Home  »  Company  »  Bajaj Corp Ltd.  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Bajaj Corp Ltd.

Mar 31, 2016

We have audited the accompanying standalone financial statements of Bajaj Corp Limited (''the Company''), which comprises the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, 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 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 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 standalone 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 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 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 March 31, 2016, 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 of the Order, to the extent applicable.

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 March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director 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".

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 does not have any pending litigations which would impact its financial position.

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.

Annexure ''A''

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" 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) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on verification.

(c) Based upon the audit procedure performed and according to the records of the Company, title deeds of all the immovable properties are held in the name of the Company.

(ii) The Inventories of finished goods, stores, spare part and raw materials have been physically verified by the management. In our opinion the frequency of verification is reasonable. On the basis of our examination of the records of inventory, we are of the opinion that the discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of accounts.

(iii) (a) The Company has granted unsecured loans to two wholly own subsidiary companies covered in the register maintained under section 189 of the Act, which were repaid during the year. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the grant of such loans are not prima facie prejudicial to the interest of the Company.

(b) In respect of loans granted, repayment of the principal amount is as stipulated and payment of interest has been regular.

(c) There is no overdue amount of loans granted to companies 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 Act, in respect of loans, investments, guarantees, and security to the extent applicable to it.

(v) According to the information and explanations given to us, the company has not accepted any deposit from the public within the meaning of section 73 to 76 of the Act and the rules framed thereunder. Therefore, the provision of clause 3(v) of the Order is not applicable to the Company.

(vi) To the best of our knowledge and as explained, Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013, for the products of the Company. Therefore, in our opinion, the provisions of clause 3(vi) of the Order are not applicable to the Company.

(vii) (a) According to records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Service-tax, Custom Duty, Excise Duty, Value Added tax, Cess and other statutory dues to the extent applicable to it.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income- tax, Service tax, Sales-tax, Customs Duty, Excise Duty, Value Added tax, Cess and other material statutory dues were outstanding, at the year end, 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 dues of income tax, sales-tax, service tax, customs duty, excise duty and value added tax which have not been deposited on account of any dispute.

(viii) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to bank or government. The Company did not have any outstanding dues in respect of financial institution or debentures during the year.

(ix) We have verified that the end use of money raised by public issue is as disclosed in the notes to the financial statements. The Company did not have any term loans outstanding during the year.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

(xi) In our opinion, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.

(xiii) In our opinion, all the transactions with the related parties are in compliance with section 177 and 188 of Act, where applicable and the details have been disclosed in the financial statements as required by applicable accounting standard.

(xiv) The Company has not made any preferential allotment or private placement of shares or partly or fully convertible debentures during the year, therefore reporting under clause 3(xiv) shall not be applicable.

(xv) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that the Company has not entered into any non-cash transaction with directors or persons connected with him.

(xvi) In our opinion, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For R. S. Dani & Company Chartered Accountants

ICAI Firm registration number: 000243C

C. P. Kothari

Partner

Membership No.: 072229

Place : Mumbai

Date : April 12, 2016


Mar 31, 2015

We have audited the accompanying standalone financial statements of Bajaj Corp Limited (''the Company''), which comprises the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, 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 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and 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.

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 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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 Company''s preparation of the standalone financial statements that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of 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 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 March 31, 2015, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015 from being appointed as a director 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 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. For R.S. Dani & Company

Chartered Accountants

ICAI Firm Registration Number: 000243C

C.P. Kothari

Partner

Membership No.: 072229

Mumbai

April 9, 2015


Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of Bajaj Corp Limited (''the Company''), which comprises the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs. 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 entity''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 Companies Act, 1956 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956, read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs;

(e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Annexure to the Auditors'' Report

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

Re: Bajaj Corp Limited (''the Company'')

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management at the reasonable intervals during the year and no material discrepancies were noticed on such verification.

(c) There was no disposal of a substantial part of fixed asset during the year.

