Mar 31, 2018
Report on the Standalone IndAS Financial Statements
1. We have audited the accompanying Ind AS Standalone financial statements of Kridhan Infra Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and 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 the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
2. The Companyâs management and Board of Directors are responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these 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 accounting principles generally accepted in India, including the Indian Accounting Standards 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
3. Our responsibility is to express an opinion on these Ind AS Standalone Financial statements based on our audit.
In conducting 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 these financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the 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 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 Ind AS financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS standalone financial statements.
Opinion
6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditorâs Report) Order 2016 (âthe orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in Annexure - âAâ a statement on the matters specified in paragraphs 3 and 4 of the order.
8. 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, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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, we give 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, in our opinion and to the best of our information and according to the explanations given to us:
i) The Company does not have any pending litigations which would have a material impact its financial position.
ii) Based upon the assessment made by the company, there are no material foreseeable losses on its long term contracts that may require any provisioning.
iii) In view of there being no amounts required to be transferred to the Investor Education and Protection Fund for the year under audit, the reporting under this clause is not applicable.
i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of its fixed assets.
(b) The fixed assets of the company have been physically verified by the management in a phased manner and no material discrepancies have been noticed on such verification. In our opinion, the frequency of verification is reasonable.
(c) The title of the immovable assets of the company are in its name.
ii) (a) In our opinion and according to the information and explanations provided to us, we are of the view that the company has a system of physical verification of its inventory, the frequency of which is reasonable.
(b) In our opinion and according to the information and explanations provided to us, no material discrepancies were noticed on physical verification of the same.
iii) The company has granted unsecured loans to companies covered in the register maintained under section 189 of the Companies Act 2013 and with respect to the same:
a) In our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the Companyâs interest,
b) The schedule of repayment of principal and payment of interest has been generally stipulated and the repayment/receipts of the principal amount and the interest are regular.
c) There is no overdue amount in respect of loans granted to such companies.
iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments and guarantees, the company has complied with the provisions of Section 185 and 186 of the Act.
v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits during the period under audit. Consequently, the directives issued by Reserve Bank of India and the provisions of sections 73 to 76 of the Act and the rules framed thereunder are not applicable.
vi) As per the information and explanations provided to us, we are of the opinion that the maintenance of cost records has been not been specified by the Central Government under sub-section (1) of section 148 of the Act for the company.
vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is generally regular in depositing the undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues, as applicable, with the appropriate authorities in India.
According to the information and explanations given to us, there are no undisputed amounts in respect of the aforesaid statutory dues which are in arrears 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, there are certain cases of applicable statutory dues which have not been deposited on account of any dispute, which are detailed hereunder:
Name of Statute and Nature of Dues |
Forum where dispute is pending |
FY to which the amount relates |
Amount involved (Rs. in Lakhs) |
Income Tax under Income Tax Act, 1961 |
Commissioner of Income Tax (Appeals) |
2010-11 |
33.98 |
Commissioner of Income Tax (Appeals) |
2012-13 |
17.68 |
|
Commissioner of Income Tax (Appeals) |
2009-10 |
1.51 |
viii) Based upon the audit procedures carried out by us and on the basis of information and explanations provided by the management we are of the opinion that the company has not defaulted in repayment of dues to banks / Financial Institutions. The company does not have any borrowings from government and the company has not issued any debentures as at the balance sheet date.
ix) In our opinion and according to the information and explanations given to us, the term loans taken by the company have been ultimately utilised for the purpose for which they were taken. Further, the company has not raised any funds by way of initial / further public offer.
x) Based on the audit procedures performed by us for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that we have neither come across any instance of fraud by the company or 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.
xi) According to the information and explanations given to us and based on our examination of 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 of the Act.
xii) The company is not a Nidhi Company and hence the reporting requirements under clause (xii) of paragraph 3 of the order are not applicable.
xiii) According to the information and explanations given to us, all transactions entered into by the company with related parties are in compliance with section 177 and 178 of the Act where applicable and the details thereof have been disclosed in the financial statements as required by the applicable accounting standards.
xiv) The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit.
xv) As per the information and explanations provided to us, the company has not entered into any non-cash transactions with directors or persons connected with them.
xvi) In our opinion and 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, 1934.
