Mar 31, 2015
We have audited the accompanying financial statements of Deccan
Bearings Limited ("the Company"), which comprise the balance sheet
as at 31st March 2015, the statement of profit and loss and the cash
flow statement for the year then ended, and a summary of the
significant accounting policies and other-explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matter stated
in section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation 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 u/s. 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
hue 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 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 u/s. 143(10) of the Act. Those Standards require that we
comply with the ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 adequate
internal financial controls system over financial reporting and the
operating the effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015 and its loss and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 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 Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books
(c) The balance sheet, the statement of profit and loss, and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified u/s. 133 of the Act, read with the 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; and
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us;
(i) There are no pending litigations hence no impact on financial
position in its financial statements;
(ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses;
(iii) According to the information and explanations given to us, no
amounts are required to be transfer to the Investor Education and
Protection Fund.
Annexure referred to in our Independent Auditor's Report to the
Members of Company on the financial statements for the year ended
March 31,2015, we report that:
1] (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, the
management at reasonable intervals carries out the physical
verification of the fixed assets. The discrepancies noticed on such
verification, which were not material, have been appropriately dealt
with in the accounts.
2] (a) As per the information and explanations given to us, the
inventories have been physically verified during the year by the
management. In our opinion, having regard to the nature and location
of stocks, the frequency of the physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of
the same were not material in relation to the operations of the
Company and the same have been properly dealt with in the Books of
Accounts.
3] The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered under register maintained
under section 189 of the Act.
4] In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services. During the course of our audit no major weakness has been
noticed in the internal controls.
5] In our opinion and according to the information and explanation
given to us the Company has complied with the Section 73 and 74 of the
Act and the rules framed there under, to the extent notified.
6] In our opinion and according to the explanation given to us, the
Rules made by the Cental Government for the maintenance of cost
records under subsection (1) of section 148 of the Companies Act,
2013, does not apply in respect of Company's Business.
7] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income-tax,
sales-tax, customs duty, wealth tax, service tax and excise duty and
cess and other material statutory dues.
(b) There were no undisputed amount payable in respect of provident
fund, income-tax, sales-tax, customs duty, wealth tax, service tax and
excise duty and cess, material statutory dues in arrears as on 31st
march, 2015 for a period more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess which have not been deposited with the
appropriate authorities on account of any dispute.
(d) According to the information and explanations given to us, no
amounts are required to be transfer to the Investor Education and
Protection Fund.
8] The Company's accumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has incurred
cash losses in the current financial year and has not incurred cash
loss in the immediately previous financial year.
9] Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
10] According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
Bank or Financial Institutions.
11] In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for
which they were raised.
12] As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For D.V. VORA & Co.
Chartered Accountants
FRN 111624W
Sd/-
Date: 5th June,2015 (D.V. Vora)
Place: Mumbai Partner M.No. 30013
Mar 31, 2014
We have audited the accompanying financial statements of Deccan
Bearings Limited ("the Company"), which comprise the Balance Sheet as
at 31st March , 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act 1956 ("the Act"), which continue to be applicable in respect of
Section 133 of the Companies Act 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
and in accordance with the accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing 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 the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As 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 of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with the Accounting Standards
notified under the Act, read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013..
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to the Independent Auditor''s Report to the Members of Deccan
Bearings Limited for the year ended March 31,2014, We report that:
1] (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, the management
at reasonable intervals carries out the physical verification of the
fixed assets. The discrepancies noticed on such verification, which
were not material, have been appropriately dealt with in the accounts.
(c) During the year, there was no disposal of the Fixed Assets of the
Company.
2] (a) As per the information and explanations given to us, the
inventories have been physically verified during the year by the
management. In our opinion, having regard to the nature and location of
stocks, the frequency of the physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of the
same were not material in relation to the operations of the Company and
the same have been properly dealt with in the Books of Accounts.
3] (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered under register maintained
under section 301 of the Act.
(b) As per the information and explanations given to us, the Company
has taken unsecured loans from Companies and other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The details of such unsecured loans taken are as under:
Nature & No. Nature of Balance as on Maximum balance
of Parties Transaction 31 March, 2013 standing during
(Rs.) the year
(Rs.)
Inter Corporate
Deposit No (1) Loan Taken 8,28,062 9,41,062
Share holders No. (4) Loan Taken 17,35,000 17,35,000
(c) In our opinion, the loan taken is free of interest and on such
terms and conditions which are prima facie not prejudicial to the
interest of the company.
