Mar 31, 2015
We have audited the accompanying financial statements of 'RAVI KUMAR
DISTILLERIES 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.
2. Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
('the act') with respect to the preparation of these financial
statements that give a true and fair 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 Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; design,
implementation and maintenance of adequate internal financial controls,
that are 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.
3. Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. 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.
4. 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 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 in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion. Emphasis of
Matters Without qualifying our opinion, we draw attention to the
following:
a. Reference is invited to Note No. 17 regarding pending confirmations
and reconciliations with sundry debtors and sundry creditors; Note No.
5.3 regarding balances of tie-up parties and Note No 14.1 regarding
advances to suppliers which might require adjustments in the financial
statements. Further, in case of' Advances to Suppliers' which have been
classified as' Long Term Advances'; though the company has filed
various cases against the parties and initiated action for recovery, we
are unable to comment on readability! recover ability of these debts
and advances given and no provision for doubtful debts is considered
necessary by the company. The impact on the loss for the year and
current assets ,if any, is unascertainable.
b. Reference is invited to Note No. 13 regarding 'Investment in Liquor
India Limited' and 'Advance received from 'Lemonade Shares & slrities
Private Limited' (Refer Note Ll01) which is considered as dispute dand
no adjustmm the financial statements by the Company. The sale agreement
entered into with 'Lemonade Shares & Securities Private Limited 'for
sale of entire undertaking has been challenged and civil suit has been
filed before End Additional District Judge, Ranga Reddy District, LB
Nag J, Hyderabad, with prayers inter-alia Rescind the agreement as
being dander store the parties act 09-2012. Management does not
anticipate any liability on this account. However, since the matter is
pending before court, we are unable to comment whether, any adjustments
are needed for the recoverability of investment thereof. Accordingly,
impact on loss for the year and Investments thereof if any' is
unascertainable.
c. The Company has not complied with the provisions of Section 203 of
the Companies Act, 2013 in respect of appointment of Chief Financial
Officer and Company Secretary.
6. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, its loss and its cash flows for the year ended on
that date
7. Report on Other Legal and Regulatory Requirements
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 Sectionl43 of the Act the Order.
8. 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, 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
applicable Accounting Standards specified under Section l33 of the
Act,read with Rule7 of the Companies(Accounts) Rules2014.
e. on the basis of written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company has various pending litigations as referred to in Note
No. 40 and 41; which in our opinion would impact its financial position
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question delay in transferring such sums does not
arise.
Annexure referred to in paragraph 7 Our Report of even date to the
members of Ravi Kumar Distilleries Limited on the accounts of the
company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course Of
our audit, were port that:
i. a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, fixed assets have been physically verified by
the Management at reasonable intervals. We have been informed that
nonmaterial discrepancies were noticed on such physical verification.
ii. In respect of its inventories:
a. As explained to us, inventories have been physically verified
during the year by the Management at reasonable intervals. In our
opinion, having regard to the nature and location of stocks, 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 rereasonable and adequatein 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.
Nonmaterial is creamy was notice don physical verification of stocks by
the management as compared to book records.
iii. According to the information and explanations given to us and on
the basis of our examination of the books of accounts, the company has
granted unsecured loans to parties covered in the register maintained
u/s 189 of the Companies Act, 2013. Maximum amount outstanding during
the year ended 31st March 2015 was Rs 5028 Lacs and the year ended
balance was Rs. 5028 Lacs. (Previous Year Rs. 2,613 Lacs)
No interest has been charged on these loans on prudence basis. However,
in our opinion non-charging of interest on loans and advances to
parties covered in the register u/s 189 of the Companies Act, 2013 is
prejudicial to the interest of the company as company has to bear the
interest cost.
According to information provided to us, there is no stipulation of
time schedule for repayment of principal and no interest has been
charged on these loans on prudence basis. The company has taken
reasonable steps for recovery of these loans during the year.
iv. In our opinion and according to information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business with regards to
purchase of inventory and fixed assets and for the sale of inventories.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company
(v) The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
(vi) According to the information and explanations given to us, the
Central Government has prescribed maintenance of cost records under
sub-section (1) of Section 148 of the Companies Act, 2013 which are
applicable w.e.f. Financial Year 2011-2012 for products of the company.
