Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of
PRIYA LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, 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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these 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 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities, selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' 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
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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has an adequate internal financial
controls system over financial reporting in place and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Board of 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the company as
at 31st March, 2015 and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("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.
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
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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid 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 the 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 to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note No.19 to
the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
company.
Annexure referred to in paragraph titled as "Report on other legal and
regulatory requirement" of Auditor's report to the members of Priya
Limited for the year ended on 31st March, 2015.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(ii) (a) During the year, the inventories have been physically verified
by the management. 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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) During the year, the Company has not granted any loan, secured or
unsecured, to companies, firms and other parties listed in the register
maintained under Section 189 of the Companies Act, 2013. Accordingly
clause (iii) of the Order is not applicable to the Company.
(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 no
continuing failure to correct major weakness in such internal controls
system has been observed.
(v) The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (v) of the Order is not applicable to
the Company.
(vi) The Central Government has not prescribed maintenance of cost
records under Section 148 (1) of the Companies Act, 2013, for any of
the products of the Company. Accordingly, clause 4 (vi) of the Order is
not applicable to the Company.
(vii) (a) According to the records of the Company, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Employees' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Excise Duty, Customs Duty, Cess and other
statutory dues applicable to it with the appropriate authorities expect
undisputed amounts were outstanding at the year end for a period of
more than six months from the date they became payable in respect of
Works Contract Rs. 1,274, Sales Tax Rs. 210,277 and Income Tax of Rs.
116,437.
(b) According to the records of the Company, there are no dues of
Excise duty, Wealth Tax, Service Tax, Customs Duty and Cess, which have
not been deposited on account of any dispute.
The disputed amounts that have not been deposited in respect of Income
Tax and sales tax are as under:
Name of Statute Nature of Dues Financial Amount
Year (Rs.)
Income Tax Act, Demand for tax 2010-11 6,83,140
1961 liability
Income Tax Act, Demand for tax 2011-12 1,33,480
1961 liability
Bihar Finance Demand for 2003-04 to 2,45,182
Act, 1981 Sales Tax 2005-06
Kochi Value Demand for 2006-07 2,728
Added Tax, 2003 Sales Tax
Central Sales Demand for 2001-02 to 69,03,551
Tax Act, 1956 Sales Tax 2006-07
West Bengal Demand for 2003-04 to 6,44,322
Sales Tax Act, Sales Tax 2007-08
1954
Name of Statute Forum where dispute is
pending
Income Tax Act, Commissioner of Income Tax
1961 (Appeal)
Income Tax Act, Commissioner of Income Tax
1961 (Appeal)
Bihar Finance Deputy Commissioner of
Act, 1981 Sales Tax
Kochi Value The Intelligence Officer of
Added Tax, 2003 Commercial Tax
Central Sales Deputy Commissioner of
Tax Act, 1956 Commercial Taxes
West Bengal Deputy Commissioner of
Sales Tax Act, Commercial Taxes
1954
(c) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred any cash losses in the current
and immediately preceding financial year.
(ix) The Company has not defaulted in repayment of dues to the banks.
The Company has not borrowed from the financial institutions and does
not have any borrowings by way of debentures.
(x) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 3 (x) of the order
is not applicable to the Company.
(xi) On the basis of our examination of the documents and records and
according to the information and explanations given to us, we are of
the opinion that term loans have been applied for the purposes for
which they were obtained.
(xii) 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 the year ended March 31,2015.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm's Registration No. 101484W
Sd/-
Ashish Bairagra
Place: Mumbai Partner
Date: 26th May, 2015 Membership No.109931
Mar 31, 2014
We have audited the accompanying financial statements of Priya 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
then ended and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
Directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
Annexure referred to in paragraph titled as "Report on other Legal and
Regulatory Requirements" of Auditor''s report to the members of Priya
Limited for the year ended 31st March 2014.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the Company during the year.
(ii) (a) During the year, the inventories have been physically verified
by the management. 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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
iii. (a) During the year, the Company has not granted any loan, secured
or unsecured, to companies, firms and other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly clause 4 (iii) (a) to (d) of the Order is not applicable to
the Company.
(b) During the year, the Company has taken loan from companies covered
in the register maintained under Section 301 of the Companies Act,
1956. The rate of interest and other terms and conditions are prima
facie not prejudicial to the interest of the company. There are no
stipulations with respect to the repayment of the loan and the interest
thereon. The details of loan transactions are as under:
No. of Total amount of Maximum balance Amount outstanding at
Parties Loan taken outstanding the end of the year
during the year
1 3,45,25,000 3,95,07,583 3,08,32,583
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, no weakness
has been noticed in the internal controls.
v. (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) According to the information and explanation 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,
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 the prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
vii. The Company has an internal audit system which in our opinion is
commensurate with the size and nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
ix. According to the records of the Company, 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, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable were
outstanding at the yearend for a period of more than six months from
the date they became payable.
