Jun 30, 2014
We have audited the accompanying financial statements of AUTO PINS
INDIA LIMITED, which comprise the Balance Sheet as at 30th June 2014,
and the Statement of Profit and Loss and cash flow statement of the
Company for the year ended on that date, 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,
and financial performance in accordance with the Accounting Standards
notified under the Companies Act, 1956 ("the Act") read with the
General Circular 15/2013 dated 13th September 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013.
This responsibility includes the design, Implementation and maintenance
of Internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error, in making those risk assessments, the auditor
considers internal control relevant to Che Company''s preparation and
fair presentation or 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 off 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June 2014;
(ii) In the case of the Statement of Profit and Loss, of the PROFIT for
the year ended on that date,and
(iii) In the case of Cash flow statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note No. 2.25 of
the financial statements relating to non-provisions of gratuity and
leave liability. The Company has considered non provision of same as
the same shall be accounted for on cash basis.
Report on Other Legal and Regulatory Requirements
1. The Companies (AuditorÂs Report) Order, 2003 (ÂOrderÂ), issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of (the Act, 1956 enclose in the Annexure, a statement on
the matters specified m paragraphs 4 and 5 of the said Order.
2. As required by section 227(3) of the Act, we report that:
(i) we have obtained all the Information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
those books;
(iii) the Balance Sheet, and the Statement of Profit and Loss, 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 the Statement of Profit and
Loss dealt with by this report comply with the Accounting Standards
notified under the Companies Act, 1956 ("the Act") read with the
General Circular 15/2013 dated 13th September 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013.
And
(v) On the basis of written representations received from the
directors, as at 30th June 2014, and taken on record by the Board or
Directors, we report that none of the directors Is disqualified as on
30th June 2014 from being appointed as a director In terms of clause
(g) of sub-section (1) of section 274 of the Act.
Annexure To The Auditor''s Report
Referred to in paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets,
(b) All the Assets have not been physically verified by the Management
during the year, and no material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any substantial
part of Fixed Assets.
(ii) a) The Inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physically 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 inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book record were not material.
(iii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under section 301, of the Companies Act, 1956, Accordingly,
the provisions of clause 4{iii) (b) (c) (d) (f) and (a) of the order
are not applicable.
(v) 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 tor the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(vi) (a) According to the Information and explanation given to us,we
are of the opinion that the transactions that need to be entered in to
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) in our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements required to be entered in the register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
Rupees five lacs in respect of any party during the year has been made
at the prices which are reasonable having regard to prevailing market
price.
(vii} During the year under review, the company has not accepted any
deposits frtim public.
(viii) In our opinion, the company has an adequate In-house internal
Audit system.
(ix) We have broadly reviewed the Books of Accounts maintained by the
Company pursuant to the rules made by central government for the
maintenance of cost records under section 209(i) (d) of the Companies
Act, 1956, and are of the opinion that prime facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete,
(x) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund Employees'' State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other
statutory dues. Following Statutory dues were outstanding as at
30/06/2014 for a period of more than 6 months from the date they became
payable,
a) Investor Education ft Protection Fund Rs. 2,94,118.00
b) Labour Welfare Fund Rs. 43,170.00
(b) According to the records of the company, there are no dues of
Income tax/Sales tax/Wealth tax/Service tax/Custom duty/Excise
duty/cess which have not been deposited on account of any dispute.
(xi) The company has no accumulated losses and has not incurred cash
losses during the financial year ravened by our audit and the
Immediately preceding financial year.
(xii) Based on our audit procedures and according to the information
and explanation given to us, we are of the opinion that in view of
approval of rehabilitation/Revival proposal by Board for Industrial and
Financial Reconstruction and settlement with Financial Institutions by
paying the dues, the Company has not defaulted in repayment of dues to
financial institutions and/or Banks
(xiii) According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xiv) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/ Society are not applicable to the company.
(xv) The nature of company''s business/activities during the year does
not Include dealing In shares, securities, debentures or other
investments; hence the requirement of offering comments on this clause
is not applicable.
(xvi) According to the information and explanation given to us, the
company has not given guarantee for the loans taken by others from
banks or financial institutions.
(xvii) According to the information and explanation given to us no term
Loan has been taken by the Company during the year.
