Mar 31, 2014
We have audited the accompanying financial statements of MYNK1906
INDUSTRIES INDIA LIMITED "the Company", which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash
flow statement for the year 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 and
financial performance 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") read with the General Circular 15/2013
dated 13 September 2013 of the Ministry of Corporate Affairs in respect
of Section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error. Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error.
In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014; and
(b) In the case of the Statement 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 (Auditors Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956 read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013; and
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' Report of even date to the members of
MYNK1906 INDUSTRIES INDIA LIMITED, on the financial statements for the
year ended March 31, 2014
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
I. (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 at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
However company need to take some more procedures to improve inventory
controls.
(d) The Company is maintaining proper records of inventory and as
explained to us, there was no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) According to the information and explanations given to us and
on the basis of Our examination of the books of account, the company
has granted interest free loan to one parties covered in the Register
maintained under section 301 of the Companies, Act 1956.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans given by Company, are not prima facie prejudicial to the interest
of the Company except to extent interest free advance given to the
directors of Company.
(c) As explained to us, principal amount and interests are also
regular.
(d) In respect of the said loans and interest there on, there are no
overdue amounts.
(e) According to the information and explanations given to us, the
Company has received loan (interest free) from three parties covered in
the register maintained under section 301 of the Companies Act, 1956.
(f) In our opinion, the rate of interest and other terms and conditions
of the loans taken by the Company, are prima facie not prejudicial to
the interest of the Company.
(g) The payment of principal amounts and interest in respect of such
loans during the year has been regular.
IV. In our opinion and according to the information and explanations
given to us, there are no sufficient adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) On the basis of the audit procedures'' performed by us, and
according to the information, explanations and representations made to
us, we are of the opinion that, there are sales/purchases transactions
in which directors were interested as contemplated under section 297
and section 299 of the Companies Act, 1956 and which were required to
be entered in the register maintained under section 301 of the said
Act, 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 of
the Companies Act,1956 exceeding the value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable having regard to market prices prevailing at the time.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise.
VII. The Company has no a formal system of Internal Audit, but there
are adequate checks & controls at All levels established by the
Management.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
IX. (a) According to the information and explanation given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
service tax, customs duty, cess and other material statutory dues
applicable. However the Company is not paying/filings Tax detections
at source and Professional Tax on the due dates.
(b) On the basis of our examination of documents and records of the
Company, and explanation provided to us, there were no disputed dues in
respect of Income tax, Sales tax, Wealth tax, Service tax, Customs
Duty, Excise Duty, or Cess, were in arrears, as at 31st March 2014 for
the period more than six month from the date they become payable as
except below
Income Tax & its AY Rs in Lakhs
Interest Due as on 2012-13 41.21
31.05.2014
(c) According to information and explanation given to us, there is no
dues of income tax, sales tax, custom duty, wealth tax, service tax,
excise duty, and cess which has been deposited on account of any
dispute. However for A Y 2011-12 Income tax assessments was pending
with IT Dept.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and the immediately preceding financial year.
XI. On the basis of the information and explanation given to us,
Company has not defaulted in repayment of dues to financial
institutions or banks interest and installments except few delays.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations and management
letter given to us, the Company has not given any guarantee for loans
taken by others from Banks or Financial Institutions, and hence the
applicability of this clause regarding terms and conditions which are
prejudicial to the interest of the company does not arise.
XVI. As per the management representation received by us, the term
loans obtained by the Company were applied for purpose for which such
loans were obtained by the Company.
XVII. As per the management representation received by us, funds are
raised by the Company on short-term basis. Hence, the short term funds
being used for short term purpose only not for long term purpose.
XVIII. According to the information and explanations given to us, the
Company has made a preferential allotment of Shares to parties during
the year, under Zero percent convertible preference shares into equity
shares.
XIX. According to the information and explanations given to us, during
the year the company does not have any debentures and hence the
applicability of the clause regarding the creation of security or
charge in respect of debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year; hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For B R R & Associates
Chartered Accountants
F R N: 013012S
B. Ravinder Rao
Place: Hyderabad Partner
Date: 30.05.2014 M No 221298
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/S MEUSE KARA &
SUNGRACE MAFATLAL LIMITED (Formerly known as Bio Green Industries
Limited) as at 31st March 2012, the statement of Profit & Loss and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company''s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial Statements are free of material misstatements. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosure in the Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall Financial
Statement presentation. We believe that our audit provides reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) (Amendment) Order, 2004,
issued by Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we state
that:
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.
i. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
ii. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
iii. In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section (3C) of section 211 of
the Companies Act, 1956.
iv. On the basis of written representation received from the
directors, as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
v. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
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, 2012,
(ii) In the case of the 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 for the
year ended on that date.
ANNEXTURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of Auditors'' Report of even date on the
financial statements as at and for the year ended 31st March, 2012)
On the basis of such checks as were considered appropriate and
according to the information and explanation given to us during the
course of audit, we state that :-
i.