According to the records of the Company, there are no dues of Customs
Duty, Wealth Tax, Service Tax, Excise Duty or Cess which have not been
deposited on account of any dispute. The following are the disputed
amounts in respect of Income Tax, Sales Tax:
Name of Statute Nature of Dues Financial Year Amount
(Rs.)
Income Tax Act, 1961 Demand for tax 2010-11 6,83,140
liability
Bihar Finance Act, Demand for 2002-03 to 2,45,182
1981 Sales Tax 2004-05
Kochi Value Added Demand for 2006-07 2,728
Tax, 2003 Sales Tax
Central Sales Tax Demand for 2001-02 to 69,03,551
Act, 1956 Sales Tax 2006-07
West Bengal Sales Demand for 2003-04 to 6,44,322
Tax Act, 1954 Sales Tax 2007-08
Name of Statute Forum where dispute is
pending
Income Tax Act, 1961 Commissioner of Income Tax
(Appeal)
Bihar Finance Act, Deputy Commissioner of
1981 Sales Tax
Kochi Value Added The Intelligence Officer of
Tax, 2003 Commercial Tax
Central Sales Tax Deputy Commissioner of
Act, 1956 Commercial Taxes
West Bengal Sales Deputy Commissioner of
Tax Act, 1954 Commercial Taxes
x. The Company does not have accumulated losses at the end of the
financial year and it has not incurred any cash losses during the year
and in the immediately preceding financial year.
xi. As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
xii. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/ societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
xiv. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is 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
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
xvi. The Company has not taken any term loan during the year.
Accordingly, clause 4(xvi) is 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 by the Company.
xviii. 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.
xix. The Company did not have any outstanding debentures during the
year.
xx. The Company has not raised any money through a public issue during
the year.
xxi. 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 the year ended March 31, 2014.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm''s Registration No. 101484W
J. P. Bairagra
Place: Mumbai Partner
Date: 16th May, 2014 Membership No.12839
Mar 31, 2012
1. We have audited the attached Balance Sheet of Priya Limited as at
31st March 2012, and the Statement of Profit and 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, Profit and 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 and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
b. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the Company during the year.
(ii) (a) During the year, the inventories have been physically verified
by the management. 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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) During the year, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956. During the
year, the Company has taken loan from qsmpanies and other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The rate of interest and other terms and conditions are
prima facie not prejudicial to the interest of the Company. There are
no stipulations with respect to the repayment of the loan and the
interest thereon. The details of loan transactions are as under:
No. of
parties Total amount
of Maximum balance Amount outstanding at the
loan taken outstanding
during the end of the year,
year.
4 53,263,183 30,026,577 27,419,098
(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, no weakness
has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) According to the information and explanation 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,
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 the prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
(vii) The Company has an internal audit system which in our opinion is
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, 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, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable were
outstanding at the year end for a period of more than six months from
the date they became payable.
According to the records of the Company, there are no dues of Customs
Duty, Wealth Tax, Service Tax, Excise Duty or Cess which have not been
deposited on account of any dispute. The following are the disputed
amounts in respect of Income Tax, Sales Tax.
