Mar 31, 2014
We have audited the accompanying financial statements of Jay Energy And
S. Energies Ltd ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance 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 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; and
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; Report on the Legal & 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956 in respect of accounting for
employee benefits as required by AS 15 (Revised) issued by The
Institute of Chartered Accountants of India.
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.
For Praful N.Shah & Co.
Chartered, Accountants
FRN: 108057W
(Praful M Shah)
(Proprietor)
M.No.015591
Place: Ahmedabad
Date : 20/05/2014
Mar 31, 2012
We have audited the attached Balance Sheet of JAY ENERGY AND S.
ENERGIES LIMITED, as at 31st March, 2012 and also the Profit and
Loss Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India.Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statementpresentation. We believe that our audit provides
a reasonable basis for our opinion.
As required by the Companies (Auditor''s Report) Order, 2003, as amended
by the Companies (Auditor''s Report) Order, (Amendment) 2004, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section(3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of
clause(g) of sub-section(1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
(b) In the case of the Profit and Loss Account, of the LOSS for the
year ended on that date.
(C) In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
FOR THE YEAR ENDED ON 31ST MARCH, 2012
Statement on the Companies (Auditor''s Report) Order 2004.
Re: JAY ENERGY AND S. ENERGIES LIMITED
Referred to in Paragraph 3 of our report of even date:
1 In our opinion and according to the information and explanations
given to us, the company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The fixed assets have been physically verified by the
management at reasonable intervals during the year and no material
discrepancies were noticed on such verification as compared with the
the available records. The company has disposed off Land which was
part of its fixed assets during the year.
2 As explained to us, the inventory has been physically verified during
the period by the management. In our opinion, the frequency and
procedure of physical verification are reasonable and adequate with
relation to the size of the company and the nature of its business
The company has maintained proper records of inventory. As explained
to us that no material discrepancies were noticed on physical
verification of the inventories.
3 In our opinion and according to the information and explanation
given, the Company has not granted and / or taken any secured or
unsecured loan to and / or from companies, firms or other parties
listed in the register maintained u/s. 301 of the Companies Act, 1956.
Interest free loans and advances in the nature of loans have been given
to employees and other parties, of which no repayment schedule has been
stipulated. Therefore, we are unable to comment on the reasonableness
of the steps taken by the management for recovery of such loans.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets or sale
of goods during the period covered under this audit report. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
5 According to the information and explantions given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered. The value of none of such transaction is for more than
Rs. five lacs during the year under audit.
6 The compnay has not accepted any deposits from the public and
consequently, the directives of the Reserve Bank of India, the
provisions of Section 58A, 58AA and any other provisions of the
Companies Act, 1956 and the rules framed thereunder are not applicable.
7 In our opinion, the Company does not have any formal internal Audit
system but instead is having proper internal check system commensurate
with the size of the Company and nature of its business.
8 We have been informed by the management that no cost records have
been prescribed by the Central government under clause (d) of sub
Section (1) of section 209 of the Companies Act, 1956 in respect of the
services rendered by the Company. Therefore, clause 8 of the order is
not applicable.
9 The company is regular in depositing with appropriate authorities
undisputed statutory dues applicable to it. No such undisputed amounts
were in arrears, as at the close of financial year
for a period of more than six months from the date they became payable.
Further, there are no dues which have not been deposited on account of
any dispute.
10 The Company does not have accumulated losses more than 50% of its
net worth at the end of the financial year and the company has not
incurred cash losses during the current and immediately preceding such
financial year.
11 In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of dues to
financial institution, bank or debenture holders.
12 In our opinion and according to the information and explanations
given to us the company has not granted loans and advances on the basis
of securtiy by way of pledge of shares, debentures and other
securities. Therefore, the provisons of clause 12 of the order are not
applicable.
13 According to the information and explanations given to us and to the
best of our knowledge and belief, the company is not a chit fund or a
nidhi / mutual benefit fund / society. Therefore, the provisons of
clause 13 of the order are not applicable.
14 According to the information and explanations given to us and to the
best of our knowledge and belief, the company is dealing in or trading
in shares, securities, debentures and other investments, held by the
company in its own name. Records thereof needs to be updated and
regularized.