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. The assets have been physically verified by the management in
accordance with the phased programme of verification adopted by the
Company. In our opinion, the frequency of verification is reasonable
having regard to the size of the Company and nature of fixed assets, no
material discrepancies have been noticed in respect of assets
physically verified during the year.
c. No substantial part of the fixed assets has been disposed off
during the year.
ii.
a. The inventory has been physically verified by the management at
reasonable intervals during the year.
b. In our opinion, the procedures for physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
iii.
a. The Company has not granted loans to any parties covered in
register maintained under section 301 of The Companies
Act,1956,hencepara (b),(c) & (d) is not applicable to the company
e. The Company has taken loans from three parties covered in the
register maintained under section 301 of The Companies Act, 1956.
Maximum amount outstanding during the period is Rs. 2,26,91,264/- and
year end balance is also Rs. 2.26,91,264/-
f. In our opinion, rate of interest and other terms and conditions of
loans taken by the Company, are not prejudicial to the interest of the
Company.
g. There are no stipulations as to repayment of principal and interest
amount.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system.
v. According to the information and explanations given to us, we are
of the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
vi. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the rules framed there under.
vii. The Company does not have a formal system of Internal Audit, but
there are adequate checks & controls at all level established by the
management.
viii. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 for any of the activities of the company.
ix.
a. The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess and other material
statutory dues applicable to the company with the appropriate
authorities. According to the information and explanation given to us,
there are no undisputed amounts payable in respect of the aforesaid
statutory dues were outstanding as at the last day of the financial
year for a period of more than six months from the date they became
payable.
b. According to the records of the Company, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise
Duty, Cess which have not been deposited on account of any dispute.
x. The Company does not have any accumulated losses as at 31st March,
2012. The company has not incurred cash losses during the financial
year covered by our audit and immediately preceding financial year.
xi. According to the records of the Company examined by us and the
information and explanation given to us, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders as at the Balance sheet date.
xii. Based on our examination of documents and records and according to
the information and explanation given to us, we are of the opinion that
the Company has not granted any loans and/or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Order are not applicable to the Company.
xiv. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956, and save for
certain shares which are either lodged for transfer or held with
transfer forms.
xv. 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.
xvi. In our Opinion, and according to the information and explanations
given to us, the Company did not have any term loans outstanding during
the year.
xvii. According to the information and explanations given to us and on
an overall examination of the cash flow statements and balance sheet of
the company, in our opinion, the funds raised on short-term basis have,
prima facie, not been used for long-term investment.
xviii. During the year the Company has not made any preferential
allotment of shares to the parties covered and recorded in the register
maintained under section 301 of the Companies Act 1956.
xix. According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management..
For DMKH & CO.
Chartered Accountants
FRN. No. 116886W
Sd/-
CA. Durgeshkabra
Partner
M.No. 044075
Place : Mumbai
Date : 3rd September 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Bio Green Industries
Limited as at March 31, 2010 and also the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An Audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, as
amended by the companies (Auditors Report) (Amendment) Order 2004,
(together the ÃOrder) issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of The Companies Act, 1956.
We enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) In our Opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
(v) On the basis of the written representation received from the
directors, as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view and are 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, 2010.
(b) In the case of the Profit & Loss account, of the Profit for the
year ended on that date; and
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
I. (a) The Company has maintained proper records showing full
Particulars, including quantitative details and situation, of fixed
Assets on the basis of information available.
(b) We are informed that fixed assets have been physically verified by
the management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) In our opinion and according to information and explanation given
to us no fixed assets have been disposed of by the company during the
year.
II. (a) In our opinion and according to the information and explanation
given to us, the Management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, 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) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records of inventory and
no material discrepancies were noticed on physical verifications
III (a) The Company has not granted loans to any parties covered in
register maintained under section 301 of the Companies Act, 1956, hence
point (b), (c) & (d) is not applicable to the Company.
(e) The Company has not taken loans from any parties covered in
register maintained under section 301 of the Companies Act, 1956, hence
point (f) & (g) is not applicable to the Company.
IV. 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 the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
V. (a) According to the information and explanations given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956, have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the company has not entered into any transaction exceeding
five lakhs in respect of any party referred to under section 301 of the
Companies Act, 1956.
VI. The Company has not accepted any deposits from the Public during
the year & consequently the provision of section 58A and 58AA of the
Companies Act 1956 and the rules framed there under are not applicable.
VII. The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks ensure proper recording of financial
transactions.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209 (1) (d) of the Act.
IX. (a) According to the information and explanation given to us and
the records of the Company examined by us , the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, Investor Education Protection Fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, Excise duty, Cess and other material statutory dues
applicable to it except following-
Status Nature Amount Period Forum where is
Involved (F.Y) dispute is
pending
Income tax
Act Penalty Rs. 5,31,000 2000-01
proceeding Honorable CIT
Income tax
Act Rs. 2,73,331 2002-03 (appeal)
Deemed for tax
(b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
X. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash loss in the current and immediately
preceding financial year.
