Mar 31, 2018
Independent Auditors'' Report
To the Members of Ravindra Energy Limited
Report on the Financial Statements
We have audited the accompanying Ind AS financial statements of RAVINDRA ENERGY LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2018 the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder.
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 Ind AS 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 the Ind AS 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS 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 Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including the Ind AS, of the state of affairs of the Company as at March 31, 2018 and its profit including other comprehensive income, its cash flows and changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.
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, the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules thereunder;
e. On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
g. With respect to the other matters to be included in the Auditors'' 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 have disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 30(2)(b) 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.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our report to the members of Ravindra Energy Limited for the year ended March 31, 2018. We report that:
i) a) The Company has maintained proper records showing
full particulars including quantitative details and situation of fixed assets.
b) As explained to us, all fixed assets have been physically verified by the management during the year periodically which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii) With regard to inventory, physical verification has been conducted by the management at reasonable intervals and no significant material discrepancies were noticed on the physical verification of stocks and the differences between the book stocks and the physical stocks have been properly dealt with in the books of account.
iii) a) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnership or other parties covered in the register maintained under section 189 of the Companies Act, 2013 except Trade Advance to its One Subsidiary Company Agri Venture Trading and Investment Private Limited Rs. 1,19,25,90,000.
b) Since the Company has not granted any loans as specified in clause (a) other than Trade Advance to the subsidiary Company, the question of reporting whether rate of interest and other terms and conditions of loan are prejudicial to the interest of the company does not arise.
iv) In respect of the loans, investments, guarantees, and security, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013.
v) According to the information and explanations given to us, the company has not accepted any deposits, hence reporting on clause (v) of the order is not applicable.
vi) The Central Government has prescribed maintenance of cost records u/s. 148(1) of the Companies Act, 2013 for some products of the Company. We have broadly reviewed these records of the company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not carried out a detailed examination of such records.
vii) a) According to the information and explanations given to us and as per books and records examined by us, there are no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and any other statutory dues with appropriate authorities outstanding as at 31stMarch 2018 for a period exceeding six months from the date they became payable.
b) According to the information and explanations given to us and as per the records examined by us, the disputed statutory dues aggregating to Rs. 30.91 Million that have not been deposited on account of disputed matters pending before appropriate authorities are as under:
Sl. No. |
Name of the Statute |
Nature of Dues |
Amount (Rs in Mn) |
Period |
Forum where Dispute is pending |
1. |
The Maharashtra Value Added Tax Act, 2002 |
Purchase Tax |
24.36 |
2009-10 |
Sales Tax Tribunal, Mumbai |
2. |
The Maharashtra Value Added Tax Act, 2002 |
Purchase Tax |
6.55 |
2008-09 |
Sales Tax Tribunal, Mumbai |
Grand Total |
30.91 |
xiii) As per information and explanations given to us and on the basis of our examinations of books and records, all the transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with them and hence reporting on this clause is not applicable.
xvi) The company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.
viii) The Company has borrowed funds from banks but has not raised funds from financial institutions and by way of Debentures. The Company has not defaulted in repayment of dues to banks.
ix) The Company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year.
x) As per information and explanations given to us and on the basis of our examinations of books and records, there were no frauds on or by the company has been noticed or reported during the year.
xi) The Company has paid/provided the managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Companies Act, 2013.
xii) This is not a Nidhi Company, hence reporting under clause (xii) does not apply.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Ravindra Energy Limited("the Company") as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Ashok Kumar, Prabhashankar & Co.,
Chartered Accountants
Firm Regn No. 004982S
Sd/-
A. Umesh Patwardhan
Place : Belagavi Partner
Date : June 11, 2018 Membership No. 222945
Mar 31, 2015
We have audited the accompanying financial statements of RAVINDRA
ENERGY LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
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 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31,2015, 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 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.
2. As required by section 143(3)oftheAct,wereportthat:
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 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 March 31,2015 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. With respect to the other matters to be included in the Auditors'
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 have disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 29(2) 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.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Ravindra
Energy Limited for the year ended March 31,2015. We report that:
i) a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, all fixed assets have been physically verified
by the management during the year periodically which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
ii) a) With regard to inventory, physical verification has been
conducted by the management at reasonable intervals.
b) In our opinion, the procedure of physical verification of stocks
followed by the management is reasonable and is adequate in relation to
the size of the Company and nature of its business.
c) The Company is maintaining proper records of inventory. No
significant material discrepancies were noticed on the physical
verification of stocks and the differences between the book stocks and
the physical stocks have been properly dealt with in the books of
account.
