Mar 31, 2015
We have audited the accompanying financial statements of GLITTEK
GRANITES LIMITED ("the company"),which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss, the 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
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation 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 under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's 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
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
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 financial control relevant to the Company's
preparation of the financial statements that give 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 operating effectiveness of
such controls . An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
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.
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 31stMarch2015, its profit and its cash flows for the year ended on
that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (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 Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014 :
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements  Refer Note No. 25 to
the financial statements ;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' of our Report of even date of our Report of even date) On
the basis of such checks as we considered appropriate and according to
the information and Explanations given to us during the course of our
audit, we report that :
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management during
the year based on a phased program of verifying all the assets over a
period of three years, which in our opinion is reasonable having. As
informed, no material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) As explained to us, the inventories of finished goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at reasonable intervals during the year, the
frequency of such verification is reasonable.
(b) In our opinion and according to the information and explanation
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 as compared to book records.
(iii) According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties
covered in the Register maintained under Section 189 of the Companies
Act, 2013; and therefore paragraph 3(iii ) of the Order is not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(v) In our opinion and according to information and explanations given
to us the company has not accepted any deposit from public during the
year.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
(vii) (a) According to the records of the company, it has been regular
in depositing undisputed dues in respect of Income Tax and other
statutory dues as applicable to it. The company is not liable to pay
any amount in respect of Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Sales Tax and Investor Education and Protection Fund.
(b) According to information and explanations given to us, there are no
dues in respect of income tax. wealth tax, sales tax, custom duty,
excise duty, service tax, cess and other statutory dues as applicable,
which have not been deposited on account of any dispute except as set
out below :
Name of statute Nature of dues Amount Forum where dispute
(Rs. in
lacs) is pending
The Income Tax Act, Fringe Benefit Tax 1.85 Commissioner of
Income Tax
1961 A.Y. 2006-07 (Appeals)
The Income Tax Act, Income Tax _ Commissioner of
Income Tax
1961 A.Y. 2010-11 (Appeals)
Show Cause Notices for Penalty u/s 271(1) © received for Asst. Year
2006-07 & 2010-11, proceedings pending.
(C) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The accumulated losses of the company are not more than 50% of
the net worth of the company. The company has not incurred cash losses
during the year and immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
(xi) The Term loans taken by the company have been applied for the
purpose for which they were raised.
(xii) 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 RUNGTA & RUNGTA
Chartered Accountants
(Regn. No 305134E)
CA S. K. ROONGTAA
Partner
Kolkata, the 30th day of May, 2015 Membership No.15234
Mar 31, 2014
We have audited the accompanying financial statements of GLITTEK
GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as
at 31st March, 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year ended on that date and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The company management is responsible for 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 Accounting Standards referred to in Sec 211(3C) of the
Companies Act, 1956 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 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal
controls relevant to the preparation and presentation of 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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedure
selected depends on auditor''s judgment, including the assessment of
the risks of material misstatement of financial statements, whether
due to fraud or error. In making those risk assessments, the auditors
consider 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 ofthe Company''s
internal control. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Management, as well as
evaluating the overall presentation of 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
explanation given to us, the aforesaid financial statements give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
a. in the case of the Balance Sheet of the State of affairs of the
Company as at 31st March, 2014;
b. in case of the Statement of Profit and Loss of the profit for the
year ended on that date; and
c. In 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
As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Department of
Company Affairs, in terms of section 227(4A) of the Companies Act,
1956, we give in the
Annexure a statement on the matters specified in the paragraph 4 and 5
of the said order.
2. As required by Section 227(3) of the Companies Act, 1956, we report
that :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books,
c. The Balance Sheet and Statement of Profit and Loss and the Cash
Flow Statement dealt with by the report are in agreement with the
books of account.
d. In our opinion the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section 3(C) of Section 211
ofthe Companies Act, 1956 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; and
e. On the basis of the written representations received from the
Directors as on 31 st March, 2014 and taken on record by the Board of
Directors, We report that none of the directors is disqualified as on
31st March, 2014 from being appointed as a Director in terms clause
(g) of the Section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under "Report on other Legal and
Regulatory Requirement" section of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) Fixed assets have been physically verified by the management
during the year based on a phased program of verifying all the assets
over a period of three years, which in our opinion is reasonable
having regard to the size of the Company and the nature of its fixed
assets. As informed, no material discrepancies were noticed on such
verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) As explained to us, the management has conducted Physical
verification of inventory at reasonable intervals during the year. In
our opinion, the frequency of such verification is reasonable.
