Mar 31, 2018
Independent Auditor''s Report
(Regulation 34, read with Schedule V (D) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) To the Members of KANORIA CHEMICALS & INDUSTRIES LIMITED REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS
We have audited the accompanying standalone Ind AS financial statements of M/s KANORIA CHEMICALS & INDUSTRIES LIMITED (âthe Companyâ), which comprises the Balance Sheet as at March 31, 2018, the Statement of Profit & Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone In AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (In AS) specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. We have taken into account the provisions of the Act and the rules made there under, including the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the Standalone Ind AS financial statements in accordance with the Standards on Auditing specified under section 143 (10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2018 and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
OTHER MATTER
The Comparative financial information of the Company for the year ended March 31, 2017 are based on the previously issued statutory financial statement prepared in accordance with Ind AS included in these financial statements have been audited by the predecessor auditor whose report for the year then ended expressed an unmodified opinion on those financial statements. Our Opinion is not modified in the respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure ''A'' a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 & Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone In AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act;
e. On the basis of the written representations received from the directors as on March 31, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial with reference to financial statement of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure ''B''. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to the financial statements.
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigation as on March 31, 2018 on its financial position in its Standalone In AS financial statement
- Refer Note no. 30 to the Standalone In AS financial statements;
ii. The Company did not have any material foreseeable losses on long-term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company, except, for Rs. 0.67 million which is held in abeyance due to pending legal cases.
The annexure referred to in paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementsâ of our report of even date in respect to statutory audit of KANORIA CHEMICALS & INDUSTRIES LIMITED for the year ended March 31, 2018, we report that:
1. (a) The Company has maintained proper records to show full particulars including quantitative details and situation of the fixed assets.
(b) The management has physically verified the fixed assets of the Company in a phased manner to cover the entire block of assets once in a year and no material discrepancies were noticed.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2. The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stock and the book stock, wherever ascertained were not significant.
3. The Company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Act. Accordingly, the requirements of clauses (iii) (a), (b) & (c) of the paragraph 3 of the Order are not applicable.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans & investments made and the guarantees provided.
5. In our opinion and according to the information and explanations given to us, the Company did not receive any deposits covered under section 73 to 76 of the Act and the rules framed there under.
6. The Central Government has prescribed maintenance of cost records under section 148(1) of the Act, for the Company. We have broadly reviewed such accounts and records and are of the opinion that prima facie, the prescribed accounts & records have been made & maintained but no detailed examination of such records and accounts have been carried out by us.
7. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has generally been regular in depositing the undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cuss and any other statutory dues during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed dues as above were outstanding as at March 31, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax and cuss as at March 31, 2018 which have not been deposited on account of dispute except for the following:
Name of the statute |
Nature of Dues |
Amount (Rs. in millions) |
Period to which it relates |
Forum where dispute is pending |
The Central Excise Act, 1944 |
Excise Duty |
2.10 |
Feb-12 to May-16 |
Commissioner (A) -Central Excise, Seurat |
Excise Duty |
3.82 |
Apr-10 to Feb-16 |
Commissioner (A) -Central Excise, Visakhapatnam |
|
The Service Tax under the Finance Act, 1994 |
Service Tax |
0.75 |
Apr-12 to Dec-15 |
CESTAT - Ahmadabad |
The Indian Stamp Act, 1899 |
Stamp Duty |
4.56 |
2011-12 |
Rajasthan High Court |
8. According to the records of the Company examined by us and the information and explanations provided to us, the Company has not defaulted in repayment of loans or borrowings to any Financial Institutions or Banks or dues to debenture holders. Further as at the Balance sheet date the Company does not have any loans or borrowing from the Government.
9. According to the information and explanation given to us and based on our overall examination of the books of accounts, we report that the company has not availed any term loan facility during the year. Furthermore, the company has neither raised moneys through initial public offer nor through further public offer during the year.
10. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company or any fraud on the company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the management.
11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a niche company. Accordingly, paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company.
The Annexure referred to in paragraph 2 (f) under the heading âReport on Other Legal and Regulatory Requirementsâ of our Independent Auditor''s Report of even date, in respect to the internal financial control under clause (i) of sub-section 3 of section 143 of the Act, of KANORIA CHEMICALS & INDUSTRIES LIMITED for the year ended March 31, 2018, we report that:
We have audited the internal financial controls over financial reporting of KANORIA CHEMICALS & INDUSTRIES LIMITED (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.
For Jitendra K Agarwal & Associates
Chartered Accountants
(Firm Registration No. 318086E)
(Abhishek Mohta)
Place: New Delhi Partner
Dated: 18th May, 2018 Membership No. 066653
Mar 31, 2018
REPORT ON THE STANDALONE INDIAN ACCOUNTING STANDARDS (IND AS) FINANCIAL STATEMENTS
We have audited the accompanying standalone Ind AS financial statements of Ludlow Jute & Specialities Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31st, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows, the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE Ind AS FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITORâS RESPONSIBILITY
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative announcements issued by Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
OTHER MATTER
Attention is drawn to the fact that the comparative figure for the year ended 31st March 2017 are based on the previously issued standalone financial statement, prepared in accordance with the IGAAP, that were audited by the predecessor Auditor. The audit report dated 28th April, 2017 on the audited standalone financial statement of the Company for the year ended 31st March 2017 issued by predecessor auditor expressed an un-modified opinion.