(d) We have been informed that the said loan is repayable as
stipulated.
4] In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services. During the course of our audit no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5] (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under Section 301 have been so entered,
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year are reasonable having regard to the prevailing market prices
at the relevant time.
6] In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act 1956, and the Companies (Acceptance
of Deposits) Rules 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
7] According to the information and explanations given to us, the
Company has no internal audit system commensurate with its size and
nature of its business.
8] We have broadly reviewed the books of account maintained by the
company in respect of manufacture of bearings pursuant to the order
made by the Central Government for the maintenance of cost records
prescribed under section 209(1) (d) of the Companies Act, 1956 and are
of the opinion that prima-facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determining whether they are
accurate or complete.
9] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income-tax, sales-
tax, customs duty, investor education and protection fund, wealth tax,
service tax and excise duty and cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess which have not been deposited with the
appropriate authorities on account of any dispute.
10] The Company''s accumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has not
incurred cash losses in the current financial year and in the
immediately previous financial year.
11] Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
12] Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
advances 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, nidhi, mutual
benefit fund or a society. Therefore the provisions of clause 4(xiii)
of the said order are not applicable to the Company.
14] According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investment. Accordingly, clause 4(xiv) of the order is not
applicable to the Company.
15] According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16] In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
17] According to the information and explanations given to us, and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
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.
19] According to information and explanations given to us during the
period covered by our audit report the Company has not issued any
debentures.
20] The Company has not raised any money through public issues during
the year covered by our report.
21] As per the information and explanations given to us, no fraud on or
by the Company has been noticed or reported during the year.
FOR D.V.VORA & CO.
Chartered Accountants
FRN.111624W
Sd/-
[D.V.VORA]
Partner M.No.30013
Mumbai, Dated: 2nd September, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Deccan
Bearings Limited;("the Company"), which, comprise the Balance Sheet
as at 31st March , 2013, the Statement of Profit and Use and the " Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible- for the preparation of these
financial statements that give a true arid 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. ''
Auditors'' Responsibility ;
Our responsibility is to express an opinion on these financial
statements based on our audit. We " conducted our audit it accordance
with the Standahds on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers the 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"'' V. v appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by the 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 of and
fair view in conformity with the accounting principles generally
accepted in India:
(a) in is the case of the Balance Sheet of the state of affairs of the
Company as at 31st March,2013;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended « on that date,
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
1. As required by the Companies (Auditors Report) Order, 2003("the
Order) issued by the Central Government of India in terms of
subsection (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 of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act: ''
(e).On the basis of the written representations received from the
directors as on 31st March, ;2013 taken on record by the Board of
Directors, none of the directors is disqualified as on ''31st March,
2013 from being appointed as a director in terms of clause (g) of
sub-section (1) Of section 274 of the Act.
FOR D.V.VORA& CO.
Chartered Accountants
FRN.H1624W
Partner M.No.30013
Mumbai, Dated: 2nd September, 2013 .
Annexure to the Independent Auditor''s Report to the Members of Deccan
Bearings Limited for the year ended March 31,2013, We report that:
1] (ia) The Company] has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and emanations given to us, the management
at reasonable intervals carries out the physical verification of
the fixed assets. The discrepancies noticed on such r verification,
which were not material, have been appropriately dealt with in the
accounts, ''
(c) During the year, there was no disposal of the Fixed Assets of the
Company.
2] (a) As per the information and explanations given to us, the
inventories have been physically
verified during the year by the management. In our opinion, having
regard to the nature and location of stocks, the frequency of the
physical verification is reasonable.
(b) In our opinion land according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the, size of the Company and the nature of its business. _
(c) In our opinion-the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of the
same were not material in relation to the operations of the Company;and
the same have been property dealt with in the Books of Accounts.
3] (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered under register
maintained under section 301 of the Act.
(b) As per the information and explanations given to us, the Company,
has taken unsecured loansfrom Companies and other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The details of such unsecured loans taken are as under
Nature & No. Nature of Balance as on Maximum balance
of Parties Transaction 31 March, 2013 standing during the year
(Rs.) (Rs.)