(ii) In our opinion and according to information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are, in our opinion, reasonable and
adequate in relation to the size of the Company and the nature of its
business.
(iii) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification as
compared to book records.
3. (i) During the year the Company has taken unsecured loan of Rs.
39.75 Lacs from two other parties covered in the register maintained
u/s 301 of the Companies Act, 1956, apart from Rs.101.34 Lacs brought
forward from previous year and have repaid Rs.73,48 Lacs during the
year. The maximum amount involved during the year and the year end
balance of such loans aggregated Rs. 120.79 Lacs and Rs.74.62 Lacs
(including accrued interest of Rs.7.08 lacs respectively).
(ii) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured loan taken are
not prima-facia prejudicial to the interest of the Company.
(iii) In respect of the aforesaid loans there is no stipulation as to
repayment of loan and/ or interest thereon. Further the loan are
repayable by the party on demand/call loan policy framed by the
Company,
(iv) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal control system in
respect of these areas.
5. (i) 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,
(ii) In our opinion and according to information and explanations
given to us, the transactions made in pursuance of such contract or
arrangements exceeding Rupees Five Lacs have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant times
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8.On the basis of the records, we are of the opinion that prima facie
cost records and accounts prescribed by the Central Government of
India under section 209(1) (d) of the Companies Act, 1956, have been
maintained . However, we are not required to and have not carried out
any detailed examination of such account and records.
9. (i) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, the
Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material
Statutory Dues as applicable with the appropriate authorities in
India.
(ii) At the end of financial year there were no undisputed dues of
Provident Fund, Investor Education and Protection Fund, Employee''s
State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, cess and other material statutory dues which
has remained outstanding for more than six months from the date they
became payable.
(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and cess dues which has not been deposited
as on 31st March 2014 on account of dispute are given below :
10. There are no accumulated losses at the end ofthe financial year
and the Company has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company during the year has not defaulted in repayment of dues to
financial institutions, banks. The Company has not issued any
debentures.
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)
ofthe Companies (Auditor''s Report) Order,2003 are not applicable to
the Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the order are not applicable to the
company.
15. According to the information & explanations given to us the
Company has not given guarantee for loans taken by others from banks
or financial institutions.
16. In our opinion and according to information and explanation given
to us, the term loan obtained during the year has been utilized for
the purpose for which it was obtained.
17. On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us
by the management, funds raised on short-term basis have not been used
for tong term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act,1956 during the year. .
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have been informed of such case by the
management.
For Rungta & Rungta
Chartered Accountants
(Firm Registration No. 305134E)
25, R.N. Mukherjee Road S.K.Roongtaa
Kolkata the 29th day of May, 2014. Partner
Membership No. : 15234
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of GLITTEK
GRANITES LIMITED, (the "Company") which comprises the Balance Sheet as
at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The company''s management is responsible for 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 Accounting Standards referred to in Sec 211(3C) of the
Companies Act, 1956 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal controls relevant to the
preparation and presentation of 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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedure
selected depends on auditor''s judgment, including the assessment of the
risks of material misstatement of financial statements, whether due to
fraud or error. In making those risk assessments, the auditors consider
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 Company''s
internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of financial statements.
We believe that 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
explanation given to us, the aforesaid financial statements give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
a. in the case of the Balance Sheet of the State of affairs of the
Company as at 31st March, 2013;
b. in case of the Statement of Profit and Loss of the profit for the
year ended on that date; and
c. In 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, issued
by the Department of Company Affairs, in terms of section 227(4A) of
the Companies Act, 1956, we give in the Annexure a statement on the
matters specified in the paragraph 4 and 5 of the said order.