iii) In respect of the loans, secured or unsecured granted by the
Company to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013:
a) The Company has given advances to seven Subsidiary companies. In
respect of the said advances, the maximum amount outstanding at any
time during the year was Rs. 1,653.42 Millions and the year end balance
is Rs.1,599.74 Millions.
b) According to the information and explanations given to us, the
Company has extended these Advances in the nature of Trade Advances. In
our opinion, the terms of such advances are not prima facie prejudicial
to the interest of the Company.
c) There is no repayment schedule for these Advances. As per the
information and explanations given to us by the management, they are
adjustable against the trade transactions between the Companies.
d) Since the Advances are adjustable against trade transactions, in our
opinion there is no overdue of Principal and Interest.
iv) On the basis of checks carried out during the course of audit and
as per the explanations given to us, we are of the opinion that with
regard to purchase of inventory and fixed assets and for the sale of
goods and services, there is an adequate internal control system
commensurate with the size of the Company and nature of its business.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
v) According to the information and explanations given to us, the
Company has not accepted any deposits, hence reporting on clause (v) of
the order is not applicable.
vi) The Central Government has not prescribed maintenance of cost
records under Section 148(1) of the CompaniesAct,2013.
vii) a) According to the information and explanations given to us and as
per books and records examined by us, there are no undisputed amounts
payable in respect of Provident Fund, Employees' State Insurance, Income
tax, Sales tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty,
Value Added Tax, Cess, Investor Education and Protection Fund and any
other statutory dues with appropriate authorities outstanding as at
March 31, 2015 for a period exceeding six months from the date they
became payable.
b) According to the information and explanations given to us and as per
the records examined by us, the disputed statutory dues aggregating to
Rs. 29.91 Million that have not been deposited on account of disputed
matters pending before appropriate authorities are as under:
Nature of Amount
SI No Name of the Statute DUes (Rs in Mn)
1 The Maharashtra Value Purchase Tax 23.36
Added Tax Act, 2002
2 The Maharashtra Value Purchase Tax 6.55
Added Tax Act, 2002
Grand Total 29.91
SI No Name of the Statute Period Forum where
Dispute is pending
1 The Maharashtra Value 2009-10 Sales Tax Tribunal, Mumbai
Added Tax Act, 2002
2 The Maharashtra Value 2008-09 Sales Tax Tribunal, Mumbai
Added Tax Act, 2002
Grand Total
viii) The Company has no accumulated losses at the end of financial
year The Company has also not incurred cash loss for the financial year
of the reporting period and also for the immediate preceding financial
year.
ix) The Company has not borrowed funds from banks, financial
institutions and also has not raised funds by way of debentures. Hence
reporting on default on repayment does notarise.
x) The Company has given guarantees for loans taken by others from banks
or financial institutions. According to the information and explanations
given to us, we are of the opinion that the terms and conditions thereof
are not prima facie prejudicial to the interests of the Company.
xi) Since the Company has no term loans, reporting on the clause with
regard to application of such term loans does notarise.
xii) As per information and explanations given to us and on the basis
of our examinations of books and records, there were no frauds on or by
the Company has been noticed or reported during the year.
For Ashok Kumar, Prabhashankar & Co.,
Chartered Accountants
Firm Regn No. 004982S
K. N. Prabhashankar
Camp: Mumbai Partner
Date: May 29,2015 Membership No. 019575
Mar 31, 2014
We have audited the accompanying financial statements of RAVINDRA
ENERGY LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2014 and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting standards referred to in subsection (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) In the case of the Balance sheet, of the state of affairs of the
Company as at March 31, 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
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report is in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors are disqualified as on March 31, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in our report to the members of Ravindra
Energy Limited for the year ended March 31, 2014. We report that:
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b. As explained to us, all fixed assets have been physically verified
by the management during the year periodically which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. a. As explained to us, inventories have been physically verified by
the management at regular 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 is reasonable and is adequate in relation to
the size of the Company and nature of its business .
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of the loans, secured or unsecured granted or taken by
the company to / from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956 :
a. The Company has given Advance to Six Subsidiary Companies Rs. 748.04
million during the year and the yearend balance is Rs. 1,638.94 million
The Company has not taken any loans during the year.
b. According to the information and explanations given to us, the
Company has extended these Advances in the nature of Trade Advances and
hence no interest is charged. In our opinion the terms of such advances
is not prejudicial to the interest of the company.
c. There is no repayment schedule for these Advances. As per the
information and explanations given to us by the management, they are
adjustable against the trade transactions between the Companies.
d. Since the Advances are adjustable against trade transactions, in our
opinion there is no overdue of Principal and Interest.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of fixed assets. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control.