Name of
Statute Nature of
Dues Financial Amount Forum where dispute is
year (Rs.) pending
Income-
tax Act, Demand for
tax 2007-08 7,458 Income Tax Appellate
1961 liability Tribunal
Income-
tax Act, Demand for
tax 2008-09 311,278 Commissioner of Income-
1961 liability tax (Appeal)
Bihar
Finace
Act, Demand for
sales 2002-03 89,285 Deputy Commissioner
of 1981 tax Sales tax
Bihar
Finace
Act, Demand for
sales 2003-04 57,495 Deputy Commissioner
of 1981 tax Sales tax
Bihar
Finace
Act, Demand for
sales 2004-05 98,402 Deputy Commissioner
of 1981 tax Sales tax
Kochi
Value
Added Demand for
sales 2006-07 2,728 The Intilligence
officer of
Tax 2003 tax Commercial tax
Central
Sales
Tax Demand for
sales 2001-02 624,500 Assistant Commissioner
of
Act, 1956 tax Commercial Taxes
Central
Sales Tax Demand for
sales 2002-03 1,859,988 Assistant Commissioner
of
Act, 1956 tax Commercial Taxes
Central
Sales Tax Demand for
sales 2003-04 4,192,303 Deputy Commissioner of
Act, 1956 tax Commercial Taxes
West
Bengal
Sales Demand for
sales 2003-04 75,126 Deputy Commissioner of
Tax Act,
1994 tax Commercial Taxes
West
Bengal
Sales Demand for
sales 2004-05 19,547 Deputy Commissioner of
Tax Act,
1994 tax Commercial Taxes
West
Bengal
Sales Demand for
sales 2005-06 120,175 Deputy Commissioner of
Tax Act,
1994 tax Commercial Taxes
Central
Sales Tax Demand for
sales 2005-06 20,480 Deputy Commissioner of
Act, 1956 tax Commercial Taxes
West
Bengal
Sales Demand for
sales 2006-07 232,900 Joint Commissioner of
Tax Act,
1994 tax Commercial Taxes
Central
Sales Tax Demand for
sales 2006-07 206,280 Joint Commissioner of
Act,
1956 tax Commercial Taxes
West
Bengal
Sales Demand for
sales 2007-08 228,546 Deputy Commissioner of
Tax Act,
1994 tax Sales tax
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the order is not applicable to the
Company.
(xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is 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
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) The Company has not taken any term loan during the year.
Accordingly clause 4(xvi) is 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 by the Company.
(xviii)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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) 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 the year ended March 31, 2012.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
J. P. Bairagra
Partner
Membership No: 12839
Place: Mumbai
Date: May 10th, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Priya Limited as at
31st March 2011, and the Profit and Loss Account and also 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, Profit and 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 and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31st March 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011;
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date;
and
c . in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of Auditors report to the members
of Priya Limited for the year ended 31st March 2011.
On the basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the Company during the year.
(ii) (a) During the year, the inventories have been physically verified
by the management. 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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) During the year, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
During the year, the Company has taken loan from companies and other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. The rate of interest and other terms and
conditions are prima facie not prejudicial to the interest of the
Company. There are no stipulations with respect to the repayment of the
loan and the interest thereon. The details of loan transactions are as
under:
No. of parties Total amount of Maximum balance Amount outstanding
loan taken outstanding during at the end of
the year the year
5 74,404,088 49,953,974 32,648,022
(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, no weakness
has been noticed in the internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) According to the information and explanation 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,
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 the prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
(vii) The Company has an internal audit system which in our opinion is
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, 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, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable were
outstanding at the year end for a period of more than six months from
the date they became payable except sales tax of Rs. 17,383/-.
According to the records of the Company, there are no dues of Customs
Duty, Wealth Tax, Service Tax, Excise Duty or Cess which have not been
deposited on account of any dispute. The following are the disputed
amounts in respect of Income Tax, Sales Tax.
Name of Statute Nature of Dues Financial Year
Income-tax Act, 1961 Demand for tax liability 1998-99
Income-tax Act, 1961 Demand for tax liability 2000-01
Income-tax Act, 1961 Demand for tax liability 2001-02
Income-tax Act, 1961 Demand for tax liability 2006-07
Income-tax Act, 1961 Demand for tax liability 2007-08
Income-tax Act, 1961 Demand for tax liability 2007-08
Uttar Pradesh Trade Demand for sales tax 2005-06
Tax Act, 1948
State Development Demand for sales tax 2005-06
Tax Act, 2005
Bihar Finace Act, 1981 Demand for sales tax 2002-03
Bihar Finace Act, 1981 Demand for sales tax 2003-04
Bihar Finace Act, 1981 Demand for sales tax 2004-05
Kochi Value Added Demand for sales tax 2006-07
Tax 2003
Central Sales Tax Demand for sales tax 2001-02
Act, 1956
Central Sales Tax Demand for sales tax 2002-03
Act, 1956
Central Sales Tax Demand for sales tax 2003-04
Act, 1956
West Bengal Sales Demand for sales tax 2003-04
Tax Act, 1994
West Bengal Sales Demand for sales tax 2004-05
Tax Act, 1994
West Bengal Sales Demand for sales tax 2005-06
Tax Act, 1994
Central Sales Tax Demand for sales tax 2005-06
Act, 1956
West Bengal Sales Demand for sales tax 2006-07
Tax Act, 1994