(ii) (a) The Inventories of finished goods, stores, spare part and raw materials have been physically verified by the management. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management as explained to us are, in our opinion, 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 book records were not material and have been properly dealt with in the books of accounts.

(iii) According to the information and explanations given to us, the Company has not granted or taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clause 4(iii)(a) to 4(iii)(g) of the Order are not applicable to the Company and hence not commented upon.

(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 purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in internal control system of the Company in respect of these areas.

(v) (a) In our opinion, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(v)(b) of the Order is not applicable to the Company and hence not commented upon.

(vi) The Company has not accepted any deposit from the public.

(vii) 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 books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Act related to the manufacture of Hair Oil and other cosmetics products which comes under the list of Cosmetic or Toiletries item and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(ix) (a) According to records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income-tax, Sales-tax, Wealth-tax, Service-tax, Custom Duty, Excise Duty and Cess and other statutory dues to the extent applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income- tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(c) There is no disputed due on account of sales tax, wealth tax, income tax, service tax, custom duty, excise duty and cess.

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

(xi) Based on our audit procedures and as per 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 or bank. The Company has not obtained any borrowings by way of debentures

(xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

(xiv) The Company has, in our opinion, maintained proper records of the transactions and contracts with respect to its investments and timely entries of such transactions are made therein. We also report that the Company has held the investments in its own name.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loan taken by other from bank or financial institution.

(xvi) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that term loan taken during the year amounting to Rs. 100 crores and has been repaid during the year. There is no outstanding term loan at the end of the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Act.

(xix) The Company did not have any outstanding debentures during the year. Therefore, the provision of clause 4(xix) of the order is not applicable to the Company.

(xx) We have verified that the end use of money raised by public issue is as disclosed in the notes to the financial statements.

(xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

For R. S. Dani & Company

Chartered Accountants

Registration No. : 000243C

C. P. Kothari

Place : Mumbai Partner

Date : April 28, 2014 M.No. 072229


Mar 31, 2012

1. We have audited the attached Balance Sheet of Bajaj Corp Limited as at March 31, 2012 and also the annexed Profit & Loss Account of the Company and the Cash Flow Statement for the year ended on that date. 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 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 misstatements. 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 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 (together 'the Order'), issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in Para 3 above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the Company;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the applicable Accounting Standards referred to in Sec 211 (3C) of the Companies Act, 1956.

(v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2012 from being appointed as director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012,

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date and

(c) in the case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to the Auditors' Report

Referred to in Paragraph 3 of our Report of even date.

On the basis of the records produced to us for our verification /perusal, such checks as we considered appropriate, and in terms of information and explanations given to us on our enquiries, we state that:

(i) (a) The Company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management at the reasonable intervals during the year. According to the information and explanations given to us and the records produced to us for verification, discrepancies noticed on such physical verification were not, in our opinion, material and the same have been properly dealt with in the Books of Accounts.

(c) Fixed assets disposed of during the year were not material enough to affect the going concern identity of the Company

(ii) (a) The Inventories of finished goods, stores,

spare part and raw materials have been physically verified by the management. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of Inventories followed by the management as explained to us are, in our opinion, 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 book records were not material and have been properly dealt with in the books of accounts.

(iii) (a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of the clauses 4(iii) (a) to (d) of the Order are not applicable to the Company and hence not commented upon.

(b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of the clauses 4(iii) (e) to (g) of the Order are not applicable to the Company and hence not commented upon.

(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 the sale of goods and services. As per the information given to us, no major weaknesses in the internal controls have been identified by the management during the year. During the course of our audit, nothing had come to our notice that may suggest a major weakness in the internal control systems of the Company.

(v) (a) Based on audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that contracts or arrangements referred to in section 301 of the Act have been entered in the register maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

(vi) During the year 2011-12, Company has not accepted any deposit from the public.

