Mar 31, 2014
We have audited the accompanying financial statements of ENTERPRISE
INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards notified under the Companies Act, 1956 read with the general
circular 15/2013 dated 13 September 2013, issued by the ministry of
Corporate Affairs, in respect of the Section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give at 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 for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basisforouraudit 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
trueandfairviewinconformity with the accounting principles generally
accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Profit and Loss Account, of the PROFITfor the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe purpose of
ouraudit;
b) in our opinion proper books of account as required by law have been
kept by the Company sofaras appears from ourexamination of those books.
c) the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreementwith the booksof account.
d) in our opinion, the Balance Sheet, the Statement of Profit & Loss
and the cash Flow Statement comply with the Accounting Standards
notified under the Act which continue to be applicable in respect of
the Section 133 of the Companies Act, 2013 in termsof General
Circular 15/2013 dated 13 September 2013.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Section 274(1 )(g) of the Act.
ANNEXURE TO THE AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of ENTERPRISE INTERNATIONAL LIMITED on the accounts of
the company for the year ended 31stMarch.2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets.
b) Fixed Assets have been physically verified by the management in a
phased periodical manner as per regular program of verification, which
in our opinion is reasonable, having regard to the size of the company
and nature of its business. No material discrepancies were noticed on
such verification.
c) There are no substantial disposals of fixed assets during the year.
2. In respect of its inventory:
a) The inventories have been physically verified during the year by the
management. In our opinion, thefrequencyof verification is reasonable.
b) The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company has maintained proper records of inventory. As explained
to us, there were no material discrepancies noticed on physical
verification of inventories.
3. The company has neither granted nor taken any loans, secured or
unsecured, to or from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Consequently the
provisions of clause (iii) of paragraph 4 of the Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets & for sale
of goods and services. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in the
internal controls.
5. According to the information and explanation given to us, there are
no contracts or arrangements referred to in section 301 of the Act that
need to be entered into the register maintained under the section 301.
Therefore, the provisions of clause (v) (b) of paragraph 4 of the Order
are not applicable to the company.
6. The Company has not accepted any deposits from the public covered
under section 58Aand 58 A of the Companies Act,1956.
7. In our opinion, the Company has an internal audit system
commensurate with the size and natureofits business.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Act in respect of
the company.
9.According to the information and explanations given to us in respect
of statutory dues:
a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, custom duty, cess and
other material statutory dues applicable to it.
b) There was no undisputed amounts payable in respect of income tax,
sales tax, custom duty and cess were in arrears, as at 31.03.2014 for a
period of more than six months from the date they became payable.
c) Details of dues of Income tax, Sales tax, wealth tax, service tax,
custom duty, excise duty and cess which have not been deposited as on
31st March, 2014 on account of any disputes are given below:
Statute Nature of Forum where Period to which the
Dues Dispute is pending amount relates
Customs Tariff Customs Commissioner of Financial year
Act Duty Customers 2009-10.2010-11
2011-12,2012-13
& 2013-14
Statute Amount Involved Rs. in lakhs
Customs Tariff Act. 836.50
10. The company has no accumulated losses. The company has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues toafinancial
institution, bankordebenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advance on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. Based on our examination of documents and records, we are of the
opinion that proper records have been maintained of the transactions in
respect of dealing and trading in shares and timely entries have been
made therein. The shares have been held by the company in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by
others from abank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has not raised any money by way of debentures during
the year.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
the information and explanations given by the management, we report
that no material fraud on or by the Company has been noticed or
reported during the year.
For K M TAPURIAH & CO.
(Chartered Accountants)
Place- Kolkata FRN: 314043E
Place. Kolkata K M TAPURIAH
Dated: 29.05.2014 (Partner)
Membership No.: 051509
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements ot ENTERPRISE
INTERNATIONAL LIMITED ("the Company"), which comprise the Baiance Sheet
as at March 31, 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''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 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 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 auditors
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to frauo or
error. In making those risk assessments, the auditor considers internal
control relevant io the Company''s preparation and fair presentation of
the financial statements in order to des''gn audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness ot
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 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement deait with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by
us];
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 cf the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board ot Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. The report on accounts of the branch audited by branch auditor has
been considered by us in preparing our audit report.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of our report of even date) Re: Enterprise
International Limited
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 the fixed assets.
b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c) The fixed assets disposed of during the year, in our opinion, do not
constitute a substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
ii) In respect of the Company''s inventories:
a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register mainta:ned
u/s 301 of the Companies Act, 1956. In respect of unsecured loans,
taken by the Company from companies, firms or other parties covered in
the Register maintained u/s 301 of the Companies Act, 1956, according
to the information and explanations given to us:
a) The Company has taken loans from two companies covered in the
register maintained u/ s 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 166.60 lakhs and the year-end
balance of such loans was NIL.
