Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Caprihans India Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act., read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Ind AS 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 of the Ind AS financial statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give 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 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 Companyâs Directors, as well as evaluating the overall presentation of the Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure 1â a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of changes in equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164(2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure 2â to this report;
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements - Refer Note 33 (c) to the Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
Annexure â1â to The Independent Auditorâs Report
(Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Caprihans India Limited of even date)
1. In respect of the Companyâs fixed assets:
a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. Fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.
c. According to the information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment/ fixed assets are held in the name of the Company.
2. The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification. Inventories lying with third parties have been confirmed by them as at March 31, 2018 and no material discrepancies were noticed in respect of such confirmations.
3. a. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii) (a) of the Order are not applicable to the Company and hence not commented upon.
b. In respect of loan granted to a Company, in the earlier years, covered in the register maintained under Section 189 of the Companies Act, 2013, the repayment of principal amount was not made as stipulated and payment of interest has not been regular.
c. The Company has amounts aggregating to Rs. 406.41 lacs (including interest of Rs. 131.41 lacs) which are overdue for more than ninety days from a Company covered in the register maintained under section 189 of the Companies Act, 2013 and in our opinion and according to the information and explanation given by the management, the Company has taken reasonable steps for the recovery of the principal and the interest.
4. In our opinion and according to the information and explanations given to us, there are no loans, investments, guarantees, and securities given in respect of which provisions of section 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.
5. The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.
6. 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 148(1) of the Companies Act, 2013, related to the manufacture or service of PVC Films, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
7. a. The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, goods and service tax, cess and other statutory dues applicable to it.
b. According to the records of the Company, the dues of income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax and cess on account of any dispute, are as follows:
Name of the statute |
Nature of the dues |
Amount* (Rs. lacs) |
Period to which the amount relates |
Forum where the dispute is pending |
Income Tax Act, 1961 |
Income Tax, including interest |
40.50* |
AY 2005-06 |
Income Tax Appellate Tribunal |
Income Tax Act, 1961 |
Income Tax, including interest |
14.59* |
AY 2006-07 |
Income Tax Appellate Tribunal |
Income Tax Act, 1961 |
Income Tax, including interest |
54.52* |
AY 2007-08 |
Income Tax Appellate Tribunal |
Central Excise Act, 1944 |
Excise Duty including penalty |
119.62* |
2004 to 2005 |
CESTAT |
* The amounts disclosed above are net of the payments made to the respective authorities where the dispute is pending.
8. The Company did not have any outstanding loans or borrowing dues in respect of a financial institution or bank or to government or dues to debenture holders during the year. Hence, clause 3 (viii) of the Order is not commented upon.
9. According to the information and explanations given by the management, the Company has not raised any money way of initial public offer/further public offer/debt instruments and term loans hence, reporting under clause (ix) is not applicable to the Company and hence not commented upon.
10. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the Company or no fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
11. According to the information and explanations given by the management, the managerial remuneration has been paid/provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
12. In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
13. According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards except for transactions with Bilcare Limited aggregating to Rs. 338.50 lacs, where the recoveries are not as per the stipulated terms.
14. According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the Company and, not commented upon.
15. According to the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.
16. According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
Annexure â2â to The Independent Auditorâs Report of even Date on the Standalone Financial Statements of Caprihans India Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Caprihans India Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Paul Alvares
Place of Signature: Pune Partner
Date: May 18, 2018 Membership Number: 105754
Mar 31, 2016
Report on the Financial Statements
We have audited the accompanying financial statements of Caprihans India Limited (the âCompanyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation 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 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 the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs 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 accounting policies used and the reasonableness of the accounting estimates made by the Companyâs 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 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 (Auditorâs report) Order, 2016 (the âOrderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, 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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director 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 2 of this report.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 1 referred to in paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementsâ of our report of even date
Re: Caprihans India Limited (the âCompanyâ)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) All fixed assets were physically verified by the management in the previous year in accordance with a planned programme of verifying them once in three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by management, the title deeds of immovable properties included in fixed assets are held in the name of the Company.
(ii) The inventory has been physically verified by management during the year. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification.
(iii) (a) According to the information and explanations given to us, we are of the opinion that the terms and conditions of loans granted by the company to a party covered in the register maintained under Section 189 of the Companies Act, 2013, having maximum balance of Rs. 417 lakhs (including interest of Rs. 17 lakhs) and year-end balance of such loans granted to such parties was Rs. 343.53 lakhs (including interest of Rs. 43.53 lakhs), are prejudicial to the companyâs interest on account of the inability of the party to pay these amounts on the due dates as per the terms of the agreement.