2. As required by Section 227(3) of the Companies Act, 1956, we report
that :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet and Statement of Profit and Loss and the Cash
Flow Statement dealt with by the report are in agreement with the books
of account.
d. In our opinion the Balance Sheet and the Statement of Profit and
Loss and the Cash Flow Statement comply with the Accounting Standard
referred to in sub-section 3 (C) of Sec. 211 of the Companies Act,
1956.
e. On the basis of the written representations received from the
Directors as on 31st March, 2013 and taken on record by the Board of
Directors , We report that none of the directors is disqualified as on
31st March, 2013 from being appointed as a Director in terms clause (g)
of the Section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under "Report on other Legal and Regulatory
Requirement" section of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) Fixed assets have been physically verified by the management
during the year based on a phased program of verifying all the assets
over a period of three years, which in our opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
As informed, no material discrepancies were noticed on such
verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) As explained to us, the management has conducted Physical
verification of inventory at reasonable intervals during the year. In
our opinion, the frequency of such verification is reasonable.
(ii) 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, in our opinion, reasonable and adequate
in relation to the size of the Company and the nature of its business.
(iii) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories
and no material discrepancies were noticed on physical verification as
compared to book records.
3. (i) During the year the Company has taken unsecured loan amounting
to Rs. 11.50 Lacs from a company and Rs.89.10 Lacs from other parties
covered in the register maintained u/s 301 of the Companies Act, 1956,
apart from Rs. 150.15 Lacs brought forward from previous year and have
repaid Rs. 76.56 Lacs during the year. The maximum amount involved
during the year and the year end balance of such loans aggregated
Rs.148.97 lacs and Rs.101.34 lacs respectively.
(ii) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured loan taken are
not prima-facie prejudicial to the interest of the Company.
(iii) In respect of the aforesaid loans there is no stipulation as to
repayment of loan and/ or interest thereon. Further the loan are
repayable by the party on demand/call loan policy framed by the
Company.
(iv) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal control system in
respect of these areas.
5. (i) 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.
(ii) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangements exceeding Rs. Five Lacs have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant times.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. On the basis of the records, we are of the opinion that prima facie
cost records and accounts prescribed by the Central Government of India
under section 209(1 )(d) of the Companies Act, 1956, have been
maintained. However, we are not required to and have not carried out
any detailed examination of such account and records.
9. (i) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, the
Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Income Tax, Sales tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues
as applicable with the appropriate authorities in India.
(ii) At the end of financial year there were no undisputed dues of
Provident Fund, Investor Education and Protection Fund, Employee''s
State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, cess and other material statutory dues which
has remained outstanding for more than six months from the date they
became payable.
(iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and cess dues which has not been deposited as
on 31st March 2013 on account of dispute are given below :
SI. Name of the Statute Nature of Dues Amount
No (Rs. in lacs)
1. The Karnataka Tax on Penalty on Entry Tax 3.30
Entry of Goods Act,
1979.
2. The Income Tax Act, Income Tax 7.70
1961. A.Y. 2006-07
3. The Income Tax Act, Fringe Benefit Tax 1.85
1961. A.Y. 2006-07
4. The Income Tax Act, Income Tax -
1961. A.Y. 2010-11
SI. Name of the Statute Forum where dispute is
No. pending
1. The Karnataka Tax on The Karnataka Appellate
Entry of Goods Act, Tribunal, Bangalore
1979
2. The Income Tax Act, Commissioner of Income
1961 Tax (Appeals)
3. The Income Tax Act, Commissioner of Income
1961 Tax (Appeals)
4. The Income Tax Act, Commissioner of Income
1961 Tax (Appeals)
Show cause notice for Penalty u/s 271(1) C received for Asst. Year
2006-07 & 2010-11, proceedings pending.
10. There are no accumulated losses at the end of the financial year
and the company has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company during the year has not defaulted in repayment of dues to
financial institutions, banks. The Company has not issued any
debentures.
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 Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the order are not applicable to the
company.
15. According to the information & explanations given to us the
Company has not given guarantee for loans taken by others from banks or
financial institutions.