(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) During the year 2011-12 the Company was engaged in production of Hair Oil which comes under the list of Cosmetic or Toiletries item for which Compulsory Cost Accounting records should be maintained by the Company. On the basis of Records produced we are of the opinion that prima facie cost records and accounts prescribed by Central Government under section 209(1)(d) of the Companies Act,1956 in respect of products of the Company covered under the rules under the said section have been maintained.

(ix) (a) According to the records of the Company, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income-tax, Sales-tax, Wealth-tax, Service-tax, Custom Duty, Excise Duty and Cess and other statutory dues to the extent applicable to it.

(b) There is no disputed due on account of sales tax, wealth tax, income tax, service tax, custom duty, excise duty and cess.

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any bank or financial institution. The Company has not obtained any borrowings by way of debentures.

(xii) The Company has not granted any loans or advance secured by pledge of shares, debentures or other securities.

(xiii) The Company is not a Chit Fund/ Nidhi / Mutual Fund/ Society to which the provisions of Special Statute relating to Chit Fund are applicable. Accordingly Clause (xiii) of Para 4 is not Applicable.

(xiv) The Company has, in our opinion, maintained proper records of the transactions and contracts with respect to its investments and timely entries of such transactions are made therein. We also report that the Company has held the investments in its own name.

(xv) According to the information and explanations given to us, the Company has given guarantee for loans taken by others from banks or financial institutions, the terms & condition whereof are not prejudicial to the interest of the Company.

(xvi) The Company has not accepted any term loan during the year under review.

(xvii) According to the information and explanation given to us, and overall examination of the financial statement of the Company, we are of the opinion that short-term funds have not been used for long- term purpose and vice versa.

(xviii) According to the information and explanation given to us, the Company has not made any Preferential Allotment of shares during the year to parties and Companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures during the year. Accordingly Clause (xix) of Paragraph 4 is not applicable.

(xx) The Management has disclosed the end use of money raised by public issues and we have verified the same.

(xxi) As per the information and explanation given to us on our enquiries on this behalf there were no frauds on or by the Company which have been noticed or reported during the year;

For R. S. Dani & Company

Chartered Accountants

Registration No. : 000243C

C. P. Kothari

Place : Mumbai Partner

Date : April 24, 2011 M.No. 072229


Mar 31, 2010

1. We have audited the attached Balance Sheet of Bajaj Corp Limited as at March 31, 2010 and also the annexed Profit & Loss Account of the Company and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 basisforouropinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 (together the Order), issued by the Central Government of India in terms of Section 227(2A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 of the said order.

4. Further to our comments in the Annexure referred to in Para 3 above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of ouraudit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the Company;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sec 211 (3C) of the Companies Act, 1956, to the extent applicable.

(v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2010 from being appointed as director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in case of the Balance Sheet, of the state of affairs of the Company as at March 31,2010,

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date and

(c) in the case of cash flow statement, of the cash flows for the period ended on that date.

ANNEXURE TO THE AUDITORS REPORT Referred to in Paragraph 3 of our Report of even date.

On the basis of the records produced to us for our verification /perusal, such checks as we considered appropriate, and in terms of information and explanations given to us on our enquiries, we state that:

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management at the reasonable intervals during the year. According to the information and explanations given to us and the records produced to us for verification, discrepancies noticed on such physical verification were not, in our opinion, material and the same have been properly dealt with in the Books of Accounts.

(c) As per the information and explanation given to us on our enquiries company has not disposed any of its assets during the year.

(ii) (a) The Inventories of finished goods, stores, spare part and raw materials have been physically verified by the management. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of Inventories followed by the management as explained to us are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) According to the records produced to us for our verification, the discrepancies noticed on physical verification of Inventories referred to above, as compared to book records, though not material, have been properly dealt with in the Book of Accounts.

(iii) (a) As informed to us, the company has granted and taken unsecured loans from the following parties covered in the register maintained under section 301 of the Act.

