Mar 31, 2015
We have audited the accompanying standalone financial statements of
NUTRICIRCLE LTD ("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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone 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 13 3 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 internal financial control, that were
operating euectively 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 standalone
financial statements based on Our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We have conducted our audit in accordance with the Standards on
Auditing specified under section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material mis-statement.
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. 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 suucient 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 state of affairs of the company as at
March 31,2015, 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 the Annexure a
Statement on the matters specified in the paragraph 3 and 4 of the
Order , to the extent applicable
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and 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 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) With respect to the other matters included in the Auditor's Report
and to best of our information and According to the explanations given
to me:
i. The Company does not have any pending litigations which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were Any material foreseeable
losses
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
Annexure to Independent Auditor's Report
(Referred to in paragraph 1 of the Our Report on other Legal and
Regulatory Requirements forming part of the Independent Auditor's
Report dated 25/05/2015 to the members of Nutricircle Limited on the
accounts of the company for the year ended 31s* March, 2015.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) According to the information and explanations given to us, fixed
assets have been physically verified by the management at reasonable
intervals; no material discrepancies were noticed on such verification.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (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 not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 2013.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess, Income tax value added tax to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as
mentioned above as at 31st of March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there no
amounts payable in respect of income tax, wealth tax, value added tax,
service tax, customs duty excise duty which have not been deposited on
account of disputes.
(c ) According to the information and explanation given to us and on
the basis of examination of records, during the year under review there
were no amounts which were required to be transferred to Investor
Education and Protection Fund by the company . Hence clause 4 (vii) (
C) of the Order is not applicable
8. The Company have accumulated loss of 5,17,18,238 /- and have cash
loss 27,09,300 /- during the financial year covered by our audit and
has cash loss 10,68,335 /- in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution, bank
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. Based on our audit procedures and according to information and
explanations given to us , no fraud on or by the company has been
noticed or reported during the course of our audit
For S.K.BANG & CO
Chartered Accountants
Sd/-
Sampath Kumar Bang
Partner
Membership No. :026010
Place: Hyderabad
Date: 25/05/2015
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of SHREEYASH
INDUSTRIES LIMITED, Hyderabad which comprise the balance sheet as at
March 31,2014, and the statement of Profit and Loss, and a summary of
significant accounting policies and other explanatory information.
Management 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 principles generally accepted in India, including accounting
standards referred to in sub section (3C) of section 211 of Companies
Act, 1956 ("Act") . This responsibility includes the design,
implementation and maintenance of internal controls relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatements, 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 disclosers in financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatements of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of company''s internal controls. 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 financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Opinion
In our opinion and to the best of our information and according to the
explanation given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014.
b. In the case of the statement of Profit & Loss, of the company for
the year ended on March 31, 2014.
Report on other Legal and Regulatory requirements
As required by the Companies (Auditors'' Report) Order, 2003 issued by
the Central Government of India in terms of Subsection (4A) of Section
227 of the Companies Act, 1956 we give in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
1. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the company so far as 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 books of account.
d) In our opinion, the Balance Sheet and Statement of Profit & Loss
comply with the accounting standards referred to in Subsection (3C) of
Section 211 of the Companies Act, 1956.
e) On the basis of written representation received from the Directors,
as on March 31,2014 and taken on record by the Board of Directors, we
report that, none of the directors is disqualified as on March 31, 2014
from being appointed as director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITOR''S REPORT
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Subsection (4A) of Section
227 of the Companies Act, .further report that:
(i) a. The company has maintained reasonable records showing full
particulars, including quantitative details and situation of fixed
assets.
b. All fixed assets have been physically verified by the management
during the year and 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. There was no disposal of a substantial part of its fixed assets
during the year.
(ii) The Company at reasonable intervals has conducted physical
verification of inventories. The procedures for physical verification
of stocks followed by the Company are reasonable and adequate in
relation to the size of the company and the nature of its business. The
Company is maintaining reasonable records for the inventories and no
material discrepancies were noticed on such verification.
(iii) a. According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Act accordingly, the provisions of clause 4(iii)(a) to (d)
of the order are not applicable to the company and hence not commented
upon.
b. According to the information and explanations given to us, the
company has not taken any loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301 of the Act accordingly, the provisions of clause 4(iii)(e) to (g)
of the order are not applicable to the company and hence not commented
upon.
(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 and services. During the course of our audit, we have not
observed any major weakness or continuing failure to correct any major
weakness in the internal control system of the company in respect of
these areas. However the internal controls need to be further
strengthened to be in commensurate with the size and nature of its
business. Getting confirmations of independent account balances from
all third parties should be emphasized upon.
(v) According to the information and explanations given and as informed
by the management, there are no contracts or arrangements referred to
in section 301 of the Act that need to be entered in to the register
maintained under section 301.
(vi) According to the information and explanations provided by the
management, no deposits have been accepted by the company during the
year. Other than interest free unsecured loans from promoters and
directors of the company.
(vii) The Company has no Internal Audit System.