(xviii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet of the company, we report
that during the year no funds raised on short-term basis have been used
for long term Investment by the company.
(xix) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xx) During the period covered by our audit report, the company has not
issued any debentures requiring report under this clause.
(xxi) The company has not raised any money by public issue during the
year and hence the question of disclosure and verification of end use
of such moneys does not arise.
(xxii) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Sanjay Rawal & Co.
Chartered Accountants
Firm Regn. No. 012820N
Sd/-
(Sanjay Rawal)
Partner
Membership No-088156
Place: New Delhi
Dated: 02.12.2014
Jun 30, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of AUTOPINS INDIA
LIMITED , which comprise the Balance Sheet as at 30th June 2013, and
the Statement of Profit and Loss and cash flow statement of the Company
for the year ended on that date, 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,
and financial performance in accordance with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, 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 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: (i) In the case of the Balance Sheet, of the state of affairs of
the Company as at 30th June 2013; (ii) In the case of the Statement of
Profit and Loss, of the PROFIT for the year ended on that date ,and
(iii) In the case of Cash flow statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note No.2.25 of
the financial statements relating to non provisions of gratuity and
leave liability. The Company has considered non provision of same as
the same shall be accounted for on cash basis.
Report on Other Legal and Regulatory Requirements
1. The Companies (Auditor''s Report) Order, 2003 (''Order''), issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Act, 1956 enclose in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. As required by section 227(3) of the Act, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
those books;
(iii) the Balance Sheet, and the Statement of Profit and Loss, 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 the Statement of Profit and
Loss, 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 Act to the extent applicable; and
(v) On the basis of written representations received from the
directors, as at 31 March 2013, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 March 2013 from being appointed as a director in terms of clause (g)
of sub-section (1) of section 274 of the Act.
Referred to in paragraph 1 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the Assets have not been physically verified by the Management
during the year, and no material discrepancies were noticed on such
verification
(c) During the year, the company has not disposed off any substantial
part of Fixed Assets.
(ii) a) The Inventory has been physically verified during the year by
the
Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physically 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 inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book record were not material.
(iti) According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under section 301, of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) (c) (d) (f) and (g) of
the order are not applicable.
(v) 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 for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(vi) According to the information and explanations provided by the
management, there were no transactions that need to be entered into a
register in pursuance of Section 301 of the Companies Act , 1956.
Accordingly, para v(b) of the Companies {Auditors'' Report) Order, 2003
is not applicable.
(vii) During the year under review, the company has not accepted any
deposits from public.
(viii) In our has an adequate in-house internal Audit system..
(ix) We have broadly reviewed the Books of Accounts maintained by the
Company pursuant to the rules made by central government for the
maintenance of cost records under section 209(i) (d) of the Companies
Act, 1956, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained, We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
(x) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund Employees'' State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other
statutory dues. Following Statutory dues were outstanding as at
30/06/2013 for a period of more than 6 months from the date they became
payable.
a) Investor Education & Protection Fund Rs. 2,94,118.00
b) Labour Welfare Fund Rs. 28,890.00
(b) According to the records of the company, , there are no dues of
Income tax/Sales tax/Wealth tax/Service tax/Custom duty/Excise
duty/cess Cess which have not been deposited on account of any dispute.
(xi) The accumulated losses of the company exceed fifty percent of its
net worth at the end of the financial year. The company has not
incurred cash losses during the financial year and has also not
incurred cash losses in immediately preceding financial year.
(xii) Based on our audit procedures and according to the information
and explanation given to us, we are of the opinion that in view of
approval of Rehabilitation/Revival proposal by Board for Industrial and
Financial Reconstruction and settlement with Financial Institutions by
paying the dues , the Company has not defaulted in repayment of dues to
financial institutions and/or Banks
(xiii) According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xiv) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/ Society are not applicable to the company.
(xv) The nature of company''s business/activities during the year does
not include dealing in shares, securities, debentures or other
investments; hence the requirement of offering comments on this clause
is not applicable.
(xvi) According to the information and explanation given to us , the
company has not given guarantee for the loans taken by others from
banks or financial institutions.
(xvii) According to the infprmattprsnd explanation given to us no term
Loan has been taken byihe Comply during the year.
