Mar 31, 2015
We have audited the accompanying financial statements of Indra
Industries Limited, which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss for the year ended, and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
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 financial statements that give a
true and fair view of the financial position, and financial performance
of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards 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 of 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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
there under.
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 misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. 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 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) In the case of the Cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 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.
2. As required by section 143 (3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books ;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid 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.
ANNEXURE REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF INDRA
INDUSTRIES LIMITED FOR THE YEAR ENDED 31st MARCH, 2015
1 (a) The company is in the process of maintaining proper records
showing full particulars including quantitative details and situation of
fixed assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased program of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
3 The company has not granted any unsecured loans to any companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 73 to 76 of the Companies Act, 2013 or
any other relevant provisions of the Act and the rules framed there
under.
6. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 148
(1) of the Companies Act, 2013 and as certified by the cost auditor,
the company has maintained proper accounts and records for the same.
7. (a) According to the records of the company, the company is
generally regular in depositing
with appropriate authorities undisputed statutory dues including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
statutory dues applicable to it.
(b) According to the records of the company, it has not deposited the
following dues on account of any dispute:
Particulars Amount Appeal filed
VAT-2010-11 6,64,035 Deputy commissioner of Commercial Tax
Department-3
VAT-2011-12 1,11,94,763 Deputy commissioner of Commercial Tax
Department-3
(c) The company is not required to transfer any amount to Investor
Education and Protection fund in accordance with the relevant provision
of The Companies Act, 1956 (1 of 1956) and rules made there under.
8. The company has accumulated losses at the end of the year. However,
it is less than fifty per cent of its net worth. It has incurred cash
losses of Rs. 2.39 crores during the current financial year.
9. According to information and explanation given to us the company
has not defaulted in repayment of dues to any financial institution or
bank. The company has not issued any debentures.
10. The company has not given any guarantee for any loans taken by
others from any bank or financial institution.
11. The term loans have been applied for the purpose for which they
were raised.
12. No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
Abhilasha Bhagat
Partner
M.No.418027
FR. No 03233C
INDORE: 30th May, 2015
Mar 31, 2014
To the Members of Indra Industries Limited Report on the Financial
Statements
We have audited the accompanying financial statements of Indra
Industries Limited, which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF INDRA
INDUSTRIES LIMITED FOR THE YEAR ENDED 31st MARCH, 2014
1 (a) The company is in the process of maintaining proper records
showing full particulars
including quantitative details and situation of fixed assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there is nothing which
affect going concern concept of the company.
(a) The inventory has been physically verified by the management during
the year at reasonable intervals. In our opinion, the frequency of
verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
(a) The company has taken unsecured loans amounting to Rs. 9.00 lakhs
from a party covered in the register maintained under section 301 of
the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the unsecured loans taken by
the company are not prima facie prejudicial to the interest of the
company.
(c) According to the information and explanations given to us, we do
not find any terms and conditions as far as repayment is concerned.
(d) There is no overdue amount of loans taken from companies and other
parties listed in the registers maintained under section 301 of the
Companies Act, 1956.
In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
During the course of our random checking, no major weaknesses have been
noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered into the
register required to be maintained under that section.
(b) In our opinion and according to the information available, the
transactions made in pursuance of such contracts or arrangements have
been made at prices, which are reasonable, having regard to the
prevailing market prizes at the relevant time.
6. in our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. in our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956. The company has made and maintained
cost accounts and records.
9. (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees'' state
insurance, income tax, sales tax, wealth tax, service tax, custom duty,
excise duty, cess and other statutory dues applicable to it.
(b) According to the records of the company, there are disputed dues of
following tax for the year 2010-11, which have not been deposited on
account of any dispute:
VAT 6,64,035
C.S.T. 17,882
Entry tax7, 21,006
An appeal has been filed for the abovementioned dues before Appellate
authority and Deputy commissioner of Commercial Tax Department-3.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any financial
institution or bank except some delays. The company has not issued any
debentures.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There was no dealing or trading in shares, securities, debentures.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. There was no debenture issue during the year.