(b) In respect of loan granted to a company covered in the register maintained under Section 189 of the Companies Act, 2013, the repayment of principal amount was not made as stipulated and payment of interest has not been regular.
(c) The Company has amounts aggregating to Rs. 134.10 lakhs (including interest of Rs. 34.10 lakhs) which are overdue for more than ninety days from a company covered in the register maintained under section 189 of the Companies Act, 2013 and in our opinion and according to the information and explanations given by the management, the Company has taken reasonable steps for recovery of the principal and interest.
(iv) In our opinion and according to the information and explanations given to us, there are no loans, investments, guarantees, and securities granted by the Company. Accordingly the provisions of Section 185 and 186 of the Companies Act, 2013 being not applicable to the Company, clause 3(iv) of the Order is not applicable to the Company and hence not commented upon.
(v) The Company has not accepted any deposits from the public. Accordingly, the provisions of clause 3 (v) of the Order are not applicable to the Company and hence not commented upon.
(vi) 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 148(1) of the Act, relating to the manufacture of PVC films and plastic extruded products, 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 same.
(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues wherever applicable to it. None of these dues were outstanding as at the year-end for a period of more than six months from the date they became payable. Also, refer Note 37 of the financial statements.
(b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, customs duty, excise duty, value added tax and cess on account of any dispute, are as follows:
Name of the statute |
Nature of the dues |
Amount (Rs. lakhs) |
Period to which amount relates |
Forum where the dispute is pending |
Income Tax Act, 1961 |
Income tax, including interest |
40.50 |
AY 2005-06 |
Income Tax Appellate Tribunal |
Income Tax Act, 1961 |
Income tax, including interest |
14.59 |
AY 2006-07 |
Income Tax Appellate Tribunal |
Income Tax Act, 1961 |
Income tax, including interest |
54.52 |
AY 2007-08 |
Income Tax Appellate Tribunal |
Central Excise Act, 1944 |
Excise duty |
594.24 |
March 1990 to February 1994 |
CESTAT |
Central Excise Act, 1944 |
Excise duty including penalty |
185.14 |
July 1996 to October 1997 |
Currently remanded back by CESTAT to adjudicating authority i.e. Superintendent, Central Excise |
Central Excise Act, 1944 |
Excise duty including penalty |
24.09 |
June 1999 to March 2000 |
CESTAT |
Central Excise Act, 1944 |
Excise duty including penalty |
119.62 |
April 2004 to March 2005 |
CESTAT |
Central Excise Act, 1944 |
Excise duty |
5.17 |
April 2005 to June 2013 |
Commissioner (Appeals) |
Central Excise Act, 1944 |
Excise duty |
2.79 |
April 2007 to September 2008 |
Commissioner (Appeals) |
Central Sales Tax Act, 1956 |
Sales tax, including interest |
3.37 |
April 2008 to March 2009 |
Joint Commissioner of Sales Tax (Appeal)- II |
(viii) In our opinion and according to the information and explanations given by the management, the Company did not have any dues outstanding in the nature of loans to a financial institution or bank or to debenture holders or to government during the year. Accordingly, the provisions of clause 3 (viii) of the Order are not applicable to the Company and hence not commented upon.
(ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company has not raised any money by way of initial public offer, further public offer (including debt instruments) and term loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by management, we report that no fraud by the Company or no fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been paid/provided in accordance with the requisite approvals mandated by the provisions of Section 197 of the Companies Act, 2013 read with the general circular no. 07/2015 dated 10th April, 2015 issued by the Ministry of Corporate Affairs .
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xi) of the Order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements as required by the applicable accounting standards, except for transactions with Bilcare Limited aggregating Rs. 338.50 lakhs, where the recoveries are not as per stipulated terms.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit and accordingly, the provisions of clause 3(xiv) of the Order are not applicable to the Company and hence not commented upon.
(xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by management, the Company has not entered into any non-cash transactions with directors or persons connected with them as specified under the provisions of Section 192 of the Companies Act, 2013; and accordingly the provisions of clause 3(xv) of the Order are not applicable to the Company and hence not commented upon.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and accordingly the provisions of clause 3(xvi) are not applicable to the Company, and hence not commented upon.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Paul Alvares
Place of Signature: Pune Partner
Date: May 20, 2016 Membership Number: 105754
Mar 31, 2015
We have audited the accompanying financial statements of Caprihans
India Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the period then ended, and a summary of significant
accounting policies and other explanatory information hereafter
referred to as financial statements.