Our opinion is not modified in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) in our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) on the basis of the written representations received from the directors of the Company as on March 31st, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g) with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements. (Refer Note No. -38(i) (a) & (b))
ii. The Company did not have any material foreseeable losses on long term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March 18.
Annexure referred to in paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementsâ of our Independent Auditorsâ Report of even date in respect to statutory audit of Ludlow Jute & Specialities Limited for the year ended 31st March 2018, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The management has physically verified fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The inventory has been physically verified at reasonable intervals during the year by the Management/ Internal Auditors. The discrepancies noticed on verification between the physical stock and the book stocks, wherever ascertained were not significant and have been properly dealt in the books of accounts.
iii. In our opinion and according to the information and explanations given to us, the Company has not granted any loan to parties covered in the register maintained under section 189 of the Companies Act, 2013. Thus, paragraph 3(iii) of the Order is not applicable.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made. The Company has neither issued any guarantee nor has provided any security on behalf of any party.
v. In our opinion and according to the information and explanations given to us, the Company did not receive any deposits covered under sections 73 to 76 of the Companies Act and the rules framed there under with regard to deposits accepted from the public during the year.
vi. The Central Government has prescribed maintenance of cost records under section 148 (1) of the Companies Act. We have broadly reviewed such accounts and records and are of the opinion that prima facie, the prescribed accounts & records have been made & maintained but no detailed examination of such records and accounts have been carried out by us.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the Company examined by us, the dues of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess as at 31st March, 2018 which have not been deposited on account of any dispute and the forum where the disputes are pending are as under:
SI No |
Nature of Dues |
Gross Amount Outstanding (in Rs. lakhs) |
Paid under protest (in Rs. lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
1 |
Sales Tax as per WBST Act 1994 |
22.20 |
11.20 |
1999-00 |
WBCT (A & R) Board |
2 |
CST Act 1956 |
1.54 |
NIL |
& 2004-05 |
WBCT (A & R) Board |
3 |
WB VAT Act 2003 |
83.28 |
Nil |
WBCT (A & R) Board & Appellate Forum |
|
4 |
CST Act 1956 |
994.95 |
27.36 |
2005-06 to 201415 |
WBCT (A & R) Board & Appellate Forum |
5 |
Entry Tax Act 2012 |
1.12 |
Nil |
WBCT (A & R) Board & Appellate Forum |
viii. According to the information and explanations given to us, the company has not defaulted in repayment of loans or borrowings from a financial institution, bank, Government.
ix. According to the information and explanations given to us, during the year, no money has been raised by way of initial public offer or further public offer. The Term loans were applied for the purpose for which they were raised.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
(Referred to in paragraph 2(f) under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of LUDLOW JUTE & SPECIALITIES LIMITED of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Ludlow Jute & Specialities Limited (âthe Companyâ) as of March 31st, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
MANAGEMENTâS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORâS RESPONSIBILITY
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the Ind AS financial statements.
LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For JITENDRA K AGARWAL & ASSOCIATES
Chartered Accountants
Firm Registration No. 318086E
Supriyo Ghatak
Place: Kolkata Partner
Date : 7th May, 2018 Membership No. 051889
Mar 31, 2016
To the Members of
Ludlow Jute & Specialities Limited
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of LUDLOW JUTE & SPECIALITIES LIMITED (''the Company''), which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2016 and its profit and its cash flows for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure ''A'' a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that :
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the Directors as on 31st March, 2016 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure ''B'';
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - refer note 2.27 to the financial statements;
ii. The Company did not have any material foreseeable losses on long term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE-A TO THE INDEPENDENT AUDITORS'' REPORT
Annexure referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our Independent Auditors'' Report of even date in respect to statutory audit of Ludlow Jute & Specialties Limited for the year ended 31st March 2016, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The management has physically verified fixed assets at reasonable intervals, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification;
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The inventory has been physically verified at reasonable intervals during the year by the Management/ Internal Auditors. The discrepancies noticed on verification between the physical stock and the book stocks, wherever ascertained were not significant and have been properly dealt in the books of accounts.
iii. In our opinion and according to the information and explanations given to us, the Company has not granted any loan to parties covered in the register maintained under Section 189 of the Companies Act, 2013. Thus, paragraph 3(iii) of the Order is not applicable.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 with respect to the loans and investments made. The Company has neither issued any guarantee nor has provided any security on behalf of any party.
v. In our opinion and according to the information and explanations given to us, the Company did not receive any deposits covered under Sections 73 to 76 of the Companies Act, 2013 and the Rules framed there under with regard to deposits accepted from the public during the year.
