Auditor Report of Indo National Ltd.
Mar 31, 2023
INDO-NATIONAL LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Indo National Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss, (including the Statement of Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by The Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.
We have determined that there are no key audit matters to communicate in our report.
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the Standalone Financial Statements and our auditor''s report thereon. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially in consistent with the Standalone Financial Statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Managements'' Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated insection 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards(Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safe guarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
1 . Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial system in place and the operating effectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
4. Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
5. Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence,and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements for the financial year ended March 31, 2023 and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. However, we have determined that there are no key audit matters to communicate in our report in the current year.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s report) Order, 2020 ("the Order") issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 including the Statement of Other Comprehensive Income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act., read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time;
e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirement of section 197(16) of the Act:
In our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid/ provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act; and
h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements - Note. 28.1to the Standalone Financial Statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as on March 31, 2023;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. a) The management has represented to us that, to the best of its knowledge and
belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented to us that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on our audit procedures that are considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 1 1 (e)as provided under paragraph 2(h) (iv)(a) &(b) above, containany material misstatement.
v. a) The final dividend proposed in the previous year, declared and paid by the Company
during the year is in accordance with Section 123 of the Act, as applicable. b) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for books of account to have the feature of audit trail, edit log and related matters in the accounting software used by the Company, is applicable to the Company only with effect from financial year beginning April 1, 2023, the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.
For G Balu Associates LLP Chartered Accountants FRN : 000376S/S200073
R Ravishankar
Place: Chennai Partner (M.No.02681 9)
Date : 23rd May, 2023 UDIN:23026819BGXAPS5458
Mar 31, 2018
INDEPENDENT AUDITORS REPORT ON STATEMENT OF ANNUAL STANDALONE FINANCIAL RESULTS
To
The Members of Indo National Limited
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Indo National Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Ind AS 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 of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS 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 standalone Ind AS financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, we report, to the extent applicable 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 including Other Comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) On the basis of the written representations received from the Directors as on March 31, 2018 taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2018, from being appointed as a Director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company, and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 32.1(i) to the standalone Ind AS financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The reporting on disclosures relating to specified bank notes is not applicable to the Company for the year ended March 31, 2018.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
Annexure A to Independent Auditors'' Report
Referred to in paragraph 1(f) under the ''Report on other Legal and Regulatory Requirements'' Section of our Independent Auditors'' Report of even date to the members of Indo National Limited on the Ind AS standalone financial statements for the year ended March 31, 2018.
Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Subsection 3 of Section 143 of the Act
We have audited the internal financial controls with reference to financial statements of Indo National Limited ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements:
A company''s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements:
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2018, based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to Financial Statements issued by the Institute of Chartered Accountants of India."
Referred to in paragraph 2 under the ''Report on other Legal and Regulatory Requirements'' section of our Independent Auditors'' Report of even date to the members of Indo National Limited on the Ind AS standalone financial statements for the year ended March 31, 2018.
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets
(b) The Company has a regular program of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of 3 years. In accordance with this programme, certain fixed assets have been verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable.
(c) According to the information and explanations given to us, and on the basis of the examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) The inventory has been physically verified during the year by the management and no material discrepancies were noticed on such verification.
(iii) The Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnership or other parties, covered in the register maintained under Section 189 of the Companies Act, 2013.
(iv) According to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it, as applicable.
(v) The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
(vi) Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its specified products.
We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanation given to us and on the basis of our examination of the
records of the Company, amount deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty and Excise Duty, Value added tax, goods and service tax, cess and any other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty and Excise Duty, Value added tax, goods and service tax, cess and other material statutory dues were in arrears as at 31st March 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the following statutory dues which have not been deposited on account of dispute.
|
Nature of the statute |
Nature of Dues |
Amount |
Forum where dispute is pending |
|
Income Tax Act, 1961 |
Income Tax |
11.51 |
The Second Appellate Authority |
|
Income Tax Act, 1961 |
Income Tax |
11.60 |
The First Appellate Authority |
|
Sales Tax |
Central Sales Tax |
2.15 |
First Sales Tax Appellate Authority |
(viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders as at the balance sheet date.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and any term loans from banks. Accordingly, paragraph 3(ix) of the order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company or on by its officers or employees has not been noticed or reported during the year.
