Mar 31, 2015
We have audited the accompanying financial statements of KCCL PLASTIC
LTD ("the company"), which comprise the Balance Sheet as at 31 March
2015, 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
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the 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 control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's 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 true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, and its loss and its cash flow for the year ended
on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) the Balance Sheet and the Statement of Profit and Loss, and Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT (Referred to in paragraph
1 under 'Report on Other Legal and Regulatory Requirements' section of
our report of even date)
1. a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since
there is no activity and inventory during the year.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
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 its nature of business.
During our course of audit, no major weakness was noticed by us in the
existing internal control system in procedure.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company during the year with the appropriate
authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
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.
8. The Company does not have accumulated losses at the end of the
financial years but has incurred cash losses during the financial year
covered by our audit but not in the immediately preceding financial
year.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank
during the year under audit.
10. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the
Company did not avail any term loan during the year
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit
and even upto the date of our audit.
Other current assets (specify nature)
(a) Unbilled revenue -
(b) Unamortised expenses
(i) Ancillary borrowing costs
(ii) Share issue expenses (where applicable)
(iii) Discount on shares (where applicable)
(c) Accruals
(i) Interest accrued on deposits
(ii) Interest accrued on investments
(iii) Interest accrued on trade receivables
(d) Others
(i) Insurance claims
(ii) Receivables on sale of fixed assets
(iii) Contractually reimbursable expenses
(iv) Others (specify nature)
U. The amount of dividends proposed to be distributed to equity and
preference shareholders for the period and the related amount per share
shall be disclosed separately. Arrears of fixed cumulative dividends on
preference shares shall also be disclosed separately.
V. Where in respect of an issue of securities made for a specific
purpose, the whole or part of the amount has not been used for the
specific purpose at the balance sheet date, there shall be indicated by
way of note how such unutilised amounts have been used or invested.
W. If, in the opinion of the Board, any of the assets other than fixed
assets and non-current investments do not have a value on realisation
in the ordinary course of business at least equal to the amount at
which they are stated, the fact that the Board is of that opinion,
shall be stated.
For HARSHIT SHAH & ASSOCIATES,
Chartered Accountants
(Firm Registration No. : 135095W)
Sd/-
HARSHI SHAH
Proprietor
MEM. NO. 150855
Place: VADODARA
Date: 29/08/2015
Mar 31, 2014
We have audited the attached Balance Sheet of M/s. KCCL PLASTIC LTD. as
at 31st March, 2014 and also the Profit and Loss account of the year
ended on the date annexed thereto and cash flow statement for the year
ended on that date. These financial statements are the responsibility
of the Company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
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.
1. 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.
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
3. The said Balance Sheet and Profit & Loss Account are in agreement
with the books of accounts.
4. In our opinion, the balance sheet, profit & loss account and 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;
5. On the basis of written representations received from the
Directors, as on 31st March, 2014 and taken on record by the Board of
Directors, We report that none of the directors is disqualified as on
31st March 2014, from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
6. As required by the Companies (Auditor''s Rep[ort) order, 2003 issued
by the central government of India in terms of sub-section (4A) of the
section 227 of the Companies Act, 1956. We enclose in the annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
7. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts together with the schedules
annexed thereto read with the notes on account made thereon subject to
annexure attached to this report and notes in the Notes of Accounts,
given the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
i. In the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March 2014 and;
ii. In the case of the Profit and Loss Account of the profit for the
year ended on that date.
iii. In the case of the Cash Flow Statement for the year ended on that
date.
Annexure to the Auditors'' Report For the Year Ended on 31-03-2014
(Referred to in paragraph (3) of our report of even date)
(i) (a) The Company has maintained proper record to show full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management.
In our opinion, the frequency of verification is reasonable. No
material discrepancies have been noticed on such verifications.
(ii) (a) As explained to us, physical verification of the inventory
(except material in transit and lying with third parties) has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of the business.
( c) On the basis of our examination of the records of inventory, we
are of the opinion that the company is maintaining proper records of
inventory. However no verification of inventory took place during the
year.
(iii) (a) (i) The Company has not granted any loans secured or
unsecured to Companies, firm or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and as such
information regarding rate of interest, overdue amounts and other terms
& conditions of loans granted is not required to be furnished.
(ii) The Company has not taken any loans during the year from the
parties covered in the registered maintained u/s. 301 of the Companies
Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from Companies, firms or other parties
listed in the register maintained u/s. 301 are prima facia not
prejudicial to the interest of the Company.