vi. The Central Government has prescribed maintenance of cost records under Section 148 (1) of the Companies Act, 2013. We have broadly reviewed such accounts and records and are of the opinion that prima facie, the prescribed accounts & records have been made & maintained but no detailed examination of such records and accounts have been carried out by us.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March, 2016 for a period of more than six months from the date they became payable;
(b) According to the information and explanations given to us and the records of the Company examined by us, the dues of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess as at 31st March, 2016 which have not been deposited on account of dispute and the forum where the disputes are pending are as under:
(Rs. in 000)
Sl. No. |
Nature of Dues |
Gross Amount Outstanding |
Paid under protest |
Period to which the amount relates |
Forum where dispute is pending |
1 |
a) Excise Duty |
43 |
- |
1964 to 1969 |
Calcutta High Court |
b) Excise Duty |
1,780 |
300 |
1986-87 to 1991-92 |
Appellate Authority |
|
2 |
a) Sales Tax |
2,536 |
1,120 |
1999-00 and 2004-05 |
WBCT (A & R) Board |
b) Sales Tax |
139,958 |
3,715 |
2005-06 to 2012-13 |
SR/Add. Joint Commissioner, (CD) And WBCT (A & R) Board |
viii. According to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings from a financial institution, bank or Government.
ix. According to the information and explanations given to us, during the year, no money have been raised by way of initial public offer or further public offer. The Term loans were applied for the purpose for which they were raised.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013 where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable Accounting Standards.
xiv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with Directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in paragraph 2 (f) under the heading "Report on Other Legal and Regulatory Requirements" of our Independent Auditors'' Report of even date in respect to the internal financial control over financial reporting under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 of Ludlow Jute & Specialities Limited for the year ended 31st March, 2016 we report that:
We have audited the internal financial controls over financial reporting of Ludlow Jute & Specialities Limited ("the Company") as of 31st March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and Directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2016 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.
For SINGHI & CO.
Chartered Accountants
Firm Registration No.302049E
1-B, Old Post Office Street, M. L. Shukla
Kolkata Partner
Dated, the 9th day of May, 2016 Membership No. 051505
Mar 31, 2015
We have audited the accompanying standalone financial statements of
KANORIA CHEMICALS & INDUSTRIES LIMITED ("the Company"), which comprise
the Balance Sheet as at 31 st March, 2015, the Statement of Profit and
Loss, the Cash Flow Statement for the yearthen ended, and a summary of
the significant accounting policies and otherexplanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud orerror.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material 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 whetherthe Company has in place an adequate internal
financial controls system overfinancial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 st March, 2015, and its profit and its cash flows fortheyearended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we reportthat:
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 ofouraudit.
b) in our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) the balance sheet, the statement of profit and loss, and the cash
flow statement dealt with by this report are in agreement with the
books of account;
d) in our opinion, the aforesaid standalone financial statements comply
with the applicable Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors as on 31 st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st March,
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 Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigation on its
financial position in its financial statements - Refer Note 29 to the
financial statements;
ii. The Company has long-term contracts including derivative contracts
as at 31st March, 2015 for which there were no material foreseeable
losses; and
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company, exceptforRs. 0.31 million which is held in abeyance due to
pending legal cases.
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
Re: Kanoria Chemicals & Industries Limited (the Company)
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As perthe information and explanations given to us, physical
verification of fixed assets has been carried out in terms of the
phased program of verification of its fixed assets adopted by the
Company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable having regard to size of the Company and nature of its
business.
II. (a) The inventories have been physically verified at reasonable
intervals during the year by the management except materials lying with
third parties,
where confirmations are obtained.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management is 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. The
discrepancies between the physical stocks and book stocks, which are
not significant, have been properly dealt with in the books of account.
III. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under Section 189 ofthe Companies Act, 2013.
IV. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there is
adequate internal control system commensurate with the size of the
Company and the nature of its business for the purchase of inventory
and fixed assets and for the sale of goods and services. Further, on
the basis of our examination of the records ofthe Company and according
to the information and explanation given to us, no major weakness has
been noticed or reported in the internal controls system.
V. The Company has not accepted any depositfrom the public.
VI. We have broadly reviewed the books of accounts maintained by
Company in respect of product, where pursuant to the rule made by the
Central Government of India the maintenance of cost records has been
prescribed under section 148 (1) of the Companies Act 2013 and are of
the opinion that, prima facie, the prescribed records have been
maintained. We have not, however, made a detailed examination of the
records with a view to determine whetherthey are accurate or complete.
VII. (a) According to the information and explanations given to us and
on the basis of our examination ofthe books of account, the Company is
generally
regular in depositing undisputed statutory dues including Provident
Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other
statutory dues with the appropriate authorities. According to the
information and explanations given to us and the records of the Company
examined by us, no undisputed statutory dues as above were outstanding
as at 31 st March, 2015 for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us, the dues
of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Service
Tax and Cess which have not been deposited on account of any dispute
and the forum where the dispute is pending as on 31 st March, 2015 are
as under:
Name of the statute Nature of Dues Amount Period to which
the amount relate
The Service Tax under Service Tax Demand 6.60 Apr-2009 to Aug-2012
the Finance Act, 1994
The Central Excise Excise Duty 0.55 Jul-2012 to May-2013
Act 1994
The IncomeTaxAct, 1961 IncomeTax Demand 42.91 A Y 2012-13
The Indian Stamp Act, Stamp Duty Demand 3.19 2011-12
1899
Name of the Statute Forum where dispute is pending
The Service Tax under Commissioner (A)- Central Excise
the Finance Act, 1994
The Central Excise Act 1994 CESTAT - Central Excise
The IncomeTaxAct, 1961 C.l.T. (A)
The Indian Stamp Act, 1899 Rajasthan High Court
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time, except Rs. 0.31 million which is
held in abeyance due to pending legal cases.
