Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of "COCHIN MINERALS AND RUTILE LIMITED" ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, change in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, based on our audit we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the statement of Cash Flow dealt with by this report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
(e) On the basis of the written representations received from the directors of the company, as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor''s Report) Order, 2016("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the '' Annexure B, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 1(f) under ''Report on Other Legal and Regulatory Requirements'' section of our report to the Members of Cochin Minerals and Rutile Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of COCHIN MINERALS AND RUTILE LIMITED ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with 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 company''s assets that could have a material effect on the financial statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of COCHIN MINERALS AND RUTILE LIMITED of even date)
i. In respect of the Company''s fixed assets:
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date.
ii. a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable.
b) The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to book records.
iii. The company has not granted any loans, secured or unsecured to the companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of Companies Act, 2013.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans, making investments and providing guarantees and securities, as applicable.
v. The Company has not accepted deposits during the year and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
vi. The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Thus reporting under clause 3(vi) of the order is not applicable to the Company.
vii. According to the information and explanations given to us, in respect of statutory dues:
a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.
b) According to the informations and explanations given to us and based on the records of the company explained by us, there are no dues of income tax, service tax, sales tax, Customs duty, Excise duty, Value added tax, Goods and Service tax and Cess which have not been deposited on the account of dispute, except the following;
Name of the Statute |
Name of Due |
Forum where Dispute is Pending |
Period to which the Amount Relates |
Amount ? Lakhs |
Central Sales Tax Act |
Central Sales Tax |
Deputy Commissioner (Appeals), Commercial Taxes Ernakulam |
F.Y 2008-09 |
11.51 |
viii .In our opinion and according to the explanations given to us, the Company has not defaulted in repayment of loans or borrowings to the financial institutions, banks and Government or dues to debenture holders. There were no debenture holders at any time during the year.
ix. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. In our opinion and according to the information and explanations given to us, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
xiv. During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly paid convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.
xv. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
A K MURALEE & CO.
Chartered Accountants
(Firm Registration No. 011817S)
Sd/-
MURALEEKRISHNAN. A.K, F.C.A
(Membership No. 217127)
Ernakulam,
29/05/2018
Mar 31, 2016
TO THE MEMBERS OF âCOCHIN MINERALS AND RUTILE LIMITEDâ
Report on the Financial Statements
1. We have audited the accompanying financial statements of "COCHIN MINERALS AND RUTILE LIMITED" (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
2. 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
6. 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 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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 Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
8. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ; and
(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 financial statements-Refer Note 36 to the financial statements;
(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses-Refer Note 38 to the financial statements.
(iii)There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
Annexure A to Auditorsâ Report
The Annexure referred to in Independent Auditorâs Report to the members of the Company on the financial statements for the year ended 31st March, 2016, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties of the Company are held in the name of the Company.
(ii) (a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. In our opinion, the frequency of such verification is reasonable.
(b) The company has maintained proper records of Inventories . As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to book records.
(iii) 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.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.
(v) In our opinion and according to the information and explanations given to us, The Company has not accepted any deposits from the public. Therefore, the provisions of clause 3 (v) of the Companies (Auditorâs Report) Order, 2016, are not applicable to the Company.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act.
(vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees State Insurance, Income- tax, Sales-tax, Service Tax, Customs Duty, Excise Duty, Value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities in India;
According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues where in arrears, as at 31.03.2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income tax, Service Tax, Sales tax, Customs Duty, Excise Duty, Value added tax and cess which have not been deposited on account of any dispute, except the following ;
Name of the Statue |
Name of Dues |
Amount (in Rs. lakhs) |
Financial year to which the amount relates |
Forum where the dispute is pending |
Income Tax Act 1961 |
Income Tax |
58.08 |
2008-09 |
Commissioner of Income Tax (Appeals), Cochin |
Central Sales Tax Act |
Central Sales Tax |
11.51 |
2008-09 |
Deputy Commissioner (Appeals), Commercial Taxes, Ernakulam |
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to a financial institution, bank, Government or dues to debenture holders. There were no debenture holders at any time during the year.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
(x) According to information and explanations given to us, no material fraud by the company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) In our opinion, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, all 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 financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and therefore, the provisions of clause 3(xiv) of the Companies (Auditorâs Report) Order, 2016, are not applicable to the Company.
