Mar 31, 2015
We have audited the accompanying financial statements of MANSI FINANCE
(CHENNAI) LIMITED ( 'the Company' ) which comprises the balance sheet
as at 31st March 2015 , the statement of Profit & Loss Account and the
Cash Flow statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the 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 few 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 (Account) Rules,2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud 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 mad there under.
We have 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls over financial reporting and operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and 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 March 31,2015 and
its profit and its cash flows for the year ended on that date.
Report on other legal & 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 Companies Act, 2013, We annexed hereto a statement
on the matters specified in paragraphs 3 & 4 of the said order, to the
extent applicable.
2. As required by section 143 (3) of the Act, we report that :
(a) We have sought and obtained all the information and explanation
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 such
books.
(c) The Balance Sheet , Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.
(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 March 31, 2015, 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 the other matters to be included in the Auditor's
Report in accordance with Rule 11of the Companies (Audit and auditors)
Rules , 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note to the
financial statements
(ii) The Company did not have any long term contracts including
derivatives contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
The annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statement for the year ended 31
March 2015, we report that :
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All these assets have been physically verified by the management at
reasonable intervals. As Informed to us no material discrepancy have
been noticed between the physical verification and books of the
Company.
2. Physical verification of Inventory is not applicable since the
company has not traded in goods during the year.
3. During the year Company has not taken/granted any loans from
Companies and firms listed in the Register maintained under section 189
of the Companies Act,2013. Company availed Loans from
directors/Corporate. The rate of interest and terms and conditions of
the loan are, prima facie, not prejudicial to the interest of the
Company. There is no overdue amount of loans taken.
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard
purchase of fixed assets. - During the course of audit, no major
weakness has been noticed in the above controls and therefore the
reporting of the same does not arise.
5. The Company has not received any public deposits during the year.
6. The Central Government has not prescribed the maintenance of cost
records under section 148 (1) of the Act, in respect of the activities
carried on by the Company.
7. (a) According to the records of the Company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income Tax, Tax
Deducted at Source and other material statutory dues applicable to it,
with the appropriate authorities. As explained to us, the Company did
not have any dues on account of Provident Fund, Employees State
Insurance, duty of excise and customs
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of income tax, Wealth
Tax, Customer Duty, Excise Duty, Sales Tax, VAT, Cess and other
material statutory dues in arrears/were outstanding as at 31March 2015
for a period of more than six months from the date they became payable.
However , according to information and explanations given to us, the
following dues of Income Tax have not been deposited by the Company on
account of dispute :
Particulars Amount(Rs) Period to which Forum where
amount relates the dispute is
pending
Income Tax 42,087 Financial year Commissioner of
Income Tax
2003-2004 (Appeals) Chennai
Income Tax 119,420 Financial year Commissioner of
Income Tax
2004-2005 (Appeals) Chennai
Income Tax 452,270 Financial year Commissioner of
Income Tax
2011-2012 (Appeals) Chennai
( c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
8. Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial years.
9. In our opinion and according to the information and explanations
given to us, there is no amount due to a financial institution and
debenture holders. However in the case of dues to bank, the Company has
not defaulted in payments.
10. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
financial institutions or banks.
11. According to the information and explanations given to us, the
company has not raised any term loan during the year.
12. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
FOR M/S. SIROHIA & CO
CHARTERED ACCOUNTANTS
Firm Reg. No.003875S
(VINOD KUMAR)
PLACE : CHENNAI PARTNER
DATE : 29-05-2015 M.No.207094
Mar 31, 2014
We have audited the accompanying financial statements of MANSI FINANCE
(CHENNAI) LIMITED (''the Company'') which comprises the balance sheet as
at 31st March 2014, the statement of Profit & Loss Account and the Cash
Flow statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the 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
pf the Companies Act, 1956 ("the Act"). This responsibility includes
the design,implementation and maintanance 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 procedure
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 the management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and 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:
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014
ii. In the case of statement of Profit & Loss , of the Profit for the
year ended on that date; and
iii. In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
Report on other legal & 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 Companies Act, 1956, We annexe hereto a statement on the
matters specified in paragraphs 4 & 5 of the said order.
2. As required by section 227 (3) of the Act, we report that :
(a) We have obtained all the information and explanation 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 such
books.
(c) The Balance Sheet, Statement of Profit &. Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.
(d) In our opinion, the Balance Sheet, Statement of Profit and loss and
the Cash Flow Statement are in compliance with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 to the extent applicable
(e) According to the information and explanations given to us, in
relation to the affairs of the Company, none of the Directors are
disqualified from being appointed as Directors as on 31st March,2014
under Section 274 (l)(g) of the Companies Act,1956.