Report on the Internal Financial Controls 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 Kridhan Infra 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.
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 (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 companyâs 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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 the Institute of Chartered Accountants of India. 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 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 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 the Institute of Chartered Accountants of India.
For MKPS & Associates
Chartered Accountants
FRN 302014E
CA Narendra Khandal
Partner
M No.065025
Place : Mumbai
Date : 29th May, 2018
Mar 31, 2015
1. We have audited the accompanying financial statements of Kridhan
Infra Ltd. ("the Company"), which comprise the Balance Sheet as at
March 31, 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
2. The management and Board of Directors of the Company are
responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 (the act) with respect to the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the 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; design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
3. 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
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
4. 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 a
true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5. 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
6. 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, its profit and its cash flows for the year ended on
that date
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of sectionl43 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
8. As required by section 143 (3) of the Act, we further 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 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 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 written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act
f. With respect to other matters to be included in the Auditors 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, based on legal opinions obtained is of the view that
there are no pending litigations as at the reporting date that would
have a material impact on its financial position;
ii) Based upon the assessment made by the company, there are no
material foreseeable losses on its long term contracts that may require
any provisioning.
iii) In view of there being no amount(s) required to be transferred to
the Investor Education and Protection Fund for the year under audit the
reporting under this clause is not applicable.
Annexure to Auditors' report
Referred to in our report of even date on the accounts of Kridhan Infra
Ltd.
For the year ended on 31st March 2015
(i) a) As explained to us, and examined by us, the Company has
maintained register for recording the fixed assets. However it is in
the process of updating the details of its fixed assets register so as
to reflect the full particulars, including quantitative details and
situation of fixed assets.
b) There is a phased programme for verification of fixed assets, which
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(ii) a) In our opinion and according to the information and
explanations provided to us, we are of the view that the company has a
system of physical verification of its inventory, the frequency of
which reasonable.
b) In our opinion and according to the information and explanations
provided to us, we are of the view that the procedures of physical
verification of inventories followed by the management are reasonable
and adequate in relation to the size of the company and nature of its
business.
c) In our opinion and according to the information and explanations
provided to us, we are of the view that the company is maintaining
proper records of inventories and no material discrepancies were
noticed on physical verification of the same.
(iii) In our opinion, and according to the information and explanation
given to us and as per our examination we report that the company has
granted interest bearing, unsecured loan to company covered in the
register maintained pursuant to section 189 of the Act.
a) The repayment of the interest is regular and the repayment of the
loan is on demand .
b) In view of there being no overdue amount, the reporting requirements
under this sub-clause are no. applicable.
(iv) In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for
purchase of inventory and fixed assets and for the sale of goods /
services. During the course of our audit, we have neither observed nor
been informed by the management of any continuing failure to correct
major weaknesses in internal controls.
(v) In our opinion, and according to the information and explanations
given to us, the company has not accepted any deposits during the
period under audit. Consequently, the directives issued by Reserve Bank
of India and the provisions of Sections 73 to 76 of the Act and the
rules framed there under are not applicable.
(vi) As per the information and explanation provided to us, we are of
the opinion that the maintenance of cost records by the company has not
been specified by the Central Government under section 148 (1) of the
Act.
(vii) a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
generally regular in depositing the undisputed statutory dues,
including Provident Fund, Employees State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other
material statutory dues, as applicable, with the appropriate
authorities in India;
b) According to the information and explanations given to us, there are
no applicable statutory dues which have not been deposited on account
of any dispute.
c) In view of there being no amount(s) required to be transferred to
the Investor Education and Protection Fund for the year under audit the
reporting under this clause is not applicable.
(viii) There are no accumulated losses of the company. Further, the
company has not incurred cash losses in current as well as in the
immediately preceding financial year.
(ix) Based upon the audit procedures carried out by us and on the basis
of the information and explanations provided by the management we are
of the opinion that the company has not defaulted in repayment of dues
to bank.
(x) In our opinion, and according to the information and explanations
given to us, the company has not given guarantees for loans taken by
others from banks or financial institutions. Therefore, the reporting
requirements under clause (x) of paragraph 3 of the order are not
applicable to the company.
