Mar 31, 2015
We have audited the accompanying financial statements of Infra
Industrial Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, 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 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
provision of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and
application of the appropriate accounting policies; making judgements
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
fair presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
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, of the state of affairs of the Company as
at 31st March, 2015, and its loss and its cash flows for the year ended
on that date.
Emphasis of Matter
The appropriateness of the going concern assumption is dependent on the
Company's ability to establish consistent profitable operations as well
as raising adequate finance to meet its short term and long term
obligations. Based on the mitigating factors discussed in the said
note, management believes that the going concern assumption is
appropriate.
Our opinion is not qualified in the said matter.
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 section
143 of the Act (18 of 2013), we give in the Annexure a statement on the
matters specified in paragraph 3 and 4 of the Order.
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 appears from our examination of those
books.
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the aforesaid financial statements comply with the
accounting standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors
as on 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rules 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 does not have any pending litigations which would impact
on its financial position.
ii. The Company did not have any long term contracts including
derivative contracts that require provision under any law or accounting
standards for which there were any material foreseeable losses.
iii. There were no amounts which are required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
Annexure referred to in paragraph 1 under the heading Report on other
legal and regulatory requirements of our report of even date
i) In respect of its Fixed Assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
ii) In respect of its Inventories :
a. The Inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii) The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under Section 189 of the Act. Consequently, the requirement of Clause
(iii) (a) and Clause (iii) (b) of paragraph 3 of the Order not
applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business for the
purchases of inventory, fixed assets and also for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in such internal control system.
v) According to the information and explanations given to us, the
Company has not accepted any deposits within the meaning of provisions
of sections 73 to 76 or any other relevant provisions of the Act and
the rules framed thereunder. Therefore, the provisions of Clause (v) of
paragraph 3 of the Order are not applicable to the Company.
vi) To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under sub
section (1) of Section 148 of the Act in respect of activities
undertaken by the Company.
vii) In respect of Statutory dues :
a. The Company is generally not regular in depositing with the
appropriate authorities undisputed statutory dues including comprising
of provident fund, employees' state insurance, professional tax,
withholding tax, investor education and protection fund, wealth-tax,
service tax, customs duty, excise duty, cess and other material
statutory dues.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
protection fund, employees state insurance, income tax, wealth tax,
service tax, customs duty, cess and other undisputed statutory dues
were outstanding, at the year end for a period more than six months
from the date they become payable, except for VAT/Sales Tax of Rs.
33,88,158, Service Tax of Rs. 5,192, Provident Fund of Rs. 4,67,896,
TDS of Rs. 13,295 and sales tax deferral loan aggregating to
Rs.34,59,737.
c. There were no amounts which are required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
viii) The Company's accumulated losses of at the end of the financial
year are more than fifty percent of its net worth. The Company has not
incurred cash losses during the financial year covered by the audit and
in the immediately preceding financial year.
ix) Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that there were delay in
repayment of principal amounts of term loans due to bank during the
year ranging from Rs. 16,670 to Rs.3,54,674 for period of 1 to 60 days
(different installments) and interest thereon to banks, which is
subsequently repaid. Term loan installment for March 2015 of
Rs.1,83,337 were due as at year end which have been paid on 17th April
2015.
x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year. Therefore,
the provisions of clause (x) of paragraph 3 of the Order are not
applicable to the Company.
xi) The Company has not raised any term loan during the year.
Therefore, the provisions of clause (xi) of paragraph 3 of the Order
are not applicable to the Company.
xii) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For Chaturvedi & Shah
Chartered Accountants
Registration No : 101720W
Jignesh Mehta
Partner
Membership No. : 102749
Place : Mumbai
Date : 29th May 2015.
Mar 31, 2014
We have audited the accompanying financial statements of Infra
Industries Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2014, 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 notified under 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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and fair presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the 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 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 March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (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 sub-section (3) of section 227 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, 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, the 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 March 31, 2014, 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 Section 274(1) (g) of
the Act.