Inter
Corporate
Deposit No (1) Loan Taken 9.41,062 9,41,062
Share holders
No. (4) Loan Taken 17,35,000 17,35,000
(c) In our opinion; the loan taken is free of interest and on such
terms and conditions which are y prima facie not prejudicial to the
interest of the company.
(d) We have been informed that the said loan is repayable as
stipulated.
4] In our opinion and according to the information and explanation
given to us, there are y adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services,/During the course of our audit no major weakness has been
noticed in the internal controls and there is. riot continuing failure
for the same.
5] (a) According to the information and explanations given to us, we
are of the opinion that the _ transactions that need to be entered;
into the register maintained under Section 301 have been ; so entered,
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section
301 and exceeding the value of five lakh rupees in respect of any party
during the year . are reasonable having regard to the prevailing
market prices at the relevant time.
6] In our opinion and according to the information and explanations
given to us, the Company has : complied with the provisions of section
58A and 58AA of the Companies Act 1956, and the '' Companies (Acceptance
of Deposits) Rules 1975 with regard to the deposits accepted from
the public. No order has been passed by the Company Law Board.
7] According to the information and explanations given to us, the
Company has no internal audit system commensurate with its size
and nature of its business.
8] We have broadly reviewed the books of account maintained by the
company in respect of manufacture of bearings pursuant to the order
made by the Central Government for the maintenance of cost records
prescribed under section 209(1) (d) of the Companies Act, 1966 and are''
of the opinion that prima-facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determining whether they are
accurate or complete.
9] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income-tax, sales-
tax, customs duty investor education and protection fund, wealth tax,
service tax and excise duty and cess and other material statutory dues
applicable to it
(b) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess which have not been deposited with the
appropriate authorities on account of any dispute.
10] The Company''s a cumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has not
incurred cash losses in the current financial year and in the
immediately previous financial year.
11] Based on the information and explanations given to us, the Company
has not defaulted in 1 repayment of any dues to financial institutions
and banks. ;
12] Based on our examination of the records and the information and
explanations given to us, the Company; has not granted any loans and/or
advances 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, nidhi, mutual
benefit fund or a society.
Therefore the provisions of clause 4(xiii) of the said order are not
applicable to. the Company.
14] According to the information and explanations given to us, the
Company is not dealing or : trading in shares, securities, debentures
and other investment. Accordingly, clause 4(xiv) 6f the order is not
applicable to the Company.
15] According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16] In our opinion arid according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised. ''
17] According to the information and explanations given to uis, and on
an overall examination of : the balance sheet of the Company, we report
that no funds raised on short-term basis, have been used for long-term
investment by the Company.
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;
19] According to information and explanations given to us during the
period covered by our audit report the Company has not issued any
debentures.
20] The Company has not raised any money through public issues during
the year covered by our
21] As per the information and explanations given to us, no fraud on or
by the Company has been noticed or reported during: the year.
FOR D.V.VORA & CO.
Chartered Accountants
Partner
M.No.30013
Mumbai,
Dated: 2nd September, 2013
Mar 31, 2012
1] We have audited the attached Balance Sheet of DECCAN BEARINGS
LIMITED as at 31st March, 2012 and the related Statement of Profit and
Loss and the Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2] We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3] As required by the Companies [Auditor's Report] Order, 2003, as
amended by the Companies (Auditor's Report) Amendment Order
2004,issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, (and on the basis of such checks as
considered appropriate and according to the information and
explanations given to us during the course of the audit), we enclose in
the Annexure hereto a statement on the matters specified in Paragraphs
4 and 5 of the said order
4] Further to our comments in the Annexure referred to in paragraph (3)
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 purpose of our
audit:
(b) In our opinion, subject to Note no 1(h), regarding part provision
of gratuity, proper books of account as required by law have been kept
by the Company so far as appears from our examination of the books of
the Company.
(c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by the Report are in agreement with the Books of
Account of the Company;
(d) In our opinion, subject to Note no 1(h), regarding part provision
of gratuity, and to the best of our information and according to the
explanations given to us, the Balance Sheet, Statement of Profit & Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section (3C) of Section 211 of
the Companies Act, 1956
(e) On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on March 31, 2012 from being appointed as Director, in
terms of clause (g) of sub section {1} of Section 274 of the Companies
Act, 1956;
(f) In our opinion subject to Note no 1(h), regarding part provision of
gratuity, and to the best of our information and according to the
explanations given to us. the said accounts read together with the
notes thereon, give the information required by the Companies Act.