15 According to the information and explanations given us, the company
has given counter guarantee for loans taken by M/s. Plastic Hollowers
and Containers, Ahmedabad a party entered in the register maintained
u/s. 301 of the Companies Act, 1956. During the year one of the
guarantee was revoked.
16 According to the information and explanations given to us, no fresh
term loans were obtained by the company during the year.
17 According to the informatin and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18 We are informed that the company has not made any preferential
allotment of sharse to companies, firms or other parties listed in the
register maintained u/s. 301 of the Companies Act, 1956. The company
has not raised any money by public issue.
19 The company has not raised any money by issuing secured debentures
during the year.
20 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
PRAFUL N SHAH & Co.,
CHARTERED ACCOUNTANTS
Place: Ahmedabad
SD/-
Date: September 2, 2012
(PRAFUL N SHAH)
Proprietor
M. NO. 15591
Mar 31, 2011
We have audited the attached Balance Sheet of JAY ENERGY AND S.
ENERGIES LIMITED, as at 31st March, 2011 and also the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor''s Report) Order, 2003, as amended
by the Companies (Auditor''s Report) Order, (Amendment) 2004, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section(3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of
clause(g) of sub-section(1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011; and
(b) In the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date.
(c) In the case of the cash flow statement, of the cash flow for the
year ended on that date.
Referred to in Paragraph 3 of our report of even date:
1. In our opinion and according to the information and explanations
given to us, the company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. The fixed assets have been physically verified by the
management at reasonable intervals during the year and no material
discrepancies were noticed on such verification as compared with the
available records. The company has not disposed off any substantial
part of its fixed assets during the year.
2. As explained to us, the inventory has been physically verified
during the period by the management. In our opinion, the frequency and
procedure of physical verification are reasonable and adequate with
relation to the size of the company and the nature of its business. The
company has maintained proper records of inventory. As explained to us
that no material discrepancies were noticed on physical verification of
the inventories.
3. In our opinion and according to the information and explanation
given, the Company has not granted and / or taken any secured or
unsecured loan to and / or from companies, firms or other parties
listed in the register maintained u/s. 301 of the Companies Act, 1956.
Interest free loans and advances in the nature of loans have been given
to employees and other parties, of which no repayment schedule has been
stipulated. Therefore, we are unable to comment on the reasonableness
of the steps taken by the management for recovery of such loans.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets or sale
of goods during the period covered under this audit report. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
5. According to the information and explantions given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered. The value of none of such transaction is for more than
Rs. five lacs during the year under audit.
6. The compnay has not accepted any deposits from the public and
consequently, the directives of the Reserve Bank of India, the
provisions of Section 58A, 58AA and any other provisions of the
Companies Act, 1956 and the rules framed thereunder are not applicable.
7. In our opinion, the Company does not have any formal internal Audit
system but instead is having proper internal check system commensurate
with the size of the Company and nature of its business.
8. We have been informed by the management that no cost records have
been prescribed by the Central government under clause (d) of sub
Section (1) of section 209 of the Companies Act, 1956 in respect of the
services rendered by the Company. Therefore, clause 8 of the order is
not applicable.
9. The company is regular in depositing with appropriate authorities
undisputed statutory dues applicable to it. No such undisputed amounts
were in arrears, as at the close of financial year for a period of more
than six months from the date they became payable. Further, there are
no dues which have not been deposited on account of any dispute.
10. The Company does not have accumulated losses more than 50% of its
net worth at the end of the financial year and the company has not
incurred cash losses during the current and immediately preceding such
financial year.
11. In our opinion and according to the information and explanations
given to us the Company has not defaulted in repayment of dues to
financial institution, bank or debenture holders.
12. In our opinion and according to the information and explanations
given to us the company has not granted loans and advances on the basis
of securtiy by way of pledge of shares, debentures and other
securities. Therefore, the provisons of clause 12 of the order are not
applicable.
13. According to the information and explanations given to us and to
the best of our knowledge and belief, the company is not a chit fund or
a nidhi / mutual benefit fund / society. Therefore, the provisons of
clause 13 of the order are not applicable.
14. According to the information and explanations given to us and to
the best of our knowledge and belief, the company is dealing in or
trading in shares, securities, debentures and other investments, held
by the company in its own name. Records thereof needs to be updated and
regularized.