(xi) According the information and explanations given to us, the company has paid or provided for the managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the order is not applicable.
(xiii) The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of related party transactions have been disclosed in the standalone Ind AS financial statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(xiv) According to the information and explanation given the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the order not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For G BALU ASSOCIATES LLP
Chartered Accountants
FRN: 000376S/S200073
Raja Gopalan B
Place: Chennai Partner
Date: 23rd May, 2018 M.No: 217187
Mar 31, 2015
We have audited the accompanying standalone financial statements of
M/s. Indo National Limited (the company) which comprise the Balance
Sheet as at 31st March, 2015 the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 resepct
to the preparation and presentation of these standalone 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 maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a 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 stand alone
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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material mis-statement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers financial internal 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 the accounting policies used and the reasonableness
of the accounting estimate made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31 st March, 2015 and 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 the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. the Company did not have long-term contracts including derivative
contracts for which there were any material foreseeable losses; and
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in paragraph 1 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.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
ii) (a) As explained to us, inventories held by the Company were
physically verified during the year at reasonable intervals by the
management.
(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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s 189 of the Act.
iv) a) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures and systems
commensurate with the size of the Company and nature of its business
with regard to the purchase of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) The Company has not accepted any deposits from the public during the
year to which the directives issued by the Reserve Bank of India and
the provisions of sections 73 to 76 or any other relevant provisions of
the Act and the rules framed there under are applicable.
vi) According to the records produced and the information given to us,
the cost records prescribed by the Central Government under sub-section
1 of Section 148 of the Companies Act are being made and maintained by
the Company. No examination of such records has been carried out by us.
vii) (a) According to the records of the Company, the Company is
regular in depositing undisputed statutory dues including Provident
Fund, Employees State Insurance,, Income Tax, Wealth Tax, Service Tax,
Duty of Customs, Duty of Excise, Value added Tax, Cess and any other
statutory dues applicable to it, with the appropriate authorities
during the year.
(b) According to the records of the company, there are no dues of
Income Tax, Wealth Tax, Customs Duty, Service Tax, Excise Duty and cess
which have not been deposited on account of any dispute except:
i) Sales Tax of Rs.2.15 lacs disputed and pending before the First
Sales Tax Appellate Authority and
ii) Income Tax of Rs.23.11 lakhs disputed and pending before the Income
Tax Authorities as under ;
1. The First Appellate Authority - Rs.11.60 lakhs
2. The Second Appellate Authority - Rs.11.51 lakhs
iii) The Company is required to transfer an amount of Rs.3,58,288 to
investor education and protection fund under the relevant provisions of
the Companies Act, 1956 and the same has been transferred to the said
fund within time.
viii) The Company does not have accumulated losses at the end of the
financial year. It has not incurred cash losses during the financial
year or in the immediately preceding financial year.
ix) The Company has not availed borrowing facilities from financial
institutions and debenture holders.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
xi) The company has not raised any term loans during the year.
xii) On the basis of the audit procedures carried out by us and
information and explanations given by the management, we state that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
Place : Chennai (P SRINIVASAN)
Date : 22nd May, 2015 Partner
Membership No:2090
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Indo
National Limited which comprise the Balance Sheet as at 31st March,
2014 the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in section 211(3C)
of the Companies Act, 1956 ("the Act") read with the general circular
15/2013 dated 13th September 2013 of the Ministry of corporate Affairs
in respect of section 133 of the Companies Act, 2013 and in accordance
with the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material mis-statement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material mis-statement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control.. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Management,
as well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of Section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/ 2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the director is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274 (1) (g) of
the Act.