(xi) In our opinion, and according to the information and explanations
given to us, the term loans have been ultimately applied for the
purpose for which they are raised.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For MKPS & Associates
Chartered Accountants
Firm's Regn No. 302014E
CA Narendra Khandal
Partner
M. No. 065025
Mumbai, May 29, 2015
Mar 31, 2014
To the Members of Kridhan Infra Limited (Formerly Known as Readymade
Steel India Limited)
We have audited the accompanying financial statements of ReadyMade
Steel India Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS1 REPORT
Annexure referred to in the auditors'' report to the members of
Readymade Steel India Limited, on the accounts for the year ended on
March 31, 2014
1) a) As explained to us, the Company has maintained register for
recording the fixed assets, however it is in the process
of updating the details of additions in its fixed assets register so as
to reflect the full particulars, including quantitative details and
situation of fixed assets.
b) As explained to us, the assets have been physically verified by the
management during the year. There were no material discrepancy on such
verification.
2) a) The inventory has been physically verified during the period by
the management. In our opinion, the frequency of
verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) As explained to us, the Company has been maintaining records of
inventories. In our opinion, the maintenance of records are primafacie
reasonable in relation to the size and nature of business of the
company.
3) a) As explained to us, during the period under audit the company has
given loans in the nature of Inter Corporate
Deposits to or advances to one party covered under the register
maintained pursuant to section 301 of the Companies Act, 1956. The
amount given, maximu amount involved and the closing balance in respect
of the same amounted to Rs. 169.23 Lacs.
b) The rate of interest and other terms and conditions are not prima
facie prejudicial to the interest of the company.
c) The repayment of interest and principal, as explained has not fallen
due.
d) In view of the repayment not being due, there are no overdues as at
the balance sheet date.
e) As explained to us, during the period under audit the company has
not taken loan from parties covered under the register maintained
pursuant to section 301 of the Act and hence the reporting requirements
under subclause (f) and (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 nature of its business
with regard to purchases of inventory, fixed Assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control.
5) 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 register maintained under section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion, and according to the explanations given to us, the
Company has not entered into any contracts or arrangements exceeding
Rs. 5.00 Lakh in respect of any party in pursuance of contracts or
arrangements entered in the register to be maintained under section 301
of the Companies Act, 1956 except for the contracts for sale / purhase
which, as explained, are at the prevailing market prices
6) The company has not accepted public deposits to which the provisions
of section 58A and 58AA of the companies act apply.
7) The company has an internal audit system which is generally
commensurate with the nature and size of its business.
8) As explained to us the company is not required to maintain cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9) a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including
provident fund, employees state insurance, Income tax, Sales Tax,
Wealth tax, Custom duty, Excise Duty, Cess and other material statutory
dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of Income tax, wealth tax,
sales tax, custom duties and excise duties, which have remained
outstanding as at 31st March 2014 for a period of more than six months
from the date they become payable.
c) According to the information and explanations given to us, there are
no disputed statutory dues which have not been deposited by the
company, except for one case of Income Tax Demand of Rs. 17.09 Lacs for
which appeal has been filed with DCIT. The company has paid Rs. 8.55
Lacs against the same under protest.
10) There are no accumulated losses of the company and company has not
incurred cash losses during the period covered by our audit and the
immediately preceeding financial year.
11) The Company has taken various facility from their banks / FI for
the purpose of its business. During the year there have been delay in
payment of interest / instalment on these loans. As at March 31,2014
there were overdue aggregating to Rs. 142.47 Lacs.
12) The Company has not granted any secured loans or advances to any
person against security by way of pledge of shares or securities.
13) In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) order, 2003 are not applicable to the
Company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
15) The Company has not given any Guarantee on behalf of the others to
any bank or Financial Institution.
16) In our opinion, the term loans, taken from the bankers, have been
prima-facie applied for the purpose for which they were raised.
17) According to information and explanations given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment.
18) During the year under audit the company not alloted any shares on
preferential basis to parties covered under the register maintained
pursuant to section 301 of the act.
19) The company has not issued any Debentures. Hence, the reporting
requirements under clause 4(xix) of the order are not applicable.
20) The company has not raised any funds from public during the period.
Hence, the reporting requirements under clause (xx) of the order are
not applicable.
21) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For MKPS & Associates
Chartered Accountants
Firm''s Regn. No. 302014E
Sd/-
CA Narendra Khandal
Partner
M No.065025
Place: Mumbai
Date: May 27, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of ReadyMade Steel
India Limited (''the Company''), which comprise the Balance Sheet as at
March 31, 2013, the Statement of Proft and Loss and Cash Flow Statement
for the year then ended, and a summary of signifcant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 (''the ActÂ). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the fnancial 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 fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 fnancial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Proft and Loss, of the proft for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash fows 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
OrderÂ) 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 specifed 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 Proft 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 Proft and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualifed as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notifcation as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
Annexure referred to in the auditors'' report to the members of
Readymade Steel India Limited, on the accounts for the year ended on
March 31, 2013
1) a) As explained to us, the Company is in the process of updating the
details of additions in its fxed assets register so as to refect the
full particulars, including quantitative details and situation of fxed
assets.
b) As explained to us, the assets have been physically verifed by the
management during the year. There were no material discrepancy on such
verifcation.
2) a) The inventory has been physically verifed during the period by
the management. In our opinion, the frequency of verifcation is
reasonable.
b) The procedures of physical verifcation of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) As explained to us, the Company has been maintaining records of
inventories. In our opinion, the maintenance of records are primafacie
reasonable in relation to the size and nature of business of the
company.
3) As explained to us, during the period under audit the company has
not given or taken loan or advances to party covered under the register
maintained pursuant to section 301 of the Companies Act, 1956. Hence,
the reporting requirements under this clause 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 nature of its business
with regard to purchases of inventory, fxed Assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control.
5) 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
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion, and according to the explanations given to us, the
Company has not entered into any contracts or arrangements exceeding
Rs. 5.00 Lakh in respect of any party in pursuance of contracts or
arrangements entered in the register to be maintained under section 301
of the Companies Act, 1956 except for the contracts for sale / purhase
which, as explained, are at the prevailing market prices
6) The company has not accepted public deposits to which the provisions
of section 58A and 58AA of the companies act apply.
7) The company has an internal audit system which is generally
commensurate with the nature and size of its business.
8) As explained to us the company is not required to maintain cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9) a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees state insurance, Income tax, Sales Tax, Wealth tax, Custom
duty, Excise Duty, Cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of Income tax, wealth tax,
sales tax, custom duties and excise duties, which have remained
outstanding as at 31st March 2013 for a period of more than six months
from the date they become payable.
c) According to the information and explanations given to us, there are
no disputed statutory dues which have not been deposited by the
company.
10) There are no accumulated losses of the company and company has not
incurred cash losses during the period covered by our audit and the
immediately preceeding fnancial year.
11) The Company has taken various facility from their banks / FI for
the purpose of its business. During the year there have been delay in
payment of interest / instalment on these loans.
12) The Company has not granted any secured loans or advances to any
person against security by way of pledge of shares or securities.
13) In our opinion, the Company is not a chit fund or a nidhi / mutual
beneft fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) order, 2003 are not applicable to the
Company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
15) The Company has not given any Guarantee on behalf of the others to
any bank or Financial Institution.
16) In our opinion, the term loans, taken from the bankers, have been
prima-facie applied for the purpose for which they were raised.
17) According to information and explanations given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to fnance short term
assets except permanent working capital.
18) a) During the year under audit the company not alloted any shares
on preferential basis.
b) During the year 2011-12 the company has raised money by issue of
shares by public issue. The utilisation of the same has been disclosed
in the Notes on Accounts and the same has been verifed by us and the
same has been prima- facie found to be in order.
19) During the course of our audit and on the basis of our test check,
we did not come across any case of fraud on or by the company noticed
or reported during the period under audit.
For MKPS & Associates
Chartered Accountants
Firm Regn. No. 302014E
CA. Narendra Khandal
PARTNER
M No. 065025
Place : Mumbai
Date : 29th May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of Readymade Steel India
Limited (the Company) as at 31st March 2012 and the Statement of Profit
and Loss and Cash Flow Statemement 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.
1) We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our report.
2) As required by the Companies (Auditor's Report) Order, 2003 (as
ammended) issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us during the course of our audit, we enclose in the Annexure,
our report on the matters specified in paragraph 4 & 5 of the said
order to the extent applicable to the company.