16. In our opinion and according to information and explanation given
to us, the term loan obtained during the year has been utilized for the
purpose for which it was obtained.
17. On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, 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 to
parties or companies covered in the register maintained under Section
301 of the Companies Act,1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have been informed of such case by the
management.
For Rungta & Rungta
Chartered Accountants
(Firm Registration No. 305134E)
S.K.Roongtaa
25, R.N. Mukherjee Road Partner
Kolkata the 30th day of May, 2013. Membership No. : 15234
Mar 31, 2012
1. We have audited the attached Balance Sheet of Glittek Granites
Limited as at 31st March, 2012 and the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 accouniing principles used and significant estimates made
by management, as well, as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 and as
amended by the Companies (Auditor's Report) Amendment Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit and Loss Account and 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 the written representation 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 is disqualified as on
March 31, 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 to the best of our information and according to the
explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
b) in the case of the 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR
ENDED 31st MARCH, 2012.
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) Fixed assets have been physically verified by the management
during the year based on a phased program of verifying all the assets
over a period of three years, which in our opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
As informed, no material discrepancies were noticed on such
verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year. In our opinion, the frequency
of such verification is reasonable.
(ii) The procedures of physical verification of inventory followed by
the management are, in our opinion, reasonable and adequate in relation
to the size of the Company and the nature of its business.
(iii) The Company is maintaining proper records of inventories and no
material discrepancies were noticed on physical verification as
compared to book records.
3. (i) During the year the Company has taken unsecured loan amounting
to Rs.2.45 Lacs from a company covered in the register maintained u/s
301 of the Companies Act, 1956, apart from Fts.69.83 Lacs brought
forward from previous year and repaid Rs. 16.52 Lacs. The year end
balance Is Rs.61.05 Lacs. The company has taken unsecured loan of
Rs.38.75 lacs from three parties covered in the register maintained u/s
301 of the Companies Act, 1956, apart from brought forward balance of
Rs.13.16 Lacs and Rs.33.64 lacs have been repaid during the year to
four parties. The year end balance of all such loans is Rs. 18.41 Lacs.
(ii) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured loan taken are
not prima-facie prejudicial to the interest of the Company.
(iii) There are no stipulations as to the payment of the principal
amount in respect of unsecured loan.
(iv) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal control in respect of
these areas.
5. (i) 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.
(ii) 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 times.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of company's product to which the said rules are
made applicable and are of the opinion that prima facie , the
prescribed records have been made and maintained. We have, however not
made a detailed examination of the said records with a view to
determine whether they are accurate or complete.
9. (i) The Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employee's State Insurance, Income Tax, Sales tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues
as applicable with the appropriate authorities in India.
(ii) At the end of financial year there were no dues of Sales Tax,
Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess
which have not been deposited on account of any dispute except as set
out below:
SI. Name of the
Statute Nature of Dues Amount Forum where dispute
No (Rs . in
lacs) is pending
1. The Kamataka
Tax on Penalty on
Entry Tax 3.30 The Karnataka
Appellate
Entry of
Goods Act, Tribunal, Bangalore
1979
10. There are no accumulated losses at the end of the financial year
anc it has not incurred any cash losses in the current and immediately
preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company during the year has not defaulted in repayment of dues to
financial institutions, banks. The Company has not issued any
debentures.
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 Companies (Auditor's Report) Order,2003 are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the order are not applicable to the
company.
15. According to the information & explanations given to us the
Company has not given guarantee for loans taken by others from banks or
financial institutions.
16. The company has not obtained any fresh term loan during the year.
17. On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, 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 to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the period
covered by our report.
20. The Company has not raised any money from the public during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have been informed of such case by the
management.
For Rungta & Rungta
Chartered Accountants
(Registration No. 0305134E)
C.A. S.K.Roongtaa
25, R.N. Mukherjee Road Partner
Kolkata the 30th day of May, 2012. Membership No. : 15234
Mar 31, 2011
1. We have audited the attached Balance Sheet of Glittek Granites
Limited as at 31st March, 2311 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is lo 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 and as
amended by the Companies (Auditor's Report) Amendment Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Sdid
Order.