Annexure referred to in paragraph 1 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.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) As per the records and as explained to us, the Company has not
disposed off any substantial or major part of fixed assets during the
year.
ii) (a) As explained to us, inventories held by the Company were
physically verified during the year at reasonable intervals by the
management.
(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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s 301 of the Companies Act 1956.
(b) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act 1956.
iv) a) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures and systems
commensurate with the size of the Company and nature of its business
with regard to the purchase of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) a) In our opinion, on the basis of the audit procedures applied by
us and according to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained and
referred to in that section.
b) In our opinion, on the basis of the audit procedures applied by us
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
have been made at prices which are reasonable having regard to
prevailing market prices for such goods, materials or services at the
relevant time.
vi) According to the information and explanation given to us the
Company has not accepted any deposits from the public during the year.
Therefore the provisions of Clause (vi) of paragraph 4 of the order are
not applicable to the Company.
vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
viii) According to the records produced and the information given to
us, the cost records prescribed by the Central Government under
Sec.209(1 )(d) of the Companies Act 1956 (1 of 1956) are being made and
maintained by the Company. No examination of such records has been
carried out by us.
ix) (a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise
Duty, Cess and any other statutory dues applicable to it, with the
appropriate authorities during the year.
(b) According to the records of the company, there are no dues of
income tax, wealth tax, customs duty, service tax, excise duty and cess
which have not been deposited on account of any dispute except:
i) Sales Tax of Rs.2.15 lacs disputed and pending before the First
Sales Tax Appellate Authority and
ii) Income Tax of Rs. 23.11 lacs disputed and pending before the Income
Tax Authorities as under:
1 . The First Appellate Authority - Rs.11.60 lacs
2. The Second Appellate Authority-Rs.11.51 lacs
x) The Company did not have accumulated losses at the end of the
financial year. It has not incurred cash losses during the financial
year or in the immediately preceding financial year.
xi) On the basis of records and as explained to us, working capital
facilities have been availed by the company as per the limits
sanctioned by the bankers.
xii) The Company has not availed borrowing facilities from financial
institutions and debenture holders.
xiii) As per the records maintained by the Company, no loans or
advances have been granted by the Company on the basis of security by
way of pledge of shares, debentures and other securities.
xiv) The clause regarding special statutes is not applicable to the
Company.
xv) As per the records maintained, the Company does not deal or trade
in shares, securities, debentures and other investments.
xvi) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
xvii) The company has not raised any term loans during the year.
xviii) As per records maintained and according to the information and
explanations given to us and on an overall examination of the financial
statements of the company, we report that no funds raised on short term
basis have been used for long term investment. The company did not
raise any funds on long term basis.
xix) The company has not made any preferential allotment of shares
during the year.
xx) The company has not issued any debentures during the year.
xxi) The company has not raised any money by public issues during the
year.
xxii) On the basis of the audit procedures carried out by us and
information and explanations given by the management, we state that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P. SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
Place : Chennai (P. SRINIVASAN)
Date : 7th May, 2014 Partner
Membership No:2090
Mar 31, 2013
Report on the financial statements
We have audited the accompanying financial statements of M/s. Indo
National Limited which comprise the Balance Sheet as at 31st March,
2013 the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards 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 mis-statement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material mis-statement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company ''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of Section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of Section 274 (1) (g) of
the Act.
Annexure 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.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) As per the records and as explained to us, the Company has not
disposed off any substantial or major part of fixed assets during the
year.
ii) a) As explained to us, inventories held by the Company were
physically verified during the year at reasonable intervals by the
management.