We are prima facie of the opinion that, such records are not maintained
by the company.
vii. (a) According to the records of the company, the company is not
regular in depositing the undisputed statutory dues relating to the
contributions under Provident Fund Act, Employees State Insurance Act
and the remittance in Respect of TDS, Income Tax, Service Tax wherever
applicable to it with appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees State Insurance Scheme, Income Tax, Service Tax, Excise
Duty, Value Added Tax, Central Sales Tax, Cess and other material
statutory dues in arrears as at 31st March, 2015 for the period of more
than six months from the date they became payable, except for Provident
Fund dues amounting to Rs. 8.13 Lacs for the period from May 2014 to
August 2014.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015.
(d) According to the information and explanations given to us and the
records of the company examined by us there are no dues of income tax,
sales tax, Wealth tax, service tax, custom duty, and excise duty which
have not been deposited on account of any dispute pending before any
forum other than the following amounts::
Name of the Statute Forum where the Period to which the Amount
dispute is pending. Amount relates (in Lakhs)
Kerala General
Sales Tax Act High Court, Kerala 2001-2004 116.24
income Tax
Act l961 ITAT Chennai 2006-2007
AY 2007-08 238.20
Income Tax
Act l961 ITAT Chennai 2009-2010
AY 2010-11 138.94
Income Tax
Act l961 Commissioner of
Income Tax 2010-2011
AY 2011-12 1,209.99
(Appeals),Chennai
(viii) In our opinion, the company has accumulated losses as at the end
of financial year. The Company has incurred cash loss of Rs. 543 Lacs
during the Financial Year 2014-2015. (Previous Year Rs. 531 Lacs). The
accumulated losses as at the end of the financial year are not less
then SO percent of its net worth;
(ix) Based on the audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that, the
company has defaulted in repayment of dues to financial institution or
bank to the tune of Rs 3,336 Lacs as on 31st March 2015. (Previous
Year Rs. 2,894 Lacs)
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not, prima facie prejudicial to the interests of company.
(xi) In our opinion, and according to the information and explanations
given to us, the term loans have been applied by the company for the
purposes for which they were obtained.
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management
For Ramanandfe Associates
Chartered Accountants
FRN: 117776W
Place: Chennai CA Ramanand G t Partner
Date : 25.05.2015 Membership No: 103975
Mar 31, 2014
We have audited the accompanying financial statements of ''RAVIKUMAR
DISTILLERIES LIMITED'' ("the Company"); which comprise the Balance Sheet
as at 31st March, 2014, and the statement of Profit & Loss Account &
Cash flow Statement for the year ended, 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,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub -section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with the standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, 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 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.
Emphasis of Matters
Without qualifying our opinion, we draw attention to the following:
a. Reference is invited to Note No. 17 regarding pending confirmations
and reconciliations with sundry debtors and sundry creditors; Note No.
5.3 regarding balances of tie-up parties and Note No. 14.1 regarding
amounts transferred to various parties post IPO, which have been
classified as ''Long Term Loans and Advances'' (Under Recovery
Proceedings); which might require adjustments in the financial
statements. Though the company has filed various cases against the
parties and initiated action for recovery, we are unable to comment on
realisabilityl recoverability of these debts and advances given and no
-provision for doubtful debts is considered necessary by the company.
The impact on the lossfor the year and current assets, if any, is
unascertainable.
b. Reference is invited to Note No. 13 regarding ''Investment in Liquor
India Limited'' and ''Advance received from ''Lemonade Shares & Securities
Private Limited'' (Refer Note No. 10.1) which is considered as disputed
and no adjustment for sale thereofhave been incorporated in the
financial statements by the Company. The sale agreement entered into
with ''Lemonade Shares & Securities Private Limited'' for sale of entire
undertaking has been challenged and civil suit has been filed before
Und Additional District Judge, Ranga Reddy District, L B Nagar,
Hyderabad, with prayers inter-alia to rescind the agreement as being
void and restore the parties back to the position prior to MOU Dated
05- 09-2012. Management does not anticipate any liability on this
account. However, since the matter is pending before court, we are
unable to comment whether, any adjustments are needed or the
recoverability of investment thereof. Accordingly, impact on lossfor
the year and Investments thereof, if any, is unascertainable.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, subject to our
observations noted in part (a) and (b) ''Emphasis of Matters'' Paragraph
above, 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 Profit and Loss Account, of the loss for the year
ended on the date; and
c) In the case of the Cash Flow statement, of the cash flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5
of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) That Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representation received from the auditors as
on March 31,2014, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of section 274 of the
Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules for cess payable by the
Company.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in paragraph 1 of our Report of even date to
the members of RAVIKUMAR DISTILLERIES LIMITED; on the accounts of
the company for the year ended March 31,2014.