b) The rate of interest of such loans is, in our opinion, prima facie,
not prejudicial to the interest of the Company. There are no other
terms and conditions of such loans.
c) The Company is regular in repaying the principal amount and has been
regular in payment of interest
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
ervices. During the course of our audit, we have not observed any major
weakness in such internal control system.
v) The Company has not entered into any transactions during the year
that need to be entered into the registered maintained U/S 301 of the
Companies Act. 1956.
vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public during the year
within the meaning of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956.
vii) In our opinion, the company has an internal audit system,
commensurate with the size of the company and the nature of its
business.
viii) In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 in
respect of the Company''s products.
ix) According to the information and explanations given to us in
respect of statutory dues:
a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, custom duty, cess and
other material statutory dues applicable to it.
b) There was no undisputed amounts payable in respect of income tax,
sales tax, custom duty and cess were in arrears, as at 31.03.2013 for a
period of more than six months from the date they became payable.
x) The Company does not have accumulated losses as at the end of the
financial year and it has not incurred any cash loss in the current
financial year and immediately preceding financial year.
xi) According to the information and explanations given to us, the
Company has not defaulted in the repayment of dues to financial
institutions and banks. xii) According to the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities. xiii) The Company is not a chit fund,
nidhi or a mutual benefit society. Therefore, the provisions of clause
4(xiii) of the order are not applicable to the Company. xiv) Based on
our examination of documents and records and evaluations of the related
internal controls, we are of the opinion that proper records have been
maintained of the transactions and contracts in respect of dealing and
trading in shares and timely entries have been made therein. The
shares have been held by the Company in its own name.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) According to the information and explanations given to us, the
Company has not availed any term loans during the year.
xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, wo
report that funds raised on short-term basis have not been used during
the year for long- term investment. No long term funds have been used
to finance short term assets except permanent working capital.
xviii)The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures.
xx) The Company has not raised any money by public issues during the
year.
xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For K. M. TAPUR1AH & CO.
(Chartered Accountants)
Firm Registration No. 314043E
K. M. TAPURIAH
Place: Kolkata (Partner)
Date: 29th May, 2013 Membership No: 051509
Mar 31, 2012
1. We have audited the attached Balance Sheet of ENTERPRISE
INTERNATIONAL LIMITED, as at 31st March 2012, the 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 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO)
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order to the extent
applicable to the Company.
4. Further to our comments in Annexure referred to above, we report
that :
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii. In our opinion, proper books of Accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
Accounts;
iv. In our opinion and according to the explanations given to us, the
Balance Sheet, the Statement of Profit and Loss and the 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 to the extent applicable;
v. On the basis of the written representations received from the
Directors of the Company and taken on record by the board of directors,
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.
vi. In our opinion and to the Lest of our information and according to
the explanations given to us, the financial statements, read together
with 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 accounting principles generally accepted in India;
a) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2012;
b) In the case of Statement of Profit and Loss, of the profit 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date) Re: Enterprise
International Limited
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 the Fixed assets.
b) The Fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
Fixed assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c) The Fixed assets disposed of during the year, in our opinion, do not
constitute a substantial part of the Fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
ii) In respect of the Company's inventories:
a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956. In respect of unsecured loans,
taken by the Company from companies, firms or other parties covered in
the Register maintained u/s 301 of the Companies Act, 1956, according
to the information and explanations given to us:
a) The Company has taken loans from two companies covered in the
register maintained u/s 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 119.75 lakhs and the year-end
balance of such loans was Rs. 119.39 lakhs.
b) The rate of interest of such loans is, in our opinion, prima facie,
not prejudicial to the interest of the Company. There are no other
terms and conditions of such loans.
c) The Company is regular in repaying the principal amount jnd has been
regular in payment of interest
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory and fixed assets and the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
v) The Company has not entered into any transactions during the year
that need to be entered into the registered maintained U/S 301 of the
Companies Act. 1956.
vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public during the year
within the meaning of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956.
vii) In our opinion, the company has an internal audit system,
commensurate with the size of the company and the nature of its
business.
viii) In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 in
respect of the Company's products.
ix) According to the information and explanations given to us in
respect of statutory dues:
a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, custom duty, cess and
other material statutory dues applicable to it. I
b) There was no undisputed amounts payable in respect of income tax,
sales tax, custom duty I and cess were in arrears, as at 31.03.2012 for
a period of more than six months from the date they became payable. '
c) Details of dues of Income tax, Sales tax, wealth tax, service tax,
custom duty, excise duty and cess which have not been deposited as on
31st March, 2012 on account of any disputes are given below:
Statute Nature of Forum where Period to which Amount involved
Dues Dispute is
pending the amount
relates Rs. in lakhs
Income
Tax Act Income Tax Commissioner
of Assessment Year: 36.88
Income Tax
(Appeals) 2009-10
Customs
Tariff
Act. Customs Commissioner
of Financial Year
2009-10
Duty Customs 2010-11 & 2011-12 196.52
x) The Company does not have any accumulated losses as at the end of
the financial year and it has not incurred any cash loss in the current
financial year and immediately preceding financial year.