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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) a) The company has not granted any loans, secured or unsecured to
companies; firms or other parties covered in the register maintained
u/s 301 of the Act.
b) The company has not taken any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s.301 of the Act.
iv) a) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to the purchases of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) a) In our opinion, on the basis of the audit procedures applied by
us and according to the information and explanation given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion, on the basis of the audit procedures applied by us
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
have been made at prices which are reasonable having regard to
prevailing market prices for such goods, materials or services at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year to which the directives issued by the Reserve Bank of India
and the provisions of sections 58A and 58AA and any other relevant
provision of the Act and the rules framed there under are applicable.
vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
viii) According to the records produced and the information given to
us, the cost records prescribed by the Central Government under
Sec.209(1)(d) of the Companies Act 1956 (1 of 1956) are being made and
maintained by the Company. No examination of such records has been
carried out by us.
ix) a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and any other statutory dues applicable to it,
with the appropriate authorities during the year.
b) According to the records of the company, there are no dues of income
tax, wealth tax, customs duty, service tax, excise duty and cess which
have not been deposited on account of any dispute except:
i) Sales Tax of Rs.2.15 Lacs disputed and pending before the First
Sales Tax Appellate Authority and
ii) Income Tax of Rs 17.51 Lacs disputed and pending before the Income
Tax Authorities as under:
1. The First Appellate Authority - Rs.6.00 Lakhs
2. The Second Appellate Authority - Rs.11.51 Lakhs x) As at the end of
the financial year, the Company does not have accumulated losses. It
has not incurred cash losses during the financial year or in the
immediately proceeding financial year.
xi) On the basis of records and as explained to us, working capital
facilities have been availed by the company as per the limits
sanctioned by the bankers.
xii) The Company has not availed borrowing facilities from financial
institutions and debenture holders.
xiii) As per the records maintained by the Company, no loans or
advances have been granted by the Company on the basis of security by
way of pledge of shares, debentures and other securities.
xiv) The clause regarding special statutes is not applicable to the
Company.
xv) As per the records maintained, the Company does not deal or trade
in shares, securities, debentures and other investments.
xvi) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
xvii) The company has not raised any term loans during the year.
xviii) As per records maintained and information given to us, the
Company has not raised funds either on short term or long term basis
during the year.
xix) The company has not made any preferential allotment of shares
during the year.
xx) The company has not issued any debentures during the year.
xxi) The company has not raised any money by public issues during the
year.
xxii) On the basis of the audit procedures carried out by us and
information and explanation given by the management, we state that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P. SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
(P. SRINIVASAN)
Place: Chennai Partner
Date: 17th May, 2013 Membership No:2090
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Nippo Batteries
Co. Ltd., as at 31st March, 2012 and the Statement of Profit and Loss
and also the Cash Flow statement of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) 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 to the extent
applicable to the Company.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, as they apply to the Company.
e. On the basis of written representations received from the directors
as at 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.
f. In our opinion and 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2012 ;
ii) in the case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Annexure 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.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) As per the records and as explained to us, the Company has not
disposed off any substantial or major part of fixed assets during the
year.
ii) a) As explained to us, inventories held by the Company were
physically verified during the year at reasonable intervals by the
management.
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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) a) The company has not granted any loans, secured or unsecured to
companies; firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956.
b) The company has not taken any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
iv) a) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to the purchases of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) a) In our opinion, on the basis of the audit procedures applied by
us and according to the information and explanation given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion, on the basis of the audit procedures applied by us
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
have been made at prices which are reasonable having regard to
prevailing market prices for such goods, materials or services at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year to which the directives issued by the Reserve Bank of India
and the provisions of sections 58A and 58AA and any other relevant
provision of the Act and the rules framed there under are applicable.
vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
viii) According to the records produced and the information given to
us, the cost records prescribed by the Central Government under
Sec.209(1)(d) of the Companies Act 1956 (1 of 1956) are being made and
maintained by the Company. No examination of such records has been
carried out by us.
ix) a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise
Duty, Cess and any other statutory dues applicable to it, with the
appropriate authorities during the year.
b) According to the records of the company, there are no dues of income
tax, wealth tax, customs duty, service tax, excise duty and cess which
have not been deposited on account of any dispute except:
i) disputed Orissa Sales Tax of Rs.2.15 Lakhs pending before the First
Sales Tax Appellate Authority and
ii) disputed Income Tax of Rs.15.20 Lakhs pending before the Income Tax
Authorities.
x) As at the end of the financial year, the Company does not have
accumulated losses. It has not incurred cash losses during the
financial year or in the immediately proceeding financial year.