Annexure referred to in paragraph (a) under the heading Report on other
legal and regulatory requirements of our Report of even date {Re: Infra
Industries Limited ("the Company")}
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information but the same are not regularly
updated.
b) As explained to us, the fixed assets have been physically verified
by the management during the period at reasonable intervals and no
material discrepancies were noticed on such physical verification.
c) In our opinion, the Company has not disposed off substantial part of
fixed assets during the period and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified by the management at
reasonable intervals. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The Company has not granted any loan during the year to the parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Consequently, the requirements of Clauses (iii) (b), (c) &
(d) of paragraph 4 of the Order are not applicable.
b) The Company has not taken loan during the year from the parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Consequently, the requirements of Clauses (iii) (e), (f) &
(g) of paragraph 4 of the Order are not applicable.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. According to information and explanation given to us, we are of the
opinion that there are no contracts or arrangements referred to in
section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under section 301. Therefore, the provisions of
clause (v) (b) of paragraph 4 of the Order are not applicable.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public and therefore the
provisions of clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. The Company does not have a formal internal audit system,
commensurate with size of the Company and nature of its business,
management does not think necessary, establishing an internal audit
system, However according to information and explanation given to us,
its internal control systems provides reasonable internal checking of
its financial transactions.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales tax, Wealth Tax, Service
tax, custom duty, Excise duty, Cess and other statutory dues wherever
applicable have been generally regularly deposited with appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for a period of more than six months
from the date of becoming payable except in respect of Sales Tax/ Vat
of Rs. 1,689,663/- and repayment of sales tax deferral loan
aggregating to Rs. 4,848,357/-.
b) There are no disputed statutory dues, which are not deposited on
account of matters pending before appropriate authorities.
10. The Company has accumulated losses of Rs. 30,220,751/- at the end
of the year, which is more than 50% of the net worth of the Company.
Further the Company has not incurred cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
11. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and banks
except for delay in repayment of principle amounts during the year
ranging from Rs. 19,513/- to Rs. 280,600/- for period of 1 to 69 days
(different installments) and interest thereon to banks, which is
subsequently repaid.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company has maintained proper records of the transactions and
contract in respect of dealing or trading in shares, securities, and
other investments and timely entries have been made therein. All
shares, securities and other investment have been held by the Company
in its own name.
15. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions. Accordingly, provisions of clause (xv)
of paragraph 4 of the Order are not applicable to the Company.
16. The Company has not raised any term loan during the year. The term
loans outstanding at the beginning of the year have been applied for
the purposes for which they were raised.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company as at the year
end, we are of the opinion that there are no funds raised on short term
basis that have been used for long term investments.
18. During the year, 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.
19. The Company has not issued any debentures. Accordingly provisions
of clause (xix) of paragraph 4 of the Order are not applicable to the
Company.
20. The Company has not raised any monies by way of public issue
during the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the period that can have a material bearing on the financial
position of the Company.
For Chaturvedi & Shah
(Firm Registration No.: 101720W)
Chartered Accountants
Sd/-
Jignesh Mehta
Partner
Membership No.: 102749
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the Financial Statements of Infra Industries Limited
("the Company"), which comprise the Balance Sheet as at 31st March,
2013, and 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 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 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and fair 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 31st March, 2013;
b) In the case of the Statement of Profit and Loss, of the Loss of the
Company 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
a) 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.
b) As required under provisions of section 227(3) of the Companies Act,
1956, we report that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
iii) the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
iv) in our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the accounting standards
referred to in subsection (3C) of section 211 of the Act;
v) On the basis of written representation received from the directors
as on 31st March, 2013 and taken on record by the board of Directors,
we report that none of director is disqualified as on 31st March, 2012
from being appointed as directors in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act 1956;
1. In respect of its fixed assets:
a. The Company has maintained records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information but the same are not regularly
updated.
b. As explained to us, the fixed assets have been physically verified
by the management during the period at reasonable intervals and no
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at reasonable intervals.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. The Company has maintained proper records of Inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The Company has not granted any loan during the year to the parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Consequently, the requirements of Clauses (iii) (b), (c) &
(d) of paragraph 4 of the Order are not applicable.
b) The Company has not taken loan during the year from the parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Consequently, the requirements of Clauses (iii) (e), (f) &
(g) of paragraph 4 of the Order are not applicable.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. According to information and explanation given to us, we are of the
opinion that there are no contracts or arrangements referred to in
section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under section 301. Therefore, the provisions of
clause (v) (b) of paragraph 4 of the Order are not applicable.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public and therefore the
provision of clause (vi) of paragraph 4 of the order is not applicable
to the Company.
7. The Company does not have a formal internal audit system,
commensurate with size of the Company and nature of its business,
management does not think necessary, establishing an internal audit
system, However according to information and explanation given to us,
its internal control systems provides reasonable internal checking of
its financial transactions.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales tax, Wealth Tax,
Service tax, custom duty, Excise duty, Cess and other statutory dues
wherever applicable have been generally regularly deposited with
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2013 for a period of more than
six months from the date of becoming payable except in respect of Sales
Tax/ Vat of Rs. 1,224,860/- and repayment of sales tax deferral loan
aggregating to Rs. 8,541,176/-.
b) There are no disputed statutory dues, which are not deposited on
account of matters pending before appropriate authorities.