xi) According to the information and explanations given to us, the
Company has not defaulted in the repayment of dues to financial
institutions and banks.
xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) The Company is not a chit fund, nidhi or a mutual benefit
society. Therefore, the provisions of clause 4(xiii) of the order are
not applicable to the Company.
xiv) Based on our examination of documents and records and evaluations
of the related internal controls, we are of the opinion that proper
records have been maintained of the transactions and contracts in
respect of dealing and trading in shares and timely entries have been
made therein. The shares have been held by the Company in its own
name.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) According to the information and explanations given to us, the
Company has not availed any term loans during the year.
xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment. No long term funds have been used
to finance short term assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures.
xx) The Company has not raised any money by public issues during the
year.
xxi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For K. M. TAPURIAH & CO.
(Chartered Accountants)
Firm Registration No. 314043E
K. M. TAPURIAH
Place: Kolkata (Partner)
Date: 28th May, 2012 Membership No: 051509
Mar 31, 2010
1. We have audited the attached Balance Sheet of ENTERPRISE
INTERNATIONAL LIMITED as at 31st March 2010 and also the Profit & 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.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 sub-section (4A)
of section 227 of the Companies Act, 1956, and according to the
information and explanations gien to us and on the basis of such checks
as we considered appropriate, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments made in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
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.
(v) On the basis of written representations received from the
directors, as on 31st March, 2010, and taken on record by the Board of
Directors, we report that 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.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes as given in Schedule "J" give the information required by the
Companies Act, 1956, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March. 2010;
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(c) in the case of Cash Flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE)
Re : Enterprise International Limited
1) (a) The Company has maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) In our opinion there was no substantial disposal of fixed assets
during the year. In our opinion, the disposal of such assets has not
affected the going concern status of the company,
2) (a) As informed the management has conducted physical verification
of inventory at reasonable intervals during the year.
(b) 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 and according to the information and explanations
given to us the company is maintaining proper records of inventory and
no material discrepancies were noticed on physical verification.
3) As informed to us, the Company has not granted taken any loans,
secured or unsecured to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956. Accordingly clause 4 (iii) of the Order is 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 and Fixed assets and for the
sale of goods and services. During the course of our audit, no
continuing failure to correct major weakness has been noticed in the
internal controls system.
5) To the best of our knowledge and belief and according to the
information and explanations provided by the management, we are of the
opinion that the Company has not entered into any contract or
arrangement referred to in section 301 of the Companies Act, 1956.
Therefore, this clause is not applicable.
6) The Company has not accepted any deposits from the public covered
u/s 58A, 58AA or any other relevant provisions of the Act and rules
framed there under.
7) In our opinion, the Company has an internal audit system,
commensurate with the size of the Company and the nature of its
business.
8) According to the informations and explanations given to us the
Central Government has not prescribed for maintenance of cost records
by the company under section 209 (1) (d) of the Act.
9) (a) According to the information and explanations given to us and on
the basis of our examination of the records of the company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income- tax, Sales-tax, Wealth tax, Service tax, Customs duty, Cess and
other statutory dues have been regularly deposited during the year by
the company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of Investor Education and
Protection Fund.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Funds, Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs duty, Cess and other material statutory dues were in arrears as
at 31 st March 2010 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, the
following dues of Customs duty have not been deposited by the Company
on account of disputes.
Name of the Nature of Amount Period to which Forum where dispute
Statute the Dues the amount relates is pending
i) Customs
Act Customs
1962 Duty 5,11,447 2004-2005 Appellate Tribunal
Commissioner of
ii) Customs
Act Customs Customs (Port),
1962 Duty 13,15,862 2004-2005 Kolkata
10) The Company does not name accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the current
financial year and immediately preceding financial year.
11) The company has neither obtained any loan from financial
institutions or bank, nor has issued any debentures. Therefore, this
clause is not applicable.
12) According to the information and explanations given to us and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order, are not applicable to the Company.
14) Based on our examination of documents and records and evaluation of
the related internal controls, we are of the opinion that proper
records have been maintained of the transactions and contracts in
respect of dealing and trading in shares and timely entries have been
made therein. The shares have been held by the Company in its own name.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16) The Company did not have any term loans outstanding during the
year.
17) According to information and explanations given to us and based on
our all examination of the Balance Sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long-term investment.
18) The Company has not made any preferential allotment of shares
during the year.
19) The Company has not issued any debentures.
20) The Company has not raised any money through a public issue during
the year.
21) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
(K. M. TAPURIAH)
For K. M. TAPURIAH & CO. Partner
FIRM REGISTRATION NO. 314043E Membership No. - 51509
Chartered Accountants Place: Kolkata
Date : 31st May, 2010
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