1956, in the manner so required and give a true and fair view, in
conformity with the accounting principles generally accepted in India :
[1] In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March 2012;
[2] In the case of the Statement of Profit & Loss, of the profit of the
Company for the year ended on that date; and
[3] In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Annexure to the Auditor's Report to the Members of Deccan Bearings
Limited for the year ended March 31, 2012, We report that:
1] (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, the management
at reasonable intervals carries out the physical verification of the
fixed assets. The discrepancies noticed on such verification, which
were not material, have been appropriately dealt with in the accounts.
(c) The Fixed Assets disposed off during the year, in our opinion do
not constitute a Substantial part of the Fixed Assets of the Company.
2] (a) As per the information and explanations given to us, the
inventories have been physically verified during the year by the
management. In our opinion, having regard to the nature and location of
stocks, the frequency of the physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of the
same were not material in relation to the operations of the Company and
the same have been properly dealt with in the Books of Accounts.
3] (a) The Company has not granted any ioans, secured or unsecured to
companies, firms or other parties covered under register maintained
under section 301 of the Act.
(b) As per the information and explanations given to us, the Company
has taken unsecured loans from Companies and other parties covered in
the register maintained under section 301 of the
Companies Act, 1956. The details of such unsecured loans taken are as
under:
Nature & No, Nature of Balance as on Maximum balance
of Parties Transaction 31 March, 2012 standing during
the year
(Rs) [R]
inter Corporate
Deposit No(1) Loan Taken 9,41,062 9,41,062
Share holders
No. (4) Loan Taken 17,35,000 17,35,000
(C) in our opinion, the loan taken is free of interest and on such
terms and conditions which are prima facie not prejudicial to the
interest of the company.
(d) We have been informed that the said loan is repayable as
stipulated.
4] In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services. During the course of our audi'i no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5] (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under Section 301 have been so entered,
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year are reasonable having regard to the prevailing market prices
at the relevant time.
6] In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act 1956, and the Companies (Acceptance
of Deposits) Ruies 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
7] According to the information and explanations given to us, the
Company has no internal audit system commensurate with its size and
nature of its business.
8] We have broadly reviewed the books of account maintained by the
company in respect of manufacture of bearings pursuant to the order
made by the Central Government for the maintenance of cost records
prescribed under section 209(1) (d) of the Companies Act, 1956 and are
of the opinion that prima facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determining whether they are
accurate or complete.
9] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income tax, sales
tax, customs duty, investor education and protection fund, wealth tax,
service tax and excise duty and cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess which have not been deposited with the
appropriate authorities on account of any dispute.
10] The Company's accumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has not
incurred cash losses in the current financial year and in the
immediately previous financial year.
11] Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
12] Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
advances 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, nidhi, mutual
benefit fund or a society. Therefore the provisions of clause 4(xiii)
of the said order are not applicable to the Company.
14] According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investment. Accordingly, clause 4(xiv) of the order is not
applicable to the Company.
15] According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16] In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
17] According to the information and explanations given to us, and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
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.
19] According to information and explanations given to us during the
period covered by our audit report the Company has not issued any
debentures.
20] The Company has not raised any money through public issues during
the year covered by our report.
21] As per the information and explanations given to us. no fraud on or
by the Company has been noticed or reported during the year.
V FOR D.V.VORA & CO.
Chartered Accountants
FRN.111624W
[D.V.VORA]
Partner M.No.30013
Mumbai, Dated: 4th September, 2012
Mar 31, 2010
1] We have audited the attached Balance Sheet of DECCAN BEARINGS
LIMITED as at 31st March, 2010 and the related Profit and Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2] We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material- misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3] As required by the Companies [Auditors Report] Order, 2003, as
amended by the Companies (Auditors Report) Amendment Order 2004,issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, (and on the basis of such checks as considered
appropriate and according to the information and explanations given to
us during the course of the audit), we enclose in the Annexure hereto a
statement on the matters specified in Paragraphs 4 and 5 of the said
order
4] Further to our comments in the Annexure referred to in paragraph (3)
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 purpose of our
audit:
(b) In our opinion, subject to note no 1(h) of schedule 19, regarding
part provision of gratuity, proper books of account as required by law
have been kept by the Company so far as appears from our examination of
the books of the Company.