(xv) According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not entered in to any non-cash transactions with directors or persons connected with the directors.
(xvi) In our opinion and 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.
Annexure - B to the Auditorsâ Report
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 "COCHIN MINERALS AND RUTILE LIMITED" (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the 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 (âICAIâ). 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 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.
Auditorsâ 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, issued by ICAI and deemed to be prescribed under Section 143 (10) of the Companies Act , 2013, to the extent applicable to an audit of internal financial controls. 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 judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the 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 over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
Sd/-
K.A.SAGHESH KUMAR, B.Com.,F.C.A
Aluva, CHARTERED ACCOUNTANT
19.05.2016. Membership No.211340
Mar 31, 2015
1. We have audited the accompanying financial statements of "COCHIN
MINERALS AND RU- TILE LIMITED" ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a sum- mary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 financial state- ments that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities, selection and application of appropriate accounting
policies, making judgements and estimates that are reasonable and
prudent, and design, implementation and maintenance of adequate
internal finan- cial 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.
Auditors' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and mat-
ters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143 (10) of the Act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judg- ment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances ,but not for the purpose of expressing
an opinion on whether the Company has in place an ad- equate internal
financial control systems over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the 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.
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.
Opinion
6. 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 ac- cepted in India, of the state of affairs of the Company
as at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order, 2015('the
order) issued by the Central Government of India in terms of sub
section (11) of section 143 of the Act, we give in the An- nexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of section 164(2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opiion and to the best of our information and according to
the explanations given to us.
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements-Refer Note 37 to the
financial statements.
(ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses-Refer Note 39 to the financial state- ments.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to Auditors' Report
Referred to in Paragraph 7 Our Report of even date to the members of
'COCHIN MINERALS AND RUTILE LIMITED' on the accounts of the company
for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, fixed assets have been physically verified by
the management at regu- lar intervals, as informed to us no material
discrepancies were noticed on such verifica- tion.
(ii) (a) As explained to us, inventories have been physically verified
by the management at regular intervals during the year. In our opinion,
the frequency of such verification is rea- sonable.
(b) In our opinion , the procedure of physical verification of
inventory followed by the management is reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company has maintained proper records of Inventories . As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to book records.
(iii) The company has not granted loans, secured or unsecured to
companies, firms or Other parties covered in the register maintained
under section 189 of the Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there is ad- equate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit, no major weakness has
been observed in the internal control system.
(v) The Company has not accepted any deposits from the public.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost re- cords under sub-section (1) of Section 148 of
the Act
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statu- tory dues, including
Provident Fund, Employees State Insurance, Income- tax, Sales-tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value added tax,
cess and other ma- terial statutory dues, as applicable, with the
appropriate authorities in india;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income tax, Wealth Tax, Service Tax, Sales tax, Customs Duty, Excise
Duty, Value added tax and cess which have not been deposited on account
of any dispute, other than the following ;
Name of the Name of Dues Amount
Statue (in Rs. lakhs)
Income Tax Act Income Tax 58.08
1961
Central Sales Tax Central Sales Tax 11.51
Act
Name of the
Statue Financial year Forum where
to which the the dispute is
amount relates pending
Income Tax Act
1961 2008-09 Commissioner of
Income Tax (Ap-
peals), Cochin
Central Sales Tax
Act 2008-09 Deputy Commis-
sioner (Appeals),
Commercial
Taxes, Ernakulam
(c) According to the information and explaination given to us, the
amount which were re- quired to be transferred to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder has been transferred to such fund within the time.
(viii) The Company has no accumulated losses at the end of this
financial year. However, it has- incurred cash losses in the current
financial year and preceeding financial year.
(ix) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to financial institution
or banks .
(x) In our opinion, and according to the information and explanations
given to us, the Com- pany has not given any guarantee for loan taken
by others from a bank or financial institu- tion .
(xi) In our opinion, and according to the information and explanation
given to us, the term loans were used for the purposes for which these
loans were raised.
(xii) According to information and explaination given to us no fraud on
or by the company has been noticed or reported during the year that
causes the financial statements to be materi- ally misstated.