(xviii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet of the company, we report
that during the year no funds raised on short-term basis have been used
for long term investment by the company.
(xix) The company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956 and the price at which shares have been issued
is prejudicial to the interest of the company.
(xx) During the period covered by our audit report, the company has not
issued any debentures requiring report under this clause.
(xxi) The company has not raised any money by public issue during the
year and hence the question of disclosure and verification of end use
of such moneys does not arise.
(xxii) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Sanjay Rawal & Co.
Chartered Accountants
Firm regn. 00138364610
(Sanjay/Rawal)
Partner
Membership No.088156
Place: New Delhi
Dated: 30.10.2013
Jun 30, 2012
1. We have audited the attached Balance Sheet of Auto Pins (India)
Lid. as al 30th June 2012 and also Statement of Profit & Loss and the
cash flow statement for the year ended on that date annexed hereto.
These financial statements are 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
issued by the Central Government 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 our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books, except as referred in (vi) below.
iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Mow 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 , except as referred in (vi) below.
v) On the basis of written representations received from the directors,
as on 30 June 2012 and taken on record by board of director, we report
that none of the directors is disqualified as on 30th June 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) We report that:
a. Note No. 2.25 regarding Non provision of leave salary and gratuity
of employees and disclosure requirement as required by revised AS 15
(Employee Benefits) issued under the Companies Accounting Standard
rules 2006, amount not ascertained by the management.
vii) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and subject to our remark with their
resultant impact (to the extent ascertainable) as given in paragraph VI
above 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 30th June 2012;
b. In the case of Statement of Profit and Loss, of the PROFIT for the
year ended on that date, and
c. In the case of Cash flow statement, of the cash flows for the year
ended on that date.
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) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any substantial
part of Fixed Assets.
(ii) a) The Inventory has been physically verified during the year by
the Management.
In our opinion, the frequency of verification is reasonable.
(b) The procedures of physically 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 inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book record were not material.
(iii) According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under section 301, of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) (c) (d) (f) and (g) of
the order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) According to the information and explanations provided by the
management, there were no transactions that need to be entered into a
register in pursuance of Section 301 of the Companies Act , 1956.
Accordingly, para v(b) of the Companies (Auditors'' Report) Order,
2003 is not applicable.
(vi) During the year under review, the company has not accepted any
deposits from public.
(vii) In our opinion, the company has an adequate in-house internal
Audit system.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by central government for the
maintenance of cost records under section 209(1) (d) of the Companies
Act,1956, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the 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, Investor Education and
Protection Fund Employees'' State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other
statutory dues. Following Statutory dues were outstanding as at
30/06/2012 for a period of more than 6 months from the date they became
payable.
a) Investor Education & Protection Fund Rs. 2,94,118.00
b) Labour Welfare Fund Rs. 13,320.00
(b) According to the records of the company, there are no dues of
Income tax/Sales tax/Wealth tax/Service tax/Custom duty/Excise
duty/cess Cess which have not been deposited on account of any dispute.
(x) The accumulated losses of the company exceed fifty percent of its
net worth at the end of the financial year. The company has not
incurred cash losses during the financial year and has also not
incurred cash losses in immediately preceding financial year.
(xi) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that in view of approval
of Rehabilitation/Revival proposal by Board for Industrial and
Financial Reconstruction and settlement with Financial Institutions by
paying the dues , the Company has not defaulted in repayment of dues to
financial institutions and/or Banks
(xii) According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xiii) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/ Society are not applicable to the company.
(xiv) The nature of company''s business/activities during the year
does not include dealing in shares, securities, debentures or other
investments; hence the requirement of offering comments on this clause
is not applicable.
(xv) According to the information and explanation given to us , the
company has not given guarantee for the loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanation given to us no term
Loan has been taken by the Company during the year.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet of the company, we report
that during the year no funds raised on short-term basis have been used
for long term investment by the company.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xix) During the period covered by our audit report, the company has
not issued any debentures requiring report under this clause.
(xx) The company has not raised any money by public issue during the
year and hence the question of disclosure and verification of end use
of such moneys does not arise.
(xxi) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Sanjay Rawal & Co.