VIII. The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
IX. The Company has not defaulted in repayment of dues to Banks during
the year. There were no debentures outstanding during the year.
X. The company has given the corporate guarantee amounting of Rs. 1377
million to Export-Import Bank of India for securing loan to its
subsidiary company, Kanoria Africa Textiles PLC, Ethiopia and Rs.
270.04 million to Ceskoslovenska obchodni banka for securing loan to
its Subsidiary CompanyAPAGEIektroniks.ro., Czech Republic. The terms
and conditions of which, primafacie, are not prejudicial to the
interest of the company.
XI. Based on our audit procedures and according to the information and
explanations given to us, the Company has not obtained any term loans
during the year and hence, this clause is not applicable.
XII. In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the
Company have been noticed or reported during the course of the audit.
For SINGHI & CO.
Chartered Accountants Firm Registration NO.302049E
(RAJIV SINGHI)
Place : New Delhi (Partner)
Dated : the 27th day of May, 2015 Membership No. 53518
Mar 31, 2014
We have audited the accompanying financial statements of LUDLOW JUTE &
SPECIALITIES LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards 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 ("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 upon the Auditors'' judgment, including the assessment
of the risks of material misstatements of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal controls relevant to the company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the company''s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the management as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India .
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 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") as amended by the Companies (Auditor''s Report) (Amendment)
Order, 2004 issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, 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 Companies Act, 1956, we report
that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 read with the General Circular 15/2013 dated
13th September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) On the basis of 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.
The Annexure referred to in paragraph 1 of our report of even date to
the members of LUDLOW JUTE & SPECIALITIES LIMITED on the accounts of
the Company for the year ended 31st March, 2014 .
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that .
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) The fixed assets have been physically verified by the management as
per a based programme of verification of its Fixed Assets adopted by
the company. In our opinion, the frequency of verification is
reasonable having regard to the size of the Company and the nature of
its assets. As per the information and explanations given to us, no
material discrepancies were noticed on such verification.
(c) No substantial part of Fixed Assets has been disposed off during
the year.
2. (a) According to the information and explanations given to us, the
inventories have been physically verified at reasonable interval during
the year by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on such physical
verification.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (b) to (d) of the Order are not applicable.
(e) The Company has not taken loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) to (g) 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 and fixed assets and for the
sale of goods;
5. (a) In our opinion, and according to the information and
explanations given to us, during the year, the company has not entered
into any transaction that need to be entered into a register maintained
in pursuance of section 301 of the Companies Act, 1956. Accordingly
clause 4 (v) (b) of the Order is not applicable to the company.
6. The Company has not accepted any deposit during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made there under. Accordingly clause
6(B) of the order is not applicable.
7. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
8. We have broadly reviewed the Books of Account maintained by the
Company in respect of its product as prescribed by the Central
Government for maintenance of cost records under Section 209(1) (d) of
the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained. However, we have
not carried out a detailed examination of such accounts and records.
9. (a) The Company has generally been regular in depositing undisputed
statutory dues, in respect of Provident Fund, Investor Education &
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Service Tax, Custom Duty and Cess with the appropriate authorities.
However, wealth tax amounting to Rs. 0.81 lakh which was outstanding
for more than six months as on 31.03.2014 has since been deposited.
(b) According to the information and explanations given to us, there
are no dues of Sales tax, Income tax, Service tax, Custom duty, Excise
duty and Cess outstanding on account of any dispute, other than those
stated below :-
Sl. Nature of Dues Gross Amt Paid under Period to which the
No. Outstanding protest amount relates
1 a) Excise Duty 43 - 1964 to 1969
b) Excise Duty 17,80 3,00 1986-87 to 1991-92
2 a) Sales Tax 44,98 11,20 1999-00 and 2004-05
b) Sales Tax 13,59,60 - 2005-2006 to 2010-11
Total 14,22,81 14,20
Sl. Nature of Dues Forum where dispute is pending
No.
1 a) Excise Duty Pending at Calcutta High Court
b) Excise Duty Appellate Authority
2 a) Sales Tax WBCT(A & R) Board
b) Sales Tax SR/Add. Joint Commissioner,
CD And WBCT (A & R) Board
10. The Company does not have any accumulated loss as at 31st March
2014. The Company has not incurred any cash loss during the financial
year ended on that date and in immediately preceding financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
12. According to the information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund/nidhi/mutual benefit fund/society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities etc. However it
has maintained proper records of the transactions and contracts of the
investments dealt in by it and timely entries have been made therein.
The investments made by the company are held in its own name except to
the extent of the exemption granted under section 49 of the Companies
Act, 1956.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the term
loan taken during the year has been applied for the purpose for which
it was taken.