Loan Granted : Bajaj Consumer Care Ltd Rs.5850 Lacs

Loan Taken : Bajaj Consumer Care Ltd Rs. 68 Lacs

(b) The rate of interest and other terms and conditions of above loans given or taken by the company, are prima facie not prejudicial to the interest of the company.

(c) During the year loans granted & taken by the company has been squared up.

(d) There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956, during the year.

(e) In respect of aforesaid loans, parties were regular in repayment of principal amount & interest thereon.

(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 the sale of goods and services. As per the information given to us, no major weaknesses in the internal controls have been identified by the management during the year. During the course of our audit, nothing had come to our notice that may suggest a major weakness in the internal control systems of the company.

(v) In our opinion, transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(vi) During the year 2009-10, Company has not accepted any deposit from the public.

(vii) On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) During the year 2009-10 the company was engaged in production of Hair Oil which comes under the list of Cosmetic or Toiletries item for which Compulsory Cost Accounting records should be maintained by the Company. On the basis of Records produced we are of the opinion that prima facie cost records and accounts prescribed by Central Government under section 209(1 )(d) of the Companies Act,1956 in respect of products of the Company covered under the rules under the said section have been maintained.

(ix) (a) According to the records of the Company, the company has been regular in depositing with the 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 and Cess and other statutory dues to the extent applicable to it.

(b) There are no disputed dues on account of sales tax, wealth tax, income tax, service tax and cess.

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any bank or financial institution. The Company has not obtained any borrowings by way of debentures.

(xii) The company has not granted any loans or advance secured by pledge of share, debenture or other security.

(xiii) The company is not a Chit Fund/ Nidhi / Mutual Fund/ Society to which the provisions of Special Statute relating to Chit Fund are applicable. Accordingly Clause (xiii) of Para 4 isnotapplicable.

(xiv) The Company has, in our opinion, maintained proper records of the transactions and contracts with respect to its investments and timely entries of such transactions are made therein. The Investment was held in the name of the company.

(xv) There were no guarantees given by the company for loans taken from the financial institutions and/or banks by others during the year under review.

(xvi) Based on information and explanations given to us by the management, term loan availed by the Company was applied by the Company for the purpose for which the loan was obtained.

(xvii) According to the information and explanation given to us, and overall examination of the financial statement of the company, we are of the opinion that short-term funds have not been used for long-term purpose and vice versa.

(xviii) According to the information and explanation given to us, the Company has not made any Preferential Allotment of shares during the year.

(xix) The company has not issued any Debentures during the year ended March 31, 2010. Accordingly Clause (xix) of Paragraph 4 is not applicable.

(xx) The Company has not raised any monies by Public Issue during the year under review. Accordingly Clause (xx) of Paragraph 4 is not applicable.

(xxi) As per the information and explanation given to us on our enquiries on this behalf there were no frauds on or by the company which have been noticed or reported during the year;

For R. S. Dani & Company

Chartered Accountants

C.P. Kothari

Partner M.No. 072229

Place : Delhi

Date : May 04, 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of Bajaj Corp Ltd. as at 31st March 2009 and also the annexed Profit & Loss Account of the Company and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 Companies (Auditors Report) Order, 2003 (CARO, 2003), issued by the Central Government of India in terms of Section 227(2A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 of the said order.

4. Further to our comments in the Annexure referred to in Para 3 above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose 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 Profit and Loss Account dealt with by the report are in agreement with the Books of Accounts of the Company;

(iv) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Sec 211 (3C) of the Companies Act, 1956, to the extent applicable.

(v) On the basis of written representations received from the Directors 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 director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2009 and

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date.

ANNEXTURE TO THE AUDITORS REPORT Referred to in Paragraph 3 of our Report of even date.

