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Auditor Report of Gujarat Bitumen Ltd.

Mar 31, 2015

1. We have audited the accompanying Financial Statements of GUJARAT BITUMEN LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit & Loss and 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

2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are 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

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. 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.

6. 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 a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's management and Board of Directors, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. 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 March 31, 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. 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.

10. As required by section 143(3) of the Act, we further 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 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, 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 applicable 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 March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 does not have any pending litigations which would impact its financial position.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

iii) There has been no instance of transferring funds to Investor Education and Protection Fund and therefore question of delay in transferring funds does not arise.

Annexure referred to in paragraph 9 of Our Report of even date to the Members of GUJARAT BITUMEN LIMITED ("the Company") on the accounts of the Company for the year ended 31st March, 2015

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

1. In respect of the Company's fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and-situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such physical verification.

2. In respect of the Company's inventories:

a) As explained to us, the management has physically verified inventories during the year. In our opinion the frequency of verification is reasonable

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 are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification as compared to the book records.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013:

According to the information & explanations given to us, the Company has not granted any loan to companies, firms or other parties covered in the register maintained u/s. 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services during the course of our audit. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control system.

5. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013

6. According to the information and explanations provided by the Company, the Company does not required to maintained accounts as prescribed by the Central Government for cost records under Section 148(1) of the Companies Act, 2013.

7. In respect of statutory dues:

a) According to the records of the Company, undisputed statutory dues including provident fund, employee state insurance, sales tax, wealth tax, service tax, income tax, custom duty, excise duty, value added tax, cess and other material statutory dues as applicable have been generally regularly deposited with appropriate authorities, wherever applicable to it.

b) According to information and explanation given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, or duty of custom or duty of excise or value added tax or cess and other statutory bodies which have remained outstanding as on 31st March, 2015 for a period of more than six months from the date they become payable. Further, as per information and explanations, there are no such statutory dues which have not been deposited on account of any dispute.

c) According to information and explanations given to us there is no instance of transferring amounts to Investor Education and Protection Fund.

8. The Company does have accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not taken any amounts from financial institutions and banks and therefore question of default in the repayment does not arise and said clause is not applicable. The Company does not hold any debentures.

10. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. In our opinion and according to the information and explanation given to us, the Company had not availed any term loan during the year and therefore clause for utilization of term loan is not applicable.

12. During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.

For, Loonia & Associates Chartered Accountants Firm Reg. No: 130883VV

Hitesh Loonia Place: Ahmedabad Proprietor Date: 30.05.2015 Mem. No. 135424








Mar 31, 2014

We have audited the accompanying financial statements of Gujarat Bitumen Limited, Ahmedabad ( the Company ), which comprises Balance Sheet as at 31 March, 2014, the statement of Profit & 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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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 required 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 amounts and other information in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement, whether due to fraud and error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriatness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 ture and fair view in conformity with the accounting principles generally accepted in India In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

In the case of the Statement of Profit & Loss, of the Profit for the year ended on that date, and 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

As required by the Companies (Auditors'' Report ) Order, 2003 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.

As required by Section 227(3) of the Act, we report that

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;

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. The company does not have any branch.

The Balance Sheet, the Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

On the basis of written representations received from the directors, as on 31st 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 of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date

1. In respect of the Company''s fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed of substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of the Company''s inventories:

a) As explained to us, inventories, if any have been physically verified by the management at regular intervals during the year.

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 are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on physical verification of inventories as compared to the book records were not material and have been properly dealt with in the books of account.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) According to the information & explanations given to us, during the year, the Company has not granted any loan to companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956.

b) According to the information and explanation given to us, the Company during the year has not taken any Unsecured Loan from the Companies, firms and other parties covered in the register maintained u/s 301 of the Companies Act, 1956.

c) In our opinion and according to the information and explanation given to us, the rate of interest, wherever applicable and other terms & conditions are not prima facie prejudicial to the interest of the Company.

d) In our opinion and according to the information and explanation given to us, the interest payments are regular and the principal amount is repayable on demand.

e) There is no overdue amount in respect of loans taken by the Company.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services during the course of our audit. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control system.