Chartered Accountants
FIRM REGN NO. 012020N
(Sanjay Rawal)
Partner
M. NO. 088156
Place: New Delhi
Dated: 03/12/2012
Jun 30, 2011
1. We have audited the attached Balance Sheet of Auto Pin's (India)
Ltd. as at 30th June 2011 and also the Profit & Loss account and the
cash flow statement for the year ended on that date annexed hereto.
These financial statements are 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 issued
by the Central Government 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 our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so. far as appears from our examination of
those books, except as referred in (vi) below.
iii) The Balance Sheet, Profit & Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit & 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, except as referred in (vi) below.
v) On the basis of written representations received from the directors,
as on 30th June 2011 and taken on record by board of director, we
report that none of the directors are disqualified as on 30th June from
being appointed as a Director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956;
vi) We report that:
a) Note No.4(a) regarding Non provision of leave salary and gratuity of
employees and disclosure requirement as required by revised AS 15
(Employee Benefits) issued under the Companies Accounting, Standard
rules 2006, amount not ascertained by the management
vii) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and subject to our remark with their
resultant impact( to the extent ascertainable) as given in paragraph VI
above give a true and fair view in conformity with the accounting
principles generally accepted in India:
b) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June 2011:
c) In the case of Profit and Loss Account, of the PROFIT for the year
ended on that date, and
d) In the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S,REPORT
Referred to in paragraph 3 of our report of even date,
(i) (a) The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets
(b) Assets have not been physically verified by the Management during
the year.
(c) During the year, the company has not disposed off any substantial
part of Fixed Assets.
(ii) a) The Inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physically 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 inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book record were not material.
(iii) According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under section 301, of the Companies Act, 1956. Accordingly,
the provisions of clause 4(iii) (b) (c) (d) (f) and (g) of the order
are not applicable.
(ii) 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 for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(iii) According to the information and explanations provided by the
management, there were no transactions that need to be entered into a
register in pursuance of Section 301 of the Companies Act , 1956.
According, Para v(b) of the Companies (Auditors' Report) Order, 2003 is
not applicable.
(iv) During the year under review, the company has not accepted any
deposits from public.
(v) In our opinion, the company has an adequate in house internal Audit
system..
(vi) According to information and explanation given to us provision of
section 209 (i) (d) of the Companies Act, 1956 with regard to
maintenance of cost records do not apply to the company. '
(vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund Employees' State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other
statutory dues. Following Statutory dues were outstanding as at
30/06/2011 for a period of more than 6 months from the date they became
payable.
a) Investor Education & Protection Fund Rs. 2,94,118.00
(b) According to the records of the company, except for disputed Sales
Tax dues of Rs. 5,00,000.00 as referred to in Note No.1 being contested
before Sales Tax Appellate authority, there are no dues of Income
tax/Sales tax/Wealth tax/Service tax/Custom duty/Excise duty/cess Cess
which have not been deposited on account of any dispute.
(viii) The accumulated losses of the company exceed fifty percent of
its net worth at the end of the financial year. The company has not
incurred cash losses during the financial year and has also not
incurred cash loss.es in immediately preceding financial year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that in view of approval
of Rehabilitation/Revival proposal by Board for -Industrial and
Financial Reconstruction and settlement with Financial Institutions by
paying the dues , the Company has not defaulted in repayment of dues to
financial institutions and/or Banks.
(x) According to the information and explanations .given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xi) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/ Society are not applicable to the company.
(xii) The nature of company's business/activities during the year does
not include dealing in shares, securities, debentures or other
investments; hence the requirement of offering comments on this clause
is not applicable.
(xiii) According to the information and explanation given to us , the
company has not given guarantee for the loans taken by others from
banks or financial institutions.
(xiv) According to the information and explanation given to us no term
Loan has been taken by the Company during the year.
(xv) According to the Information and explanation given to us and on an
overall examination of the Balance Sheet of the company, we report that
during the year no funds raised on short-term basis have been used for
long term investment by the company.
(xvi) The company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956 and the price of the same in our opinion is not
prima facie prejudicial to the interest of the company,
(xvii) During the period covered by our audit report, the company has
not issued any debentures requiring report under this clause.
(xviii) The company has not raised any money by public issue during the
year and hence the question of disclosure and verification of end use
of such moneys does not arise.
(xix) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Sanjay Rawal & Co.