20. No money was raised by public issues by the company during the
year under audit.
21 No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
P. K. Shishodiya
Proprietor
M.No.036015
FR. No 03233C
INDORE :29th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Indra
Industries Limited, which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books ;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON
THE ACCOUNTS OF INDRA INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH,
2013
1 (a) The company is in the process of maintaining proper records
showing full particulars including quantitative details and situation
of fixed assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there is nothing which
affect going concern concept of the company.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
3 The company has taken unsecured loans amounting to Rs. 86.75 lakhs
from three different parties covered in the register maintained under
section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the Act have been entered into the register
required to be maintained under that section.
(b) In our opinion and according to the information available, the
transactions made in pursuance of such contracts or arrangements have
been made at prices, which are reasonable, having regard to the
prevailing market prizes at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956. The company has made and maintained
cost accounts and records.
9. (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it. The overdue
amount of statutory dues as on 31st March, 2013 stand as under:
C.S.T. 2420
(b) According to the records of the company, there are disputed dues of
following tax -which have not been deposited on account of any dispute.
C.S.T. 9,74,414
VAT 8,66,580
Entry Tax 4,59,578
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any financial
institution or bank except some delays. The company has not issued any
debentures.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There was no dealing or trading in shares, securities, debentures.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. There was no debenture issue during the year.
20. No money was raised by public issues by the company during the
year under audit.
21 No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
INDORE: 27.05.2013 P. K. Shishodiya
Proprietor
M.No.036015
FR. No 03233C
Mar 31, 2012
1. We have audited the attached Balance Sheet of Indra Industries
Limited as at 31st March, 2012 and also the Profitability Statement for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our Audit.
2. We conduct 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 mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 and as
amended in 2004 issued by the Central Government in terms of Section
227 (4A) of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
Order.
4. Further to our comments in the annexure referred to in paragraph 1
above, we report that :
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
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 the Books
of Account;
c) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Account;
d) In our opinion, the Profit and Loss Account and Balance Sheet comply
with the Accounting Standards referred to in sub section (3C) of
Section 211 of the Companies Act, 1956
e) On the basis of written representation received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2012 from being appointed as Director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956.
f) Except otherwise stated in accounting policies and Notes on
Accounts, in our opinion and to the best of our information and
according to the explanations given to us, the said account read with
the notes thereon give the information required by the Companies Act,
1956 in the manner so required subject to :
* Creditors confirmation have not been obtained.
Give a true and fair view
i. In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012;
ii. In the case of Profit & Loss Account of the profit for the year
ended on that date; and
iii. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON
THE ACCOUNTS OF INDRA INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST
MARCH, 2012
1 (a) The company is in the process of maintaining proper records
showing full particulars including quantitative details and situation
of fixed assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there is nothing which
affect going concern concept of the company.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
3 The company has not taken/granted any secured, unsecured loan from/to
companies, firms or other parties covered in the register be maintained
under section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the Act have been entered into the register
required to be maintained under that section.
(b) In our opinion and according to the information available the
transactions made in pursuance of such contracts or arrangements have
been made at prices, which are reasonable, having regard to the
prevailing market prizes at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956 and the company has maintained
proper accounts and records for the same as certified by the cost
auditor.
9. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees'' state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty, cess and other
statutory dues applicable to it.
(b) According to the records of the company, there are no dues of sale
tax, income tax, service tax, custom duty/wealth tax, excise duty/cess
which have not been deposited on account of any dispute.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any financial
institution or bank except some delays. The company has not issued any
debentures.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
13. The provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There was no dealing or trading in shares, securities, debentures.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. There was no debenture issue during the year.
20. No money was raised by public issues by the company during the
year under audit.
21 No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
Place : Indore P. K. Shishodiya
Date : 15th June,2012 Proprietor
M.No.036015
FR. No 03233C