Sd/-
K.A.SAGHESH KUMAR, B.Com.,F.C.A
Aluva, CHARTERED ACCOUNTANT
23.05.2015. Membership No.211340
Mar 31, 2014
We have audited the accompanying financial statements of "COCHIN
MINERALS AND RUTILE LIMITED" ("the Company"), which comprise the
Balance Sheet as at March 31st, 2014, and the Statement of Profit and
Loss and Cash flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act")read with the General Circular 15/2013 dated 13th September 2013
of the Ministry of Corporate Affairs in respect of Sec 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances ,but not the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 2014;
b) in the case of the Profit and Loss, of the profit/ loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub
section (4A) of Section 227 of the Companies Act, 1956 and sub-section(
11) of Section 143 of the Companies Act,2013, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of
those books.
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
statement dealt with by this report are in agreement with the books of
account.
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow statement comply with the Accounting Standards notified
under the Companies Act, 1956(the "Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Sec 133 ofthe Companies Act, 2013.
(e) on the basis of written representations received from the directors
as on March 3 H'', 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st, 2014; from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956 and sub-section(2) of Section
164 of the Companies Act ,2013.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 1 OF REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE
1. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets, on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company has not been affected.
2. In respect of inventories
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year. In our opinion, the
frequency of such verification is reasonable.
b) In our opinion, the procedure of physical verification of Inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business
c) The company has maintained proper records of Inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to book records.
3. The company has neither granted nor taken any loan, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956 and
Section 189 of Companies Act 2013.
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, fixed assets and also for the
sale of goods and services. During the course of our audit no major
weakness has been observed in the internal control system.
5. In respect of Transaction covered under section 301 of the
Companies Act, 1956 and Section 189 of the Companies Act, 2013.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that needed to be entered into the register maintained in
pursuance of section 301 of the Companies Act, 1956 and Section 189 of
the Companies Act, 2013 have been so entered.
b) In our opinion the transaction made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act and Section 189 of the Companies Act. 2013, have been
made at prices which are reasonable having regard to the prevailing
market price.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from the public.
Therefore, provisions of clause 4(iv) of the Companies (Auditor''s
Report) Order, 2013. are not applicable to the company.
7. In our opinion the company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the Order of the Central Government for maintenance
of Cost records under section 209( 1) (d) of the Companies Act, 1956
and Section 128 read with Section 2( 13) of the Companies Act, 2014, in
respect of chemical industry and are of the opinion that prima facie
the prescribed accounts and records have been made and maintained. We
have not, however, carried out a detailed examination of the same.
9. In respect of statutory dues
a) According to the information and explanations given to us, and the
book and records examined by us, there are no undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty cess and other statutory dues and have
been generally regularly deposited with the appropriate authorities.
According to information and explanation given to us no undisputed
amounts payable in respect of the aforesaid dues were outstanding as at
31st March 2014 for a period more than six months from the date of
becoming payable.
b) According to the information and Explanation given to us, and the
book and records examined by us, there are no disputed statutory dues
of sales tax, income tax, service tax, customs duty, wealth tax, excise
duty and cess.
c) According to the records of the company, there are. no dues
outstanding on account of Sales Tax, Income Tax, wealth tax, excise
duty, cess on account of any dispute, other than the following :
Name of the Name of Amount Period to which Forum where
the dispute
Statue Dues (in Rs. lakhs) the amount relates is pending
Income Tax Commissioner
of Income
Income
Tax
55.08 2008-09
Act 1961 Tax (Appeals),
Cochin
Central
Sales Central 11.51
Sales 2008-09 Deputy
Commissioner
(Appeals),
Tax Act Tax Commercial
Taxes, Ekm.
10. The Company has no accumulated losses at the end of this financial
year. However, it has incurred cash losses in the current financial
year. The company has not incurred cash losses in the immediately
preceding financial year.
11. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institution or
banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of Security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/Society. Therefore Clause 4 (xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. According to the information and explanations given to us and the
records examined by us. the Company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us. the term loans were used for the purposes for which these
loans were raised .
17. On the basis of an overall examination of the Balance Sheet and
cash Flow of the Company and the information and explanation given to
us, we report that the Company has not utilised any funds raised on
short term basis for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the Register maintained under Section
301 of the Companies Act, 1956 and Section 189 of the Companies Act,
2013.
19. The Company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Audit Report) Order 2003 is not applicable to
the Company.