Chartered Accountants::
FIRM REGN NO. 012820N
(Sanjay Rawal)
Partner
M. NO.088t56
Place: New Delhi
Dated: 15.11.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Auto Pins (India)
Ltd. as at 31st March 2010 and also the Profit & Loss account and the
cash flow statement for the year ended on that date annexed hereto.
These financial statements are 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 issued
by the Central Government 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 our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books, except as referred in (vi) below.
iii) The Balance Sheet, Profit & Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit & 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 , except as referred in (vi) below.
v) On the basis of written representations received from the directors,
as on 31st March 2010 and taken on record by board of director, we
report that hone of the directors are 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) We report that:
a) Note No.4(a) regarding Non provision of leave salary and gratuity
of employees and disclosure requirement as required by revised AS 15
(Employee Benefits) issued under the Companies Accounting Standard
rules 2006, amount not ascertained by the management
vii) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and subject to our remark with their
resultant impact( to the extent ascertainable) as given in paragraph VI
above give a true and fair view in conformity with the accounting
principles generally accepted in India:
b) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
c) In the case of Profit and Loss Account, of the PROFIT for the year
ended on that date, and
d) In the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date,
(i) (a) The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets
(b) Assets have not been physically verified by the Management during
the year.
(c) During the year, the company has not disposed off any substantial
part of Fixed Assets.
(ii) a) The Inventory has been physically verified during the year by
the Management.
In our opinion, the frequency of verification treasonable.
(b) The procedures of physically 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 inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book record were not material.
(iii) According to the information and explanations given to us, the
company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under section 301, of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) (c) (d) (f) and (g) of
the order are not applicable.
(ii) 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 for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(iii) According to the information and explanations provided by the
management, there were no transactions that need to be entered into a
register in pursuance of Section 301 of the Companies Act , 1956.
According, para v(b) of the Companies (Auditors Report) Order, 2003 is
not applicable.
(iv) During the year under review, the company has not accepted any
deposits from public.
(v) In our opinion, the company has an adequate inhouse internal Audit
system..
(vi) According to information and explanation given to us provision of
section 209 (i) (d) of the Companies Act, 1956 with regard to
maintenance of cost records do not apply to the company.
(vii) (a) According to the records of the company, the company is not
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund
Employees State Insurance, Income tax, Sales Tax, Wealth Tax, Service
Tax, Custom duty, Excise duty, Cess and other statutory dues. Following
Statutory dues were outstanding as at 31/03/2010 for a period of more
than 6 months from the date they became payable.
a) Investor Education & Protection Fund Rs. 2,94,118.00
(b) According to the records of the company, except for disputed Sales
Tax dues of Rs. 20,68,084.00 as referred to in Note No.l being
contested before Sales Tax Appellate authority,there are no dues of
Income tax/Sales tax/Wealth tax/Service tax/Custom duty/Excise
duty/cess Cess which have not been deposited on account of any dispute.
(viii) The accumulated losses of the company exceed fifty percent of
its net worth at the end of the financial year. The company has not
incurred cash losses during the financial year and has also not
incurred cash losses in immediately preceding financial year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that in view of approval
of Rehabilitation/Revival proposal by Board for Industrial and
Financial Reconstruction and settlement with Financial Institutions by
paying the dues , the Company has not defaulted in repayment of dues to
financial institutions and/or Banks
(x) According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xi) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/ Society are not applicable to the company.
(xii) The nature of companys business/activities during the year does
not include dealing in shares, securities, debentures or other
investments; hence the requirement of offering comments on this clause
is not applicable.
(xiii) According to the information and explanation given to us , the
company has not given guarantee for the loans taken by others from
banks or financial institutions.
(xiv) According to the information and explanation given to us no term
Loan has been taken by the Company during the year.
(xv) According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the company, we report that
during the year no funds raised on short-term basis have been used for
long term investment by the company.
(xvi) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xvii) During the period covered by our audit report, the company has
not issued any debentures requiring report under this clause.
(xviii) The company has not raised any money by public issue during the
year and hence the question of disclosure and verification of end use
of such moneys does notarise.
(xix) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Sanjay Rawal & Co.
Chartered Accountants
FIRM RFGN NO , 012820N
Partner
M. NO. 088156
Place: New Delhi
Dated: 31.08.2010