Central Sales Tax Demand for sales tax 2006-07
Act, 1956
West Bengal Sales Demand for sales tax 2007-08
Tax Act, 1994
Name of Statute Amount (Rs.) Forum where dispute is pending
Income-tax Act, 1961 6,302,717 Income Tax Appellate Tribunal
Income-tax Act, 1961 2,984,341 Income Tax Appellate Tribunal
Income-tax Act, 1961 148,146 Rectification u/s 154 pending
with Assessing Officer
Income-tax Act, 1961 1,133,477 Rectification u/s 154 pending
with Assessing Officer
Income-tax Act, 1961 569,210 Rectification u/s 154 pending
with Assessing Officer
Income-tax Act, 1961 7,458 Commissioner of Income-tax
(Appeal)
Uttar Pradesh Trade 94,045 Assistant Commissioner of
Tax Act, 1948 Trade Tax, Lucknow
State Development 25,968 Assistant Commissioner of
Tax Act, 2005 Trade Tax, Lucknow
Bihar Finace Act, 1981 89,285 Deputy Commissioner of
Sales tax
Bihar Finace Act, 1981 57,495 Deputy Commissioner of
Sales tax
Bihar Finace Act, 1981 98,402 Deputy Commissioner of
Sales tax
Kochi Value Added 2,728 The Intilligence officer of
Tax 2003 Commercial tax
Central Sales Tax 624,500 Assistant Commissioner of
Act, 1956 Commercial Taxes
Central Sales Tax 1,859,988 Assistant Commissioner of
Act, 1956 Commercial Taxes
Central Sales Tax 4,192,303 Deputy Commissioner of
Act, 1956 Commercial Taxes
West Bengal Sales 75,126 Deputy Commissioner of
Tax Act, 1994 Commercial Taxes
West Bengal Sales 19,547 Deputy Commissioner of
Tax Act, 1994 Commercial Taxes
West Bengal Sales 120,175 Deputy Commissioner of
Tax Act, 1994 Commercial Taxes
Central Sales Tax 20,480 Deputy Commissioner of
Act, 1956 Commercial Taxes
West Bengal Sales 232,900 Joint Commissioner of
Tax Act, 1994 Commercial Taxes
Central Sales Tax 206,280 Joint Commissioner of
Act, 1956 Commercial Taxes
West Bengal Sales 228,546 Deputy Commissioner of
Tax Act, 1994 Sales tax
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is 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
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) The Company has not taken any term loan during the year.
Accordingly clause 4(xvi) is 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 by the Company.
(xviii) 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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) 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 the year ended March 31, 2011.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
J. P. Bairagra
Partner
Membership No: 12839
Place : Mumbai
Date : April 23rd, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Priya Limited, Mumbai
as at 31st March 2010, and the Profit and Loss Account and also 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, Profit and 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 and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
(v) On the basis of written representations received from the
Directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of Auditors report to the members
of Priya Limited for the year ended 31sl
March 2010.
On the Basis of the records produced to us for our verification /
perusal, such checks as we considered appropriate, and in terms of
information and explanation given to us on our enquiries, we state
that:
(i) (a) The company is maintaining the proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company are physically verified by the
Management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the fixed assets has been
physically verified by the Management during the year and discrepancies
noticed between the book records and the physical inventories were not
material and have been properly dealt with in the accounts.
(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.
(ii) (a) During the year, the inventories have been physically verified
by the management. 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) On the basis of our examination of the records of inventories, we
are of the opinion that the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) During the year, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
During the year, the Company has taken loan from companies and other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. The rate of interest and other terms and
conditions are prima facie not prejudicial to the interest of the
Company. There are no stipulations with respect to the repayment of the
loan and the interest thereon. The details of loan transactions are as
under:
No. of parties Total amount of Maximum balance Amount outstanding
loan taken outstanding
during the year at the end of
the year
6 7,74,90,025 5,82,31,399 4,50,23,758
(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 weakness has been
noticed in the internal controls.
(v) (a) According to the information and explanation given to us, we
are of the opinion that during the year, the particulars of the
contracts/arrangements referred to in section 301 of the Companies Act,
1956 have been entered in the register required to be maintained under
that section.
(b) According to the information and explanation 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,
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 the prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public during
the year. Accordingly, clause 4 (vi) of the Order is not applicable to
the Company.
(vii) The Company has internal audit system which in our opinion is
commensurate with size of the Company and nature of its business.
(viii) The Central Government has- not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the Company.
(ix) According to the records of the Company, 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, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess and other statutory dues applicable to it with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable were
outstanding at the year end for a period of more than six months from
the date they became payable
According to the records of the Company, there are no dues of Customs
Duty, Wealth Tax, Service Tax, Excise Duty or Cess which have not been
deposited on account of any dispute. The following are the disputed
amounts in respect of Income Tax, Sales Tax.