i. In respect of its fixed assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets have been physically verified by
the Management at reasonable intervals. We have been informed that no
material discrepancies were noticed on such physical verification.
c. No substantial part of the fixed assets has been disposed off during
the year, which has bearing on the going concern status of the company.
ii. In respect of its inventories:
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.
iii. a. According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the
company has granted unsecured loans to parties covered in the register
maintained u/s 301 of the Companies Act, 1956. Maximum amount
outstanding during the year ended 31st March 2014 was Rs. 2613 Lacs and
the year ended balance was Rs. 2613 Lacs.
b. According to the information and explanations given to us and on the
basis of our examination of the books of accounts, the company has
taken interest free, unsecured loan from a director covered in the
register maintained under section 301 of the Companies Act 1956.
Maximum amount outstanding during the year ended 31st March 2014 was
Rs. 794 Lacs and the year ended balance was Rs. Nil.
c. According to information and explanations provided to us, the terms
and conditions of the said unsecured loans are prima facie not
prejudicial to the interest of the Company.
d. According to information provided to us there is no stipulation of
time schedule for repayment of principal and hence provision of clause
4(iii) (g) of the order is not applicable.
iv. In our opinion and according to information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business with regards to
purchase of inventory and fixed assets and for the sale of inventories.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
v. a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements exceeding the value of Rupees Five Lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. The Company has not accepted deposits from public within the
meaning of section 58-A or Section 58-AA of the Companies Act, 1956.
vii. In our opinion and according to the information and explanations
given to us the Company does not have an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has prescribed maintenance of cost records under
Section 209 (1) (d) of the Companies Act, 1956 in terms of ''Cost
Accounting Record Rules, 2011'' which are applicable w.e.f. Financial
Year 2011-2012 for products of the company. We are prima facie of the
opinion that, such records are not maintained by the company.
ix. According to the records of the company, the company is not regular
in depositing the undisputed statutory dues relating to the
contributions under provident fund Act, Employees State Insurance Act
and the remittance in respect of TDS, Income Tax wherever applicable to
it with appropriate authorities. The company is generally regular in
depositing statutory tax dues including Excise Duty Customs Duty and
other applicable dues with appropriate authorities.
There is no amount payable in respect of the above undisputed dues are
in arrears, as at 31st March, 2014 for the period of more than six
months from the date on which they become payable due.
According to the information and explanations given to us and the
records of the company examined by us there are no dues of income tax,
sales tax, Wealth tax, service tax, custom duty, and excise duty which
have not been deposited on account of any dispute pending before any
forum other than the following amounts:
Sl Name of the Nature of Amount Perios to which Forum wherer the
.no Statute dues (in lakhs) the amount rela dispute is pendi
tes ng
1 Pondicherry Turnover Tax 25.89 2002-2004 Appellate Assist
General Sales ant Assistant
Tax Act Commissioner
Pondicherry
2 Pondicherry Turnover Tax 84.70 2004-2008 High Court,
General Sales Madras
Tax Act
3 Pondicherry Turnover Tax 27.04 1999-2002 High Court,
General Sales Madras
Tax Act
4 Kerala Turnover Tax & 84.92 2001-2004 High Court,
General Sales Interest the Madras
Tax Act reon
5 Income Tax Non Deduction 138.94 2009-2010 Commissioner
Act 1961 of Tax Deduc Tax(Appeals),
ted at Source Chennai
- Disallowance
u/s 40(a)(ia)
x. In our opinion, The Company has accumulated losses as at the end of
financial year. The Company has incurred cash loss of Rs. 531 Lacs
during the Financial Year 2013-2014. (Previous Year Rs. 132 Lacs).
xi. Based on the audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that, the
company has defaulted in repayment of dues to financial institution or
bank to the tune of Rs. 2,894.44 Lacs.