ANNEXURE TO THE AUDITORS'' REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All these assets have been physically verified by the management at
reasonable intervals. As Informed to us no material discrepancy have
been noticed between the physical verification and books of the
Company.
(c) During the year, In our opinion Company has not disposed of
substantial part of fixed assets.
2. Physical verification of Inventory is not applicable since the
company has not traded in goods during the year.
3. During the year Company has not taken/granted any loans from
Companies and firms listed in the Register maintained under section 301
of the Companies Act,1956. Company availed Loans from
directors/Corporates. The rate of interest and terms and conditions of
the loan are, prima facie, not prejudicial to the interest of the
Company. There is no overdue amount of loans taken,
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
Lending of money (Finance) and purchase of fixed assets. During the
course of audit, no major weakness has been noticed in the above
controls and therefore the reporting of the same does not arise.
5. According to the information and explanations given to us, Company
has made necessary entries in the register maintained under section 301
of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us , the Company has not accepted deposits from the public
within the meaning of Section 58A of the Companies Act,1956 and the
rules framed thereunder.
7. The Company has an internal audit system commensurate with the size
of the Company and the nature of its business.
8. We are informed by the Company, that maintenance of Cost records
has not been prescribed by the Central Government U/s 209(l)(d) of the
Companies Act, 1956.
9. (a) According to the explanations given to us, the provisions of
the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
Employees State Insurance Act, 1948 are not applicable to the Company.
As per records of the Company, no Undisputed amount is payable, in
respect of Income Tax, Wealth Tax, Sales tax and Customs duty, as at
31st March, 2014 outstanding for a period of more than six months from
the date they became payable.
(b) Except for Income Tax demand as given below, according to
information and explanation given to us, there are no dues of sales
tax, custom duty, wealth tax, excise duty and cess which have not been
deposited on account of any dispute.
Particulars Amount(Rs) Period to which Forum where
amount relates the dispute is pending
Income Tax 42,087 Financial year Commissioner of Income Tax
2003- 2004 (Appeals) Chennai
Income Tax 119,420 Financial year Commissioner of Income Tax
2004-2005 (Appeals) Chennai
Income Tax 11,539,163 Financial year Commissioner of Income Tax
2010-2011 (Appeals) Chennai
10. Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses during the current and
immediately proceeding financial years.
11 In our opinion and according to the information and explanations
given to us, there is no amount due to a financial institution and
debenture holders. However in the case of dues to bank, the Company has
not defaulted in payments.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares and other similar securities.
13. According to the information and explanations given to us, the
provisions of special statutes applicable to chit fund, nidhi or mutual
benefit society are not applicable to the Company.
14. Based on our examination of records and the information and
explanations given to us, the Company does not deal/trade in shares,
securities, debentures and other investments. Wherever investments are
made in shares & securities, they are held in the Company''s name.
15. According to the information and explanations given to us, the
company has not given guarantees for loans taken from financial
institutions or banks.
16. According to the information and explanations given to us, the
company has not raised any term loan.
17. According to the information and explanations given to us, and on
overall examination of the balance sheet and the Cash Flow Statement,
we report that no funds raised on short term basis have been used for
long term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to any parties
and listed in the Register maintained under section 301 of the
Companies Act.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. According to the information and explanations given to us, the
company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR M/S. SIROHIA & CO
CHARTERED ACCOUNTANTS
Firm Reg. NO.003875S
(VINOD KUMAR)
PARTNER
M.No.207094
PLACE : CHENNAI
DATE : 29-05-2014
Mar 31, 2012
We have audited the attached Balance Sheet of MANSI FINANCE (CHENNAI)
LIMITED as at 31st March 2012 and also the annexed Profit & Loss
Account and the Cash Flow statement of the Company for the year ended
on that date. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report order,2003 issued by
the Centrai Governament of India In terms of sub section (4A) of
section 227 of the Companies Act, 1956, We annexe hereto a statement on
the matters specified in paragraphs 4 & 5 of the said order.
2. Further to our comments in the annexeure referred in paragraph 1
above, We report that :
(a) We have obtained all the information and explanation which, to the
best of our knowldege 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 such
books.
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.
(d) In our opinion, the Balance Sheet, Statement of Profit and loss and
the Cash Flow Statement are in compliance with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 to the extent applicable
(e) According to the information and explanations given to us, in
relation to the affairs of the Company, none of the Directors are
disqualified from being appointed as Directors as on 31st March,2012
under Section 274 (l)(g) of the Companies Act, 1956.