5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s. 301 of the Companies Act, 1956 in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. According to information and explanations given to us, the Company has not invited or accepted any public deposit, hence the provisions of section 58A, 58AA and any other relevant provision of the Companies Act, 1956 and the rules framed there-under are not applicable to the Company and no order under the aforesaid section have been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any tribunal, on the Company.

7. The Company does not have formal internal audit system but there are adequate checks and controls at all levels. The management has informed us that the steps are being taken to introduce internal audit system commensurate with the size and nature of its business.

8. According to the information and explanations provided by the Company, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act. Accordingly, clause 4(viii) of the Order is not applicable to the Company.

9. In respect of statutory dues:

a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues where ever applicable to the Company.

b) According to information and explanation given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, and other statutory bodies which have remained outstanding as on 31st March, 2014 for a period of more than six months from the date they become payable.

c) According to the information and explanation given to us, there are 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.

10. The Company has accumulated losses of Rs. 2,14,404/- at the end of the financial year. The company has not incurred any cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not taken any loan from financial institutions or banks. The Company does not hold any debentures.

12. According to information and explanations given to us, and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore the provisions of clause 4(xii) of the Order are not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 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 (xiv) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. However, as and when the Company deals in shares and securities, proper entries are made in records maintained for the purpose.

15. 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.

16. In our opinion and according to the information and explanation given to us, the Company has not raised any term loan.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, prima facie, we report that the company has not raised any funds either on short term basis or on long term basis.

18. During the year, the Company has made 40,00,000 equity shares having face value of Rs. 10/- each on preferential allotment of shares which includes 4,00,000 equity shares allotted to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures and therefore the question of creating security & charge in respect thereof does not arise.

20. The Company has not raised any money by way of public issue during the year. However, the Company had raised funds by way of allotting 40,00,000 equity shares on preferential basis to promoters / non promoters.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For & on Behalf of Ashwin H. Shah & Co. Chartered Accountants FRN:- 116575W

Ashwin H. Shah Place: Ahmedabad Partner Date: 15.04.2014 M.No. 017045


Mar 31, 2013

We have audited the accompanying financial statements of Gujarat Bitumen Limited, Ahmedabad (" the Company"), which comprises Balance Sheet as at 31st March, 2013, the statement of Profit & 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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) 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 required 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 amounts and other information in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement, whether due to fraud and error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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.

a. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

b. In the case of the Statement of Profit & 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 (Auditors'' Report) Order, 2003 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.

2 Further to our comments in the Annexure referred to above and notes forming parts of the accounts, attention is invited to the following note :-

(i) Note no.2.7 b

The company has given advances amounting Rs. 5000000 (and interest due thereon). The company is neither receiving principal amount nor any interest thereon. These advances have turned doubtful of recovery but no provision made in the accounts for the same. Since the principal amount has not been repaid, interest thereon has not been accounted as per prudent account policy and RBI Guidelines.

3 As required by Section 227(3) of the Act, 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. The company does not have any branch.

(ii) The Balance Sheet, the Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

(iv) In our opinion, the Balance Sheet, the Statement of Profit & Loss Account and the Cash Flow Statement comply with the accounting standards referred to in section 211 ( 3C ) of the Companies Act, 1956, except as stated in our report and notes forming part of the accounts.

(v) On the basis of 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 of clause (g) of sub - section ( 1 ) of section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Re : Gujarat Bitumen Limited

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date.

(i) a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

As explained to us, the fixed assets have been physically verified at reasonable intervals,

b. which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. During the year, the company has not disposed off any of its fixed assets.

(ii) a. The Company does not have any inventory as the company does not conduct any manufacturing / trading activity.

b. As the company does not have any inventory the question of physical verification of inventories does not arise.

(iii) a. The company has not granted interest any loan to the specified in the register maintained u/s. 301 of the Act but the yearend balance is of Rs. 2100000/- which is in contravention of the provisions of section 295 of the Companies Act, 1956. The terms and conditions are not stipulated.

The company has not granted any loans secured or unsecured to companies, firm specified in the register maintained under section 301 of the Act.

b. The company has not taken any loans secured or unsecured from companies, firm or other parties specified in the register maintained under section 301 of the Act.