(c) in our opinion, the company is regular in replying the principal
amounts as per stipulations & has been regular in payment of interest
whatever applicable.
(d) As per records, of the company, there is no overdue amounts of loan
taken from companies firms or other parties listed in the register
maintained u/s. 301 of the companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us. There are adequate internal control system commensurate
with size of the company and the nature of its business with regards to
purchase of inventory and fixed assets and for the sale of goods and
services. Further on the basis of our examination of the books and
records of the company carried out in according with the auditing
standards generally accepting in India, we have not observed any
continuing failure to correct major weaknesses in the foresaid internal
control procedure.
(v) (a) According to the information and explanations given to us we
are of the opinion that the transactions that need to be entered into
the registered maintained u/s. 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions of purchase and sale of goods materials
and services, made in pursuance of contracts or arrangements to be
entered into the registered maintained u/s. 301 of the Companies Act,
1956, aggregate during the year to Rs. 5 Lacs in respect of any party.
(vi) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposit within the
provision of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules 1975.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records u/s. 209(1) (d) of the Companies Act,
1956, and we are of the opinion that prima facia the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the Company and as explained to
us, the company is regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Funds,
Service tax, Investor Education and Provident Fund, Employees State
Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and
other Statutory dues to the extent applicable to it.
(b) According to the information and explanation given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
custom duty, excise duty and cess were outstanding as at 31st March
2014 for a period or more than six months from the date they become
payable.
(x) The company has incurred losses in previous years and it has
accumulated losses. However the company has earned the profit during
the year.
(xi) Based on our examination of documents and record maintained by the
company, we are of the opinion that since the company has not granted
any loan and advance on the basis of security by way of pledge of
shares, debenture and other securities, it is not required to maintain
records in respect thereof.
(xii) In our opinion, the company is neither a chit fund nor nidhi /
mutual benefit fund / Society and hence clause 4 (xii) of the Order is
not applicable.
(xiii) The company is dealing in or trading in share, securities,
debentures and other investments and accordingly the company has
maintained sufficient records showing quantity and value of shares
purchased and sold. The investments made by the company are held in the
name of the company.
(xiv) Based on our examination of the records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xv) According to the information and explanations given to us and on
over all examination of the balance sheet of the company we report that
the funds raised on short term basis have not been used for long term
investment.
(xvi) During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s. 301 of the Companies Act, 1956.
(xvii) During the year the company has not issued any debenture.
(xviii) During the year under review no money was raised by public
issue.
(xix) During the course of examination of the books and records of the
company, carried out in accordance with auditing standards generally
accepted in India, we have neither come across any instance of fraud by
the Company, noticed or reported during the year not have been informed
of such case by the management.
PLACE : AHMEDABAD FOR SHIRISH DALAL & ASSOCIATES
DATE : 01.09.2014 CHARTERED ACCOUNTANTS
SD/-
SHIRISH DALAL
(PROPRIETOR)
M.No. 8996
Mar 31, 2012
We have audited the attached Balance Sheet of M/ s. KCCL PLASTIC LTD.
as at 31st March, 2012 and also the Profit and Loss account of th e
year ended on the date annexed thereto and cash flow statement for the
year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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.
1. 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.
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
3. The said Balance Sheet and Profit & Loss Account are in agreement
with the books of accounts.
4. In our opinion, the balance sheet, profit & loss account and 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;
5. On the basis of written representations received from the
Directors, as on 31 st March, 2012 and taken on record by the Board of
Directors, We report that none of the directors is disqualified as on
31 st 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.
6. As required by the Companies (Auditor's Rep[ort) order, 2003
issued by the central government of India in terms of sub-section (4A)
of the section 227 of the Companies Act, 1956. We enclose in the a
nnexure a statement on the matters specified in paragraph 4 and 5 of
the said order.
7. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts together with the schedules
annexed thereto read with the n otes on account made thereon subject to
annexure attached to this report and notes in the Notes of Accounts,
given the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
i. In the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March 2012 and;
ii. In the case of the Profit and Loss Account of the profit for the
year ended on that date.
iii. In the case of the Cash Flow Statement for the year ended on that
date.
Annexure to the Auditors' Report For the Year Ended on 31-03-2012
(Referred to in paragraph (3) of our report of even date)
(i) (a) The Company has maintained proper record to show full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management.
In our opinion, the frequency of verification is reasonabl e. No
material discrepancies have been noticed on such verifications.