2. Management's responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting 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 financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
3. Auditor's Responsibility
3.1 Our responsibility is to express an opinion on these financial
statements based on our audit.
3.2 We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the
Rules made there under.
3.3 We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
3.4 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 of the financial statements that give a true and
fair view, in order to design audit procedures that are appropriate in
the circumstances, but not for purpose of expressing an opinion on
whether the Company has in place an adequate internal financial control
systems 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 Company's Directors, as well as evaluating the
overall presentation of the financial statements.
3.5 We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
4. Opinon
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, of the state of affairs of the Company as at March 31, 2015, and
its profit and its cash flows for the year ended on that date.
5. Emphasis of Matter
We invite attention to -
a. Note no. 24 (2) of the financial statements regarding excise duty
matters aggregating to Rs. 1659 lakhs disclosed as Contingent
Liabilities
b. Note no. 24 (4) of the financial statements regarding delay in
realisation of the assets of non-core activities to the extent of Rs.
245 lakhs. Our opinion is not modified in respect of these matters.
6. Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Companies Act 2013, 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
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, aforesaid financial statements comply with the
Accounting Standards referred to Section 133 of the Companies Act, 2013
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors
as on March 31, 2015 and taken on records by Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms Section 164 (2) of the Act.
7. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations in its
financial statements - Refer note 24(2) of financial statements.
(ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no delays in transferring amounts to the Investor
Education and Protection Fund during the year by the Company.
8. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 8 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Pursuant to the Company's programme of verifying fixed assets once
in three years, the Company has conducted physical verification of
fixed assets during the year. In our opinion, such programme of
verification is reasonable. As per the information and explanations
made available to us, no material discrepancies were noticed on
verification.
2. (a) Inventories have been physically verified by the Management
during the year. In our opinion, the frequency of such verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company.
(c) In our opinion, the Company maintains proper records of inventory.
We have been informed that no material discrepancies were noticed on
physical verification of inventories.
3. The Company has in earlier years given an unsecured loan to its
ultimate holding company, i.e. Bilcare Limited, a party covered in the
register maintained under Section 189 of the Companies Act, 2013.
(a) There are delays in receipt of principal amount and interest as per
the agreed repayment schedule.
(b) Based on the information and explanations given to us, the company
has taken reasonable steps for recovery of the outstanding amount.
4. 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 sale of
goods and services. During the course of our audit, we did not notice
any continuing failure to correct any major weakness in internal
controls.
5. According to the information and explanations given to us, the
Company has not accepted any deposits.
6. We have reviewed the cost compliance certificate of the Company &
are of the opinion that prima facie, the cost records pursuant to Rule
5 of the Companies (Cost Records and Audit) Rules 2014 have been made
and maintained for manufacturing activities. However, we have not
conducted a detailed examination of the cost records.
7. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company,
we find that the Company has generally been regular in depositing
undisputed statutory dues such as provident fund, employees' state
insurance dues, income tax, wealth tax etc. with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the above statutory dues
were outstanding as on 31st March, 2015 for a period of more than six
months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under:
Pertaining to Financial Years Amount Particulars
(Rs. in lacs)
1989-90 to 1993-94 594.24 Excise Duty
1996-97 to 1997-98 185.14 Excise Duty
1999- 2000 24.10 Excise Duty
1989-90 to 1994-95 0.50 Excise Duty
2004 to 2005 119.62 Excise Duty
1992-93 to 2001-02 251.18 Excise Duty
1995-96 to 1997-98 25.28 Excise Duty
1994-95 to 1996-97 242.14 Excise Duty
2006-07 to 2008-09 8.14 Service tax
2000- 01 to 2006-07 400.00 Income tax
2008-2009 3.37 Central Sales Tax
Total 1853.71
Pertaining to Financial Years Authority
1989-90 to 1993-94 CESTAT
1996-97 to 1997-98 CESTAT
1999- 2000 CESTAT
1989-90 to 1994-95 CESTAT
2004 to 2005 CESTAT
1992-93 to 2001-02 Hon. Supreme Court
1995-96 to 1997-98 Hon. Supreme Court
1994-95 to 1996-97 Hon. Supreme Court
2006-07 to 2008-09 Commissioner (appeals)
2000- 01 to 2006-07 ITAT
2008-2009 Joint Commissioner (appeals)
Total
(c) The amount required to be transferred to the Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and the Rules made there under, have been
transferred to the Fund within time.