In our opinion and according to the information and explanations given to us there

(iv) is no adequate internal control procedure for purchase of inventory and fixed assets and for the sale of goods and services due to low volume of transactions which are directly under the control of director.

(v) a. According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 500000 ( five lacs ) or more in respect of any party.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in pursuance of section 58A and 58AA or any other relevant provision of the Act.

(vii) In our opinion, the company has no formal internal audit system commensurate with the size and nature of its business. But however considering the low volume of less financial transactions which are directly under the control of director, the internal control can be considered adequate.

(viii) As the company does not conduct any manufacturing activity the question of maintenance of the cost records required under clause (d) of sub - section (1) of section 209 of the Companies Act, 1956 does not arise.

(ix) a The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to the company.

b. According to the information and explanations given to us , no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom duty, Excise Duty and cess were in arrears, as at 31-03-2013 for period of more than six months from the date they become payable.

c According to the information and explanation given to us, there are 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.

(x) In our opinion, the company has accumulated losses to the tune of Rs. 256035/-. The company has not incurred any cash loss during the financial year covered by our audit as well as in the financial year immediately preceding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not taken any loans from financial institutions or banks and has not issued any debentures.

(xii) In our opinion and according to information and explanations given 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.

(xiii) In our opinion the company is not a chit fund or a nidhi / mutual benefit fund / society.

Therefore, the provision of clause 4 (xin) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) 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 Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xv) According to explanation and information given to us the company has not given any guarantee in respect of loans taken by others from banks of financial institutions.

(xvi) The company has not raised any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds either on short term basis or on long term basis.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act.

(xix) According to the information and explanations given to us, the company has not issued debentures during the period under review so there is no question of creation of any securities.

(xx) During the year the company has not raised any money by way of public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For & on behalf of Ashwin H. Shah & Co. Chartered Accountants FRN:- 116575W

(Kunal A Shah ) Place : Ahmedabad Partner Date : 24/06/2013 (Mem. No. 124125 )


Mar 31, 2012

1 We have audited the attached Balance Sheet of Gujarat Bitumen Limited, as at 31st March, 2012, the Statement of Profit & Loss 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 have 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 disclosure 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 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 and notes forming parts of the accounts, attention is invited to the following note :-

(i) Note no.2.7 b

The company has given advances amounting Rs. 5000000 (and interest due thereon). The company is neither receiving principal amount nor any interest thereon. These advances have turned doubtful of recovery but no provision made in the accounts for the same. Since the principal amount has not been repaid, interest thereon has not been accounted as per prudent account policy and RBI Guidelines.

Subject 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. The company does not have any branch.

(iii) The Balance Sheet, the Statement of Profit & Loss 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 & 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, except as stated in our report and notes forming part of the accounts.

(v) On the basis of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, they 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

b. In the case of the Statement of Profit & 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.

Referred to in paragraph 3 of our report of even date.

(i) a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified at reasonable intervals, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. During the year, the company has not disposed off any of its fixed assets.

(ii) a. The Company does not have any inventory as the company does not conduct any manufacturing / trading activity.

b. As the company does not have any inventory the question of physical verification of inventories does not arise.

(iii) a. The company has granted interest free loan amounting to Rs. 300000/- to the relative of the directors specified in the register maintained u/s. 301 of the Act and the yearend balance is of Rs. 2100000/- which is in contravention of the provisions of section 295 of the Companies Act, 1956. The terms and conditions are not stipulated.

The company has not granted any loans secured or unsecured to companies, firm specified in the register maintained under section 301 of the Act.

b. The company has not taken any loans secured or unsecured from companies, firm or other parties specified in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations given to us there is no adequate internal control procedure for purchase of inventory and fixed assets and for the sale of goods and services due to low volume of transactions which are directly under the control of director.

(v) a. According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Company''s Act, 1956, aggregating during the year to Rs. 500000 ( five lacs ) or more in respect of any party.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in pursuance of section 58A and 58AA or any other relevant provision of the Act.

(vii) In our opinion, the company has no formal internal audit system commensurate with the size and nature of its business. But however considering the low volume of less financial transactions which are directly under the control of director, the internal control can be considered adequate.