4. Further to our comments in the Annexure referred to above, we
report that;
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit,
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit and Loss Account and 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 the written representation received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) ol Section 274 of the Companies Act, 1956.
vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
b) in the case of the Profit and Loss Account, of the profit for the
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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GLITTEK GRANITES LTD ON THE ACCOUNTS AS AT AND FOR THE YEAR
ENDED 31st MARCH, 2011.
1 [i) The Company have maintained proper records showing (ult
particulars, including quantitative ; details and situation of fixed
assets.
(ii) Fixed assets have been physically verified by the management during
the year based on a phased program of verifying all the assets over a
period of three yea's, which in our opinion is reasonable having regard
to the size of the Company and the nature of its fixed assets. As
informed, no material discrepancies were noticed on such verification.
iii There was no substantial! disposal of 'fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals ç during the year, in our opinion, the
frequency of such verification is reasonable.
(ii) The procedures of physical verification of inventory 'followed by
the management are, in our opinion, reasonable and adequate in
relation to the size of tire Company and the nature oi f. Its
business.
(iii) The Company is maintaining proper records of inventories and if
material discrepancies t were noticed on physical verification as
compared to book records.
3. (i) During the year the Company has not taken any 'loan: secured to
unsecured from any company covered in the register maintained u/s 301
of the Companies Act, 1956 except :- balance brought forward from
previous year of Hs.75.64 lacs taken from one company out of which Rs.
11.75 lacs have been repaid during the year The company has taken
unsecured ; ' loan of Ri 10.20 lacs furor three parties covered in ;he
register maintained u/s 301 of the Companies Act, 1956 apart from
brought toward balance of Hs.4.69 Lacs and Rs.2.20 lacs lave been
repaid during the year lo two parties. The maximum amount involved
during % the year is Rs 83.09 lacs and year and balance is Rs.83.10
Lacs
(ii) In our opinion and according to the information arid explanations
given 10 us, the terms and conditions of such unsecured loan taken are
not prima-facie prejudicial to the interest the Company.
(iii) There are no stipulations as to no payment committee principal
amount in respect of unsecured loan.
(iv) Thy company has not grated any loans, secured or unsecured, to
companies, firms or the other parties covered in the maintained under
section 301 of the Companies Act, 1956.
4. In just opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the si2e of the Company arid the nature Of its t .
business with regard to purchase of inventory and fixed assets and for
the sale of goods and ; services During the course of our audit, no
major weakness has been noticed in the internal control in respect
of these areas.
5. According to the information and explanations given to us, wo are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have i been so emerged.
i.) Transactions made in pursuance of such contract or arrangement have
beer made St prices which are reasonable having regard to the
prevailing market prices at the relevant ' times.
6. The Company has not accepted any deposits from the public. In our
opinion, the Company has an internal audit system commensurate with the
size and nature; of its business.
8, As explained to us, maintenance of cost records has not been
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956.
9. (i) The Company has teen regular in depositing undisputed statutory
including Provident Fund, Investor Education nod Protection
t-und, Employee's State Insurance, Income Tax, Sales tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material Statuary
Dues cess applicable with the appreciate authorities in India.
(ii) At the end of financial year there were nu dues of Sales Tax.
Income Tax, Custom Duty, Wealth Tax, Service Tax. Excise Duty and cess
which have not been deposited an account o' ary dispute except as set
out below:
Sl. Name of the Statute Nature of Dues Amount forum where
dispute is
No Rs in
lacs pending
1 The Karrtatafca Tax
on Penalty on
Entry Tax 3,30 The
Karnataka
Appellate
Entry of Goods Act, mutual,
Bartgslorc
1979
10. There arc no accumulated tosses at Die end of the financial
yea-and it has n-jl incurred any cash tosses in the current and
immediately preceding financial year.