xii. In our opinion and according to the records of the Company, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the provisions of clause 4(xii) of the Order are not applicable to the
Company.
xiii. The company is not a chit fund, nidhi, mutual benefit fund or a
society and clause 12 of the order is not applicable. Therefore the
provision of clause 4 (xiii) of the Companies (Auditor''s report) order,
2003 are not applicable to the company.
xiv. As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
xv. According to the information and explanations given to us, the
Company has given guarantee for loan taken by others from bank or
financial institutions, the terms of which are not prejudicial to the
interest of company.
xvi. In our Opinion & on the Basis of the Review of utilization of
funds pertaining to term loan & related information as made available
to us, the term loan taken by the company from Sundaram Finance
Limited, (Non Banking Financial Institution) of Rs. 70 Lacs for the
purpose of Machinery have been utilized for working capital purpose.
xvii. According to the information and explanations given to us, and on
the basis of an overall examination of the Balance Sheet and Cash Flow
Statement of the Company, we report that no funds raised on short-term
basis have been used for long term investment.
xviii. According to the information and explanation given to us, during
the year, 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; hence question of issue price of
shares prejudicial to interest of the company does not arise.
xix. During the year covered by our audit report, the company has not
issued any Secured debentures. Hence the creation of security in
respect of debenture is not applicable.
xx. The Company has not made any invitation to public to subscribe to
share of the Company during the financial year 2013-2014.
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 to us, we report that no fraud
on or by the company has been noticed or reported during the course or
our audit during the year.
For Ramanand & Associates
Chartered Accountants
FRN: 117776W
Place: Mumbai CA Ramanand Gupta/ Partner
Date: May 29, 2014 Membership No: 103975
Mar 31, 2013
Report on the Financial Statements We have audited the accompanying
financial statements of ''RAVIKUMAR DISTILLERIES LIMITED'' which comprise
the Balance Sheet as at 31st March, 2013, and the statement of Profit &
Loss Account & Cash flow Statement for the year ended, 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,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub -section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with the standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
company''s preparation and fair presentation of the financial statements
in order to design audit procedures that appropriateness of accounting,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) In the case of the Profit and Loss Account, of the loss for the year
ended on the date; and
c) In the case of the Cash Flow statement, of the cash flow for the
year ended on that data Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) That Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representation received from the auditors as
on March 31,2013, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of section 274 of the
Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules for cess payable by the
Company.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in paragraph 1 of our Report of even date to
the members of RAVIKUMAR DISTILLERIES LIMITED; on the accounts of the
company for the year ended March 31,2013.
1 a The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b As explained to us, fixed assets have been physically verified by the
Management at reasonable intervals. We have been informed that no
material discrepancies were noticed on such physical verification.
c No substantial part of the fixed assets has been disposed off during
the year, which has bearing on the going concern status of the company.
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 accounts, the company has
granted unsecured loans to parties covered in the register maintained
u/s 301 of the Companies Act, 1956. aximum amount outstanding during
the year ended 31st March 2013 was Rs. 3898 Lacs and the year ended
balance was Rs. 1963 Lacs.
b According to the information and explanations given to us and on the
basis of our examination of the books of accounts, the company has
taken interest free, unsecured loan from a director covered in the
register maintained under section 301 of the Companies Act 1956.
Maximum amount outstanding during the year ended 31st March 2013 was
Rs. 311 Lacs and the year ended balance was Rs. 1 Lac.
c According to information and explanations provided to us, the terms
and conditions of the said unsecured loans are prima facie not
prejudicial to the interest of the Company.
d According to information provided to us there is no stipulation of
time schedule for repayment of principal and hence provision of clause
4(iii) (g) of the order is not applicable.
4 In our opinion and according to information and explanation given to
us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business with regards to
purchase of inventory and fixed assets and for the sale of inventories.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
5 a Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b In our opinion and according to the information and explanation given
to us, the transactions made in pursuance of contracts or arrangements
exceeding the value of Rupees Five Lakhs in respect of any party during
the year have been made at prices which are reasonable having regard to
the prevailing market prices at the relevant time.
6 The Company has not accepted deposits from public within the meaning
of section 58-A or Section 58-AA of the Companies Act, 1956.
