Mar 31, 2016
TO THE MEMBERS OF MOBILE TELECOMMUNICATIONS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of MOBILE TELECOMMUNICATIONS LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year ended and 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 and presentation 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating
Report on other Legal and Regulatory Requirements
1.As required by the Companies (Auditor''s Report) Order, 2015(âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable. OR Requirements of the Companies (Auditor''s Report) Order, 2015(âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, are not applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
I. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 7 below to the financial statements; [or the Company does not have any pending litigations which would impact its financial position]
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any on long term contracts including derivative contracts â NA to the financial statements; [or The Company did not have any long-term contracts including derivatives contracts for which there were any material for assessable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company [or, following are the instances of delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company or there were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund].
ADDITIONAL INFORMATION ANNEXED THE INDEPENDENT AUDITORS'' REPORT
1. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. As explained to us, the fixed assets have been physically verified by the management once during the year and in our opinion the frequency of verification is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.
c. During the year the Company has not disposed off any substantial / major part of fixed assets.
2. a. As per information and explanations given to us, the inventories have been physically verified by the management during the year at reasonable intervals. In our opinion the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
c. The Company has maintained proper records of the inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material in relation to the size of the Company and the same have been properly dealt with in the books of account.
3. The Company has taken unsecured loans from companies, firms and other parties covered in the register maintained under section 189 of the Companies Act, 2013. The amount of Rs 433.99 lakhs taken from one party as on 31st March, 2016. The maximum amount outstanding during the year is Rs 433.99 lakhs, carrying no interest and other terms and conditions of such loans are prima face not prejudicial to the interest of the Company. As regards the repayment of above loan no terms of repayment have been stipulated, or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations given to us, having regard to the explanation that certain services rendered are of a special nature and suitable alternate sources do not exist for obtaining comparative quotations for fi© same, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in the internal controls.
5. The Company has not accepted any deposits during the year from the public within the meaning of provisions of the Companies Act, 2013 and rules made there under.
6. As informed to us, the Central Government has not prescribed maintenance of Cost Records under sub section (1) of section 148 of the Act.
7. a. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.
b. According to the information and explanation given to us and the records of the Company examined by us, there are disputed amounts in case of dues of Income Tax Demands:
As per the information and explanations given by the management, the company is not regular in depositing with the appropriate authorities in respect of, undisputed statutory dues including Income Tax, Service Tax, Dividend Distribution Tax, Vat Tax, Wealth tax, Provident Fund, Investor Education According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues, which has remained outstanding for more than six months as at 31st March 2016.
According to the Information and explanation given to us, there are no dues of Sales tax, Custom duty, wears tax, Excise Duty, and cess which have not been deposited on account of any dispute except as following Income Tax demands:
Assessment Year |
Appeal Pending Authority |
Amount |
Amount already paid/adjusted |
2010-11 |
CIT (Appeal) |
313.03 |
Hearing Pending |
2011-12 |
Order Passed |
8.13 |
Demand Adjusted |
2012-13 |
CIT (Appeal) |
27.39 |
Hearing Pending |
1. The company has not been required till now to transfer any amount to Investor Education Protection Fund under the provisions of the Companies Act, 1956 and the rules thereof.
2. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.
3. In our opinion and according to the information and explanation given to us, the Company has not defaulted in the repayment of dues to banks. There are no dues to financial institutions and debenture holders.
4. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year.
5. in our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they have been obtained.
6. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.
For MAHESH KUMAR JAIN & CO.
CHARTERED ACCOUNTANTS
(Firm Registration No.: 114179W)
MAHESH KUMAR JAIN
PROPRIETOR
(Membership No.: 047473)
Place: MUMBAI
Date: 14.06.2016
Mar 31, 2015
We have audited the accompanying financial statements of MOBILE
TELECOMMUNICATIONS LIMITED ("the company"),which comprise the
Balance Sheet as at 31 March 2015, the Statement of Profit and Loss,
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 and presentation 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 the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder:.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company"s
preparation of the financial statements that give true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls . An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by Company''s Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31stMarch2015, 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("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order,
to the extent applicable.OR Requirements of the Companies (Auditor''s
Report) Order, 2015("the Order") issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Act, are
not applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 7 below to
the financial statements;[or the Company does not have any pending
litigations which would impact its financial position]
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts - NA to the
financial statements; [or The Company did not have any long-term
contracts including derivatives contracts for which there were any
material foreseeable losses]
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company [or, following are the instances of delay in transferring
amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company or there were no amounts which required
to be transferred by the Company to the Investor Education and
Protection Fund].