10. The Company has accumulated losses of Rs. 31,039,907/- at the end
of the year, which is more than 50% of the net worth of the Company.
Further the Company has not incurred cash losses during the financial
year covered by our audit and has incurred cash loss in the immediately
preceding financial year.
11. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and bank.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore,
clause (xiii) of paragraph 4 of the order is not applicable to the
Company.
14. The Company has maintained proper records of the transactions and
contract in respect of dealing or trading in shares, securities, and
other investments and timely entries have been made therein. . All
shares, securities and other investment have been held by the Company
in its own name.
15. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions. Accordingly, clause (xv) of paragraph
4 of the order is not applicable to the Company.
16. The Company has raised new term loan during the year and the same
have been applied for the purposes for which they were raised.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company as at the year
end, we are of the opinion that there are no funds raised on short term
basis that have been used for long term investments.
18. During the year, 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.
19. The Company has not issued any debentures. Accordingly clause
(xix) of paragraph 4 of the order is not applicable to the Company.
20. The Company has not raised any monies by way of public issue
during the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the period that can have a material bearing on the financial
position of the Company.
For Chaturvedi & Shah
(Firm Registration No.: 101720W)
Chartered Accountants
Jignesh Mehta
Partner
Membership No.: 102749
Place: Mumbai
Date: 30th May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of Infra Industries Limited
as at 31st March 2012 and the Statement of Profit and Loss and the Cash
flow Statement for the year ended on that date. 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.
1. 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 misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4 A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred 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 March 31,201 land taken on record by the board of Directors, we
report that none of director is disqualified as on 31st March, 2012
from being appointed as directors 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 read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012.
(ii) In so far as it relates to the Statement of Profit and Loss, of
the Loss of the Company for the year ended on that date, and
(iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
Referred to in Paragraph 2 of our report of even date 1. In respect of
its fixed assets:
a. The Company has maintained records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information but the same are not regularly
updated.
b. As explained to us, the fixed assets have been physically verified
by the management during the period at reasonable intervals and no
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
die management at reasonable intervals.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. The Company has maintained proper records of Inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to companies,
firm or other parties listed in the register maintained under section
301 of the Companies Act, 1956. Therefore, sub- clause (b), (c) and (d)
are not applicable.
b) The Company has taken loans during the year from two parties covered
in the register maintained under section 301 of the Companies Act 1956
during the year. In respect of the said loan, the maximum amount
outstanding at any time during the year was Rs. 21,438 and year-end
balance is Rs Nil.
c) In our opinion and according to the information and explanation
given to us, the aforesaid loans are interest free and other terms and
conditions are not prima facie prejudicial to the interest of the
Company.
d) In respect of loans taken by the Company, these are already repaid
by year end and therefore the question of overdue amount does not
arise.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of contract or arrangements referred to in section 301
of the Companies Act, 1956:
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 the contracts or arrangements that need
to be entered into the register maintained under section 301 have been
so entered.
b) In our opinion and according to the information and explanation
given to us, there are no transaction made in pursuance of
contracts/arrangements entered in the register maintained under section
301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year.
6. According to the information and explanation given to us the
Company has not accepted any deposits from the public and therefore the
provision of clause (vi) of paragraph 4 of the order is not applicable
to the company.
7. The Company does not have a formal internal audit system,
commensurate with size of the Company and nature of its business,
management does not think necessary, establishing an internal audit
system, However according to information and explanation given to us,
its internal control systems provides reasonable internal checking of
its financial transactions.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales tax, Wealth Tax, Service
tax, custom duty, Excise duty, Cess and other statutory dues wherever
applicable have been generally regularly deposited with appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for a period of more than six months
from the date of becoming payable except in respect of Sales Tax/ Vat
Rs.10,35,696 and repayment of sales tax deferral loan aggregating to
Rs.56,20,848
b) There are no disputed statutory dues, which are not deposited on
account of matters pending before appropriate authorities.
10. The Company has an accumulated loss of Rs 3,02,01,431 at the end of
the year, which is not more than 50% of the net worth of the Company.
Further the Company has incurred cash loss of Rs. 52,18,481 during the
financial year covered by our audit and has incurred cash profit in the
immediately preceding financial year.
11. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and bank.
12. In our opinion and according to die information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause (xiii) of paragraph 4 of the
order is not applicable to the Company.
14. The company has maintained proper records of the transactions and
contract in respect of dealing or trading in shares, securities, and
other investments and timely entries have been made therein. All
shares, securities and other investment have been held by the company
in its own name.
15. According to die information and explanation given to us, die
Company has not given any guarantees for loans taken by others from
banks or financial institutions. Accordingly, clause (xv) of paragraph
4 of die order is not applicable to die Company.
16. The Company has raised new term loan during the year and die same
have been applied for die purposes for which they were raised.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company as at the year
end, we are of the opinion mat the no short term funds raised by the
Company are applied for long term investments.
18. During the year, 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.
19. The Company has not issued any debentures. Accordingly clause
(xix) of paragraph 4 of the order is not applicable to the company.
20. The company has not raised any monies by way of public issue
during the year.
21: In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the period that can have a material bearing on the financial
position of the Company.
For Chaturvedi & Shah
Firm Registration No. 101720W
Chartered Accountants
Jignesh Mehta
Partner
Membership No.102749
Place: Mumbai
Date : 21st. July, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Infra Industries Limited
as at 31st March 2011 and the Profit and Loss Account and the Cash flow
Statement for the year ended on that date. 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.
1. 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 misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (AuditorÃs Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred 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 March 31,2011and taken on record by the board of Directors, we
report that none of director is disqualified as on 31st March, 2011
from being appointed as directors 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 read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2011.
(ii) In so far as it relates to the Profit and Loss Account, of the
Loss of the Company for the year ended on that date. and
(iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information but the same are not regularly
updated.
b. As explained to us, the fixed assets have been physically verified
by the management during the period at reasonable intervals and no
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at reasonable intervals.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. The Company has maintained proper records of Inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to companies,
firm or other parties listed in the register maintained under section
301 of the Companies Act, 1956. Therefore, sub-clause (b), (c) and (d)
are not applicable.
b) The Company has taken loans during the year from one party covered
in the register maintained under section 301 of the Companies Act 1956
during the year. In respect of the said loan, the maximum amount
outstanding at any time during the year was Rs.38, 678 /- and year-end
balance is Rs. Nil.
c) In our opinion and according to the information and explanation
given to us, the aforesaid loans are interest free and other terms and
conditions are not prima facie prejudicial to the interest of the
Company.
d) In respect of loans taken by the Company, these are repayable on
demand and therefore the question of overdue amount does not arise.
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of contract or arrangements referred to in section 301
of the Companies Act, 1956:
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 the contracts or arrangements that need
to be entered into the register maintained under section 301 have been
so entered.
b) In our opinion and according to the information and explanation
given to us, there are no transaction made in pursuance of
contracts/arrangements entered in the register maintained under section
301 of the Companies Act , 1956 and exceeding the value of Rs. 5,00,000
in respect of each party during the year.
6. The Company has not accepted any deposits from the public and
therefore 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 rule made there under are not applicable.
7. The Company does not have a formal internal audit system,
commensurate with size of the Company and nature of its business,
management does not think necessary, establishing an internal audit
system, However according to information and explanation given to us,
its internal control systems provides reasonable internal checking of
its financial transactions.
8. The Company is not required to maintain the Cost Records as
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employeesà State Insurance, Income Tax, Sales tax, Wealth Tax, Service
tax, custom duty, Excise duty, Cess and other statutory dues wherever
applicable have been generally regularly deposited with appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable except in respect of Professional Tax
3,930/-, Sales Tax/ Vat to Rs 860,421/- and repayment of sales tax
deferral loan aggregating to Rs. 38,65,780/-
b) There are no disputed statutory dues, which are not deposited on
account of matters pending before appropriate authorities.
10. The Company has an accumulated loss of Rs 2,14,85,480/- at the end
of the year, which is not more than 50% of the net worth of the
Company. Further the Company has not incurred cash loss during the
financial year covered by our audit and but has incurred cash loss of
Rs 41,79,981/- in the immediately preceding financial year.
11. Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions, bank and
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(AuditorÃs Report) Order 2003 is not applicable to the Company.
14. In our opinion and according to the explanations given to us and
based on the information available, the Company is not dealing in or
trading in shares, securities, debentures and other investments.
Therefore, the provisions of clause (xiv) of the Order are not
applicable to the Company.
15. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
16. The Company has raised new term loan during the year and the same
have been applied for the purposes for which they were raised.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company as at the year
end, we are of the opinion that the no short term funds raised by the
Company are applied for long term investments.
18. During the year, 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.
19. The Company has not issued any debentures. Accordingly clause
4(xix) of the order is not applicable.
20. No new public issue was made by the Company during the period.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the period that can have a material bearing on the financial
position of the Company.
For Chaturvedi & Shah
Firm Registration No. 101720W
Chartered Accountants
Jignesh Mehta
Partner
Membership No.102749
Place : Mumbai
Date : 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Infra Industries Limited
as at 31st March 2010 and the Profit and Loss Account annexed thereto
and Cash Flow Statement for the year ended on that date. 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.
1. 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 misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred in sub-section (3C) of section
211 of the Companies Act, 1956;
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31* March, 2010 from
being appointed as directors in terms of clause (g) of sub-section (I)
of section 274 of the Companies Act I9S6;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010.
(ii) In so far as it relates to the Profit and Loss Account, of the
Loss of the Company for the year ended on that date, and
(iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information but the same are not regularly
updated.
b. As explained to us, the fixed assets have been physically verified
by the management during the period at reasonable intervals and no
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed off substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at reasonable intervals.
b. In our opinion and according to information and explanations given
to us, the procedures of physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. The Company has maintained proper records of Inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 19S6:
a) According to the information and explanationsgiven to us, the
Company has not granted any loan, secured or unsecured to companies,
firm or other parties listed in the register maintained under section
301 of the Companies Act, 1956. Therefore, sub-clause (b), (c) and (d)
are not applicable.
b) The Company has taken loans during the year from two parties covered
in the register maintained under section 301 of the Companies Act 1956
during the year. In respect of the said loan, the maximum amount
outstanding at any time during the year was Rs.97,684/- and year-end
balance is Rs. 20,258/-.
c) In our opinion and according to the information and explanation
given to us, the aforesaid loans are interest free and other terms and
conditions are not prima facie prejudicial to the interest of the
Company.
d) In respect of loans given by the Company, these are repayable on
demand and therefore the question of overdue amount does not arise.
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, fixed assets and also for the
sale of Goods and services. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements that are needed to be entered into 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, there are no transactions made in pursuance of contracts
or arrangement. Accordingly, commenting on transactions made in
pursuance of such .contracts or arrangements does not arise.
6. The Company has not accepted any deposits from the public and
therefore 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 rule made there under are not applicable.
7. The Company does not have a formal internal audit system,
commensurate with size of the Company and nature of its business,
management does not think necessary, establishing an internal audit
system, however according to information and explanation given to us,
its internal control systems provides reasonable internal checking of
its financial transaction.
8. The Company is not required to maintain the Cost Records as
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees Slate Insurance, Income Tax, Sales tax, Wealth Tax, Service
tax, custom duty, Excise duty, Cess and other statutory dues wherever
applicable have been generally regularly deposited with appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of becoming payable except in respect of Professional Tax
3,930/- .Sales Tax/ Vat to Rs 4.795/- and repayment of sales tax
deferral loan aggregating to Rs. 34,58,038/-
b. There are no disputed statutory dues, which are not deposited on
account of matters pending before appropriate authorities.
10. The Company has an accumulated loss of Rs 1,95,12,250/- at the end
of the year, which is less than 50% of the net worth of the company.
Further the company has incurred cash loss of Rs. 41,79,981 during the
financial year covered by our audit and has not incurred cash loss in
the immediately preceding financial year.
11. According to the information and explanation given to us, in our
opinion. Company has defaulted in the repayment of term loan taken from
bank consisting of principal amount and interest amount Rs.26,91,241/-
The delays are for the period from May, 2009 to March, 2010. The
Company has not taken any loans from a financial institution or has
issued any debentures.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. In our opinion and according to the explanations given to us and
based on the information available, the Company is not dealing in or
trading in shares, securities, debentures and other investments.
Therefore, the provisions of clause (xiv) of the Order are not
applicable to the Company.
15. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable.
16. The Company has not obtained any term loans during the period,
accordingly, clause 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that the no short term funds raised by the company are applied
for long term investments.-
18. During the year, 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.
19. The Company has not issued any debentures. Accordingly clause
4(xix) of the order is not applicable.
20. No new public issue was made by the Company during the period.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the period that can have a material bearing on the financial
position of the Company.
For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Jignesh Mehta
Partner
Membership No.102749
Place: Mumbai
Date: 27th May 2010