7 In our opinion and according to the information and explanations
given to us the Company has an internal audit system commensurate with
the size and nature of its business.
8 In our opinion and as per the information and explanations given to
us, 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. Hence, the provisions of clause 4 (viii)
of the order are not applicable to the company.
9 According to the records of the company, the company is not regular
in depositing the undisputed statutory dues relating to the
contributions under provident fund Act, Employees State Insurance Act
and the remittance in respect of TDS, Income Tax And the Fringe Benefit
Tax Wherever applicable to it with appropriate authorities. The company
is generally regular in depositing statutory tax dues including Excise
Duty Customs Duty and other applicable dues with appropriate
authorities.
There is no amount payable in respect of the above undisputed dues are
in arrears, as at 31st March, 2013 for the period of more than six
months from the date on which they become payable due.
In our opinion, The Company does not have accumulated losses as at the
end of financial year. The Company has incurred cash loss of Rs. 132
Lacs during the Financial Year 2012-2013. (Previous Year Rs. Nil).
Based on the audit procedures and in the basis of information and
explanations given the management, we are of the opinion that, the
company has defaulted in repayment of dues to a financial institution
or bank to the tune of Rs. 30.59 Lacs.
In our opinion and according to the records of the Company, the Company
has not granted any loans & advances on the basis of security by way of
pledge of shares, debentures and other securities and hence the
provisions of clause 4(xii) of the Order are not applicable to the
Company.
The company is not a chit fund, nidhi, mutual benefit fund or a society
and clause 12 of the order is not applicable. Therefore the provision
of clause 4 (xiii) of the Companies (Auditor''s report) order, 2003 are
not applicable to the company.
As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
According to the information and explanations given to us, the Company
has given guarantee for loan taken by others from bank or financial
institutions are not prejudicial to the interest of company.
In our Opinion & on the Basis of the Review of utilization of funds
pertaining to term loan & related information as made available to us,
the term loan taken by the company from Sundaram Finance Limited, (Non
Banking Financial Institution) of Rs. 240 Lacs for the purpose of
Machinery have been utilized for working capital purpose.
According to the information and explanations given to us, and on the
basis of an Overall examination of the Balance Sheet and Cash Flow
Statement of the Company, we report that no funds raised on short-term
basis have been used for long term investment. According to the
information and explanation given to us, during the year, 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; hence question of issue price of shares prejudicial to
interest of the company does not arise.
During the year covered by our audit report, the company has not issued
any Secured debentures. Hence the creation of security in respect of
debenture is not applicable.
The Company has not made any invitation to public to subscribe to share
of the Company during the financial year 2012-2013.
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 to us, we report that no fraud on or
by the company has been noticed or reported during the course or our
audit during the year.
For Ramanand & Associates
Chartered Accountants
FRN: 117776W
Place: Mumbai CA Ramanand Gupta,
Partner
Date: May 30, 2013 Membership No: 103975
Mar 31, 2012
We have audited the attached Balance Sheet of 'RAVIKUMAR DISTILLERIES
LIMITED' as at 31st March, 2012, the Profit & Loss Account & also
Cash flow Statement of the company 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order 2004
(the 'Order) issued by the Central Government of India in terms of
Section 227 (4A) of The Companies Act, 1956' of India (the 'Act')
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanations given to us, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the annexure referred to above, 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 accounts 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 Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section 3(C) of Section 211 of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2012 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.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon, give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
ii. In the case of the Profit & Loss Account, of the profit of the
Company for the year ended on that date, and
iii. In the case of the Cash Flow statement of the Cash Flow for the
year ended on the date.
Referred to in paragraph (3) of our Report of even date on the
statements of Account of as at March 31, 2012
1 (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the Management during the year. We have been informed that no material
discrepancies were noticed on such physical verification.
(c) No substantial part of the fixed assets has been disposed off
during the year, which has bearing on the going concern status of the
company.
2 (a) The stock of inventory has been physically verified during the
year, by the Management. In our opinion, the frequency of verification
is reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) In our opinion and according to the information given to us, the
company is maintaining proper records of the inventory and no material
discrepancies were noticed on physical verification of the inventory.
3 (a) The company has not granted any unsecured loans to any party
covered in the register maintained u/s 301 of the companies act, 1956.