XI. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, bank or debenture holders.
XII. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
XIII. The provision of any special statute applicable to chit fund /
Niddhi / mutual benefit fund / society are not applicable to the
Company.
XIV. The Company has maintained records of the transactions and
contracts of dealing or trading in shares and timely entries have been
made therein. The shares, securities debentures, and other investments
are in the name of the Company.
XV. According to the information and explanation given to us, the
Company has not given any guarantee of loans taken by others from bank
or financial institutions.
XVI. According to the information and explanation given and based on
the documents and records produced, the term loan was 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, in our
opinion that no funds raised on a short-term basis.
XVIII. During the year the company has allotted equity shares on
preferential basis to parties and company covered in the register
maintained u/s 301 of the Companies Act. 1956. The issue of shares is
at the price which has been prescribed under preferential issue
guideline issued by SEBI. In our opinion the same is not prejudicial to
the interest of company (Reference is also invited to Note no 2 of
accounting policies & notes to account in Schedule no 15)
XIX. The Company has not issued any debentures during the year.
XX. The Company has not raised any funds by way of Public Issue during
the year.
XXI. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For DMKH & Co.
Chartered Accountants
Sd/-
CA. Durgesh Kabra
Proprietor
M. No. : 44075
Place : Mumbai
Date : 06/12/2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of Bio Green Industries
Limited as at March 31, 2009 and also the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An Audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, as
amended by the companies (Auditors Report) (Amendment) Order 2004,
(together the Order) issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of The Companies Act, 1956.
We enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) in our Opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub-section (3C) of Section 21 1 of the
Companies Act, 1956.
(v) On the basis of the written representation received from the
directors, as on March 31, 2009, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2009 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view and are 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, 2009.
(b) In the case of the Profit & Loss account, of the Profit for the
year ended on that date; and
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE Re: Bio
Green Industries Limited
I. (a) The Company has maintained proper records showing full
Particulars, including quantitative details and situation, of fixed
Assets on the basis of information available.
(b) We are informed that fixed assets have been physically verified by
the management during the year. There is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) in our opinion and according to information and explanation given
to us no fixed assets have been disposed of by the company during the
year.
II. (a) In our opinion and according to the information and
explanation given to us, the Management has conducted physical
verification of inventory at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, 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) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records of inventory and
no material discrepancies were noticed on physical verifications
III (a) The Company has not granted loans to any parties covered in
register maintained under section 301 of the Companies Act. 1956. hence
point (b). (c) & (d) is not applicable to the Company.
(e) The Company has not taken loans from any parties covered in
register maintained under section 301 of the Companies Act, 1956, hence
point (f) & (g) is not applicable to the Company.
IV. 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 the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
V. (a) According to the information and explanations given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956, have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the company has not entered into any transaction exceeding
five lakhs in respect of any party referred to under section 301 of the
Companies Act, 1956.
VI. The Company has not accepted any deposits from the Public during
the year & consequently the provision of section 58 A and 58AA of the
Companies Act 1956 and the rules framed there under are not applicable.
VII. The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks ensure proper recording of financial
transactions.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209 (1) (d) of the Act.
IX. (a) According to the information and explanation given to us and
the records of the Company examined by us , the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, Investor Education Protection Fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, Excise duty, Cess and other material statutory dues
applicable to it except following-
Status Nature Amount Period Forum
where is
Involved (F.Y) dispute is
pending
Income
tax Act Penalty proc
-eeding Rs. 531000 2000-0l
Honl CIT
Income
tax Act Deemed for tax Rs. 273331 2002-03 (appeal)
(b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
X. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash loss in the current and immediately
preceding financial year.
XI. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, bank or debenture holders.
XII. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
XIII. The provision of any special statute applicable to chit fund /
nidhi / mutual benefit fund / society are not applicable to the
Company.
XIV. The Company has maintained records of the transactions and
contracts of dealing or trading in shares and timely entries have been
made therein. The shares, securities debentures, and other investments
are in the name of the Company.
XV. According to the information and explanation given to us, the
Company has not given any guarantee of loans taken by others from bank
or financial institutions.
XVI. According to the information and explanation given and based on
the documents and records produced, the term loan was 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, in our
opinion that no funds raised on a short-term
XVIII. During the year the company has allotted equity shares on
preferential basis to parties and company covered in the register
maintained u/s 301 of the Companies Act. 1956. The issue of shares is
at the price which has been prescribed under preferential issue
guideline issued by SEB1. In our opinion the same is not prejudicial to
the interest of company (Reference is also invited to Note no 2 of
accounting policies & notes to account in Schedule no 15)
XIX. The company has not issued any debentures till date.
XX. The Company has not raised any funds by way of Public Issue during
the year.
XXI. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Durgesh Kabra & Co.
Chartered Accountants
CA. Durgesh Kabra
Proprietor
M. No. : 44075
Place : Mumbai
Date : 22/08/2009