xi) On the basis of records and as explained to us, working capital
facilities have been availed by the company as per the limits
sanctioned by the bankers.
xii) The Company has not availed borrowing facilities from financial
institutions and debenture holders.
xiii) As per the records maintained by the Company, no loans or
advances have been granted by the Company on the basis of security by
way of pledge of shares, debentures and other securities.
xiv) The clause regarding special statutes is not applicable to the
Company.
xv) As per the records maintained, the Company does not deal or trade
in shares, securities, debentures and other investments.
xvi) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
xvii) The company has not raised any term loans during the year.
xviii) As per records maintained and information given to us, the
Company has not raised funds either on short term or long term basis
during the year.
xix) The company has not made any preferential allotment of shares
during the year.
xx) The company has not issued any debentures during the year.
xxi) The company has not raised any money by public issues during the
year.
xxii) On the basis of the audit procedures carried out by us and
information and explanation given by the management, we state that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P. SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
(P. SRINIVASAN)
Partner
Membership No:2090
Place : Chennai
Date : 25th May, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. Nippo Batteries
Co. Ltd., as at 31st March, 2011 and the Profit and Loss Account and
also the Cash Flow statement of the Company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) 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 to the extent
applicable to the Company.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of
those books.
c. The Balance Sheet, the Profit and Loss account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet and Profit and Loss account and
Cash Flow Statement dealt with by this report comply with Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, as they apply to the Company.
e. On the basis of written representations received from the directors
as at 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,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion and 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2011 ;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Annexure 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.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) As per the records and as explained to us, the Company has not
disposed off any substantial or major part of fixed assets during the
year.
ii) a) As explained to us, inventories held by the Company were
physically verified during the year at reasonable intervals by the
management.
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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iii) a) The company has not granted any loans, secured or unsecured to
companies; firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956.
b) The company has not taken any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
iv) a) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to the purchases of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) a) In our opinion, on the basis of the audit procedures applied by
us and according to the information and explanation given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion, on the basis of the audit procedures applied by us
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
have been made at prices which are reasonable having regard to
prevailing market prices for such goods, materials or services at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year to which the directives issued by the Reserve Bank of India
and the provisions of sections 58A and 58AA and any other relevant
provision of the Act and the rules framed there under are applicable.
vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
viii) According to the records produced and the information given to
us, the cost records prescribed by the Central Government under
Sec.209(1)(d) of the Companies Act 1956 (1 of 1956) are being made and
maintained by the Company. No examination of such records has been
carried out by us.
ix) a) According to the records of the Company, the Company is regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise
Duty, Cess and any other statutory dues applicable to it, with the
appropriate authorities during the year.
b) According to the records of the company, there are no dues of income
tax, wealth tax, customs duty, service tax, excise duty and cess which
have not been deposited on account of any dispute except: i) disputed
Orissa Sales Tax of Rs.2.15 Lakhs pending before the First Sales Tax
Appellate Authority and ii) disputed Income Tax of Rs.33.82 Lakhs
pending before the Income Tax Authorities.
x) As at the end of the financial year, the Company does not have
accumulated losses. It has not incurred cash losses during the
financial year or in the immediately proceeding financial year.
xi) On the basis of records and as explained to us, working capital
facilities have been availed by the company as per the limits
sanctioned by the bankers. The Company has not availed borrowing
facilities from financial institutions and debenture holders.
xii) As per the records maintained by the Company, no loans or advances
have been granted by the Company on the basis of security by way of
pledge of shares, debentures and other securities.
xiii) The clause regarding special statutes is not applicable to the
Company.
xiv) As per the records maintained, the Company does not deal or trade
in shares, securities, debentures and other investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
xvi) The company has not raised any term loans during the year.
xvii) As per records maintained and information given to us, the
Company has not raised funds either on short term or long term basis
during the year.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) The company has not issued any debentures during the year.
xx) The company has not raised any money by public issues during the
year.