(viii) According to the information and explanations and
representations given by the management, we have been informed that the
company does not come under the purview of the rules made by the
central government for the maintenance of cost records u/s 209 (l)(d)
of the Act.
(ix) a. The company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and protection fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs duty, Excise
duty, Cess and other material statutory dues applicable to it.
b. According to the explanations and information given to us there were
no undisputed statutory dues in respect of Provident Fund, Investor
Education and Protection Fund, Income-tax, Sales- tax, Wealth Tax,
Custom Duty, Excise Duty etc outstanding for a period of more than six
months from the date they became payable.
(x) In our opinion, the company has accumulated losses at the end of
the financial year. The company has incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, the company has not taken any
loans from a financial institution, Bank, or issued any debentures.
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) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors'' Report) Order, 2003 (as amended)
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
provisions of clause 4(xiv) of the Companies (Auditors'' Report) Order,
2003 (as amended) are not applicable to the company.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) Based on the information and explanations given to us by the
management, no term loans were taken by the company.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term have been used for long-term
investment.
(xviii) The company has not made any preferential allotment of shares
to parties covered in the register maintained under section 301 of the
Act. In our opinion, the prices at which shares have been issued is not
pre-judicial to the interest of the company.
(xix) The company has not issued any secured or unsecured bonds and
debentures during the year.
(xx) The company has not raised any money by 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 year.
For Chakradhar & Nandan
Chartered Accountants
Sd/-
(K .S. Nandan)
Partner
Membership No. 201123
Place: Hyderabad
Date : 24.05.2014
Mar 31, 2012
01. We have audited the attached Balance Sheet of M/s. Shreeyash
Industries Limited, as at 31st March 2012 and also the Statement of
Profit & Loss of the Company for the year ended on that date annexed
thereto. These financial statements are responsibility of the Company
Management. Our responsibility is the express an opinion on these
financial statements based on our audit.
02. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes Examining, on a test basis, evidence supporting the
presentation. We believe that our audit provides a reasonable basis for
our opinion.
03. As required by the Companies (Auditor''s Report) Order, 2003
issued by the Central Government of India in terms of Sub-section (4A)
Section 227 of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
04. Further to our comments in the Annexure referred to in paragraph 3
above, we state that:
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
b) In our opinion, the Company has kept proper books of account as
required by law so far, as appears from our examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss referred to
in this report are in agreement with the books of account.
d) In our opinion, the Statement of Profit & Loss and the Balance Sheet
comply with the entire mandatory Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion, none the
directors is disqualified for the year ended on that date from being
appointed as director in terms of clause (g) of Sub-section (1) Section
274 of Companies Act, 1956.
f) In our opinion and as per the our information and according to the
explanation given to us, the said Balance Sheet and the Statement of
Profit and Loss, read together with notes thereon, give the information
required be the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of the Balance Sheet, of the state of affaire of the
Company as at 31st March 2012;
ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and;
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO AUDITORS'' REPORT (This is the Annexure referred to in our
Report of even date)
1 The Company has maintained reasonable records showing full
particulars including quantitative details and situation of fixed
assets. The assets have been physically verified by the management
during the period as per a program 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.
2 None of the fixed assets have been revalued during the year under
audit.
3 The stocks of finished goods, raw materials and stores have been
physically verified during the period by the management at reasonable
intervals.
4 The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
5 The discrepancies noticed on verification between the physical stocks
and the book records were not material.
6 On the basis of examination of stock records, we are of the opinion
that the valuation of stocks is fair and proper and in accordance with
the normally accepted accounting principles and are on the same basis
in the preceding year.
7 According to the information furnished and explanations offered, the
Company has not granted any loans, secured or unsecured from companies,
firms or other parties listed in the register maintained under section
301 of the companies Act, 1956. As per the information and explanation
given to us there are no companies under the same management as defined
under sub-section (1-B) of section 370 of the said Act.
8 In our opinion internal control procedures of the Company as regards
to its nature and the size of its business are not satisfactory in
relation to purchases, sales of material & goods. As regards for other
assets the internal control procedures are reasonably satisfactory
commensurate with the size and nature of the business. There is an
immediate requirement to improve the systems with regard to the
purchase and sale of goods.
9 The central Government has not prescribed the maintenance of cost
records by the by the Company under section 209(1) (d) of the Companies
Act, 1956 for any its products.
10 In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
materials or sale of goods and materials made by the Company in
pursuance of contracts or arrangements entered in the registered
maintained under Section 301 of the companies Act, 1956 aggregating
during the year for Rs.50, 000 or more in respect of each party.
11 According to the information and explanations given to us, there are
no unserviceable or damaged stores, raw materials or finished goods.
12 The Company has not accepted any deposits from the public, other
than interest free unsecured loans from Director''s and their
relatives.
13 The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
14 During the year the Company had Trading operation only and they do
not engage in any manufacturing activity. The Company does not get any
scrap in the manufacturing processing; thereby the maintenance of the
records does arise.
15 The Company has no Internal Audit system.
16 During the financial year there were no transactions exceeding the
value of five lakes rupees in respect of each party, which need to be,
entered into a registrar in pursuance of section 301 of the Companies
Act, 1956.