(ii) (a) As explained to us, physical verification of the inventory
(except material in transit and lying with third parties) has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of the business.
( c) On the basis of our examination of the records of inventory, we
are of the opinion that the company is maintaining proper records of
inventory. However no verification of inventory took place during the
year.
(iii) (a) (i) The Company has not granted any loans secured or
unsecured to Companies, firm or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and as such
information regarding rate of interest, overdue amounts and other terms
& conditions of loans granted is not required to be furnished.
(ii) The Company has not taken any loans during the year from the
parties covered in the registered maintained u/s. 301 of the Companies
Act, 1956.
(b) In our opinion, the rate of interest and other te rms and
conditions on which loans have been taken from Companies, firms or
other parties listed in the register maintained u/s. 301 are prima
facia not prejudicial to the interest of the Company.
(c) in our opinion, the company is regular in replying the principal
amounts as per stipulations & has been regular in payment of interest
whatever applicable.
(d) As per records, of the company, there is no overdue amounts of loan
taken from companies firms or other parties listed in the register
maintained u/ s. 301 of the companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us. There are adequate internal control system commensurate
with size of the company and the nature of its business with regards to
purchase of inventory and fixed assets and for the sale of goods and
services. Further on the basis of our examination of the books and
records of the company carried out in according with the auditing
standards generally accepting in India, we have not observed an y
continuing failure to correct major weaknesses in the foresaid internal
control procedure.
(v) (a) According to the information and explanations given to us we
are of the opinion that the transactions that need to be entered into
the registered maint ained u/s. 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions of purchase and sale of goods materials
and services, made in pursuance of contracts or arrangeme nts to be
entered into the registered maintained u/s. 301 of the Companies Act,
1956, aggregate during the year to Rs. 5 Lacs in respect of any party.
(vi) In our opinion and according to the information and explanation
given to us, the company has not ac cepted any deposit within the
provision of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules 1975.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records u/s. 209(1) (d) of the Companies Act,
1956, and we are of the opin ion that prima facia the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the Company and as explained to
us, the company is regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Funds,
Service tax, Investor Education and Provident Fund, Employees State
Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and
other Statutory dues to the extent applicable to it.
(b) According to the informatio n and explanation given to us, there
are no undisputed amounts payable in respect of income tax, wealth tax,
custom duty, excise duty and cess were outstanding as at 31st March
2012 for a period or more than six months from the date they become
payable.
(x) The company has incurred loss es in previous years and it has
accumulated losses. However the company has earned the profit during
the year.
(xi) Based on our examination of documents and record maintained by the
company, we are of the opinion that since the company has not granted
any loan and advance on the basis of security by way of pledge of
shares, debenture and other securities, it is not required to maintain
records in respect thereof.
(xii) In our opinion, the company is neither a chit fund n or nidhi /
mutual benefit fund / Society and hence clause 4 (xii) of the Order is
not applicable.
(xiii) The company is dealing in or trading in share, securities,
debentures and other investments and accordingly the company has
maintained sufficient reco rds showing quantity and value of shares
purchased and sold. The investments made by the company are held in the
name of the company.
(xiv) Based on our examination of the records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xv) According to the information and explanations given to us and on
over all examination of the balance sheet of the company we report that
the funds raised on short term basis have not been used for long term
investment.
(xvi) During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s. 301 of the Companies Act, 1956.
(xvii) During the year the company has not issued any debenture.
(xviii) During the year under review no money was raised by public
issue.
(xix) During the course of examination of the books and records of the
company, carried out in accordance with auditing standards generally
accepted in India, w e have neither come across any instance of fraud
by the Company, noticed or reported during the year not have been
informed of such case by the management.
PLACE : AHMEDABAD FOR SHIRISH DALAL & ASSOCIATES
DATE : 31.08.2012 CHARTERED ACCOUNTANTS SHIRISH
DALAL
(PROPRIETOR)
M.No. 8996
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. KOSHA CUBIDOR
CONTAINERS LTD. as at 31st March, 2010 and also the Profit and Loss
account of the year ended on the date annexed thereto and cash flow
statement for the year ended on that date. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit;
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.
1. 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.
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
3. The said Balance Sheet and Profit & Loss Account are in agreement
with the books of accounts.