xxi) On the basis of the audit procedures carried out by us and
information and explanation given by the management, we state that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P. SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
Place : Chennai (P. SRINIVASAN)
Date : 29th April, 2011 Partner
Membership No:2090
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. Nippo Batteries
Co. Ltd., as at 31st March, 2010 and the Profit and Loss Account and
also the Cash Flow statement of the Company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the CompanyÃs 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 (AuditorÃs Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) 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 to the extent
applicable to the Company.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of
those books.
c. The Balance Sheet, the Profit and Loss account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet and Profit and Loss account and
Cash Flow Statement dealt with by this report comply with Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, as they apply to the Company.
e. On the basis of written representations received from the directors
as at 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.
f. In our opinion and 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) These fixed assets have been physically verified by the management
at the end of the financial year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) As per the records and as explained to us, the Company has not
disposed off any substantial or major part of fixed assets during the
year.
a) As explained to us, inventories held by the Company were physically
verified during the year at reasonable intervals by the management.
(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) 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.
(a) The company has not granted any loans, secured or unsecured to
companies; firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956.
(b) The company has not taken any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
iv) a) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to the purchases of inventories, fixed assets and for the
sale of goods and services.
b) In our opinion and according to the information and explanations
given to us, there is no continuing failure to correct major weaknesses
in internal control system of the Company.
v) a) In our opinion, on the basis of the audit procedures applied by
us and according to the information and explanation given to us, the
particulars of contracts or arrangements referred to in Section 301
of the Act have been entered in the register required to be maintained
under that section.
b) In our opinion, on the basis of the audit procedures applied by us
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
have been made at prices which are reasonable having regard to
prevailing market prices for such goods, materials or services at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year to which the directives issued by the Reserve Bank of India
and the provisions of sections 58A and 58AA and any other relevant
provision of the Act and the rules framed there under are applicable.
vii) In our opinion, the company has an internal audit system commen
-surate with its size and the nature of its business.
viii) According to the records produced and the information given to
us, the cost records prescribed by the Central Government under
Sec.209(1)(d) of the Companies Act 1956 (1 of 1956) are being made
and maintained by the Company. No examination of such records has
been carried out by us.
ix) (a) According to the records of the Company, the Company is
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Wealth Tax, Service Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and any other statutory
dues applicable to it, with the appropriate authorities during the
year.
(b) According to the records of the company, there are no dues of
income tax, wealth tax, customs duty service tax, excise duty and
cess which have not been deposited on account of any dispute
except:
i) disputed Madhya Pradesh Sales Tax of Rs.2.15 lacs pending before
the First Sales Tax Appellate Authority and
ii) disputed Income Tax of Rs.10.91 Lakhs pending before the First
Appellate Authority.
x) As at the end of the financial year, the Company does not have
accumulated losses. It has not incurred cash losses during the
financial year or in the immediately proceeding financial year.
xi) On the basis of records and as explained to us,working capital
facilities have been availed by the company as per the limits
sanctioned by the bankers.
The Company has not availed borrowing facilities from financial
institutions and debenture holders.
xii) As per the records maintained by the Company, no loans or
advances have been granted by the Company on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) The clause regarding special statutes is not applicable to
the Company.
xiv) As per the records maintained, the Company does not deal or
trade in shares, securities, debentures and other investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
bank or financial institutions during the year.
xvi) The company has not raised any term loans during the year.
xvii) As per records maintained and information given to us,the
Company has not raised funds either on short term or long term basis
during the year.
xviii)The company has not made any preferential allotment of shares
during the year.
xix) The company has not issued any debentures during the year.
xx) The company has not raised any money by public issues during
the year.
xxi) On the basis of the audit procedures carried out by us and
information and explanation given by the management, we state that
no fraud on or by the Company has been noticed or reported during
the course of our audit.
For P. SRINIVASAN & CO.
Chartered Accountants
Firm No.004054S
Place: Chennai
Date: 23rd April, 2010
( P. SRINIVASAN)
Partner
Membership No:2090
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