20. The Company has not raised any money through a Public Issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Sd/-
K.A.SAGHESH KUMAR. B.com., F.C.A.
ALUVA, CHARTERED ACCOUNTANT
05.05.2014 Membership No. 211340
Mar 31, 2013
We have audited the accompanying financial statements of "COCHIN
MINERALS AND RUTILE LIMITED" ("the Company"), which comprise the
Balance Sheet as at March 31st, 2013, and the Statement of Profit and
Loss and Cash flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made dv management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 2013;
b) In the case of the statement of Profit and Loss, of the profit/ loss
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.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub
section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books or account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
statement dealt With by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow statement comply with the Accounting Standards referred
to in sub section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31st, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st, 2013; from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441Aofthe
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and navable bv the Comnanv.
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO
THE MEMBERS OF COCHIN MINERALS AND RUTILE LIMITED ON THE ACCOUNTS OF
THE COMPANY FOR THE YEAR ENDED 315t MARCH. 2013.
1. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company has not been affected.
2. In respect of inventories
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year. In our opinion, the
frequency of such verification is reasonable.
b) In our opinion, the procedure of physical verification of Inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business
c) The company has maintained proper records of Inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to book records.
3. The company has not granted or taken any loan, secured or unsecured
from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act. Therefore, clause 4
(iii)(a), (iii)(b), 4 (iii)(c) & 4 (iii)(d) of the Companies (Auditor''s
Report) order 2003 are not applicable to 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, fixed assets and also for the
sale of goods and services. During the course of our audit no major
weakness has been observed in the internal control system.
5. In respect of Transaction covered under section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts Or
arrangement, that needed to be entered into the register maintained in
pursuance of section 301 of the Companies Act, 1956 have been so
entered,
b) In our opinion the transaction made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from the public
therefore provisions of 58A and 58AA of the Companies Act, 1956 and
rules there under are not applicable to the company.
7. , In our opinion the company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the order of the Central Government for maintenance
of Cost records under section 209( 1 )(d) of the Companies Act, 1956 in
respect of chemical industry and are of the opinion that prima facie
the prescribed accounts and records have been made and maintained.
9. In respect of statutory dues
a) According to the information and explanations given to us, and the
books and records examined by us, there are no undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, customs
duty, excise duty cess and other statutory dues and have been generally
regularly deposited with the appropriate authorities. According to
information and explanations given to us no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31s< March 2013
for a period more than six months from the date of becoming payable.
b) According to the intimation and Explanation given to us, and the
books and records examined by us, there are no disputed statutory dues
of sales tax, income tax, service tax, customs duty, wealth tax, excise
duty and cess,
10. The Company has no accumulated losses at the end of this financial
year and has not incurred cash losses during this financial year or in
the immediately preceding financial year.
11. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institution or
banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of Security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/Society. Therefore Clause 4 (xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. The company has not taken any new term loan during the year.
17. On the basis of an overall examination of the Balance Sheet and
cash Flow of the Company and the information and explanation given to
us, we report that the Company has not utilised any funds raised on
short term basis for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the Register under Section 301 of the
Act.
19. The Company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Auditor''s Report) Order 2003 is not applicable
to the Company.
20. The Company has not raised any money through a Public Issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Sd/-
K.A.SAGHESH KUMAR.
B.com., F.CA. ALUVA, CHARTERED ACCOUNTANT
13.05.2013 Membership No.211340
Mar 31, 2012
We have audited the attached Balance Sheet of "COCHIN MINERALS AND
RUTILE LIMITED", as at 31s' March, 2012 and also the Profit and Loss
Account and the Cash flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of subsection (4A) of
Section 227 of' The Companies Act, 1956' and on the basis of such checks
of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph
(1) above, 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 purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far all appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 3 Is' March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, The said Accounts, read together with the
accounting policies and Notes thereon give the information required by
the Companies Act, 1956, in. the manner so required, and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(ii) in the case of the Profit and Loss Account, of the Profit, of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT
OF EVEN DATE
1. In respect of Fixed Assets '
a) The Company has maintained proper records showing full particulars
including ' quantitative details and situation of fixed assets on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year in a phased periodical manner, which in our opinion
is reasonable, having regard to the size of the company and nature
of its assets. No material discrepancies were noticed on such physical
verification.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company has not been affected.