11. Based on cur audit procedures and as per the information and
explanations given by the management, we are of the opinion that tire
Company during the year has not defaulted in repayment of dues to
filarial institutions, banks. The Company has not issued any
debentures
12. According to the information and explanations given to is and
based on the documents and records produced ;o us, the Company has no;
granted loans and advances on the basis of security by" way ot pledge
of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund of a mdhi/ mutual
benefit fund,' society Therefore. the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company
14. In Our opinion, the Company is not dealing in or trading h snares,
securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the order are not applicable 'o the
company,
15. According to trie information & explanations given to us the
Company has no given guarantee for loans taken by others from banks or
financial institutions.
16. The company has net obtained any fresh term loan during the year.
17. On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented tc us by
the management, funds raised on short-term basis have no*. been used
for long term investment.
18. The Coronary has not Marie any preferential allotment ot shares to
parties or Companies covered in the register maintained under Section
301 of (he Companies Act, 1956 during the year
19. The Company has not issued any debentures during the period
covered by our report.
20. The Company has not raised any runny from the public during the
year
21. During the course of our examination of time books of account
carried out in accordance with tie generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have been informed of such case by the
management.
For Rungta & Rungta
Chartered Accountants
(Registration No. 0305134E)
25, R.N. Mukherjee Road C-A- S.K.Roongta
Kolkata the 30th day of May, 2011 Partner
Membership No. : 15234
Mar 31, 2010
1. We have audited the attached Balance Sheet of Glittek Granites
Limited as at 31st March, 2010 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 and 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, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
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 the written representation 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 is disqualified as on
March 31,2010 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 to the best of our information and according to the
explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
b) in the case of the Profit and Loss Account, of the profit for the
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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GLITTEK GRANITES LTD. ON THE ACCOUNTS AS AT AND FOR THE YEAR
ENDED 31st MARCH, 2010.
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed assets.
(ii) Fixed assets have been physically verified by the management
during the year based on a phased programme of verifying all the assets
over a period of three years, which in our opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
As informed, no material discrepancies were noticed on such
verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year. In our opinion, the frequency of
such verification is reasonable.
(ii) The procedures of physical verification of inventory followed by
the management are, in our opinion, reasonable and adequate in relation
to the size of the Company and the nature of its business.
(iii) The Company is maintaining proper records of inventories and no
material discrepancies were noticed on physical verification as
compared to book records.
3. (i) During the year the Company has taken unsecured loan of Rs.
30.40 Lacs from one company covered in the register maintained u/s 301 of
the Companies Act, 1956. The maximum amount involved during the year is
Rs.82.57 lacs and year end balance is Rs.82.57 Lacs.
(ii) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured loan taken are
not prima-facie prejudicial to the interest of the Company.
(iii) There are no stipulations as to the payment of the principal
amount in respect of unsecured loan.
(iv) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal control in respect of
these areas.
5. i) 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.
ii) 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 times.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. As explained to us, maintenance of cost records has not been
prescribed by the Central Government under Section 209(1 )(d) of the
Companies Act, 1956.
9. (i) The Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material Statutory Dues as
applicable with the appropriate authorities in India.
(ii) At the end of financial year there were no dues of Sales Tax,
Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess
which have not been deposited on account of any dispute except as set
out below:
Sl. Name of the Statute Nature of Dues Amount Forum where
dispute is
No (Rs in
lacs) pending
1. The Kamataka Tax on Penalty on Entry
Tax 3.30 The Karnataka
Appellate
Entry of Goods Act, Tribunal,
Bangalore
1979
10. There is no accumulated losses at the end of the financial year
and it has not incurred any cash losses in the current and immediately
preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company during the year has not defaulted in repayment of dues to
financial institutions, banks. The Company has not issued any
debentures.
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 Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the order are not applicable to the
company.
15. According to the information & explanations given to us the
Company has not given guarantee for loans taken by others from banks or
financial institutions.
16. Based on information and explanations given to us by the
management, the Company has not taken any term loan.
17. On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, 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 to
parties or Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the period
covered by our report.
20. The Company has not raised any money from the public during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have been informed of such case by the
management.
For Rungta & Rungta
Chartered Accountants
(Registration No. 0305134E)
C.A. S.K.Roongta
25, R.N. Mukherjee Road Partner
Kolkata the 14th day of May, 2010 Membership No. : 15234
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