(viii) As the company does not conduct any manufacturing activity the question of maintenance of the cost records required under clause (d) of sub - section (1) of section 209 of the Company''s Act, 1956 does not arise.

(ix) a The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to the company.

b. According to the information and explanations given to us , no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom duty, Excise Duty and cess were in arrears, as at 31-03-2012 for period of more than six months from the date they become payable.

c According to the information and explanation given to us, there are 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.

(x) In our opinion, the company has accumulated losses to the tune of Rs. 472637/-. The company has not incurred any cash loss during the financial year covered by our audit as well as in the financial year immediately preceding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not taken any loans from financial institutions or banks and has not issued any debentures.

(xii) In our opinion and according to information and explanations given 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.

(xiii) In our opinion the company is not a chit fund or a nidhi / mutual benefit fund / society.

Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) 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 Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xv) According to explanation and information given to us the company has not given any guarantee in respect of loans taken by others from banks of financial institutions.

(xvi) The company has not raised any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds either on short term basis or on long term basis.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act.

(xix) According to the information and explanations given to us, the company has not issued debentures during the period under review so there is no question of creation of any securities.

(xx) During the year the company has not raised any money by way of public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For & on behalf of Ashwin H. Shah & Co. Chartered Accountants FRN:- 116575W

(Ashwin H. Shah) Place : Ahmedabad Proprietor Date : 16-08-2012 (Mem. No. 017045 )


Mar 31, 2011

1 We have audited the attached Balance Sheet of Gujarat Bitumen Limited, as at 31st March, 2011, the Profit & 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 have 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 disclosure 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 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 and notes forming parts of the accounts, attention is invited to the following note in Schedule No. G

(i) Note no. 7-IX 2

The company has given advances amounting Rs. 5000000 ( and interest due thereon ). The company is neither receiving principal amount nor any interest thereon. These advances have turned doubtful of recovery but no provision made in the accounts for the same. Since the principal amount has not been repaid, interest thereon has not been accounted as per prudent account policy and RBI Guidelines.

Subject 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 as far as appears from our examination of those books. The company does not have any branch.

(iii) The Balance Sheet, Profit & 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 & 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, except as stated in our report and notes forming part of the accounts.

(v) On the basis of written representations received from the directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, they 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

b. In the case of Profit & Loss Account, 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.

Referred to in paragraph 3 of our report of even date.

(i) a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified at reasonable intervals, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. During the year, the company has not disposed off any of its fixed assets.

(ii) a. The Company does not have any inventory as the company does not conduct any manufacturing / trading activity.

b. As the company does not have any inventory the question of physical verification of inventories does not arise. (iii) a. The company has granted interest free loan amounting to Rs. 2000000/- to the relative of the directors specified in the register maintained u/s. 301 of the Act and the yearend balance is of Rs. 2000000/- which is in contravention of the provisions of section 295 of the Companies Act, 1956. The terms and conditions are not stipulated.

The company has not granted any loans secured or unsecured to companies, firm specified in the register maintained under section 301 of the Act.

b. The company has not taken any loans secured or unsecured from companies, firm or other parties specified in the register maintained under section 301 of the Act. (iv) In our opinion and according to the information and explanations given to us there is no adequate internal control procedure for purchase of inventory and fixed assets and for the sale of goods and services due to low volume of transactions which are directly under the control of director.

(v) a. According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Company''s Act, 1956, aggregating during the year to Rs. 500000 ( five lacs ) or more in respect of any party.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in pursuance of section 58A and 58AA or any other relevant provision of the Act.

(vii) In our opinion, the company has no formal internal audit system commensurate with the size and nature of its business. But however considering the low volume of less financial transactions which are directly under the control of director, the internal control can be considered adequate.

(ix) a. The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to the company.

b. According to the information and explanations given to us , no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom duty, Excise Duty and cess were in arrears, as at 31-03-2011 for period of more than six months from the date they become payable.

c. According to the information and explanation given to us, there are 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.

(x) In our opinion, the company has accumulated losses to the tune of Rs.580502/-.

The company has not incurred any cash loss during the financial year covered by our audit as well as in the financial year immediately preceding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not taken any loans from financial institutions or banks and has not issued any debentures.