And hence the provisions of clause 4(iii) (a),(b),(c) and (d) are not
applicable .
(b) In our opinion and according to information and explanation given
to us the company had taken interest free unsecured loans from a
director covered in the register maintained under section 301 of the
Companies Act 1956. Maximum amount outstanding during the year ended
31st March 2012 was Rs. 436 Lacs and the year ended balance was Rs. 39
Lacs.
(c) According to information and explanations provided to us, the terms
and conditions of the said unsecured loans are prima facie not
prejudicial to the interest of the Company.
(d) According to information provided to us there is no stipulation of
time schedule for repayment of principal and hence provision of clause
4(iii) (g) of the order is not applicable.
4 In our opinion and according to information and explanation given to
us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business with regards to
purchase of inventory and fixed assets and for the sale of inventories.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
5 (a) According to the information and explanation given to us, we are
of the opinion that the transactions/particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register maintained under that section. .
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements exceeding the value of Rupees Five Lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6 In our opinion and as per the information and explanation given to
us, the Company has not accepted deposits within the meaning of section
58-A or Section 58-AA of the Companies Act,1956 and the Companies
Acceptance of Deposit Rules,1975 and hence the provisions of Clause
4(vi) of the order are not applicable to the Company .
7 In our opinion and according to the information and explanations
given to us the Company has an internal audit system commensurate with
the size and nature of its business.
8 In our opinion and as per the information and explanation given to
us, 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. Hence the provisions of clause 4(viii) of
the Order are not applicable to the Company.
9 According to the records of the company, the company is not regular
in depositing the undisputed statutory dues relating to the
contributions under provident fund Act, Employees State Insurance Act
and the remittance in respect of TDS, Income Tax And the Fringe Benefit
Tax Wherever applicable to it with appropriate authorities. The company
is generally regular in depositing statutory tax dues including Excise
Duty Customs Duty and other applicable dues with appropriate
authorities.
There is no amount payable in respect of the above undisputed dues are
in arrears, as at 31st March, 2012 for the period of more than six
months from the date on which they become payable due.
According to the information and explanations given to us and the
records of the company examined by us there are no dues of income tax,
sales tax. Wealth tax, service tax, custom duty, and excise duty which
have not been deposited on account of any dispute pending before any
forum other than the following amounts:
Serial Name of the Statute Nature of dues Amount
No (In lakhs)
1 Pondicherry General
Sales Tax Act Turnover Tax 25.89
2 Pondicherry General
Sales Tax Act Turnover Tax 84.70
3 Pondicherry General
Sales Tax Act Turnover Tax 27.04
4 Kerala General Sales
Tax Act Turnover Tax & 84.92
Interest thereon
5 Income Tax Act 1961 Non Deduction of 124.62
Tax Deducted at Source -
Disallowance u/s
40(a)(ia) and Deduction
u/s 80 IB
6 Income Tax Act 1961 Non Deduction of Tax 275.51
Deducted at Source -
Disallowance u/s 40(a)(ia)
and Deduction u/s 80 IB
Name of the Statute Period to which Forum where the dispute
the amount relates is pending
Pondicherry General
Sales Tax Act 2002-2004 Appellate Assistant
Commissioner Pondicherry
Pondicherry General
Sales Tax Act 2004-2008 High Court, Madras
Pondicherry General
Sales Tax Act 1999-2002 High Court, Madras
Keralal General Sales
Tax Act 2001-2004 High Court, Kerala
Income Tax Act 1961 2008-2009 Commissioner of Income Tax
(Appeals). Chennai
Income Tax Act 1961 2007-2008 Commissioner of Income Tax
(Appeals). Chennai
10 In our opinion, The Company does not have accumulated losses as at
the end of financial year and has not incurred cash losses in the
current financial year and immediately preceding financial year.
11 In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
12 In our opinion and according to the records of the Company, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the provisions of clause 4(xii) of the Order are not applicable to the
Company.
13 The company is not a chit fund, nidhi, mutual benefit fund or a
society and clause 12 of the order is not applicable. Therefore the
provision of clause 4 (xiii) of the Companies (Auditor's report)
order, 2003 are not applicable to the company.
14 As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
15 According to the information and explanations given to us, the
Company has given guarantee for loan taken by others from bank or
financial institutions are not prejudicial to the interest of company.