1. a. Records showing full particulars including quantitative details
and situation of fixed assets have not been adequately maintained by
the Company.
b. As explained to us, the fixed assets have been physically verified
by the management once during the year and in our opinion the frequency
of verification is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. During the year the Company has not disposed off any substantial /
major part of fixed assets.
2. a. As per information and explanations given to us, the inventories
have been physically verified by the management during the year at
reasonable intervals. In our opinion the frequency of verification is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of the inventories. The
discrepancies noticed on verification between the physical stocks and
the book records were not material in relation to the size of the
Company and the same have been properly dealt with in the books of
account.
d. The management has utilized software which was a part of Inventory
in F.Y 2012-2013 is now reclassified in FY 2014-2015 as an asset and
the effects of the same are given in current yea r. Revised Income Tax
returns were filled for FY 2012-2013 and FY 2013-2014 to give the
impact of the same.
3. The Company has taken unsecured loans from companies, firms and
other parties covered in the register maintained under section 189 of
the Companies Act, 2013. The amount of Rs 306.90 lakhs taken from one
party as on 31 March, 2015. The maximum amount outstanding during the
year is Rs 363.55 lakhs, carrying no interest and other terms and
conditions of such loans are prima face not prejudicial to the interest
of the Company. As regards the repayment of above loan no terms of
repayment have been stipulated. or other parties covered in the
register maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain services
rendered are of a special nature and suitable alternate sources do not
exist for obtaining comparative quotations for the same, there are
adequate internal control procedures commensurate with the size of the
Company and the nature of its business for the purchase of inventory,
fixed assets and for the sale of goods. During the course of our audit
no major weakness has been noticed in the internal controls.
5. The Company has not accepted any deposits during the year from the
public within the meaning of provisions of the Companies Act, 2013 and
rules made there under.
6. As informed to us, the Central Government has not prescribed
maintenance of Cost Records under sub section (1) of section 148 of the
Act.
7. a. According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company has
generally been regular in depositing undisputed statutory dues,
including Provident Fund, Investor Education and Protection Fund,
Employees" State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, cess and any other
statutory dues with the appropriate authorities.
b. According to the information and explanation given to us and the
records of the Company examined by us, there are disputed amounts in
case of dues of Income Tax Demands :
As per the information and explanations given by the management, the
company is not regular in depositing with the appropriate authorities
in respect of, undisputed statutory dues including Income Tax and
According to the information and explanations given to us, there are
undisputed amounts payable in respect of such statutory dues, are as
follow TDS of Rs.5,83,384- which has remained outstanding for more than
six months as at 31st March 2015.
According to the 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 except as following
Income Tax demands:
(Rs.in Lacs)
Assessment Appeal Pending Amount Amount already
Year Authority paid/adjusted
2010- 11 CIT (Appeal) 313.03 Hearing Pending
2011- 12 Order Passed 8.13 Demand Adjusted
2012- 13 CIT (Appeal) 27.39 Hearing Pending
c. The company has not been required till now to transfer any amount to
Investor Education Protection Fund under the provisions of the
Companies Act, 1956 and the rules thereof.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
9. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in the repayment of dues to
banks. There are no dues to financial institutions and debenture
holders.
10. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
11. In our opinion, and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they have been obtained.
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For MAHESH KUMAR JAIN & CO
CHARTERED ACCOUNTANTS
(Firm Registration No.: 114179W)
MAHESH KUMAR JAIN
PROPRIETOR
(Membership No.: 047473)
Place: MUMBAI
Date: 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of Mobile
Telecommunications Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting 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.
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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Statement of the Profit and Loss , of the profit
for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any 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 such cess is to be paid, no cess is due
and payable by the Company.
I In respect of its fixed assets:
a) The Company does not have the fixed assets records including
quantitative details and situation of fixed assets. However the
management has informed us that the company is in process to update the
same.
b) A major portion of the fixed assets have been physically verified by
the management during the year. In our opinion the frequency of
verification of the fixed assets by the management is reasonable having
regards to size of the company and the nature of its assets. As
reported by the management no material discrepancies were noticed on
such verifications.
c) In our opinion and according to the information and explanation
given to us, a substantial part of the fixed assets has not been
disposed off by the company during the year and the going concern
status of the company is not affected.