(f) In our opinion and to the best of our information and 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 so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2012.
ii. In so far as it relates to the Profit & Loss , of the Profit for
the period ended on that date.
iii. In so far it relates to the Cash flow statement, of the cash flows
of the Company for the year ended on that date.
1. (a) The Company has maintained proper records showing fuli
particulars including quantitative details and situation of fixed
assets.
(b) All these assets have been physically verified by the management at
reasonable intervals. As Informed to us no material discrepancy have
been noticed between the physical verification and books of the
Company.
(c) During the year, In our opinion Compay has not disposed of
substantial part of fixed assets.
2. Physical verification of Inventory is not applicable since the
comapany has not traded in goods during the year.
3. During the year Company has not taken/granted any ioans from
Companies and firms listed in the Register maintained under section 301
of the Companies Act, 1956. Company availed Loans from
directors/Corporates. The rate of interest and terms and conditions of
the loan are, prlma facie, not prejudicial to the interest of the
Company. There is no overdue amount of loans taken.
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
Lending of money (Finance) and purchase of fixed assets.During the
course of audit,no major weakness has been noticed in the above
controls and therefore the reporting of the same does not arise.
5. According to the information and explanations given to us, Company
has made necessary entries in the register maintained under section 301
of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us , the Company has not accepted deposits from the public
within the meaning of Section 58A of the Companies Act, 1956 and the
rules framed thereunder.
7. The Company has an internal audit system commensurate with the size
of the Company and the nature of its business.
8. We are informed by the Company, that maintenance of Cost records
has not been prescribed by the Central Government U/s 209(l)(d) of the
Companies Act, 1956.
9. (a) According to the explanations given to us, the provisions of
the Employees Provident Fund and Miscellaneous Provisions : Act, 1952
and Employees State Insurance Act, 1948 are not applicable to the
Company. As per records of the Company, no Undisputed amount is
payable, in respect of Income Tax, Wealth Tax, Sales tax and Customs
duty, as at 31st March, 2011 outstanding for a period of more than six
months from the date they became payable, except for Income Tax demand
as given below, according to information and explaination given to
us,there are no dues of sales tax,custom duty,wealth tax,excise duty
and cess which have not been deposited on account of any dispute.
Particulars Amount(Rs) Period to which Forum where
amount relates the dispute
is pending
Income Tax 42,087.00 Financial year Commissioner
of Income Tax
2003-2004 (Appeals) Chennai
Income Tax 119,420.00 Financial year Commissioner of
Income Tax
2004-2005 (Appeals) Chennai
10. Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses during the current and
immediately preceeidng financial years.
11. In our opinion and according to the information and explanations
given to us,there is no amount due to a financial instution and
debenture holders.However in the case of dues to bank, the Company has
not defaulted in payments.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares and other similar securities.
13. According to the information and explanations given to us, the
provisions of special statutes applicable to chit fund, nidhi or mutual
benefit society are not applicable to the Company.
14. Based on our examination of records and the information and
explanations given to us, the Company does not deal/trade in shares,
securities, debentures and other investments. Wherever investments are
made in shares & securities, they are held in the Company's name.
15. According to the information and explanations given to us, the
company has not given gurantees for loans taken from financial
insitutions or banks.
16. According to the information and explanations given to us, the
company has not raised any term loan.
17. According to the information and explanations given to us,and on
overall examination of the balance sheet and the Cash Flow Statement,we
report that no funds raised on short term basis have been used for long
term investment.
18. According to the information and explanations given to us,the
company has not made preferential allotment of shares to any parties
and listed in the Register maintained under section 301 of the
Companies Act.
19. According to the information and explanations given to us, during
the period covered by our audit report,the company has not issued any
debentures.
20. According to the information and explanations given to us,the
company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR M/S. SIROHIA & CO
CHARTERED ACCOUNTANTS
PLACE : CHENNAI (VINOD KUMAR)
DATE : 28-05-2012 PARTNER
M.No.207094
Mar 31, 2010
We have audited the attached Balance Sheet of MANSI FINANCE (CHENNAI)
LIMITED as at 31st March 2010 and also the annexed Profit & Loss
Account and the Cash Flow statement of the Company for the year ended
on that date. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report order,2003 issued by
the Central Governament of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, We annexe hereto a statement on
the matters specified in paragraphs 4 & 5 of the said order.