16 In our Opinion & on the Basis of the Review of utilization of funds
pertaining to term loan & related information as made available to us,
the term loan taken by the company from Sundaram Finance Limited, (Non
Banking Financial Institution) of Rs. 1.20/- Crores for the purpose of
Machinery have been utilized for working capital purpose.
17 According to the information and explanation given to us, and On the
basis of an Overall examination of the Balance Sheet and Cash Flow
Statement of the Company, we report that no funds raised on short-term
basis have been used for long term investment.
18 According to the information and explanation given to us, during the
year, 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; hence question of issue price of shares
prejudicial to interest of the company does not arise.
19 During the year covered by our audit report, the company has not
issued any Secured debentures. Hence the creation of security in
respect of debenture is not applicable.
20 The Company has not made any invitation to public to subscribe to
share of the Company during the financial year 2011-2012.
21 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 to us, we report that no fraud
on or by the company has been noticed or reported during the course or
our audit during the year.
For Ramanand & Associates
Chartered Accountants
CA Ramanand Gupta, Partner
Membership No. 103975
Place : Chennai
Date : August 11, 2012
Mar 31, 2009
We have audited the attached Balance. Sheet of RAVI KUMAR DISTILLERIES
LIMITED, as at 31st March 2009 and die Profit and Loss Account and the
cash flow statement of the Company 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.
Wc conducted our audit in accordance wilh auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining, on 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.
As required by the Companies (Auditors Report) Order 2003 and amended
by die (Auditors Report)(Amendment) Order, 2004, issued by the Central
Government of India, in terms of subsection (4A) of Section 227 of the
Companies Act, 1956, we enclose in die annexure a statement on the
matters specified in paragraph 4 and 5 of the said Order.
Further to our comments in the annexure referred to above, we report:
that:
a) We have obtained all the information and explanations, which to die
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the ; Company so far as it appears from our examination of
those books;
c) .The Balance Sheet and the Profit and Loss Account and die Cash Plow
Statement dealt | with by this report arc in agreement with the books
of account;
d) ln our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash flow statement dealt wth i by this report comply with the
Accounting Standards referred to in jsub-section (3C) of section 211 of
the Companies Act, 1956 to the extent applicable.
e) On the basis of writen representations received from the directors,
as on 31" March 2009 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2009
from being appointed as director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read with die schedules
and notes on accounts attached thereto give the information required by
the Companies Act, 1956 in die manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
- in the case of the Balance Sheet, of the state of affairs of the
Company as at 31" March 2009;
- in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and +
- In the case of the Cash Flow statement, of the cash flow for the year
ended on that date.
Annexure to the Audit Report
(Referred to in paragraph 3 pf the Auditors Report of even date on the
Financial Statements of M/s. Ravikumar Distilleries Limited for die
year Elided 31st Match 2009)
(a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As per the information and explanations provided to us, the Fixed
Assets have been physically verified by the management every year and
we are informed that no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification is
reasonable.
(c) During the year, the company has not disposed off any substantial
part of the Fixed Assets and hence the provisions of clause 4(i)(c) of
order is not applicable to. the Company.
(a) The inventory has been physically verified during the year by the
Management. In our opinion, the frequency of physical verification is
reasonable.
(b) In our opinion and according to information provided to us, the
procedures of physical verification of the inventory followed by the
Management arc reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and according to die information given to us, the
company is maintaining proper records of inventory and no material
discrepancies were noticed on physical verification of inventory.
(a) The Company has granted unsecured loans to two parties covered in
the register maintained under Section 301 of the Act. The maximum
amount involved during the year was Rs.288.10 lakhs and the year end
balance was Rs.104.10 lakhs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest wherever applicable and other terms
and conditions on which the loans granted to Company are not, prima
facie, prejudicial to the interest of the Company.
(c) In respect pf loans granted by the Company wherever stipulated, the
interest and the principal amount were regular.
(d) There are no overdue amounts in respect of loans granted to company
and hence the reporting of steps taken for recovery does not arise.
In our opinion and according to information and explanation given to us
the Company had taken interest free unsecured loans from a Director
covered in the register maintained under section 301 of the Companies
Act, 1956. Maximum amount outstanding during the year ended 31" March
2009 is Rs.484.47 Lakhs and the year end balance was Rs.0.65 lakhs
(f) According to information and explanations provided to us, the terms
and conditions of the said unsecured loans aire prima facie not
prejudicial to the interest of the Company.