II In respect of its inventories:
a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
given to us procedure of physical verification of inventories followed
by the management, reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
III In respect of unsecured loans granted by the company to the
companies covered in the register under section 301 of the companies
act, 1956 and according to the information and explanation given to
us:-
a) During the year, the Company has not given any loans, secured or
unsecured to companies, firms and other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provisions of sub clauses (a) to (d) of clause 4(iii) of CARO are not
applicable to the company.
b) The Company has taken unsecured loans, from companies, firms and
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. The amount of Rs.258.12 lacs(409.94 lacs)
taken from two parties as on 31st March,2014, the Maximum amount
outstanding during the year is Rs448.20 Lacs, carrying no interest and
other terms and conditions of such loans are prima face not prejudicial
to the interest of the Company. As regards the repayment of above loan
no terms of repayment have been stipulated.
IV In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business with regards to
the purchase of inventory and fixed assets and for the work done and
services. During The course of our audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
system of the Company.
V In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956
a) Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
be entered into the register maintained under section 301 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices of the relevant
time.
VI The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
VII The Company has no formal internal audit system commensurate with
its size and nature of business.
VIII As informed to us the Central Government has not prescribed the
maintenance of cost records by the Company under section 209 (1) (d) of
the Companies Act, 1956, therefore the provision of clause 4 (viii) of
the Companies (Auditor''s Report) Order, 2003 is not applicable to the
Company.
IX a) As per the information and explanations given by the management,
the company is not regular in depositing with the appropriate authorities
in respect of, undisputed statutory dues including Income Tax, Service
Tax, Dividend Distribution Tax, Sales Tax, Wealth tax, Provident Fund,
Investor Education and Protection Fund, custom duty and other statutory
dues applicable to it. According to the information and explanations
given to us, there are undisputed amounts payable in respect of such
statutory dues, are as follows Income Tax of Rs. 11,68,207/- (Net of
Tax Deducted at Source),Service Tax 47,27,867/- (Net of Cenvat Credit),
Fringe Benefit Tax of Rs. 7,59,69/-,Dividend Distribution Tax of
Rs.33,82,933/-, TDS of Rs.9,99,419/-,Provident Fund 4,44,426/-/- and
Professional tax of Rs.99,366/- which has remained outstanding for more
than six months as at 31st March 2014. The details of unpaid Dividend
Distribution tax are as follows:
S.No. Financial Year Amount
1 2009-10 10,11,203
2 2010-11 12,13,443
3 2011-12 11,58,287
Total 33,82,933
b) According to the 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 except as
following Income Tax demands:
(Rs.in Lacs)
Assessment Appeal Pending Amount Amount already
Year Authority paid/adjusted
2008- 09 ITAT 62.70 26.12
2009- 10 CIT Appeals 10.04 Order Passed on 21.05.2014
2010- 11 CIT Appeals '' 313.05 -
2011- 12 CIT 8.13 Order Passed on 25.03.2014
X The Company does not have any accumulated losses as at the end of the
financial year and the company has not incurred cash losses during the
current and the immediately preceding financial year.
XI In our opinion and according to information and explanation given to
us, the company has not defaulted in the repayment of dues to financial
institutions or banks at the balance sheet date.
XII According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
XIII The Company is not a chit fund, nidhi or mutual benefit fund /
society. Therefore the provisions of clause 4 (xiii) of the Companies
(Auditor Report) Order 2003. are not applicable to the Company.
XIV In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the clause 4
(xiv) of the Companies (Auditor Report) Order 2003. are not applicable
to the Company.
XV According to the information and explanation given to us, the
company has not given any guarantee for loan taken by others from Banks
and Financial Institutions.
XVI The Company has not obtained any term loans. Therefore, the
provisions of clause 4 (xvi) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
XVII According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long term funds have been used to finance short term
assets except, permanent working capital.
XIII According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956 during the year and the question of whether
the price at which the shares have been issued in prejudicial to the
interest of the company does not arise.
XIX The company has not raised any money by issue of debentures and
hence the question of securities have been created in respect of the
debenture issue does not arise.
XX The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
XXI To the best of our knowledge and beliefs and according to the
information and explanations given to us, no material fraud on or
by the Company was noticed or reported during the year.
For N.S.Bhatt and Assocaites
Chartered Accountants
Firm Registration No: 130891W
CA Brijesh Dutt Chaturvedi
(Partner)
Membership No.: 135871
Place: Mumbai
Date: 5 June, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of MOBILE TELECOMMUNICATIONS
LTD. as at March 31, 2012 and annexed Profit and Loss Account of the
Company and the Cash Flow statement for the year ended on that date.
These financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from 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 Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956 we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
2) Further to our comments in the Annexure referred to in paragraph (1)
above, we report that:
a) We have obtained all the information and explanations, which to 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 and the profit and loss Account and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow Statement comply with the accounting standards referred
to in sub-section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31st March, 2012 from
being appointed as a Director in terms of clause (g) of sub- section
(l) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us and said account read notes given the
information required by the companies Act, 1956, in the manner so
required, give a true and fair view in conformity with the accounting
principles generally accepted in India:
i) In case of the Balance Sheet of the Company as at March 31, 2012.
ii) In the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date.
iii) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT (REFERRED TO IN PARAGRAPH (1) OF
OUR REPORT OF EVEN DATE.)
i) a) The Company is in the process of updating the fixed assets
records including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
according to a regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. The discrepancies noticed on
such physical verification were not material and provided for in the
books of account of the company.
c) The Company has not disposed of any substantial part of fixed assets
during the year.
ii) a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
b) In our opinion, 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) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
iii) a) As per the information and explanation given to us, there are
no loans granted, secured or unsecured, to any companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956.
b) As per the information and explanations given to us the Company has
taken unsecured loan from a Company covered in the register maintained
under section 301 of the Companies Act 1956. The amount of Rs. 386.23
lacs (258.34 lacs) taken from two parties as on 31 March,2012, the
Maximum amount outstanding during the year is Rs. 446.58
Lacs, carrying no interest and other terms and conditions of such loans
are prima face not prejudicial to the interest of the Company. As
regards the repayment of above loan no terms of repayment have been
stipulated.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit no major weaknesses has
been noticed in the internal controls.
v) a) Based on the audit procedures applied by us and according to the
information nd explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the
register maintained under section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
vi) The company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The Company has no formal internal audit system commensurate with
its size and nature of business.
viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 for the products
of the company.
xi ) As per the information and explanations given by the management,
the company is not regular in depositing with the appropriate
authorities in respect of, undisputed statutory dues including Income Tax,Dividend Distribution Tax, Sales Tax, Wealth tax, Provident Fund,
Investor Education and Protection Fund, custom duty and other statutory
dues applicable to it. According to the information and explanations
given to us, there are undisputed amounts payable in respect of such
statutory dues,are as follows Income Tax of Rs. 366,056/- (Net of Tax
Deducted at Source), Fringe Benefit Tax of Rs. 75969/-,Dividend
Distribution Tax of Rs.2,224,645/-, TDS of Rs.1,032,577/-,Provident
Fund 12,976/- and Professional tax of Rs.108,800/- which has remained
outstanding for more than six months as at 31 March 2012.
b) According to the 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 except as
following Income Tax demands:
Assessment Year Appeal Pending Authority Amount
2008-09 ITAT 5,372,912
2009-10 CIT Appeals 8,612,950
) The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year.
xi) As per the information and explanations given to us, the company
has not defaulted in repayment of dues to any financial Institution or
Bank during the year.
xii) As per the information and explanations given to us, and the
company has not granted any loan and /or advances on the basis of
security by way of pledge of shares, debenture and other securities.
xiii) The provision of special statute is not applicable to the Company
as the Company is not a chit fund / nidhi / mutual benefit fund /
society.
xiv) In our opinion and according to the explanations given to us, the
Company is not dealing in or trading in shares, debentures and other
investments.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion and according to the information and explanation
given to us, the company has taken term loan from Banks earlier and the
same has been applied for the purpose for which the loans were
obtained.
xvii) According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that the funds raised on short - term basis have not been used for long
- term investment and vice - versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 during the year.
xix) No debentures have been issued by the Company during the year.
xx) The Company has not raised money by public issues during the year.
xxi) Based on the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For N. S. BHATT & ASSOCIATES
Chartered Accountants
Firm Registration No. 130891W
Brijesh Dutt Chaturvedi
Place : Mumbai (Partner)
Date : 1st September, 2012 Membership No. 135871
Mar 31, 2011
We have audited the attached Balance Sheet of MOBILE TELECOMMUNICATIONS
LTD. as at March 31,2011 and annexed Profit and Loss Account of the
Company and the cash flow statement for the year ended on that date.
These financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from 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 Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956 we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
2) Further to our comments in the Annexure referred to in paragraph (1)
above, we report that:
a) We have obtained all the information and explanations, which to 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 and the profit and loss Account and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow Statement comply with the accounting standards referred
to in sub-section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31st March, 2011 from
being appointed as a Director in terms of clause (g) of sub-section (l)
of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us and said account read notes given the
information required by the companies Act, 1956, in the manner so
required, give a true and fair view in conformity with the accounting
principles generally accepted in India:
i) In case of the Balance Sheet of the Company as at March 31, 2011.
ii) In the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date.
iii) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT (REFERRED TO IN PARAGRAPH (1) OF OUR
REPORT OF EVEN DATE.)
i) a) The Company is in the process of updating the fixed assets
records including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
according to a regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. The discrepancies noticed on
such physical verification were not material and provided for in the
books of account of the company.
c) The Company has not disposed of any substantial part of fixed
assets.
ii) a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
b) In our opinion, 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) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
iii) a) As per the information and explanation given to us, with
regards to loans granted, secured or unsecured, to any companies, firms
or other parties covered in the register maintained under section 301 of
the Companies Act, 1956, the Company has given trade advances to M/s
Media Matrix worldwide Limited and to M/s Proximus Knowledge &
Technologies Services Pvt. Limited which are listed in the above said register. Amounting to 17.76 lacs (Rs. 303.88 lacs Previous Year),
(The maximum amount outstanding at any time during the year is
Rs. 304.64 lacs and Rs. 13.46 lacs respectively) carrying no interest.
In our opinion the terms & conditions of such loan is prima facie not prejudicial to the interest of the company and as regards the payment
no terms of repayment has been stipulated.
b) As per the information and explanations given to us the Company has
taken unsecured loan from a Company covered in the register maintained
under section 301 of the Companies Act 1956 amounting to Rs. 258.34
lacs (Rs. 159.19 lacs) as on 31st March, 2011, the Maximum amount
outstanding during the year is Rs. 379.75 Lacs, carry no interest and
other terms and conditions of such loans are prima face not prejudicial
to the interest of the Company. As regards the repayment of above loan
no terms of repayment have been stipulated.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit no major weaknesses has
been noticed in the internal controls.
v) a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
vi) The company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The Company has no formal internal audit system commensurate with
its size and nature of business.
viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 for the products
of the company.
ix) a) As per the information and explanations given by the management,
the company is not regular in depositing with the appropriate authorities, undisputed statutory dues including Income Tax, Sales Tax, Wealth tax,
Provident Fund, Investor Education and Protection Fund, custom duty and
other statutory dues applicable to it. According to the information and
explanations given to us, there are no undisputed amounts payable in
respect of such statutory dues, except Income Tax of Rs. 366,056/- (Net
of Tax Deducted at Source), Fringe Benefit Tax of Rs. 75969/-, Dividend
& Distribution Tax of Rs. 1011202/-, TDS of Rs.793,206/- and
Professional tax of Rs. 87775/- which has remained outstanding for more
than six months as at 31st March 2011. b) According to the Information
and explanation given to us, there are no dues of Sales tax, Income
tax, Custom duty, Wealth tax, Excise duty and cess which have not been
deposited on account of any dispute.
x) The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year.
xi) As per the information and explanations given to us, the company
has not defaulted in repayment of dues to any financial Institution or
Bank during the year.
xii) As per the information and explanations given to us, and the
company has not granted any loan and /or advances on the basis of
security by way of pledge of shares, debenture and other securities.
xiii) The provision of special statute is not applicable to the Company
as the Company is not a chit fund / nidhi / mutual benefit fund /
society.
xiv) In our opinion and according to the explanations given to us, the
Company is not dealing in or trading in shares, debentures and other
investments.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion and according to the information and explanation
given to us, the company has taken term loan from Banks earlier and the
same has been applied for the purpose for which the loans were
obtained.
xvii) According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that the funds raised on short - term basis have not been used for long
- term investment and vice - versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 during the year.
xix) No debentures have been issued by the Company during the year.
xx) The Company has not raised money by public issues during the year.
xxi) Based on the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For N. S. BHATT & ASSOCIATES
Chartered Accountants
Brijesh Dutt Chaturvedi
(Partner)
Place : Mumbai Membership No. 135871
Date : 3rd September, 2011 Firm Registration No. 130891W
Mar 31, 2010
We have audited the attached Balance Sheet of MOBILE TELECOMMUNICATIONS
LTD. as at March 31, 2010 and annexed Profit and Loss Account of the
Company and the cash flow statement for the year ended on that date.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from 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 Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956 we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
2) Further to our comments in the Annexure referred to in paragraph (1)
above, we report that:
a) We have obtained all the information and explanations, which to 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 and the profit and loss Account and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow Statement comply with the accounting standards referred
to in sub-section (3c) of section 211 of the Companies Act, 1956.