15. According to the information and explanations given us, the
company has given counter guarantee for loans taken by M/s. Plastic
Hollowers and Containers, Ahmedabad a party entered in the register
maintained u/s. 301 of the Companies Act, 1956. During the year one of
the guarantee was revoked.
16. According to the information and explanations given to us, no
fresh term loans were obtained by the company during the year.
17. According to the informatin and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short- term
assets except permanent working capital.
18. We are informed that the company has not made any preferential
allotment of sharse to companies, firms or other parties listed in the
register maintained u/s. 301 of the Companies Act, 1956. The company
has not raised any money by public issue.
19. The company has not raised any money by issuing secured debentures
during the year.
20. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Manish Kailash Agarwal & Co.,
CHARTERED ACCOUNTANTS
Firm Reg. No. 126950W
Sd/-
(MANISH AGARWAL)
PROPRIETOR M. NO. 100410
Place: Ahmedabad
Date: September 2, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. JAY ENERGY AND S.
ENERGIES LTD., as at 31st March, 2010 and the annexed Profit and Loss
Account 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 bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to 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 our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit &. Loss Account and cash flow statement comply with
the Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31* March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India :-
i. In so far as it relates to the 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 & Loss Account, of the
Profit of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31st MARCH, 2010.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
ii) The fixed assets have been physically verified by the management at
reasonable intervals during the year & no material discrepancies were
noticed on such verification as compared with the available records.
iii) The stock of finished goods, and raw materials have been
physically verified by the management during the year. In our opinion,
the frequency of verification is reasonable.
iv) 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.
v) On our basis of 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 principle and no material discrepancies
were noticed on physical verification.
vi) There is no loans, secured and unsecured, taken by the company
to/from companies, firm or other parties covered in the register
maintained u/s. 301 of the Co. Act, 1956.
vii) Interest free Loans and Advances in the nature of loans have been
given to employees and other parties who were generally regular in
repaying the principal as stipulated. Where there is delay in
repayment, the company has taken reasonable steps to recover the same.
viii) In our opinion and according to 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 financial activities.
Ix) According to the information & 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 that need to be
entered into the register maintained under section 301 have been so
entered.
x) In our opinion and according to the information and explanations
given to us, the provisions of section 58-A of the Companies Act, 1956
and Companies (acceptance of deposits) Rules, 1957 are not applicable
as the company has not accepted and deposits from the public.
xi) The company does not have any formal system of internal audit.
However in our opinion and according to information and explanations
given to us, the internal control procedures are adequate. Considering
the size and nature of business of the Company.
xii) The Provisions of section 209(l)(d) of the Companies Act, 1956
regarding the maintenance of cost records are not applicable to the
company.
xiii) As informed to us the provision of Provident Fund Act, Employees
State Insurance Act provisions of investor education and protection
fund, customs duty, excise duty and cess are not applicable to the
Company during the year under review.
xiv) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax
and other material statutory dues applicable to it.
xv) According to the information and explanations given to us no
disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax,
Customs-Duty and Excise-Duty were outstanding as at 31st March, 2010
for a period of more than six months from the date they become payable.
xvi) According to the information and explanations given to us and
based on the generally accepted audit procedures carried out by us no
personal expenses of employees or directors have been charged to
Revenue Account, other than those payable under contractual obligations
or in accordance with generally accepted business practice.
xvii) The Company has accumulated losses at the end of the financial
year and it has not incurred any losses in the current and immediately
preceding financial year.
xviii) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
xix) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xx) The provisions of any special statute applicable to Chit Funds,
Nidhi or Mutual Benefit Society/fund do not apply to the Company.
Therefore, the provisions of Clause 4(xiii) of the Companies (Auditors
Report) Order, 2003 (as amended) are not applicable to the Company.
xxi) The Shares and other securities have been held by the Company, in
its own name as explained to us and proper records in respect thereof
have been maintained.
xxii) According to the information and explanation given to us, the
Company has given counter guarantee for loans taken by M/s Plastic
Hollowers and Containers, Ahmedabad, a party entered in the Register
maintained u/s 301 of the Co. Act., 1956.
xxiii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long-term investment.
xxiv) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained u/s 301 of the
Co. Act, 1956.
xxv) The Company did not have any outstanding secured debentures during
the year.
xxvi) The Company has not raised any money through a public issue
during the year under review.
xxvii) Based upon audit procedures performed for the purpose of
reporting the true &. fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
xxviii)The Company is not a sick Company as per the provisions of SICA,
1985.