(g) According to information provided to us there is no stipulation of
time schedule for repayment of principal and hence provision of Clause
4 (iii) (g) of the order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, Fixed Assets and with regard to sale of
goods. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(a) According to the information and explanations given to us, we are
of the opinion that the transactions / particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding the value of Rupees Five lakhs in respect of any
party during the year have been made at prices which arc reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion. and as per the information and explanations given
to us, the Company has not accepted deposits with in the meaning of
Section 58-A or 58-AA of the Companies Act, 1956 and the Companies
Acceptance of Deposit Rules, 1975 and hence the provisions of Clause
4(vi) of the order are not applicable to the Company.
(vii) In our opinion; and according lo the information and
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) In our opinion land according to information and explanation
given to us, the Central Government has not prescribed maintenance of
cost records under clause (d) of sub section (1) of section 209 of the
Act and hence the provisions of clause 4(viii) of the | Order are not
applicable to the Company.
a) According to the records of the Company, the company is not regular
in depositing the undisputed statutory dues relating to die
contributions under Provident Fund Act, Employees State Insurance Act
and the remittances in respect of Tax Deducted at source, Income Tax
and the Fringe Benefit Tax wherever applicable to it with appropriate
authorities. The Company is generally regular in depositing other
statutory dues; including, Excise Duty, Customs Duty and other
applicable dues with appropriate authorities. ,
There is no amount payable in respect of the above undisputed dues are
in arrears, as. at March 31, 2009 for a period of more than six months
from the date on which they became payable except Customs Duty
amounting to Rs.23.70 Lacs.
In our opinion and as per information and explanations given to us
other statutory dues mentioned in the clause are not applicable to the
Company.
(b) According to the information and explanation given to us, there are
no dues of Income Tax / Sales Tax / Wealth Tax / Service Tax / Customs
Duty / Excise Duty / Cess have not been deposited on account of any
dispute pending before any forum other than the following amounts:
SL. Name of the Nature of Amt (in Period to Forum where
the
No.
Statute the Dues Lakhs) which the dispute is
pending
amount
relates
1 Pondicherry Turnover 25.89 2002-2004 Appellate
Assistant
General Sales Tax Commissioner
tax Act Pondicherry
2 Pondicherry Turnover 84.70 2004-2008 High court
chennai
General Sales Tax
tax Act
3 Kerala Turnover 84.92 2001-2004 Kerala High
Court
General Sales Tax
Tax Act
4 Income Tax Tax 29.49 FY 2006- Commissioner
Act 1961 Deducted 2007 Appeals
at Source
(x) The Company does not have any accumulated losses at the end of the
year ending 31" March 2009 and further the company has not incurred
cash losses during this year and in thes financial year immediately
preceding diis year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks and Financial Institutions.
(xii) In our opinion and according to the explanations given to us, the
Company has not granted any loans by way of pledge of shares,
debentures and securities and hence the provisions of Clause 4(xii) of
the Order arc not applicable to the Company. ;
(xiii) In our opinion the Company is not a Chit Fund/ Nidhi /
MjituajBenefit / Society and hence the provisions of clause 4(xiii) of
the Order are applicatile 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 order are not applicable to the company.
(xv) In our opinion and as per the information and explanations given
to us, the guarantees given by the company for loans taken by others
from bank or financial institutions are not prejudicial to the interest
of the company.
(xvi) In our opinion the Term Loan taken by the Company were applied
for the purpose for which the loan were obtained during the year.
(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 funds raised on short term basis have not been used for long term
purposes.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares during the year
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956, and hence provisions of clause
4(xviii) of the order is not applicable to the company*
(xix) The Company has not issued any debentures during the year and
hence the provisions of clause 4(xix) of the Order relating to creation
of Charge with regard to said Debentures are not applicable to the
Company.
(xx) The Company has not made any public issue and therefore
requisition of disclosing the end use of the money does not arise.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For MANIAN & NARAYANAN
Chartered Accountants
C. SUBRAMANIAN
Place: Chennai Partner
Date: 1-2009 Membership No: 27959
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article