4. In our opinion, the balance sheet, profit & loss account and 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;
5. On the basis of 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. As required by the Companies (Auditors Rep[ort) order, 2003 issued
by the central government of India in terms of sub-section (4A) of the
section 227 of the Companies Act, 1956. We enclose in the annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
7. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts together with the schedules
annexed thereto read with the notes on account made thereon subject to
annexure attached to this report and notes in the Notes of Accounts,
given the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
i. In the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March 2010 and;
ii. In the case of the Profit and Loss Account of the profit for the
year ended on that date.
iii. In the case of the Cash Flow Statement for the year ended on that
date.
Annexure to the Auditors Report For the Year Ended on 31-03-2010
(Referred to in paragraph (3) of our report of even date)
(i) (a) The Company has maintained proper record to show full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management.
In our opinion, the frequency of verification is reasonable. No
material discrepancies have been noticed on such verifications.
(ii) (a) As explained to us, physical verification of the inventory
(except material in transit and lying with third parties) has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of the business.
( c) On the basis of our examination of the records of inventory, we
are of the opinion that the company is maintaining proper records of
inventory. However no verification of inventory took place during the
year.
(iii) (a) (i) The Company has not granted any loans secured or
unsecured to Companies, firm or other parties listed in the register
maintained under Section 301 of the Companies Act; 1956 and as such
information regarding rate of interest, overdue amounts and other terms
6s conditions of loans granted is not required to be furnished.
(ii) The Company has not taken any loans during the year from the
parties covered in the registered maintained u/s. 301 of the Companies
Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from Companies, firms or other parties
listed in the register maintained u/s. 301 are prima facia not
prejudicial to the interest of the Company.
(c) in our opinion, the company is regular in replying the principal
amounts as per stipulations & has been regular inpayment of interest
whatever applicable.
(d) As per records, of the company, there is no overdue amounts of loan
taken from companies firms or other parties listed in the register
maintained u/s. 301 of the companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us. There are adequate internal control system commensurate
with size of the company and the nature of its business with regards to
purchase of inventory and fixed assets and for the sale of goods and
services. Further on the basis of our examination of the books and
records of the company carried out in according with the auditing
standards generally accepting in India, we have not observed any
continuing failure to correct major weaknesses in the foresaid internal
control procedure.
(v) (a) According to the information and explanations given to us we
are of the opinion that the transactions that need to be entered into
the registered maintained u/s. 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions of purchase and sale of goods materials
and services, made in pursuance of contracts or arrangements to be
entered into the registered maintained u/s. 301 of the Companies Act,
1956, aggregate during the year to Rs. 5 Lacs in respect of any party.
(vi) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposit within the
provision of section 58A alid 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules 1975.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records u/s. 209(1) (d) of the Companies Act,
1956, and we are of the opinion that prima facia the prescribed
accounts and records have, been made and maintained.
(ix) (a) According to the records of the Company and as explained to
us, the company is regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Funds,
Service tax, Investor Education and Provident Fund, Employees State
Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and
other Statutory dues to the extent applicable to it.
(b) According to the information and explanation given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
custom duty, excise duty and cess were outstanding as at 31st March
2010 for a period or more than six months from the date they become
payable.
(x) The company has incurred losses in previous years and it has
accumulated losses.
However the company has earned the profit during the year.
(xi) Based on our examination of documents and record maintained by the
company, we are of the opinion that since the company has not granted
any loan and advance on the basis of security by way of pledge of
shares, debenture and other securities, it is not required to maintain
records in respect thereof.
(xii) In our opinion, the company is
neither a chit fund nor nidhi / mutual benefit fund /
Society and hence clause 4
(xii) of the Order is not applicable.
(xiii) The company is dealing in or trading in share, securities,
debentures and other investments and accordingly the company has
maintained sufficient records showing quantity and value of shares
purchased and sold. The investments made by the company are held in the
name of the company.
(xiv) Based on our examination of the records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from banks or financial institutions. (xv) According to the
information and explanations given to us and on over all examination of
the balance sheet of the company we report that the funds raised on
short term basis have not been used for long term investment.
(xvi) During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s. 301 of the Companies Act, 1956.
(xvii) During the year the company has not issued any debenture.
(xviii) During the year under review no money was raised by public
issue.
(xix) During the course of examination of the books and records of the
company, carried out in accordance with auditing standards generally
accepted in India, we have neither come across any instance of fraud by
the Company, noticed or reported during the year not have been informed
of such case by the management.
PLACE : AHMEDABAD FOR SHIRISH DALAL & ASSOCIATES
DATE : 01.09.2010 CHARTERED ACCOUNTANTS
Sd/-
SHRISH DALAL
(PROPRIETOR)
M.No. 8996