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31st March, 2010 from
being appointed as a Director in terms of clause (g) of sub-section (l)
of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us and said account read notes given the
information required by the companies Act, 1956, in the manner so
required, give a true and fair view in conformity with the accounting
principles generally accepted in India:
i) In case of the Balance Sheet of the Company as at March 31, 2010.
ii) In the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date.
iii) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (REFERRED TO IN PARAGRAPH (1) OF OUR
REPORT OF EVEN DATE.)
i) a) The Company is in the process of updating the fixed assets
records including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
according to a regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. The discrepancies noticed on
such physical verification were not material and provided for in the
books of account of the company.
c) The Company has not disposed of any substantial part of fixed
assets. However during the year the Company has sold certain fixed
assets as per the information and explanation given by the management
this has not affected the going concern status of the Company.
ii) a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
b) In our opinion, 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) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
iii) a) As per the information and explanation given to us, with
regards to loans granted, secured or unsecured, to any companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act, 1956, the Company has given trade advances of Rs.
303.88 lacs (Rs. 333.78 lacs Previous Year) to M/s Media Matrix
worldwide Limited and Rs.11.51 lacs (Previous Year Nil) to M/s Proximus
Knowledge & Technologies Services Pvt. Limited, both of which are
covered in the said Register. The maximum amount outstanding at any
time during the year is Rs. 333.78 lacs and Rs. 11.51 lacs
respectively. The advance is not carrying interest and in our opinion
the terms & conditions of such loan are prima facie not prejudicial to
the interest of the Company and as regards the payment no terms of
repayment has been stipulated.
b) As per the information and explanations given to us the Company has
taken unsecured loan from a Company, covered in the register maintained
under section 301 of the Companies Act 1956, amounting to Rs. 159.19
lacs (Previous year Rs. 107.06 lacs) as on March 31, 2010, the Maximum
amount outstanding during the year is Rs. 395.48 lacs, carry no
interest and other terms and conditions of such loans are prima facie
not prejudicial to the interest of the Company. As regards the
repayment of above loan no terms of repayment have been stipulated.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit no major weaknesses has
been noticed in the internal controls.
v) a) Based on the audit procedures applied by us and according to the
information nd explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
vi) The company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
vii) The Company has no formal internal audit system commensurate with
its size and nature of business.
viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 for the products
of the company.
ix) a) As per the information and explanations given by the management,
the company is not regular in depositing with the appropriate
authorities, undisputed statutory dues including Income Tax, Sales Tax,
Wealth tax, Provident Fund, Investor Education and Protection Fund,
custom duty and other statutory dues applicable to it. According to the
information and explanations given to us, there are no undisputed
amounts payable in respect of such statutory dues, except Income Tax of
Rs. 271925/- (Net of Tax Deducted at Source), Fringe Benefit Tax of Rs.
75969/-, TDS of Rs. 99,060/- and Professional tax of Rs. 80881/- which
has remained outstanding for more than six months as at 31st March
2010.
b) According to the Information and explanation given to us, there are
no dues of Sales tax, Income tax, Custom duty, Wealth tax, Excise duty
and cess which have not been deposited on account of any dispute.
x) The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year.
xi) As per the information and explanations given to us, the company
has not defaulted in repayment of dues to any financial Institution or
Bank during the year.
xii) As per the information and explanations given to us, and the
company has not granted any loan and /or advances on the basis of
security by way of pledge of shares, debenture and other securities.
xiii) The provision of special statute is not applicable to the Company
as the Company is not a chit fund / nidhi / mutual benefit fund /
society.
xiv) In our opinion and according to the explanations given to us, the
Company is not dealing in or trading in shares, debentures and other
investments.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion and according to the information and explanation
given to us, the company has taken term loan from Banks earlier and the
same has been applied for the purpose for which the loans were
obtained.
xvii) According to the information and explanations given to us, and on
an overall examination of the Balance sheet of the Company, we report
that the funds raised on short à term basis have not been used for long
à term investment and vice à versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 during the year.
xix) No debentures have been issued by the Company during the year.
xx) The Company has not raised money by public issues during the year.
xxi) Based on the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For N. S. BHATT & CO.
Chartered Accountants
N. S. Bhatt
(Proprietor)
Place: Mumbai Membership No. 10149
Date : 3rd September, 2010 Firm Registration No. 101342W
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