We report that:
(a) We have obtained all the information and the 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 the
books;
(c) the Balance Sheet and the Statement of Profit and Loss dealt with
by this report are in agreement with the books of account;
(d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss, read together with the notes thereon, dealt with by this report
comply in material respects with the accounting standards referred to
in sub section (3C) of section 211 of the Companies Act, 1956
(e) on the basis of the written representations received from the
Directors, which have been taken on the record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2012 from being appointed as a Director in terms of clause
(g) of sub-section(1) of Section 274 of the Companies Act, 1956.
(g) In our opinion, and to the best of our information and according to
the explanations given to us the said accounts, read together with the
notes thereon, give the information required by the companies Act,
1956, in the manner so required, and give a true and fair view :
(i) In the case of the Balance Sheet, of the state of the Company's
affairs as at March 31, 2012;
(ii) In the case of the Statement of Profit and Loss, of the profit of
the company for the year ended on that date.
(iii) In the case of the Cash flow statements of the cash flows for the
period ended March 31, 2012
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 2 of the auditors' report to the
members of Readymade Steel India Limited, on the accounts for the year
ended on March 31, 2012
1) a) As explained to us, the Company is in the process of updating the
details of additions in its fixed assets register so as
to reflect the full particulars, including quantitative details and
situation of fixed assets.
b) As explained to us, the assets have been physically verified by the
management during the year. There were no material discrepancy on such
verification.
2) a) The inventory has been physically verified during the period by
the management. In our opinion, the frequency of
verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) As explained to us, the Company has been maintaining records of
inventories. In our opinion, the maintenance of records are primafacie
reasonable in relation to the size and nature of business of the
company.
3) As explained to us, during the period under audit the company has
not given or taken loan or advances to party covered under the register
maintained pursuant to section 301 of the Companies Act, 1956.
4) In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed Assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control.
5) 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 register maintained under section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion, and according to the explanations given to us, the
Company has not entered into any contracts or arrangements exceeding Rs.
5.00 Lakh in respect of any party in pursuance of contracts or
arrangements entered in the register to be maintained under section 301
of the Companies Act, 1956 except for the contracts for sale / purhase
which, as explained, are at the prevailing market prices
6) The company has not accepted public deposits to which the provisions
of section 58A and 58AA of the companies act apply.
7) The Company has an Internal Audit System which generally
commensurate with the nature and size of business
8) As explained to us the company is not required to maintain cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9) a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including
provident fund, employees state insurance, Income tax, Sales Tax,
Wealth tax, Custom duty, Excise Duty, Cess and other material statutory
dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of Income tax, wealth tax,
sales tax, custom duties and excise duties, which have remained
outstanding as at 31st March 2011 for a period of more than six months
from the date they become payable.
c) According to the information and explanations given to us, there are
no disputed statutory dues which have not been deposited by the
company.
10) There are no accumulated losses of the company and company has not
incurred cash losses during the period covered by our audit and the
immediately preceeding financial year.
11) The Company has taken various facility from their banks / FI for
the purpose of its business. The company has been generally regular in
paying the interest and principal amount in respect of the loans taken
from the banks / FI.
12) The Company has not granted any secured loans or advances to any
person against security by way of pledge of shares or securities.
13) In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) order, 2003 are not applicable to the
Company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
15) The Company has not given any Guarantee on behalf of the others to
any bank or Financial Institution.
16) In our opinion, the term loans, taken from the bankers, have been
prima-facie applied for the purpose for which they were raised.
17) According to information and explanations given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except permanent working capital.
18) a) During the year under audit the company has not alloted any
shares on preferential basis.
b) During the year the company has raised money by issue of shares by
public issue. The utilisation of the same has been disclosed in the
Notes on Accounts and the same has been verified by us and the same has
been prima-facie verified.
19) During the course of our audit and on the basis of our test check,
we did not come across any case of fraud on or by the company noticed
or reported during the period under audit.
For MKPS & Associates
Chartered Accountants
Narendra Khandal Partner
Membership No. 065025
Place: Mumbai
Date: 5th September, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Readymade Steel India
Limited (the Company) as at 31st March 2011 and the Profit and Loss
account and Cash Flow Statemement 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.
1) We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our report.