17. According to the information and explanations given to us, funds
raised on short term basis have not been used for long term investment.
18. During the year the Company has not made any preferential allotment
of shares to parties or companies covered in the Register maintained
under Section 301 of the Companies Act, 1956, and hence the question of
whether the price at which shares have been issued is prejudicial to
the interest of the Company does not arise.
19. The Company has not issued any debentures during the year.
20. The Company has not raised monies by public issues during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SINGHI & CO.
Chartered Accountants
Firm Registration No.302049E
M. L. Shukla
Place: Kolkata Partner
Dated: 9th day of May, 2014 Membership No. 051505
Mar 31, 2013
We have audited the accompanying financial statements of KANORIA
CHEMICALS & INDUSTRIES LIMITED (the company), which comprise the
balance sheet as at 31st March, 2013, and the statement of profit and
loss and cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s responsibility for the financial statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in India, including
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 31st March, 2013
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.
Emphasis of Matter
1. We draw attention to Note No. 34 to the financial statements
regarding managerial remuneration of Rs. 13.53 million for the period
from 10th January 2012 to 31st March 2013, which includes an amount of
Rs. 6.94 million in excess of limit specified under section 309 (3) read
with schedule XIII of the Companies Act, 1956. Since the payment of the
remuneration in excess of the limits requires approval of the Central
Government the company has made an application to the Central
Government and the approval is awaited. Our opinion is not qualified in
respect of this matter.
Report on other legal and regulatory requirements
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2) As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) in our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c) the balance sheet, statement of profit and loss and cash flow
statement dealt with the this report are in agreement with the books of
account.
d) in our opinion, the balance sheet, statement of profit and loss, and
cash flow statement comply with the accounting standards referred to in
sub- section (3C) of section 211 of the Companies Act, 1956.
e) on the basis of written representations received from the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
Re: Kanoria Chemicals & Industries Limited (the company)
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, physical
verification of fixed assets has been carried out in terms of the
phased program of verification of its fixed assets adopted by the
Company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable having regard to size of the Company and nature of its
business.
(c) There was no substantial disposal of fixed assets during the year.
II. (a) The inventories have been physically verified at reasonable
intervals during the year by the management except materials lying with
third parties, where confirmations are obtained.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management is 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. The
discrepancies between the physical stocks and book stocks, which are
not significant, have been properly dealt with in the books of account.
III. (a) As per the information furnished, the Company has not granted
any loans, secured or unsecured to companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956. Hence Clauses 3 (b), (c), (d) of the order are not
applicable to the company.
(b) As per the information furnished, the Company has not taken any
loans secured or unsecured from Companies, firms or other parties
covered in the Register maintained U/S 301 of the Companies Act, 1956.
Hence Clauses 3(f) and (g) of the order are also not applicable to the
Company.
IV. 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 nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services. Further, on the basis of our examination of the
books of accounts and according to the information and explanation
given to us, we have not come across nor have we been informed of any
instances of major weaknesses in the aforesaid internal control system.
V. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Companies act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees of five lacs
in respect of any party during the year have been made at price, which
are reasonable having regard to the prevailing market price at the
relevant time.
VI. The Company has not accepted any fixed deposit from the public
within the meaning of the provisions of Section 58A and 58AA of the
Companies Act, 1956 and rules made there under.
VII. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
VIII. We have broadly reviewed the Books of Account maintained by the
Company in respect of its product as prescribed by the Central
Government for maintenance of cost records under Section 209(1)(d) of
the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained. However, we have
not carried out a detailed examination of accounts and records
IX. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employee''s
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities. According to the information and explanations
given to us and the records of the Company examined by us, no
undisputed statutory dues as above were outstanding as at 31st March,
2013 for a period of more than 6 months from the date they became
payable.
(b) As per the information and explanations given to us and as per the
records of the company there are no dues of Wealth Tax, Custom Duty,
Excise Duty, Cess and sales Tax which have not been deposited on
account of any dispute.
X. The Company has no accumulated losses as at 31st March 2013 and has
not incurred cash losses in the current financial year ended on that
date and in the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information and
explanations given to us we are of the opinion that the Company has not
defaulted in repayment of dues to Financial Institutions or Banks.
There were no outstanding debentures during the year.
XII. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
XIII. The Company is not a chit fund/nidhi/mutual benefit fund/society
to which the provision of the special statutes as specified in
paragraph 4(xiii) of the order are applicable.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. The company has maintained proper records of
transactions and contracts in respect of Shares, Securities, Debentures
and other Investments and timely entries have been made therein. The
Shares, Securities, Debentures and other Investments have been held by
the company, in its own name except to the extent of exemption granted
under section 49 of the Companies Act, 1956.
XV. The company has given the corporate guarantee amounting to Rs.11.63
million to Gujarat Industrial Development Corporation for securing loan
by Bharuch Eco-Aqua Infrastructure Ltd. The terms and conditions of
which, prima facie, are not prejudicial to the interest of the company.
XVI. Based on information and explanations given to us and records of
the Company examined by us, the Company has not obtained any term loans
during the year.