Name of StatuteNature of Dues Financial
Year Amount (Rs.)
Income Tax Act, 1961 Demand (or tax liability 1998-99 to
2000-01 1,90,65,694
Income Tax Act, 1961 Demand for tax liability 2001-02 1,48,146
Income Tax Act, 1961 Demand for tax liability 2007-08 11,33,477
Uttar Pradesh Trade Demand for Sales tax 2005-06 94,045
Tax Act, 1948
State Development Tax Demand for Sales tax 2005-06 25,968
Act, 2005
Bihar Finance Act,
1981 Demand for Sales tax 2003-04 89,285
Bihar Finance Act,
1981 Demand for Sales tax 2004-05 57,495
Bihar Finance Act,
1981 Demand for Sales tax 2005-06 98,402
Central Sales Tax Demand for Sales tax 2001-02 6,24,500
Act, 1956
Central Sales Tax Act, Demand for Sales tax 2002-03 38,38,076
1956
Central Sales Tax Act, Demand for Sales tax 2003-04 41,92,303
1956
West Bengal Sales Demand for Sales tax 2002-03 27,167
Tax Act, 1994
West Bengal Sales Demand for Sales tax 2003-04 75,126
Tax Act, 1994
West Bengal Sales Demand for Sales tax 2004-05 19,547
Tax Act, 1994
West Bengal Sales Demand for Sales tax 2005-06 1,20,175
Tax Act, 1994
Central Sales Tax Demand for Sales tax 2005-06 20,480
Act, 1956
West Bengal Sales Demand for Sales tax 2006-07 2,32,900
Tax Act, 1994
Central Sales Tax Demand for Sales tax 2006-07 2,06,280
Act, 1956
Name of Statute Forum where dispute is pending
Income Tax Act, 1961 Income Tax Appellate Tribunal
Income Tax Act, 1961 Rectification u/s 154 pending with
Assessing Officer.
Income Tax Act, 1961 Rectification u/s 154 pending with
Assessing Officer.
Uttar Pradesh Trade Assistant Commissioner Trade Tax,
Lucknow
Tax Act, 1948
State Development Tax Assistant Commissioner Trade Tax,
Lucknow
Act, 2005
Bihar Finance Act, 1981 Deputy Commissioner of Sales Tax
Bihar Finance Act, 1981 Deputy Commissioner of Sales Tax
Bihar Finance Act, 1981 Deputy Commissioner of Sales Tax
Central Sales Tax Deputy Commissioner of Sales Tax
Act, 1956
Central Sales Tax Act, Deputy Commissioner of Sales Tax
1956
Central Sales Tax Act, Deputy Commissioner of Sales Tax
1956
West Bengal Sales Deputy Commissioner of Sales Tax
Tax Act, 1994
West Bengal Sales Deputy Commissioner of Sales Tax
Tax Act, 1994
West Bengal Sales Deputy Commissioner of Sales Tax
Tax Act, 1994
West Bengal Sales Deputy Commissioner of Sales Tax
Tax Act, 1994
Central Sales Tax Deputy Commissioner of Sales Tax
Act, 1956
West Bengal Sales Deputy Commissioner of Sales Tax
Tax Act, 1994
Central Sales Tax Deputy Commissioner of Sales Tax
Act, 1956
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) As per the information and explanation given to us, the Company
has not defaulted in repayment of dues to the banks. The Company has
not borrowed from the financial institutions and does not have any
borrowings by way of debentures.
(xii) Based on our examination of documents and records, the Company
has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause
4 (xii) of the order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute application to chit fund and nidhi/mutual benefit
fund/societies. Accordingly, clause 4 (xiii) of the order is not
applicable to the Company.
(xiv) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion, the
Company is not dealing / trading in shares, securities, debentures and
other investment. Accordingly, clause 4 (xiv) of the order is 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
banks or financial institutions. Accordingly, clause 4 (xv) of the
order is not applicable to the Company.
(xvi) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company, we report that
term loans were applied for the purpose for which the loans were
obtained.
(xvii) According to the infoimation 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 by the Company.
(xviii) The Company has not made any preferential allotment of shares
to parlies and companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) 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 the year ended March 31,2010.
For and on behalf of
M. L. Bhuwania & Co.
Chartered Accountants
Firm Registration No. 101484W
Place: Mumbai J. p. Bairagra
Date: 27th May, 2010 Partner
Membership No: 12839