8. The Company has no accumulated losses as at the financial year end.
There were no cash losses incurred in the financial year or the
previous financial year.
9. The Company has neither taken any loans from a financial
institution and a bank nor issued any debentures.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. The Company has not obtained any term loans.
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for M. P. Chitale & Co.
Chartered Accountants
ICAI Firm REG No. 101851W
Ashutosh Pednekar
Mumbai
Partner
May 22, 2015 ICAI M No. 041037
Mar 31, 2014
1. We have audited the accompanying financial statements of Caprihans
India Ltd ("the Company"), which comprise 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
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies (Accounting
Standards) Rules, 2006 which as per a clarification issued by the
Ministry of Corporate Affairs continue to apply under 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
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act, in the manner so required, and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit 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.
Emphasis of Matter
7. Without qualifying our audit opinion, we invite attention to -
(a) Note no. 25 (2) of the financial statements regarding excise duty
matters aggregating to Rs. 1637 lakhs disclosed as Contingent
Liabilities.
(b) Note no. 25 (4) of the financial statements regarding delay in
realisation of the assets of non-core activities to the extent of Rs.
245 lakhs.
Report on Other Legal and Regulatory Requirements
8. As required by section 227(3) of the Companies Act 1956, we report
that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement complies with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 which as per a
clarification issued by the Ministry of Corporate Affairs continue to
apply under section 133 of the Companies Act, 2013;
e. on the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2014, from being appointed as a director
in terms of clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956.
9. 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.
Annexure To The Auditors'' Report
(Referred to in paragraph 9 of our report of even date on the accounts
of Caprihans India Ltd. for the 12 months period ended 31st March,
2014)
1. (a) The Company has maintained reasonable records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a programme of verifying fixed assets once in three
years. As the Company conducted physical verification of fixed assets
in the earlier financial year, no physical verification was conducted
during the year. In our opinion, such programme of verification is
reasonable.
(c) Based on our examination of the records of the company, we find
that no substantial part of the fixed assets affecting the going
concern have been disposed off during the year.
2. (a) Inventories have been physically verified by the Management
during the year. In our opinion, the frequency of such verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company.
(c) In our opinion, the Company maintains proper records of inventory.
We are informed that no material discrepancies were noticed on physical
verification of inventories.
3. (a) The Company has given an unsecured loan of Rs. 500 lakhs to its
ultimate holding company, i.e. Bilcare Limited, a party covered in the
register maintained under Section 301 of the Companies Act, 1956.
(b) Based on the information and explanations given to us, in our
opinion, the rates of interest on which such unsecured loans have been
given are prima facie not prejudicial to the interests of the company.
4. 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 sale of
goods. During the course of our audit we did not notice any continuing
failure to correct any major weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956,
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that needed to be entered into the register maintained
under Section 301 have been so entered.
(b) According to the information and explanations given to us there are
transactions where the company has purchased/sold goods &
rendered/availed services in excess of Rs.5 lakhs with a company listed
in the register maintained under section 301. In respect of such
services, we are informed that these have been made at mutually agreed
prices for which suitable alternatives do not exist to compare with the
prevailing market prices. In respect of goods purchased/sold, the
transactions has been made at prices which are prima facie reasonable
having regard to prevailing market prices to the extent available with
the Company of similar items supplied under similar circumstances by/to
other parties.
6. The Company has not accepted any deposits from public attracting
the provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules framed thereunder or
the directives issued by RBI.
7. The Company has an internal audit system which, in our opinion is
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
relating to manufacturing activities. We have not made an examination
of the cost records required to be maintained under Companies (Cost
Accounting Records) Rules, 2011 in respect of their accuracy and
completeness.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, we find
that the company has generally been regular in depositing undisputed
statutory dues such as provident fund, investor education & protection
fund, employees'' state insurance dues, income tax, wealth tax etc. with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the above statutory dues were outstanding as on 31st March, 2014 for a
period of more than six months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under :-
Financial Years Amount Particulars Authority
(Rs.in
lacs)
1989-90 to 1993-94 594.24 Excise Duty CESTAT
1996-97 to 1997-98 185.14 Excise Duty CESTAT
1999-2000 24.10 Excise Duty CESTAT
1989-90 to 1994-95 0.50 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon.Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon.Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon.Supreme Court
2006-07 to 2008-09 8.14 Service tax Commissioner appeals)
2000- 01 to 2006-07 400.00 Income tax ITAT
2008-2009 3.37 Central Sales Joint Commissioner
tax (appeals)
Total 1734.09
10. The Company has no accumulated losses as at the financial year
end. There were no cash losses incurred in the financial year or the
previous financial year.