2) As required by the Companies (Auditor's Report) Order, 2003 (as
amended) issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us during the course of our audit, we enclose in the Annexure,
our report on the matters specified in paragraph 4 & 5 of the said
order to the extent applicable to the company.
3) We report that :
a) We have obtained all the information and the 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 the
books;
c) The Balance Sheet and the Profit and Loss account dealt with by this
report are in agreement with the Books of Account;
d) In our opinion, the Balance Sheet and the Profit and Loss account,
read together with the Notes thereon, dealt with by this report comply
in material respects with the accounting standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956
e) On the basis of the written representations received from the
Directors, which have been taken on the record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2011 from being appointed as a Director in terms of clause
(g) of sub-section(1) of Section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us and subject to our comments above, the
said accounts, read together with the notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required, and give a true and fair view :
(i) In the case of the Balance Sheet, of the state of the Company's
affairs as at March 31, 2011;
(ii) In the case of the Profit and Loss account, of the profit of the
company for the year ended on that date.
(iii) In the case of the Cash flow statements of the cash flows for the
period ended March 31, 2011
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 2 of the Auditors' Report to the
members of Readymade Steel India Limited, on the accounts for the year
ended on March 31, 2011
1) a) The Company is maintaining proper records showing full
particulars, quantitative details and situation of Fixed Assets.
b) As explained to us, the assets have been physically verified by the
management during the year. There were no material discrepancy on such
verification.
c) The Company did not dispose off a substantial part of the Fixed
Assets during the Financial Year under review.
2) a) The inventory has been physically verified during the period by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) As explained to us, the Company has been maintaining records of
inventories. In our opinion, the maintenance of records are prima-facie
reasonable in relation to the size and nature of business of the
company.
3) As explained to us, during the period under audit the company has
not given or taken loan or advances to party covered under the register
maintained pursuant to section 301 of the Companies Act, 1956.
4) In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, Fixed Assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control.
5) 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
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion, and according to the explanations given to us, the
Company has not entered into any contracts or arrangements exceeding
Rs. 5.00 Lakh in respect of any party in pursuance of contracts or
arrangements entered in the register to be maintained under section 301
of the Companies Act, 1956 except for the contracts for sale / purchase
which, as explained, are at the prevailing market prices
6) The company has not accepted public deposits to which the provisions
of section 58A and 58AA of the Companies Act,1956 apply.
On the basis of written representation received from the management, we
state that the company has not received any order for the contravention
of the provisions from the Company Law Board or RBI or any court or any
other Tribunal in this respect.
7) The Company does not have an Internal Audit System.
8) As explained to us the company is not required to maintain cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9) a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of Income Tax, Wealth Tax,
Sales Tax, Custom Duties and Excise Duties, which have remained
outstanding as at 31st March 2011 for a period of more than six months
from the date they become payable.
c) According to the information and explanations given to us, there are
no disputed statutory dues which have not been deposited by the
company.
10) There are no accumulated losses of the company and company has not
incurred cash losses during the period covered by our audit and the
immediately preceeding financial year.
11) The Company has taken various facility from their Banks / FI for
the purpose of its business. The company is regular in paying the
interest and principal amount in respect of the loans taken from the
Banks / FI.
12) The Company has not granted any secured loans or advances to any
person against security by way of pledge of shares or securities.
13) In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) order, 2003 are not applicable to the
Company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
15) The Company has not given any Guarantee on behalf of others to any
Bank or Financial Institution.
16) In our opinion, the term loans, taken from the bankers, have been
prima-facie applied for the purpose for which they were raised.
17) According to information and explanations given to us, and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except permanent working capital.
18) a) During the year under audit the company has alloted 378500
Equity Shares on preferential basis at the price at which the same are
not prejudicial to the company.
b) According to the information made available to us, the company has
not raised any fund by way of public issue, the end use of which is
required to be disclosed in the notes to the financial statement and to
be verified by us.
19) During the course of our audit and on the basis of our test check,
we did not come across any case of fraud on or by the company noticed
or reported during the period under audit.
For MKPS & Associates
Chartered Accountants
Firm Regn. No. 302014E
CA. Narendra Khandal
Partner
M No. 065025
Place: Mumbai
Date: 3rd September 2011