2. In respect of inventories
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year. In our opinion, the
frequency of such verification is reasonable. '
b) In our opinion, the procedure of physical verification of Inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business
c) The company has maintained proper records of Inventories. As
explained to us. there were no material discrepancies noticed on
physical verification of inventor} as compared to book records.
3. The company has not granted or taken any loan, secured or unsecured
from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act. Therefore, clause 4
(iii)(a), (iii)(b), 4 (iii)(c) & 4 (iii)(d) of the companies (Auditors
Report) order 2003 are not applicable to 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, fixed assets and also for the
sale of goods and services. During the course of our audit no major
weakness has been observed in the internal control system.
5. In respect of Transaction covered under section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that needed to be entered into the register maintained
in pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion the transaction made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from the public
therefore provisions of 58A and 58AA of the Companies Act, 1956 and
rules there under are not applicable to the company.
7. In our opinion the company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. As informed to us the Central Government has not prescribed the
maintenance of cost records by the company under section 209(i)(d) of
the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us, and the
book and records examined by us, there are no undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax. customs
duty, excise duty cess and other statutory dues. and have been generally
regularly deposited with the appropriate authorities. According to
information and explanations given to us no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31s' March 2012
for a period of more than six months from the date of becoming payable.
b) According to the intimation and Explanation given to us, and the
books and records examined by us. there are no disputed statutory dues
of sales tax, income tax service tax customs duty, wealth tax, excise
duty and cess.
10. The Company has no accumulated losses at the end of this financial
year and has not incurred cash losses during this financial year or in
the immediately preceding financial year.
11. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institutions or
banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of Security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/Society. Therefore Clause 4 (xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. The company has not taken any new term loan during the year.
17. On the basis of an overall examination of the Balance Sheet and
cash Flow of the Company and the information and explanation given to
us. we report that the Company has not utilized any funds raised on
short term basis for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the Register under Section 301 of the
Act.
19. The Company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Audit Report) Order 2003 is not applicable to
the Company.
20. The Company has not raised any money through a Public Issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Sd/-
K.A.SAGHESH KUMAR. B.com, F.C.A.
ALUVA, CHARTERED ACCOUNTANT
05.05.2012. Membership No. 211340
Mar 31, 2011
We have audited the attached Balance Sheet of "COCHIN MINERALS AND
RUTILE LIMITED", as at 31st March, 2011 and also the Profit and Loss
Account and the Cash flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub section (4A)
of Section 227 of 'The Companies Act, 1956' and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said order.
2 Further to our comments in the Annexure referred to in paragraph (1)
above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowl- edge 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 appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
accounting policies and Notes thereon give the information required by
the Companies Act, 1956, in the manner so required, and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the Profit, of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1
OF OUR REPORT OF EVEN DATE
1. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company has not been affected.
2. In respect of inventories
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year. In our opinion, the
frequency of such verification is reasonable.
b) In our opinion, the procedure of physical verification of Inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business
c) The company has maintained proper records of Inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to book records.
3. The company has not granted or taken any loan, secured or unsecured
from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act. Therefore, clause 4
(iii)(a), (iii)(b), 4 (iii)(c) & 4 (iii)(d) of the companies (Auditors
Report) order 2003 are not applicable to 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, fixed assets and also for the
sale of goods and services. During the course of our audit, no major
weakness have been observed in the internal control system.
5. In respect of Transaction covered under section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that needed to be entered into the register maintained in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion the transaction made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. In our opinion and according to the information and explanations to
us the company has not accepted any deposits from the public therefore
provisions of 58A and 58AA of the Companies Act, 1956 and rules
thereunder are not applicable to the company.
7. In our opinion the company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. As informed to us the Central Government has not prescribed the
maintenance of cost records by the company under section 209(i)(d) of
the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us, and the
book and records examined by us, there are no undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, customs
duty, excise duty cess and other statutory dues and have been generally
regularly deposited with the appropriate authorities. According to
information and explanations given to us no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March 2011
for a period more than six months from the date of becoming payable.
b) According to the intimation and Explanation given to us, and the
books and records examined by us, there are no disputed statutory dues
of sales tax, income tax service tax customs duty, wealth tax, excise
duty and cess
10. The Company has no accumulated losses at the end of this financial
year and has not incurred cash losses during this financial year or in
the immediately preceding financial year.
11. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institution or
banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of Security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/Society. Therefore Clause 4 (xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were used for the purposes for which these
loans were raised .
17. On the basis of an overall examination of the Balance Sheet and
cash Flow of the Company and the information and explanation given to
us, we report that the Company has not utilised any funds raised on
short term basis for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the Register under Section 301 of the
Act.
19. The Company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Audit Report) Order 2003 is not applicable to
the Company.
20. The Company has not raised any money through a Public Issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For LAZAR & GEORGE
CHARTERED ACCOUNTANTS
Sd/-
K.A. Saghesh Kumar
Partner
ALUVA,
28.05.2011
Mar 31, 2010
We have audited the attached Balance Sheet of "COCHIN MINERALS AND
RUTILE LIMITED", as at 31st March, 2010 and also the Profit and Loss
Account and the Cash flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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.
1. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub section (4A)
of Section 227 of The Companies Act, 1956 and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph
(1) above, 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
accounting policies and Notes thereon give the information required by
the Companies Act, 1956, in the manner so required, and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at
31st March, 2010; (ii) i n the case of the Profit and Loss Account, of
the Profit, of the Company for the
year ended on that date; and (iii) i n the case of the Cash Flow
statement, of the Cash Flows of the Company for the year ended on that
date.
ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT
OF EVEN DATE
1. In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars
includ- ing quantitative details and situation of fixed assets on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material dis- crepancies were noticed on such physical
verification.
c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company has not been affected.
2. In respect of inventories
a) As explained to us, inventories have been physically verified by the
manage- ment at regular intervals during the year. In our opinion, the
frequency of such verification is reasonable.
b) In our opinion, the procedure of physical verification of Inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business
c) The company has maintained proper records of Inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to book records.
3. The company has not granted or taken any loan, secured or unsecured
from compa- nies, firms or other parties listed in the register
maintained under section 301 of the Companies Act. Therefore, clause 4
(iii)(a), (iii)(b), 4 (iii)(c) & 4 (iii)(d) of the com- panies
(Auditors Report) order 2003 are not applicable to 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, fixed assets and also for the
sale of goods and services. During the course of our audit, no major
weakness have been observed in the internal control system.
5. In respect of Transaction covered under section 301 of the
Companies Act, 1956
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement, that needed to be entered into the register maintained in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion the transaction made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. In our opinion and according to the information and explanations to
us the company has not accepted any deposits from the public therefore
provisions of 58A and 58AA of the Companies Act, 1956 and rules
thereunder are not applicable to the company.
7. In our opinion the company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. As informed to us the Central Government has not prescribed the
maintenance of cost records by the company under section 209(i)(d) of
the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us, and the
book and records examined by us, there are no undisputed statutory dues
including provident fund, investor education and protection fund,
employees state in- surance, income tax, sales tax, wealth tax, customs
duty, excise duty cess and other statutory dues and have been generally
regularly deposited with the appropriate authorities. According to
information and explanations given to us no undisputed amounts payable
in respect of the aforesaid dues were out- standing as at 31st March
2010 for a period more than six months from the date of becoming
payable.
b) According to the intimation and Explanation given to us, and the
book and records examined by us, there are no disputed statutory dues
of sales tax, income tax service tax customs duty, wealth tax, excise
duty and Cess.
10. The Company has no accumulated losses at the end of this financial
year and has not incurred cash losses during this financial year or in
the immediately preceding finan- cial year.
11. According to information and explanations given to us, the Company
has not de- faulted in repayment of dues to financial institution or
banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of Security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/ Society. Therefore Clause 4 (xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were used for the purposes for which these
loans were raised .
17. On the basis of an overall examination of the Balance Sheet and
cash Flow of the Company and the information and explanation given to
us, we report that the Com- pany has not utilised any funds raised on
short term basis for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or compa- nies covered in the Register under Section 301 of the
Act.
19. The Company has not issued any debenture. Therefore, Clause 4
(xix) of the Compa- nies (Audit Report) Order 2003 is not applicable to
the Company.
20. The Company has not raised any money through a Public Issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For LAZAR & GEORGE
CHARTERED ACCOUNTANTS
Sd/-
A L U V A, K.A. Saghesh Kumar
15.05.2010 Partner