11. The Company has neither taken any loans from a financial
institution and a bank nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society.
14. The Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not obtained any term loans.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for M. P. Chitale & Co.
Chartered Accountants
ICAI Firm REG No. 101851W
Murtuza Vajihi
Mumbai Partner
May 23, 2014 ICAI M. No. 112555
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying fnancial statements of Caprihans
India Ltd ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and the Statement of Proft and Loss and Cash Flow Statement
for the year then ended, and a summary of signifcant accounting
policies and other explanatory information.
Management''s responsibility for the Financial Statements
2. Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the fnancial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the fnancial
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 fnancial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the fnancial statements.
5. We believe that the audit evidence we have obtained is suffcient
and appropriate to provide a basis for our audit opinion.
6. in our opinion and to the best of our information and according to
the explanations given to us, the fnancial statements give the
information required by the Act, in the manner so required, and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Proft and Loss Account, of the proft for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.
Emphasis of Matter
7. Without qualifying our audit opinion, we invite attention to -
(a) Note no. 24 (2) of the fnancial statements regarding excise duty
matters aggregating to Rs. 1628 lakhs disclosed as Contingent
Liabilities.
(b) Note no. 24 (4) of the fnancial statements regarding delay in
realisation of the assets of non-core activities to the extent of Rs. 245
lakhs.
Report on Other Legal and Regulatory Requirements
8. As required by section 227(3) of the Companies Act 1956, 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 Proft and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account
d. in our opinion, the Balance Sheet, Statement of Proft and Loss, and
Cash Flow Statement complies with the Accounting Standards referred to
in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualifed as on March 31,2013, from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956.
9. 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 specifed in paragraphs 4 and 5 of the Order.
Annexure To The Auditors'' Report
(Referred to in paragraph 9 of our report of even date on the accounts
of Caprihans India Ltd for the 12 months period ended 31st March, 2013)
1. (a) The Company has maintained reasonable records showing full
particulars, including quantitative details and situation of fxed
assets.
(b) The company has a programme of verifying fxed assets once in three
years. As the Company conducted physical verifcation of fxed assets in
the previous fnancial year, no physical verifcation was conducted
during the year. In our opinion, such programme of verifcation is
reasonable.
(c) Based on our examination of the records of the company, we fnd that
no substantial part of the fxed assets affecting the going concern have
been disposed off during the year.
2. (a) Inventories have been physically verifed by the Management
during the year. In our opinion, the frequency of such verifcation is
reasonable.
(b) The procedure of physical verifcation of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company.
(c) In our opinion, the company maintains proper records of inventory.
We are informed that no material discrepancies were noticed on physical
verifcation of inventories.
3. (a) The Company has given an unsecured loan of Rs. 500 lakhs to its
ultimate holding company, i.e. Bilcare Limited, a party covered in the
register maintained under Section 301 of the Companies Act, 1956.
(b) Based on the information and explanations given to us, in our
opinion, the rates of interest on which such unsecured loans have been
given are prima facie not prejudicial to the interests of the company.
4. 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 fxed assets and sale of
goods. During the course of our audit we did not notice any continuing
failure to correct any major weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956,
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that needed to be entered into the register maintained
under Section 301 have been so entered.
(b) According to the information and explanations given to us there are
transactions where the company has purchased/sold goods &
rendered/availed services in excess of Rs.5 lakhs with a company listed
in the register maintained under section 301. In respect of such
services, we are informed that these have been made at mutually agreed
prices for which suitable alternatives do not exist to compare with the
prevailing market prices. In respect of goods purchased/sold, the
transactions has been made at prices which are prima facie reasonable
having regard to prevailing market prices to the extent available with
the Company of similar items supplied under similar circumstances by/to
other parties.
6. The Company has not accepted any deposits from public attracting
the provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules framed thereunder or
the directives issued by RBI.
