Mar 31, 2015
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the 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 there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the 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 profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015, 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 paragraph 3 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company, so far as 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 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, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
1) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 30(A) to
the financial statements;
2) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
3) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Referred to in paragraph 1 of our Report on Other Legal and Regulatory
Requirements of even date.
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b. The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. a. The inventory was physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
b. The procedures followed for physical verification by management are
reasonable and adequate in relation to size of Company and nature of
its business.
c. The Company is maintaining proper records of inventory.
Discrepancies between the physical stock and the book records noticed
on verification were properly dealt with in the books of accounts.
3. According to information and explanations given to us, 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 Companies Act.
Accordingly, the reporting under Clause 3 (iii) (a) and (b) of the
Companies (Auditor's Report) Order, 2015, is not applicable to the
Company.
4. In our opinion and according to the information given to us, there
were adequate internal control systems commensurate with the size of
the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
There is no continuing failure to correct major weaknesses in internal
control system.
5. According to information and explanation given to us, the Company
has complied with directives issued by Reserve Bank of India and the
provisions of Section 73 to 76 or any other relevant provisions of
Companies Act, 2013 and rules framed there under. As informed to us, no
order has been passed by the Company Law Board in respect of the said
provisions.
6. We have broadly reviewed the books of accounts and records
maintained by the Company pursuant to the rules made by Central
Government for the maintenance of cost records under Sub-section (1) of
Section 148 of the Companies Act 2013, and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
7. a. According to information and explanation given to us, the
Company is regular in depositing undisputed statutory dues with
appropriate authorities including provident fund, employees' state
insurance, income-tax, sales-tax, wealth tax, service tax, duty of
customs, duty of excise, value added tax, cess and any other statutory
dues applicable to it.
According to information and explanation given to us, no undisputed
amount payable in respect of statutory dues were in arrears, as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
b. According to information and explanation given to us, there are no
dues of Income tax, Sales Tax, Wealth Tax, Service Tax, Custom duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below:
Nature of Dues Amount Period to which the Forum where dispute
is pending
(Rs,) amount relates
Sales Tax 1,796,230 2009-10 Jt. Commissioner of
Sales Tax (Appeals),
Kolhapur
Karnataka
Entry 232,096 2011-12 Jt. Commissioner of
Commercial
Tax Taxes (Appeals),
Bengaluru
Income Tax 3,384,126 2011-12 Commissioner of
Income Tax
(Appeals), Kolhapur
c. The amount required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under has been transferred to
such fund within time.
8. The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to a Financial
Institution or Bank.
10. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, accordingly the reporting under Clause
3 (x) of the Companies (Auditor's Report) Order, 2015, is not
applicable to the Company.
11. In our opinion, the term loans have been applied for the purpose
for which they were raised.
12. According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the year.
For M/s P.G. Bhagwat
Chartered Accountants
Firm Registration No: 101118W
Nikhil M Shevade
Place: Pune Partner
Date : 28th May, 2015 Membership No. 21737
Mar 31, 2014
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited, ("the Company") which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies, Act 1956 ( The
Act ) read with the General Circular 15/2013 dated 13th September,
2013, of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India. 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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, 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 it appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under Section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which the cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE
Referred to in paragraph 1of our Report on Other Legal and Regulatory
Requirements of even date.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company, pursuant to the rules made by the Central
Government for the maintenance of cost records under Section 209 (1)
(d) of the Companies Act, 1956 and we are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Amount Period to which Forum where dispute
dues rs the amount is pending
relates
Sales Tax 229,616 2006-07 Jt. Commissioner of Sales Tax
(Appeal), Kolhapur
Sales Tax 867,518 2007-08 Jt. Commissioner of Sales Tax
(Appeal), Kolhapur
Central Excise 459,569 2007-08 to Commissioner of Central
2011-12 Excise, (Appeal) Pune
Central Excise 16,735,831 2008-09 to Dy. Commissioner of
2010-11 Central Excise, Kolhapur
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) According to information and explanation given to us, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditor''s Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly, the provisions of Clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P. G. Bhagwat
Chartered Accountants
Firm Registration No: 101118W
Nikhil M Shevade
Place : Mumbai Partner
Date : 30th May, 2014 Membership No. 217379
Mar 31, 2013
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited ("the Company"), which comprise the Balance Sheet as
at 31st March , 2013, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
1) Management''s Responsibility for the Financial Statements
The Company''s 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.
2) Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
3) Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
4) Report on Other Legal and Regulatory Requirements
A. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
Sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
B. As required 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 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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Sub-section (3C) of Section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2013, from being appointed as a director in terms of Clause (g) of
Sub-section (1) of Section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 4(A) of our
report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b), (c) & (d) of the
Companies (Auditor''s Report) order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under Section 209 (1)
(d) of the Companies Act, 1956 and we are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Amount Period to which the Forum where dispute
is pending
dues (Rs.) amount relates
Sales Tax 233,690 2005-06 Jt. Commissioner of
Sales Tax (Appeal),
Kolhapur
Central Excise 459,569 2007-08 to 2011-12 Dy. Commissioner of
Central Excise,
Kolhapur
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) According to information and explanation given to us, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditor''s Report)
Order, 2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditor''s Report)
Order, 2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P. G. BHAGWAT
Chartered Accountants
Firm Registration No: 101118W
Nikhil M.Shevade
Place : Kolhapur Partner
Date : 29th May 2013 Membership No: 217379
Mar 31, 2012
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2012 and the Profit and Loss account and also
the Cash Flow Statement of the Company for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 [as
amended by Companies (Auditors' Report) (Amendment) Order, 2004],
issued by the Central Government of India in terms of Sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) we have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of such
books;
(iii) the Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company;
(iv) in our opinion, the Balance Sheet and Profit and 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;
(v) on the basis of the written representations received from the
Directors as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012, from being appointed as a Director in terms of Clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) in our opinion and to the best of our information and according to
the explanations given, to us, the 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 in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of the Profit and Loss Account 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of. its business with
regard to purchase of inventory and fixed assets and for the sale of
goods and services. During the course of audit, we have not observed
any continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company, pursuant to the rules made by the Central
Government for the maintenance of cost records under Section 209 (1)
(d) of the Companies Act, 1956 and we are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) According to information and explanation given to us, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditors' Report)
Order, 2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditors' Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment. .
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditors' Report)
Order, 2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditors' Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
Place : Mumbai For M/s. P. G. BHAGWAT
Date : 29th May, 2012 Chartered Accountants
Firm Registration No: 101118W
Nikhil M. Shevade
Partner
Membership No: 217379
Mar 31, 2011
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2011 and the Profit & Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditorsà Report) Order, 2003 [as
amended by Companies (Auditors' Report) (Amendment) Order, 2004] issued
by the Central Government of India in terms of Sub-Section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) in our opinion proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
such books .
(iii) the Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company;
(iv) in our opinion, the Balance Sheet, and Profit and 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;
(v) on the basis of the written representations received from the
Directors as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2011, from being appointed as a Director in terms of Clause
(g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the 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 in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(b) in the case of the Profit and Loss Account of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956, in respect of its windmill division and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
Income Tax 42,488 Commissioner of Income Tax
(Appeals), Kolhapur
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) According to information and explanation given to us, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditors' Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditors' Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditors' Report) Order,
2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditors' Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P.G. BHAGWAT
Chartered Accountants
NIKHIL M. SHEVADE
Partner
Membership No: 217379
Firm Registration No: 101118W
Place : Pune
Date : 26th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2010, and the Profit and Loss Account and
also the Cash Flow Statement of the Company for the year ended on that
date, annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 [as
amended by Companies (Auditors Report) (Amendment) Order, 2004] issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) we have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
(ii) in our opinion proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
such books;
(iii) the Balance Sheet, and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company;
(iv) in our opinion, the Balance Sheet, and Profit and 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;
(v) on the basis of the written representations received from the
directors as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010, from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the 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 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 31s March, 2010;
(b) in the case of the Profit and Loss Account of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Annexure referred to in paragraph 3
of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets other than furniture and fixtures and dies and
moulds were physically verified during the year by the management at
reasonable intervals. According to information and explanations given
to us, no material discrepancies were noticed on such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has during the year not granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) Accordingly, the provisions of clause 4(iii)(b), (c) & (d) of the
Companies (Auditors Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of clause 4 (iii) (f) & (g) of the
Companies (Auditors Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956, and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company,
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956, in respect of its windmill division and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at 31s
March for a period of more than six months from the date they became
payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess, which have not been deposited on account of any
dispute other than those mentioned below.
Nature of dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
Income Tax 42,488 Commissioner of Income Tax
(Appeals), Kolhapur
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) According to information and explanation given to us, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, the
provisions of clause 4 (xii) of the Companies (Auditors Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/society. Accordingly, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of clause 4 (xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue to raise money. Accordingly, the
provisions of clause 4 (xx) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P.G.BHAGWAT
Chartered Accountants
NIKHIL M. SHEVADE
Partner
Membership No. 217379
Membership No : 101118W
Place : Pune
Date : 27th May, 2010
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