Mar 31, 2014
1. We have audited the attached Balance Sheet of Falcon Tyres Limited
(the Company) as at 31st March, 2014, the annexed Statement of Profit
and Loss for the eighteen months period ended on that date and also the
Cash Flow Statement for the period ended on that date which we have
signed this day under reference to this report. These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on 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 expressing our opinion.
2. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report) Order 2004 (''the Order''),
issued by the Central Government in exercise of the power conferred by
section 227 (4A) of the Companies Act, 1956 (the Act) and according to
the information and explanations given 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 Order.
3. Further to the 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, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c) The Company''s balance sheet, statement of profit and loss and cash
flow statement dealt with by this report are in agreement with the
books of account;
d) In our opinion, the statement of profit and loss balance sheet and
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 written representations received from the Directors
and taken on record by the Board, none of such Directors is
disqualified as on 31st March, 2014 from being appointed as a Director
of the Company under clause (g) of sub section (1) of section 274 of
the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
accounting policies and notes thereon give the information required by
the Act in the manner so required and give a true and fair view-
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March'' 2014;
ii) In the case of the Statement of Profit and loss of the Profit of
the Company for the eighteen months period ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the period ended on that date.
ANNEXURE TO THE AUDITORS'' REPROT
(Referred to in paragraph 2 of our report of even date)
i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
(b) These fixed assets have been physically verified by the management
in phased manner at reasonable intervals. No material discrepancies
were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(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) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
iii) The Company has neither granted nor taken any loan, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Act .
iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods. There is no major
weakness in internal control system.
v) a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section, and
b) The transactions made in pursuance of such contract or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi) The Company has not accepted deposits from the public.
vii) The Company has an in-house internal audit system generally
commensurate with its size and nature of its business.
viii) Maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act, and such accounts and records have been made and maintained. We
have broadly reviewed such books of accounts.
ix) a) The Company is generally regular in depositing un- disputed
Statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Service Tax, Customs Duty, Excise Duty, Cess and any other statutory
dues with the appropriate authorities.
b) There are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess that have not been deposited on account
of any dispute.
x) The Company has accumulated losses of Rs.3420.86 lacs at the end of
31st Mar''2014. The Company has not incurred any cash loss in current
financial year but has incurred cash losses in the immediately
preceding financial year.
xi) Consequent to delay in repayment of dues to bank, the loans of
banks are overdue.
xii) The Company has not granted loans and advances on the basis of
security by way of pledge of share, debentures and other securities.
xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments.
xv) The Company has given a corporate guarantee for a loan taken by
another company from a bank and the terms and conditions thereof are
not prejudicial to the interest of the Company.
xvi) Term loans were generally applied for the purpose for which the
loans were obtained.
xvii) The funds raised on short term basis have not been used for long
term investments.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures.
xx) The Company has not raised money by public issue during the period
covered under audit.
xxi) During the course of our examination of books of accounts carried
out in accordance with generally accepted auditing practices in India.
We have neither come across any fraud on or by the Company nor have we
been informed of any such case by the management.
Place: 8/2, K. S. Roy Road For M/S.Gora & Company
2nd Floor, Kolkata-700 001 Chartered Accountants
Dated: 29th day of August, 2014 ICAI Firm Registration. No. : 327183E
(G.C. Mukherjee)
Partner
Membership No: 017630
Sep 30, 2010
We have audited the attached Balance Sheet of Falcon Tyres Limited
(the Company) as at 30th September, 2010, the annexed Profit and Loss
Account for the year ended on that date and also the Cash Flow
Statement for the year ended on that date which we have signed this day
under reference to this report. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on 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 expressing our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) Order 2004 (Ãthe Order),
issued by the Central Government in exercise of the power conferred by
section 227 (4A) of the Companies Act, 1956 (Ãthe ActÃ) and according
to the information and explanation given 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 Order.
2. Further to the 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, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books;
c) The Companys balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the profit and loss account balance sheet and 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 written representations received from the Directors
and taken on record by the Board, none of such Directors is
disqualified as on 30th September, 2010 from being appointed as a
Director of the Company under clause (g) of sub section (1) of section
274 of the Act.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read together with the
accounting policies and notes thereon give the information required by
the Act in the manner so required and give a true and fair view Ã
(i) in the case of the Balance sheet, of the state of affairs of the
Company as at 30th September, 2010;
ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date .
ANNEXURE (referred to in paragraph 1 of our report of even date)
i) a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
b) These fixed assets have been physically verified by the management
in a phased manner at reasonable intervals. No material discrepancies
were noticed on such verification.
c) No substantial part of fixed assets has been disposed off during the
year.
ii) a) Physical verification of inventory has been conducted at
reasonable intervals by the management
b) The procedure 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) The Company is maintaining proper record of inventory and no
material discrepancies were noticed on physical verification.
iii) The Company has neither granted nor taken any loan secured or
unsecured from Companies, firms or other Parties covered in the
register maintained under section 301 of the Act.
iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods. There is not
major weakness in internal control system.
v) a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
b) The transactions made in pursuance of such contract or arrangement
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi) The Company has not accepted deposits from the public.
vii) The Company has an in-house internal audit system generally
commensurate with its size and nature of its business.
viii) The maintenance of cost records has been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act, and such accounts and records have been made and
maintained. We have broadly reviewed such books of accounts.
ix) a) The Company is generally regular in depositing un-disputed
Statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Service Tax, Customs Duty, Excise Duty, Cess and any other statutory
dues with the appropriate authorities.
x) The Company has no accumulated Losses at the end of the financial
year and has not incurred Cash Losses in such financial ear and in the
immediately preceding financial year.
xi) The Company has not defaulted in repayment of dues to Banks.
xii) The Company has not granted loans and advances on the basis of
security by way of pledge of share, debentures and other securities.
xiii) The Company is not a Chit fund or a Nidhi/Mutual benefit
fund/Society.
xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments.
xv) The Company has given a corporate guarantee and the terms and
conditions whereof are not prejudicial to the Company.
xvi) Term Loans were applied for the purpose for which the loans were
obtained.
xvii) The funds raised on short term basis have not been used for long
term investments.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures.
xx) The Company has not raised money by public issue.
xxi) During the course of our examination of books of accounts carried
out in accordance with generally accepted auditing practices in India,
we have neither come across any fraud on or by the Company nor have we
been informed of any such case by the management.
For K.N. Gutgutia & Co.
Chartered Accountants
Kolkata
12th November, 2010 Subhasish Pore
Partner
Membership No.055862
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