7. The Company has an internal audit system which, in our opinion is
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
relating to manufacturing activities. We have not made an examination
of the cost records required to be maintained under Companies (Cost
Accounting Records) Rules, 2011 in respect of their accuracy and
completeness.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, we fnd
that the company has generally been regular in depositing undisputed
statutory dues such as provident fund, investor education & protection
fund, employees'' state insurance dues, income tax, wealth tax etc. with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the above statutory dues were outstanding as on 31st March, 2013 for a
period of more than six months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under :-
Financial
Years Amount
(Rs. in lacs) Particulars Authority
1989-90 to
1993-94 594.24 Excise Duty CESTAT
1996-97 to
1997-98 185.14 Excise Duty CESTAT
1999-2000 24.10 Excise Duty CESTAT
1989-90 to 1994-95 0.50 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon. Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon. Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon. Supreme Court
2006-07 to 2008-09 8.14 Service tax Commissioner (appeals)
2000-01 to 2006-07 400.00 Income tax ITAT
Total 1730.72
10. The Company has no accumulated losses as at the fnancial year end.
There were no cash losses incurred in the fnancial year or the previous
fnancial year.
11. The Company has neither taken any loans from a fnancial
institution and a bank nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual beneft fund or a
society.
14. The Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or fnancial institutions.
16. The Company has not obtained any term loans.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for M. P. Chitale & Co.
Chartered Accountants
ICAI Firm REG No. 101851W
Murtuza Vajihi
Mumbai Partner
May 24, 2013 ICAI M. No. 112555
Mar 31, 2012
1. We have audited the attached Balance Sheet of Caprihans India Ltd.,
as at 31st March, 2012, the Statement of Profit and Loss for the
financial year ended 31st March, 2012 and also the Cash Flow Statement
for the financial year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 and
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 enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we
report that
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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, Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956.
(v) On the basis of written representations received from the Directors
as on 31st March 2012 and taken on record by the Board of Directors, we
report that that none of the Directors is disqualified as on 31st
March, 2012 from being appointed as a Director in terms of Section
274(1)(g) of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(b) in the case of the Statement of Profit and Loss, of the profit for
the financial year ended on 31st March, 2012 and
(c) in the case of the Cash Flow Statement, of the cash flows for the
financial year ended on 31st March 2012. Emphasis of Matter Without
qualifying our audit opinion, we invite attention to -
(a) Note no. 24 (2) of the financial statements regarding excise duty
matters aggregating to Rs. 1591 lakhs disclosed as Contingent
Liabilities.
(b) Note no. 24 (4) of the financial statements regarding delay in
realisation of the assets of non-core activities to the extent of Rs.
245 lakhs.
Paras (a) and (b) above are matters referred to in our audit report for
the financial year 2010-11.
Annexure To The Auditors' Report
(Referred to in paragraph 3 of our report of even date on the accounts
of Caprihans India Ltd for the 12 months period ended 31st March, 2012)
1. (a) The Company has maintained reasonable records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Pursuant to the company's programme of verifying fixed assets
once in three years, the Company has conducted physical verification of
fixed assets during the year. In our opinion, such programme of
verification is reasonable. As per the information and explanations
made available to us, no material discrepancies were noticed on
verification.
(c) Based on our examination of the records of the company, we find
that no substantial part of the fixed assets affecting the going
concern have been disposed off during the year.
2. (a) Inventories have been physically verified by the Management
during the year. In our opinion, the frequency of such verification is
reasonable
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company
(c) In our opinion, the company maintains proper records of inventory.
We are informed that no material discrepancies were noticed on physical
verification of inventories.
3. (a ) The Company has given an unsecured loan of Rs. 500 lakhs to
its ultimate holding company, i.e. Bilcare Limited, a party covered in
the register maintained under Section 301 of the Companies Act, 1956.
(b) Based on the information and explanations given to us, in our
opinion, the rates of interest on which such unsecured loans have been
given are prima facie not prejudicial to the interests of the company.
4. 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 sale of
goods. During the course of our audit we did not notice any continuing
failure to correct any major weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956,
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that needed to be entered into the register maintained
under Section 301 have been so entered.
(b) According to the information and explanations given to us there are
certain transactions where the company has rendered/availed services in
excess of Rs.5 lakhs with a company listed in the register maintained
under section 301. In respect of such services, we are informed that
these have been made at mutually agreed prices for which suitable
alternatives do not exist to compare with the prevailing market prices.
6. The Company has not accepted any deposits from public attracting
the provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules framed thereunder or
the directives issued by RBI.