2. Further to our comments in the annexeure referred in paragraph 1
above, We report that :
(a) We have obtained all the information and explanation which, to the
best of our knowldege 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 such
books.
(c) The Balance Sheet, the Profit & Loss account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.
(d) In our opinion, the Balance Sheet, the Profit and loss Account and
the Cash Flow Statement are in compliance with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 to the extent applicable.
(e) According to the information and explanations given to us, in
relation to the affairs of the Company, none of the Directors are
disqualified from being appointed as Directors as on 31st March,2010
under Section 274 (l)(g) of the Companies Act, 1956.
(f) In our opinion and to the best of our information and 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 so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2010
ii. In so far as it relates to the Profit & Loss account, of the Profit
for the period ended on that date.
iii. In so far it relates to the Cash flow statement, of the cash flows
of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All these assets have been physically verified by the management at
reasonable intervals. As Informed to us no material discrepancy have
been noticed between the physical verification and books of the
Company.
(c) During the year, In our opinion Compay has not disposed of
substantial part of fixed assets.
2. Physical verification of Inventory is not applicable since the
comapany has not traded in goods during the year.
3. During the year Company has not taken/granted any loans from
Companies and firms listed in the Register maintained under section 301
of the Companies Act,1956. Company availed Loans from
directors/Corporates. The rate of interest and terms and conditions of
the loan are, prima facie, not prejudicial to the interest of the
Company. There is no overdue amount of loans taken.
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
Lending of money (Finance) and purchase of fixed assets.During the
course of audit,no major weakness has been noticed in the above
controls and therefore the reporting of the same does not arise.
5. According to the information and explanations given to us, there
are no contract/agreements during the year which need to be entered in
to the register maintained under section 301 of the Companies Act,
1956.
6. In our opinion and according to the information and explanations
given to us , the Company has not accepted deposits from the public
within the meaning of Section 58A of the Companies Act, 1956 and the
rules framed thereunder.
7. The Company has an internal audit system commensurate with the size
of the Company and the nature of its business.
8. We are informed by the Company, that maintenance of Cost records
has not been prescribed by the Central Government U/s 209(l)(d) of the
Companies Act, 1956.
9. (a) According to the explanations given to us, the provisions of
the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
Employees State Insurance Act, 1948 are not applicable to the Company.
As per records of the Company, no Undisputed amount is payable, in
respect of Income Tax, Wealth Tax, Sales tax and Customs duty, as at
31st March, 2010 outstanding for a period of more than six months from
the date they became payable.
(b) Except for Income Tax demand as given below, according to
information and explaination given to us,there are no dues of sales
tax,custom duty,wealth tax,excise duty and cess which have not been
deposited on account of any dispute.
Particulars Amount(Rs) Period to which Forum where
amount relates the dispute
is pending
Income Tax 42,087.00 Financial year Commissioner of
Income Tax
2003-2004 (Appeals) Chennai
Income Tax 119,420.00 Financial year Commissioner of
Income Tax
2004-2005 (Appeals) Chennai
10. Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses during the current and
immediately preceeidng financial years.
11 In our opinion and according to the information and expiaination
given to us,there is no amount due to a financial instution and
debenture holders.However in the case of dues to bank, the Company has
not defaulted in payments.
12. We are of opinion that the Company has maintained adequate records
where the Company has granted loans and advances on the basis of
security by way of pledge of shares and other similar securities.
13. According to the information and explanations given to us, the
provisions of special statutes applicable to chit fund, nidhi or mutual
benefit society are not applicable to the Company.
14. Based on our examination of records and the information and
explanations given to us, the Company does not deal/trade in shares,
securities, debentures and other investments. Wherever investments are
made in shares & securities, they are held in the Companys name.
15. According to the information and explanations given to us, the
company has not given gurantees for loans taken from financial
insitutions or banks.
16. According to the information and explanations given to us, the
company has not raised any term loan.
17. According to the information and explanations given to us,and on
overall examination of the balance sheet and the Cash Flow Statement,we
report that no funds raised on short term basis have been used for long
term investment.
18. According to the information and explanations given to us,the
company has not made preferential allotment of shares to any parties
and listed in the Register maintained under section 301 of the
Companies Act.
19. According to the information and explanations given to us, during
the period covered by our audit report,the company has not issued any
debentures.
20. According to the information and explanations given to us,the
company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR M/S. SIROHIA & CO
CHARTERED ACCOUNTANTS
PLACE : CHENNAI (VINOD KUMAR)
DATE : 21-05-2009 PARTNER
M.No.207094
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