(c) The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement dealt with by the Report are in agreement with the Books of
Account of the Company;
(d) In our opinion, subject to note no 1(h) of schedule 19, regarding
part provision of gratuity, and to the best of our information and
according to the explanations given to us, the Balance Sheet, Profit &
Loss account and Cash Flow Statement dealt with by this report comply
with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956
(e) On the basis of the written representations received from the
directors, as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on March 31, 2010 from being appointed as Director, in
terms of clause (g) of sub-section (1) of Section 274 of the Companies
Act, 1956;
(f) In our opinion subject to note no 1(h) of schedule 19, regarding
part provision of gratuity, and to the best of our information and
according to the explanations given to us. the said accounts read
together with the notes thereon, give the information required by the
Companies Act, 1956, in the manner so required and give a true and fair
view, in conformity with the accounting principles generally accepted
in India :
[1] In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
[2] In the case of the Profit & Loss Account, of the profit of the
Company for the year ended on that date; and
[3] In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure to the Auditors Report to the Members of Deccan Bearings
Limited for the year ended March 31, 2010, We report that:
1} (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, the management
at reasonable intervals carries out the physical verification of the
fixed assets. The discrepancies noticed on such verification, which
were not material, have been appropriately dealt with in the accounts.
(c) The fixed assets disposed off by the company were not substantial
and therefore does not affect the going concern assumption.
2] (a) As per the information and explanations given to us, the
inventories have been physically verified during the year by the
management. In our opinion, having regard to the nature and location of
stocks, the frequency of the physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of the
same were not material in relation to the operations of the Company and
the same have been properly dealt with in the Books of Accounts.
3] (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered under register maintained
under section 301 of the Act.
(b) As per the information and explanations given to us, the Company
has taken unsecured loans from Companies and other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The details of such unsecured loans taken are as under:
Nature of Balance as
on 31 Maximum balance
standing
Nature & No. of Transaction March,
2010(Rs.) during the year
(Rs.)
Parties
Inter Corporate
Deposit No(1) Loan Taken 9,41,062 9,41,062
Share holders No. (4) Loan Taken 17,35,000 17.35.000
(C) In our opinion, the loan taken is free of interest and on such
terms and conditions which are prima facie not prejudicial to the
interest of the company. (d) We have been informed that the said loan
is repayable as stipulated.
4] In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services. During the course of our audit no major weakness has been
noticed in the internal controls and there is no continuing failure for
the same.
5] (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under Section 301 have been so entered, (b) In
our opinion and according to the information and explanations given to
us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 and exceeding the
value of five lakh rupees in respect of any party during the year are
reasonable having regard to the prevailing market prices at the
relevant time.
6] In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act 1956, and the Companies (Acceptance
of Deposits) Rules 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
7] According to the information and explanations given to us, the
Company has no internal audit system commensurate with its size and
nature of its business.
8] We have broadly reviewed the books of account maintained by the
company in respect of manufacture of bearings pursuant to the order
made by the Central Government for the maintenance of cost records
prescribed under section 209(1) (d) of the Companies Act, 1956 and are
of the opinion that prima-facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determining whether they are
accurate or complete.
9] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income-tax, sales-
tax, customs duty, investor education and protection fund, wealth tax,
service tax and excise duty and cess and other material statutory dues
applicable to it. (b) According to the information and explanations
given to us, there are no dues in respect of sales tax, income tax,
customs duty, wealth tax, excise duty, and cess which have not been
deposited with the appropriate authorities on account of any dispute.
10] The Companys accumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has not
incurred cash losses in the current financial year, but has incurred
cash loss in the immediately previous financial year.
11] Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
12] Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
advances 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, nidhi, mutual
benefit fund or a society.
Therefore the provisions of clause 4(xiii) of the said order are not
applicable to the Company.
14] According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investment. Accordingly, clause 4(xiv) of the order is not
applicable to the Company.
15] According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16] The Company did not have any term loans during the year.
17] According to the information and explanations given to us, and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
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.
19] According to information and explanations given to us during the
period covered by our audit report the Company has not issued any
debentures.
20] The Company has not raised any money through public issues during
the year covered by our report.
21] As per the information and explanations given to us, no fraud on or
by the Company has been noticed or reported during the year.
FOR D.V. VORA&CO.
Chartered Accountants
SD/-
(D.V.VORA)
Partner
Mumbai, Dated: 1st September, 2010