17 According to the explanations & information given to us the
Provisions of provident fund Act and the Employees Sate Insurance Act
is not applicable to this Company as there is no employee who is
qualified for such payments nor the Act do apply as on date.
18 According to the information and explanations given to us, no
undisputed amounts applicable in respect of Income Tax, Sales Tax,
Custom Duty and Excise Duty were outstanding for a period of more than
six months from the date they became payable. The Provisions of Wealth
Tax Act do not applicable to this Company.
19 According to the information and explanation given to us, no
personal expenses of employees or Directors have been charged to
revenue account, other than that payable under contractual obligations.
20 The Company has accumulated losses at the end of the financial year
and it has not incurred cash losses during the current financial year
and in the immediately preceding financial year.
21 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.
for Chakradhar & Nandan
Chartered Accountants
Sd/-
(K.S Nandan)
Partner
Membership No. 201123
Place: Hyderabad
Date: 05.12.2012
Mar 31, 2010
01. We have audited Ihe attached Balance Sheet of M/s. Shreeyash
Industries Limited, as at 31st March 2010 and also the annexed Profit &
Loss Account of the Company for the year ended on that dale annexed
thereto. These financial statements are responsibility of the Company
Management. Our responsibility is the express an opinion on these
financial statements based on our audit.
02. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes Examining, on a test basis, evidence supporting the
presentation. We believe that our audit provides a reasonable basis for
our opinion.
03. As reuuired by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Sub-section (4A) Section
227 of the Companies Act, 1956, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable,
04. Further to our comments in the Annexure referred to in paragraph 3
above, we state that:
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
b) In our opinion, the Company has kept proper books of account as
required by law so far, as appears from our examination of those books.
c) The Balance Sheet and the Profit and Loss Account referred to in
this report are in agreement with the books of account.
d) In our opinion, the Profit & Loss Account and the Balance Sheet
comply with the entire mandatory Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion, none the
directors is disqualified for the year ended on that date from being
appointed as director in terms of clause (g) of Sub-section (1) Section
274 of Companies Act, 1956.
f) In our opinion and as per the our information and according to the
explanation given to us, the said Balance Sheet and the Profit and Loss
Account, read together with notes thereon, give the information
required be the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In ihe case of ilie Balance Sheet, of the stale of affaire of the
Company as at 31st March 2010;
ii) In the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date and;
iii) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO AUDITORS REPORT (This is the Annexure referred to in our
Report of even date)
1 The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The
assets have been physically verified by the management during the
period as per a program 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.
2 None of the fixed assets have been revalued during the year under
audit.
3 The stocks of finished goods, raw materials and stores have been
physically verified during the period by the management at reasonable
intervals.
4 The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
5 The discrepancies noticed on verification between the physical stocks
and the book records were not material.
6 On the basis of examination of stock records, we are of the opinion
that the valuation of stocks is fair and proper and in accordance with
the normally accepted accounting principles and are on the same basis
in the preceding year,
7 The Company has not granted any loans, secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the companies Act, 1956. As per the information
and explanation given to us there are no companies under the same
management as defined under sub-section (1 -B) of section 3 70 of the
said Act.
8 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 with regard
to purchase of stores, raw materials, including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods.
9 The central Government has not prescribed the maintenance of cost
records by the by the Company under section 209( 1) (d) of the
Companies Act, 1956 for any its products.
10 In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
materials or sale of goods and materials made by the Company in
pursuance of contracts or arrangements entered in the registered
maintained under Section 301 of the companies Act, 1956 aggregating
during the year for Rs.50, 000 or more in respect of each party.
11 According to the information and explanations given to us, there are
no unserviceable or damaged stores, raw materials or finished goods.
12 The Company has not accepted any deposits from the public.
13 The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
14 During the year No Operations Pi oduclion, so The Company does not
get any scrap in the manufacturing processing, (hereby the maintenance
of the records does arise. We are informed that the manufacturing
Process of the Company does not give rise to any by-products.
15 The Company has no Internal Audit system.
16 During the financial year there were no transactions exceeding the
value of five lakes rupees in respect of each parly, which need to be,
entered into a registrar in pursuance of section 301 of the
Companies,-ct, 1956.
17 The Provisions of provident fund Act and the Employees Sate
Insurance Act is applicable to this Company and the Company is not made
any payment during the year. Since there is no lab our exists.
18 According to the information and explanations given to us, no
undisputed amounts applicable in respect of income Tax, Sales Tax,
Custom Duty and Excise Duty were outstanding for a period of more than
six months from the date they became payable. The Provisions of Wealth
Tax Act do not applicable to this Company.
19 According to the information and explanation given to us, no
personal expenses of employees or Directors have been charged to
revenue account, other than that payable under contractual obligations.
20 The Company is a sick industrial Company within the meaning of
clause (O) of Sub- Section 1 of Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
for Chakradhar & Nandan
Chartered Accountants
(K.S Nandan)
Partner
Place: Hyderabad
Date: 03.09.2010