Praful N.Shah &Co..
Chartered Accountants
Sd/
(P.N.SHAH)
PROPRIETOR
M.No.15591
Date: 03/09/2010
Place: AHMEDABAD
Mar 31, 2009
We have audited the attached Balance Sheet of M/s. JAY ENERGY AND S.
ENERGIES LTD., as at 31st March, 2009 and the annexed Profit and Loss
Account 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 bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to 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 our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit 8s Loss Account and cash flow statement comply with
the Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India: -
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2009 and
ii. In so far as it relates to the Profit & Loss Account, of the Loss
of the company for die year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31st MARCH, 2009
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
ii) The fixed assets have been physically verified by the management at
reasonable intervals during the year and no material discrepancies were
noticed on such verification as compared with the available records.
iii) Work in Progress has been disposed off during the year under
contractual obligation and except this none of the Fixed Assets of the
company have been disposed off during the year .
iv) The stock of finished goods, and raw materials have been physically
verified by the management during the year. In our opinion, the
frequency of verification is reasonable.
v) 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.
vi) On our basis of 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 principle and no material discrepancies
were noticed on physical verification.
vii) There is no loans, secured and unsecured, taken by the company
to/from companies, firm or other parties covered in the register
maintained u/s. 301 of the Co. Act, 1956.
viii) Interest free Loans and Advances in the nature of loans have been
given to employees and other parties who were generally regular in
repaying the principal as stipulated. Where there is delay in
repayment, the company has taken reasonable steps to recover the same.
ix) In our opinion and according to 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 financial
activities.
x) 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 that need to be
entered into the register maintained under section 301 have been so
entered.
xi) In our opinion and according to the information and explanations
given to us, the provisions of section 58-A of the Companies Act, 1956
and Companies (acceptance of deposits) Rules, 1957 are not applicable
as the company has not accepted and deposits from the public.
xii) The company does not have any formal system of internal audit.
However in our opinion and according to information and explanations
given to us, the internal control procedures are adequate. Considering
the size and nature of business of the Company.
xiii) The Provisions of section 209(l)(d) of the Companies Act, 1956
regarding the maintenance of cost records are not applicable to the
company.
xiv) As informed to us the provision of Provident Fund Act, Employees
State Insurance Act provisions of investor education and protection
fund, customs duty, excise duty and cess are not applicable to the
Company during the year under review.
xv) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax
and other material statutory dues applicable to it.
xvi) According to the information and explanations given to us no
disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax,
Customs-Duty and Excise-Duty were outstanding as at 31st, March, 2009
for a period of more than six months from the date they become payable.
(xvii) According to the information and explanations given to us and
based on the generally accepted audit procedures carried out by us no
personal expenses of employees or directors have been charged to
Revenue Account, other than those payable under contractual obligations
or in accordance with generally accepted business practice.
xvii) The Company has accumulated losses at the end of the financial
year and it has not incurred any losses in the current and immediately
preceding financial year.
xviii) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
xix) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xx) The provisions of any special statute applicable to Chit Funds,
Nidhi, or Mutual Benefit Society/fund do not apply to the Company.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditors
Report) Order, 2003 (as amended) are not applicable to the Company.
xxi) The Shares and other securities have been held by the Company, in
its own name as explained to us and proper records in respect thereof
have been maintained.
xxii) According to the information and explanation given to us, the
Company has given counter guarantee for loans taken by M/s Plastic
Hollowers and Containers, Ahmedabad, a party entered in the Register
maintained u/s 301 of the Co.Act.,1956.
xxiii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short- term basis have
been used for long-term investment.
xxiv) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained u/s 301 of the
Co. Act, 1956.
xxv) The Company did not have any outstanding secured debentures during
the year.
xxvi) The Company has not raised any money through a public issue
during the year under review.
(xxviii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
(xxix) The Company is not a sick Company as per the provisions of SICA,
1985.
Praful N.Shah & Co..
Chartered Accountants
Sd/
Date : 20/08/2009
(P.N.SHAH)
Place : AHMEDABAD
PROPRIETOR
M.No. 15591