XVII. On the basis of our examination of the Cash Flow Statement,
records and as per the information and explanations given to us, the
fund raised on Short Term basis, during the year, have not been used
for Long Term investments. Long Term investments during the year have
been financed through internal accrual of the Company.
XVIII. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Act.
XIX. The company has not issued debentures during the year.
XX. The Company has not raised any money by Public Issue during the
year.
XXI. During the course of our examination of the books and records of
the Company, carried out in accordance with the Generally Accepted
Auditing Practice in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor we
have been informed of such cases by the management.
For SINGHI & CO.
Chartered Accountants
Firm Registration No.302049E
ANURAG SINGHI
Place : New Delhi (Partner)
Dated : the 23rd day of May, 2013 Membership No. 66274
Mar 31, 2012
1. We have audited the attached Balance Sheet of KANORIA CHEMICALS &
INDUSTRIES LIMITED as at 31st March 2012, the Statement of Profit &
Loss and the Cash Flow Statement of the company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure,
a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, 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 Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet and Statement of Profit and Loss
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 the 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, subject to note no. 36
in notes to financial statement regarding payment of Managerial
Remuneration which require necessary approval as stated in said notes,
read with significant accounting policies and other notes on financial
statement 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;
(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 Cash Flow Statement, of the Cash Flows for the year
ended on that date.
(Referred to in Paragraph 3 of our report of even date)
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As per the information and explanations given to us, physical
verification of fixed assets has been carried out in terms of the
phased program of verification of its fixed assets adopted by the
Company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable having regard to size of the Company and nature of its
business.
(c) Consequent upon the Slump sale of its Chloro Chemical division as
stated in note no. 38 of the notes to financial statement, Company has
sold its fixed assets of Chloro Chemical Division during the year
covered by our report. The Company is continuing with its Alco chemical
business. Further as per the information & explanation given to us, the
sale of assets as stated above, will not affect going concern status of
the company.
ii. (a) The inventories have been physically verified at reasonable
intervals during the year by the management/Internal Auditors except
materials lying with third parties, where confirmations are obtained.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management is 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. The
discrepancies between the physical stocks and book stocks, which are
not significant, have been properly dealt with in the books of account.
iii. (a) As per the information furnished, the Company has not granted
any loans secured or unsecured to Companies, firms or other parties
covered in the Register maintained U/S 301 of the Companies Act, 1956.
Hence Clauses 3(b), (c) and (d) of the order are also not applicable to
The company.
(b) As per the information furnished, the Company has not taken any
loans secured or unsecured from Companies, firms or other parties
covered in the Register maintained U/S 301 of the Companies Act, 1956.
Hence Clauses 3(f) and (g) of the order are also not applicable to the
company.
iv. 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 nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services. Further, on the basis of our examination of the
books of accounts and according to the information and explanations
given to us, we have not come across nor have we been informed of any
instances of major weaknesses in the aforesaid internal control system.
v. (a) In our opinion and according to the information and explanation
given to us, the transactions that need to be entered into register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees of five lacs
in respect of any party during the year have been made at price, which
are reasonable having regard to the prevailing market price at the
relevant time.
vi. The Company has not accepted any deposit during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made thereunder.
vii. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
viii. We have broadly reviewed the Books of Account maintained by the
Company in respect of its product as prescribed by the Central
Government for maintenance of cost records under Section 209(1)(d) of
the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained. However, we have
not carried out a detailed examination of accounts and records.
ix. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing 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 and cess during the year with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amount payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty and cess and other statutory dues were outstanding as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
(b) According to the record of the Company, the dues of Excise Duty and
Income Tax, which have not been deposited on account of dispute and the
forum where the disputes are pending are as under:
The Central Excise Excise Duty demand 4.52 2005-06 to 2010-11
Commissioner (A) Central Excise Act 1944
The Income Tax Act, Income Tax Demand 128.13 2008-09 and 2009-10 C.I.T
(A)1961
x. The Company has no accumulated losses as at 31st March 2012 and has
not incurred cash losses in the current financial year ended on that
date and in the immediately preceding financial year.
xi. Based on our audit procedures and as per the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institution or bank. There
were no outstanding debentures during the year.
xii. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund/nidhi/mutual benefit fund/society
to which the provision of the special statutes as specified in
paragraph 4(xiii) of the order are applicable.
xiv. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments and accordingly this clause is not applicable.
xv. The company has given the corporate guarantee amounting to Rs.
11.63 million to Gujarat Industrial Development Corporation for
securing loan by Bharuch Eco- Aqua Infrastructure Ltd. The terms and
conditions of which, prima facie, are not prejudicial to the interest
of the company.
xvi. According to the information and explanations given to us, the
Company has applied term loans for the purpose for which they were
obtained during the year.
xvii. On the basis of our examination of the Cash Flow Statement,
records and information and explanations given to us, the fund raised
on Short Term basis, during the year, have not been used for Long Term
investments. Long Term investments during the year have been financed
through Long Term Borrowings and internal accrual of the Company.
xviii. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Act.
xix. The company did not have any outstanding debenture during the year
and accordingly paragraph 4(xix) of the order is not applicable.
xx. The Company has not raised any money by public issues during the
year and accordingly paragraph 4(xx) of the order is not applicable.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For SINGHI & CO.