(xii) In our opinion and according to information and explanations given 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.

(xiii) In our opinion the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) 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 Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xv) According to explanation and information given to us the company has not given any guarantee in respect of loans taken by others from banks of financial institutions.

(xvi) The company has not raised any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds either on short term basis or on long term basis.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act.

(xix) According to the information and explanations given to us, the company has not issued debentures during the period under review so there is no question of creation of any securities.

(xx) During the year the company has not raised any money by way of public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For & on behalf of Ashwin H. Shah & Co. Chartered Accountants FRN:- 116575W

(Ashwin H. Shah) Place : Ahmedabad Proprietor Date : 16-05-2011 (Mem. No. 017045 )


Mar 31, 2010

1 We have audited the attached Balance Sheet of Gujarat Bitumen Limited, as at 31st March, 2010, the Profit & 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 have 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 disclosure 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 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 and notes forming parts of the accounts, attention is invited to the following note in Schedule No. G

(i) Note no.7-IX 2

The company has given advances amounting Rs. 5000000 ( and interest due thereon ). The company is neither receiving principal amount nor any interest thereon. These advances have turned doubtful of recovery but no provision made in the accounts for the same. Since the principal amount has not been repaid, interest thereon has not been accounted as per prudent account policy and RBI Guidelines.

Subject 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. The company does not have any branch.

(iii) The Balance Sheet, Profit & 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 & 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, except as stated in our report and notes forming part of the accounts.

(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, they 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

b. In the case of Profit & Loss Account, 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.

(i) a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been physically verified at reasonable intervals, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. During the year, the company has not disposed off any of its fixed assets.

The Company does not have any inventory as the company does not conduct any (ii) a. manufacturing / trading activity.

b. As the company does not have any inventory the question of physical verification of inventories does not arise.

(iii) a. The company has not granted any loans secured or unsecured to companies, firm or other parties specified in the register maintained under section 301 of the Act.

b. The company has not taken any loans secured or unsecured from companies, firm or other parties specified in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations given to us there is no adequate internal control procedure for purchase of inventory and fixed assets and for the sale of goods and services due to low volume of transactions which are directly under the control of director.

(v) a. According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Company''s Act, 1956, aggregating during the year to Rs. 500000 ( five lacs ) or more in respect of any party.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in pursuance of section 58A and 58AA or any other relevant provision of the Act.

(vii) In our opinion, the company has no formal internal audit system commensurate with the size and nature of its business. But however considering the low volume of less financial transactions which are directly under the control of director, the internal control can be considered adequate.

(viii) As the company does not conduct any manufacturing activity the question of maintenance of the cost records required under clause (d) of sub - section (1) of section 209 of the Company''s Act, 1956 does not arise.

(ix) a The company is regular in depositing with appropriate authorities undisputed statutory dues applicable to the company.

b. According to the information and explanations given to us , no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom duty, Excise Duty and cess were in arrears, as at 31-03-2010 for period of more than six months from the date they become payable.

c According to the information and explanation given to us, there are 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.

(x) In our opinion, the company has accumulated losses to the tune of Rs. 1476277. The company has not incurred any cash loss during the financial year covered by our audit as well as in the financial year immediately preceding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not taken any loans from financial institutions or banks and has not issued any debentures.

(xii) In our opinion and according to information and explanations given 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.

(xiii) In our opinion the company is not a chit fund or a nidhi / mutual benefit fund / society.

Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) 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 Companies (Auditor''s Report) order, 2003 are not applicable to the company.

(xv) According to explanation and information given to us the company has not given any guarantee in respect of loans taken by others from banks of financial institutions.

(xvi) The company has not raised any term loan.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds either on short term basis or on long term basis.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act.

(xix) According to the information and explanations given to us, the company has not issued debentures during the period under review so there is no question of creation of any securities.

(xx) During the year the company has not raised any money by way of public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For & on behalf of Ashwin H. Shah & Co. Chartered Accountants FRN:- 116575W

(Ashwin H. Shah) Place : Ahmedabad Proprietor Date : 15-05-2010 (Mem. No. 017045 )

 
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