7. The Company has an internal audit system which, in our opinion is
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
relating to manufacturing activities. We have not made an examination
of the cost records required to be maintained under Companies (Cost
Accounting Records) Rules, 2011 in respect of their accuracy and
completeness.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, we find
that the company has generally been regular in depositing undisputed
statutory dues such as provident fund, investor education & protection
fund, employees' state insurance dues, income tax, wealth tax etc.
with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the above statutory dues were outstanding as on 31st March, 2012 for a
period of more than six months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under :-
Financial Years Amount
(Rs. in lacs) Particulars Authority
1989-90 to 1994-95 594.25 Excise Duty CESTAT
1996-97 to 1997-98 185.63 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon Supreme Court
2006-07 to 2008-09 8.14 Service tax Commissioner
(appeals)
2000-01 to 2006-07 400.00 Income tax ITAT
Total 1706.62
10. The Company has no accumulated losses as at the financial year
end. There were no cash losses incurred in the financial year or the
previous financial year.
11. The Company has neither taken any loans from a financial
institution and a bank nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society.
14. The Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not obtained any term loans.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for M. P. Chitale & Co.
Chartered Accountants
ICAI Firm REG No.101851W
Ashutosh Pednekar
Mumbai, Partner
May 28, 2012 ICAI M. No. 41037
Mar 31, 2011
1. We have audited the attached Balance Sheet of Caprihans India Ltd.,
as at 31st March, 2011, the Profit and Loss Account for the financial
year ended 31st March, 2011 and also the Cash Flow Statement for the
financial year ended on that date annexed thereto. These financial
statements are the responsibility of the CompanyÃs management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (AuditorÃs Report) Order, 2003 and as
amended by Companies (AuditorÃs Report) (Amendment) Order, 2004
(together the ÃOrderÃ) issued by the Central Government of India in
terms of section 227 (4A) of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we
report that
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956.
(v) On the basis of written representations received from the Directors
as on 31st March 2011 and taken on record by the Board of Directors, we
report that none of the Directors is disqualifed as on 31st March, 2011
from being appointed as a Director in terms of Section 274(1)(g) of the
Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(b) in the case of the Profit and Loss Account, of the profit for the
financial year ended on 31st March, 2011 and
(c) in the case of the Cash Flow Statement, of the cash flows for the
financial year ended on 31st March 2011.
Emphasis of Matter
Without qualifying our audit opinion, we invite attention to -
(a) Note no. 3 (a) in Schedule 6 regarding excise duty matters
aggregating to Rs. 1582 lakhs disclosed as Contingent Liabilities.
(b) Note no. 6 in Schedule 6 regarding delay in realisation of the
assets of non-core activities to the extent of Rs. 245 lakhs.
Paras (a) and (b) above are matters referred to in our audit report for
the financial year 2009-10
Annexure To The Auditors' Report
(Referred to in paragraph 3 of our report of even date on the accounts
of Caprihans India Ltd for the 12 months period ended 31st March, 2011)
1. (a) The Company has maintained reasonable records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a programme to verify fixed assets physically once
in three years which is in our opinion, reasonable. Accordingly,
verification of fixed assets has not been done during the period under
audit.
(c) Based on our examination of the records of the company, we find
that no substantial part of the fixed assets affecting the going
concern have been disposed off during the year.
2. (a) Inventories have been physically verified by the Management
during the year. In our opinion, the frequency of such verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company.
(c) In our opinion, the company maintains proper records of inventory.
We are informed that no material discrepancies were noticed on physical
verification of inventories.
3. The Company has not granted or taken any loans, secured or
unsecured, to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
4 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 sale of
goods. During the course of our audit we did not notice any continuing
failure to correct any major weakness in internal controls.
5. In our opinion and according to the information and explanations
given to us the contracts or arrangements referred to in section 301 of
the Act have been entered in the register maintained under that section
and these transactions have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from public attracting
the provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules framed thereunder or
the directives issued by RBI.
7. The Company has an internal audit system which, in our opinion is
commensurate with the size and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 for any of the products of
the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, we find
that the company has generally been regular in depositing undisputed
statutory dues such as provident fund, investor education & protection
fund, employeesà state insurance dues, income tax, wealth tax etc. with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the above statutory dues were outstanding as on 31st March, 2011 for a
period of more than six months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under :-
Financial Years Amount (Rs. Particulars Authority
in lacks)
1989-90 to 1994-95 594.25 Excise Duty CESTAT
1996-97 to 1997-98 185.63 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon Supreme Court
2006-07 to 2008-09 8.14 Service tax Commissioner
(Appeals)
Total 1306.62
10. The Company has no accumulated losses as at the financial year
end. There were no cash losses incurred in the financial year or the
previous financial year.