Chartered Accountants
Firm Registration No.302049E
Camp : New Delhi Rajiv Singhi
1-B, Old Post Office Street, Kolkata (Partner)
Dated, the 11th day of May 2012 Membership No. 53518
Mar 31, 2011
1. We have audited the attached Balance Sheet of LUDLOW JUTE &
SPECIALITIES LIMITED (formerly Aekta Limited) as at 31st March, 2011,
the Profit and Loss Account and the Cash Flow Statement of the said
Company for the year ended on that date, both annexed thereto. These
financial statements are the respon- sibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of Account.
iv) In our Opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956.
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 read with the
accounting policies & Notes on Account in schedule "N" give the
information required by the Companies Act, 1956 (as amended) 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;
b) I n the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date; and
c) In the case of the Cash Flow Statement of the Cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
1.(a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management as
per a based programme of verification of its Fixed Assets adopted by
the company. In our opinion, the frequency of verification is
reasonable having regard to the size of the Company and the nature of
its assets. As per the information and explanations given to us, no
material discrepancies were noticed on such verification.
(c) No substantial part of Fixed Assets has been disposed off during
the year.
2. (a) According to the information and explanations given to us, the
inventories have been physically verified at reasonable interval during
the year by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on such physical
verification.
3. (a) The Company has not granted any loans,
secured or unsecured to companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
Accordingly, clauses 4(lll)(b) to (d) of the Order are not applicable.
(e) During the year, the Company has taken unsecured loan amounting to
Rs. 11 crores from three companies covered in the register maintained
under Section 301 of the Companies Act, 1956. The entire amount was
repaid during the year. The maximum amount outstanding at any time
during the year was Rs. 11 crores.
(f) According to the information and explanations given to us, we are
of the opinion that the above loans have been taken at competitive
rates of interest and are not prejudicial to the interest of the
company.
(g) The company was regular in repaying the amount of principal and
interest during the year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
5. (a) In our opinion, and according to the
information and explanations given to us, the transactions that need to
be entered into a register in pursuance of Section 301 of the Companies
Act, 1956 have been duly entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at rates which are reasonable having regard to the prevailing
market rates at the relevant time.
6. The Company has not accepted any deposit during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made there under. Accordingly clause
6(B) of the order is not applicable.
7. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
8. We have broadly reviewed the Books of Account maintained by the
Company in respect of its product as prescribed by the Central
Government for maintenance of cost records under Section 209( 1) (d) of
the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained. However, we have
not carried out a detailed examination of such accounts and records.
9. (a) The Company has generally been regular in depositing undisputed
statutory dues, in respect of Provident Fund, Investor Education &
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Service Tax, Custom Duty and Cess with the appropriate authorities.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Service Tax, Custom Duty, Excise
Duty and Cess outstanding on account of any dispute, other than those
stated in Annexure "A" attached herewith.
10. The Company does not have any accumulated loss as at 31 st March
2011. The Company has not incurred any cash loss during the financial
year ended on that date and in immediately preceding financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
12. According to the information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund/nidhi/mutual benefit fund/society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities etc. However it
has maintained proper records of the transactions and contracts of the
investments dealt in by it and timely entries have been made therein.
The investments made by the company are held in its own name except to
the extent of the exemption under Section 49 of the Companies Act,
1956.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the
Company has not raised any term loan during the year.
17. According to the information and explanations given to us, funds
raised on short term basis have not been used for long term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the Register
maintained under Section 301 of the Companies Act, 1956, and hence the
question of whether the price at which shares have been issued is
prejudicial to the interest of the Company does not arise.
19. The Company has not issued any debentures during the year.
20. The Company has not raised monies by public issues during the
year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
Annexure 'A'
Statement of Statutory dues outstanding on account of disputes, as on
March 31,2011, referred to in para 9(b) of the Auditor's Report
No. Nature of Dues Gross Amount Paid under
(Rs. in lakhs) protest
1. a) Excise Duty 0.43 -
b) Excise Duty 17.80 3.00
2. a) Sales Tax 33.60 11.20
b) Sales Tax 22.36 -
c) Sales Tax 171.03 -
Total 245.22 14.20
Nature of Dues Period to which Forum where
the amount relates dispute is
pending
a) Excise Duty 1964 to 1969 Pending at
Calcutt
High Court
b) Excise Duty 1986-87 to 1991 -92 CESTAT
a) Sales Tax 1999-00 to 2000-01 WBCT(A & R)
Board
b) Sales Tax 2004-05 WBCT(A & R) Board
c) Sales Tax 2005-06 & 2007-08 D.C.C.T. (CD)
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
M. L. SHUKLA
Partner
Membership No. 051505
1 B, Old Post Office Street
Kolkata - 700 001
Dated : 30th day of May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of KANORIA CHEMICALS &
INDUSTRIES LIMITED as at 31st March 2010, the Profit & Loss Account for
the year ended on that date and also the Cash Flow Statement for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Companys Management. Our responsibility is
to express an opinion on these financial statements based on our audit.
