out by the said firm. In our opinion, the
company has an internal audit system commensurate with the size and
nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956. Hence the
provision of this clause is not applicable to the company.
(ix) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom Duty, Excise
Duty, Cess and other Statutory Duties applicable to it. There were no
undisputed statutory dues as at the year end, outstanding for a period
of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of wealth tax, service tax, customs duty and
excise duty which have not been deposited. Details of disputed dues of
sales tax and income tax which have not been deposited by the company
are as follows.
Name of Nature of AmountRs. Period to
which Forum where
the Statute the dues the amount
relates dispute is
pending
Sales Tax Sales Tax 4507857 2003-04 Joi.comm.Tax
comi..Appeals
Sales Tax Sales Tax 1962743 2004-05 Joi.comm.Tax
comi..Appeals
Income Tax
Act,1961 Income Tax 6237221 2004-05
to 2008-09 Income Tax
Appellate
Tribunal
(x) The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) 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 the banks.
(xii) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a
mutual benefit fund/society. Therefore, the provisions of this clause
of the Companies (Auditors Report) Order, 2003 are not applicable to
the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xv) According to the information & explanation given to us, the
company has not given any guarantees for loans taken by others from
bank or financial institutions hence the provision of this clause are
not applicable to the Company.
(xvi) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purpose for which the loans were obtained.
(xvii) Based on the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956 hence we do not have any comments under this Para.
(xix) During the period covered by our audit report, the company has
not issued any secured debentures. Accordingly, the provision of clause
(xix) of the Companies (Auditors Report) Order, 2003 are not applicable
to the Company.
(xx) The company has not raised money by public issue during the year
hence any specific comments up on the disclosure of end use is not
applicable to the company.
(xxi) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
For A.L.Thakkar & Co.
Chartered Accountants
(FRN: 120116W)
(Sanjeev Shah)
Place: Ahmedabad Partner
Date : 29th July 2010 Mem.No. 42264
Mar 31, 2009
1. We have audited the attached Balance Sheet of ASIAN GRANITO INDIA
LIMITED as at 31st March 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
companyÃs management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 (AuditorÃs Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to 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 purpose of our
audit.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account3
iv. In our opinion, the Balance Sheet and 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.
v. On the basis of written representations received from the Directors,
as on 31st March, 2009 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2009 from being appointed as a Director in terms of Clause (g) of
Sub-Section (1) of Section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, given the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view;
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009.
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORSÃ REPORT (Referred to in paragraph 3 of our
report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of 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. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the management except for inventories lying with third parties & at
branches where from confirmations have been received. In our opinion,
the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the Company is maintaining proper records of
stock except stores & consumables.
(iii) (a) There are no companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from eight parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs. 38,89,338/- and the
year end balance of loans taken from such parties was Rs 4,76,474/-.
(c) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from parties listed in the register
maintained under section 301 of he companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
The company is regular in paying the interest.
(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 purchase of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Sections
58A and 58AA and other relevant provisions of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
(vii) The Company has appointed a firm of Chartered Accountants as its
Internal Auditor for the year under review. The Internal Audit for the
year is therefore carried out by the said firm. In our opinion, the
company has an internal audit system commensurate with the size and
nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956. Hence the
provision of this clause is not applicable to the company.
(ix) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom Duty, Excise
Duty, Cess and other Statutory Duties applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Excise Duty and Cess were outstanding,
as at 31st March, 2009 for a period of more than six months from the
date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, wealth tax, service tax, customs duty and
excise duty which have not been deposited on account of any dispute.
Details of dues of sales tax which have not been deposited on account
of dispute are given below.
Name of Nature of AmountRs. Period to which Forum where
the Statute the dues the amount relates dispute is
pending
Sales Tax Sales Tax 4507857 2003-04 Joi.comm.Tax
comi..Appeals
Sales Tax Sales Tax 1962743 2004-05 Joi.comm.Tax
comi..Appeals
(x) The company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(x) 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 the banks.
(xi) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of this clause of the Companies
(AuditorÃs Report) Order, 2003 are not applicable to the company.
(xiii) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (AuditorÃs Report) Order, 2003 are not
applicable to the Company.
(xiv) According to the information & explanations given to us, the
company has given guarantees for loans & foreign letter of credit taken
by erstwhile ATL from bank. In our opinion, the terms & conditions
whereof do not seem to be prejudicial to the interest of the company.
(xv) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purpose for which the loans were obtained.
(xvi) Based on the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xvii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956. hence we do not have any comments under this para.
(xviii) During the period covered by our audit report, the company has
not issued any secured debentures. Accordingly, the provision of clause
(xix) of the Companies (Auditors Report) Order, 2003 are not applicable
to the Company.
(xix) The company has not raised money by public issue during the year
however we have verified the end use of money raised by Initial Public
Offer (IPO) and has been disclosed in the Note No.2 to Notes forming
part of Accounts.
(xx) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
For A.L.Thakkar & Co.
Chartered Accountants
(Sanjeev Shah)
Place:Ahmedabad Partner
Date :30th September, 2009 Mem.No. 42264