11. The Company has neither taken any loans from a financial
institution and a bank nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society.
14. The Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not obtained any term loans.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for M. P. Chitale & Co.
Chartered Accountants
ICAI FRN 101851W
Murtuza Vajihi
Partner
ICAI M. No. 112555
Mumbai,
May 26, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Caprihans India Ltd.,
as at 31st March, 2010, the Profit and Loss Account for the financial
year ended 31st March, 2010 and also the Cash Flow Statement for the
financial year ended on that date annexed thereto. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. 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 signifcant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 and as
amended by Companies (Auditors Report) (Amendment) Order, 2004
(together the ÃOrderÃ) issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we
report that
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956.
(v) On the basis of written representations received from the Directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that that none of the Directors is disqualifed as on 31st
March, 2010 from being appointed as a Director in terms of Section
274(1)(g) of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(b) in the case of the Profit and Loss Account, of the profit for the
fnancial year ended on 31st March, 2010 and
(c) in the case of the Cash Flow Statement, of the cash fows for the
fnancial year ended on 31st March, 2010.
Emphasis of Matter
Without qualifying our audit opinion, we invite attention to -
(a) Note no. 4(a) in Schedule 6 regarding disputed excise duty demands
aggregating Rs. 860 lakhs disclosed as contingent liabilities.
(b) Note no. 7 in Schedule 6 regarding delay in realisation of the
assets of non-core activities to the extent of Rs. 245 lakhs.
(c) Note no. 4(b) in Schedule 6 regarding disputed Income Tax demands
aggregating Rs. 2326 lakhs disclosed as contingent liabilities.
Paras (a) and (b) above are matters referred to in our audit report for
the previous year 2008-09
Annexure to the Auditors Report
(Referred to in paragraph 3 of our report of even date on the accounts
of Caprihans India Ltd for the 12 months period ended 31st March, 2010)
1. (a) The Company has maintained reasonable records showing full
particulars, including quantitatives details and situation of fixed
assets.
(b) The Company has a programme to verify fixed assets physically once
in three years which is in our opinion, reasonable. Accordingly,
verification of fixed assets has been done during the period under
audit. We are informed that discrepancies noticed on verification were
not material and the same have been properly dealt with in the books of
accounts.
(c) Based on our examination of the records of the company, we find
that no substantial part of the fixed assets affecting the going
concern have been disposed off during the year.
2. (a) Inventories have been physically verified by the Management
during the year. In our opinion, the frequency of such verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion, the Company maintains proper records of inventory.
We are informed that no material discrepancies were noticed on physical
verification of inventories.
3. The Company has not granted or taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
4. 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 sale of
goods. During the course of our audit we did not notice any continuing
failure to correct any major weakness in internal controls.
5. In our opinion and according to the information and explanations
given to us the contracts or arrangements referred to in section 301 of
the Act have been entered in the register maintained under that section
and these transactions have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from public attracting
the provisions of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules framed thereunder or
the directives issued by RBI.
7. The Company has an Internal Audit system which, in our opinion, is
commensurate with the size and the nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 for any of the products of
the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, we find
that the Company has generally been regular in depositing undisputed
statutory dues such as provident fund, investor education & protection
fund, employees state insurance dues, income tax, wealth tax, etc.,
with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the above statutory dues were outstanding as on 31st March, 2010 for a
period of more than six months from the date they became payable.
(b) The disputed statutory dues that have not been deposited on account
of appeal matters pending before the appropriate authorities are as
under :-
Financial Years Amount Particulars Authority
(Rs. in lakhs)
1996-97 to 1997-98 185.63 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon Supreme Court
2000-01 to 2006-07 2269.92 Income Tax CIT Appeals.
2006-07 to 2008-09 8.14 Service Tax Commissioner
(appeals)
Total 2982.29
10. The Company has no accumulated losses as at the financial year
end. There were no cash losses incurred in the financial year or the
previous financial year.
11. The Company has neither taken any loans from a financial
institution and a bank nor issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual beneft fund or a
society.
14. The Company is not a dealer or trader in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not obtained any term loans.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures.
20. The Company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For M.P. CHITALE & CO.
Chartered Accountants
ICAI Firm REG No. 101851 W
MURTUZA VAJIHI
Place : Mumbai Partner
Dated : 28th May, 2010 ICAI Membership No. 112555
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