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 (Auditors Report) Order, 2003 as amended
by the Companies (Auditors Report) (Amendment) Order, 2004 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
4. 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.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and notes on account in Schedule "R" 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 31sl March, 2010;
(b) In the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of our report of even date)
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation o1 fixed
assets.
(b) As per the information and explanations given to us, physical
verification of fixed assets has been carried out in terms of the
phased program of verification of its fixed assets adopted by the
Company and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable having regard to size of the Company and nature of its
business.
(c) There was no substantial disposal of fixed assets during the year.
ii. (a) The inventories have been physically verified at reasonable
intervals during the year by the management/Internal Auditors except
materials lying with third parties, where confirmations are obtained.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management is 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. The
discrepancies between the physical stocks and book stocks, which are
not significant, have been properly dealt with in the books of account.
iii. (a) As per the information furnished, the Company has not granted
any loans secured or unsecured to Companies, firms or other parties
covered in the Register maintained U/S 301 of the Companies Act, 1956.
Hence Clauses 3(b), (c) and (d) of the order are also not applicable to
the company.
(b) As per the information furnished, the Company has not taken any
loans secured or unsecured from Companies, firms or other parties
covered in the Register maintained U/S 301 of the Companies Act, 1956.
Hence Clauses 3(f) and (g) of the order are also not applicable to the
company.
iv. 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 nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services. Further, on the basis of our examination of the
books of accounts and according to the information and explanations
given to us, we have not come across nor have we been informed of any
instances of major weaknesses in the aforesaid internal control system.
v. (a) In our opinion and according to the information and explanation
given to us, the transactions that need to be entered into register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees of five lacs
in respect of any party during the year have been made at price, which
are reasonable having regard to the prevailing market price at the
relevant time.
vi. The Company has not accepted any deposit during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made thereunder. According to
information and explanations given to us Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Tribunal has
passed no order on the company.
vii. In our opinion, the Company has internal audit system
commensurate with the size and nature of its business.
viii. We have broadly reviewed the Books of Account maintained by the
Company in respect of its product as prescribed by the Central
Government for maintenance of cost records under Section 209(1)(d) of
the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been maintained. However, we have
not carried out a detailed examination of accounts and records.
ix. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing 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 and cess during the year with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amount payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty and cess and other statutory dues were outstanding as at 31st
March, 2010 for a period of more than six months from the date they
became payable.
(b) According to the record of the Company, the dues of Sales tax,
Excise Duty, Service Tax, Custom duty and Income Tax, which have not
been deposited on account of dispute and the forum where the disputes
are pending are as under:
Nature of
the Statue Nature of Amount (Rs.
Dues in million) Period Forum where
dispute
is pending
Sales Tax
Act Sales Tax
demand 0.96 2002-03,
2004-05 Trade Tax
Tribunal
Sales Tax
Demand 8.39 2005-06 Commissioner
(Appeal)
Central
Excise
Act Excise Duty
demand 0.62 1996-97 to
2000-01 High Court
Excise Duty
demand 1.97 1996-97,
1997-98 & Asst. Commis-
sioner/
2006-07 Commissioner
(Appeals)
Excise Duty
demand 27.89 2000-01 to
2007-08 CESTAT
Service
Tax Act Service Tax
Demand 13.86 2005-06 &
2006-07 CESTAT
Income
Tax Income Tax
Demand 26.38 2007-08 C.I.T(A)
Custom Custom duty
demand 0.12 1999-2000 Asstt. Commiss-
ioner of Custom
x. The Company has no accumulated losses as at 31st March 2010 and has
not incurred cash losses in the current financial year ended on that
date and in the immediately preceding financial year.
xi. Based on our audit procedures and as per the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institution or bank. There
were no outstanding debentures during the year.
xii. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund/nidhi/mutual benefit fund/society
to which the provision of the special statutes as specified in
paragraph 4(xiii) of the order are applicable.
xiv. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments and accordingly this clause is not applicable.
xv. The company has given the corporate guarantee amounting to Rs.11.63
million to Gujarat Industrial Development Corporation for securing loan
by Bharuch Eco- Aqua Infrastructure Ltd. The terms and conditions of
which, prima facie, are not prejudicial to the interest of the company.
xvi. According to the information and explanations given to us, the
Company has applied term loans for the purpose for which they were
obtained during the year.
xvii. On the basis of our examination of the Cash Flow Statement,
records and information and explanations given to us, the fund raised
on Short Term basis, during the year, have not been used for Long Term
investments. Long Term investments during the year have been financed
through Long Term Borrowings and internal accrual of the Company.
xviii. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Act.
xix. The company did not have any outstanding debenture during the
year and accordingly paragraph 4(xix) of the order is not applicable.
xx. The Company has not raised any money by public issues during the
year and accordingly paragraph 4(xx) of the order is not applicable.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For SINGHI & CO.
Chartered Accountants
Firm Registration No.302049E
Camp: New Delhi Rajiv Singhi
1 -B, Old Post Office
Street, Kolkata Partner
Dated, the 30th day of April 2010 Membership No. 53518
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