On the basis of the records produced to us for our verification /perusal, such checks as we considered appropriate, and in terms of information and explanations given to us on our enquiries, we state that:

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management at the reasonable intervals during the year. According to the information and explanations given to us and the records produced to us for verification, discrepancies noticed on such physical verification were not, in our opinion, material and the same have been properly dealt with in the Books of Accounts.

(c) As per the information and explanation given to us on our enquiries company has not disposed any of its assets during the year.

(ii) (a) The Inventories of finished goods, stores, spare part and raw materials have been physically verified by the management. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of Inventories followed by the management as explained to us are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) According to the records produced to us for our verification, the discrepancies noticed on physical verification of Inventories referred to above, as compared to book records, though not material, have been properly dealt with in the Book of Accounts.

(iii) (a) As informed to us, the company has granted and taken unsecured loans from the following parties covered in the register maintained under section 301 of the Act.

Loan Granted : Bajaj Consumer Care Ltd Rs. 1922 Lacs

Loan Taken : Bajaj Consumer Care Ltd Rs. 3415 Lacs

(b) The rate of interest and other terms and conditions of above loans given or taken by the company, are prima facie not prejudicial to the interest of the company.

(c) During the year loans granted & taken by the company has been squared up.

(d) There is no overdue amount of loans taken from or granted to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956, during the year.

(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. As per the information given to us, no major weaknesses in the internal controls have been identified by the management during the year. During the course of our audit, nothing had come to our notice that may suggest a major weakness in the internal control systems of the company.

(v) In our opinion, transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(vi) In our opinion, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58-A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, where applicable, with regard to the deposits accepted from public. However the company has not accepted any deposit from the public during the year.

(vii) On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) During the year 2008-09 the company was engaged in production of Hair Oil which comes under the list of Cosmetic or Toiletries item for which Compulsory Cost Accounting records should be maintained by the Company. On the basis of Records produced we are of the opinion that prima facie cost records and accounts prescribed by Central Government under section 209(1 )(d) of the Companies Act, 1956 in respect of products of the Company covered under the rules under the said section have been maintained.

(ix) (a) According to the records of the Company, the company has been regular in depositing with the 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 and Cess and other statutory dues to the extent applicable to it.

(b) There are no disputed dues on account of sales tax, wealth tax, income tax, service tax and cess.

(x) The Company was incorporated three years back. Accordingly Clause (x) of Paragraph 4 is not applicable.

(xi) The company has not defaulted in repayment of dues to banks. The company has not borrowed any sums from Financial Institutions or through Debentures.

(xii) The company has not granted any loans or advance secured by pledge of share, debenture or other security.

(xiii) The company is not a Chit Fund/ Nidhi / Mutual Fund/ Society to which the provisions of Special Statute relating to Chit Fund are applicable. Accordingly Clause (xiii) of Para 4 is not Applicable.

(xiv) The Company has, in our opinion, maintained proper records of the transactions and contracts with respect to its investments and timely entries of such transactions are made therein. The Investment was held in the name of the company.

(xv) There were no guarantees given by the company for loans taken from the financial institutions and/ or banks by others during the year under review.

(xvi) The Company has not accepted any term loan during the year under review.

(xvii) According to the information and explanation given to us, and overall examination of the financial statement of the company, we are of the opinion that short-term funds have not been used for long-term purpose and vice versa.

(xviii) According to the information and explanation given to us, the Company has not made any Preferential Allotment of shares during the year.

(xix) The company has not issued any Debentures during the year ended 31st March, 2009. Accordingly Clause (xix) of Paragraph 4 is not applicable.

(xx) The Company has not raised any monies by Public Issue during the year under review. Accordingly Clause (xx) of Paragraph 4 is not applicable.

(xxi) As per the information and explanation given to us on our enquiries on this behalf there were no frauds on or by the company which have been noticed or reported during the year;

For R. S. Dani & Company

Chartered Accountants

Sd/- Place: Ajmer C. P. Kothari

Date: 12th August 09 (Partner)



 
Subscribe now to get personal finance updates in your inbox!