5. a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us where such transaction is in excess of Rs. 5 lacs, the
transaction has been made at prices which is prima facie reasonable
having regard to the prevailing market prices at the relevant time and
they are not prejudicial in the interest of the Company.
6. The Company has not accepted Fixed Deposits from the public and
hence provisions of sections 58A and 58AA of the Companies Act 1956
does not apply.
7. The company has Internal Audit System which is commensurate with the
size of the Company.
8. The Company has carried out only trading activity during the year.
The Central Government has not prescribed maintenance of cost records
under Section 209(1) (d) of the Companies Act, 1956 for the trading
activity.
9. a. According to the records of the Company and as per the
information and explanations given to us, the Company does not have any
undisputed statutory dues including Provident Fund, Income- Tax, Sales
Tax/Value Added Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues which are outstanding for a period in
excess of six months as on March 31, 2014. The Company is not having
ESI Scheme and Investor Education and Protection Fund.
b. According to the information and explanations given to us and as per
the records examined by us, there were no disputed amounts due in
respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty
and Cess as on March 31, 2014 except.
Name of the Statute Nature of Dues Amount
The Maharashtra Value Purchase Tax 7.13
Added Tax Act, 2002
The Maharashtra Value Purchase Tax 6.55
Added Tax Act, 2002
Total 13.68
Name of the Stature Period to which the Forum where
amount relates Dispute is
pending
The Maharashtra Value 2009-10 Joint Commis-
Added Tax Act, 2002 sioner,Kolhapur
The Maharashtra Value 2008-09 Sales Tax
Tribunal,Mumbai
10. The Company has no accumulated losses at the end of the financial
year. The company has also not incurred cash loss during the financial
year and also in the immediately preceding financial year covered by
our audit.
11. Since there are no borrowings, the clause with regard to default in
repayment does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
14. The Company does not deal or trade in shares, securities,
debentures and other investments. Hence provisions of clause 4(xiv) of
the Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
15. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima facie prejudicial to the interests of
the company.
16. The company has not borrowed any funds and hence reporting on
utilization does not apply.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not made any issue of shares to the public.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
for Ashok Kumar, Prabhashankar & Co.
Chartered Accountants
Firm Regn No. 004982S
Sd/-
K. N. Prabhashankar
Mumbai Partner
May 30, 2014 Membership No. 019575
Mar 31, 2012
We have audited the Balance Sheet of RAVINDRA ENERGY LIMITED as at
March 31, 2012, the Profit and Loss Account and Cash Flow Statement for
the year ended as on that date, both 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about, whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by The Companies (Auditor's Report) Order, 2003, 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
hereto, a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2012 from
being appointed as directors 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 acounts read together with the
Significant Accounting Policies and Notes to Accounts thereon, give the
information required by the Companies Act, 1956 in the manner so
required, and present a true and fair view in conformity with the
accounting principles generally accepted in India:
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at March 31, 2012.
ii. In so far as it relates to the Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
iii. In so far as it relates to the Cash Flow Statement,
of the cash flows of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph (2) of our report of even date)
1. The Company has not held any fixed assets during the financial year
covered by our audit. Accordingly, the provisions of paragraph 4(i) of
the Order are not applicable to the Company.
2. In consideration of the nature of trading activity carried out by
the Company during the financial year covered by our audit, the
provisions of paragraph 4(ii) of the Order are not applicable to the
Company.
3. a. The Company has granted an unsecured loan to Shree Renuka Energy
Limited during the financial year covered by our audit. In respect of
the said loan, the maximum amount outstanding at any time during the
financial year was Rs. 361,506,823/- and the year end balance is Nil.
b. In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
aforementioned loan are not prima facie prejudicial to the interest of
the company.
c. The Company has fully received the principal amount of loan granted
to Shree Renuka Energy Limited along with the applicable interest.
Hence, the question of regularity in receipt of principal and interest
on the said loan as well as overdue amount exceeding rupees one lakh
does not arise.
d. The Company has availed an unsecured loan from Shree Renuka Energy
Limited during the financial year covered by our audit. In respect of
the said loan, the maximum amount outstanding at any time during the
financial year was Rs. 129,500,000/- and the year-end balance is Nil.
e. In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
aforementioned loan are not prima facie prejudicial to the interest of
the Company.
f. The aforementioned loan has been fully repaid along with interest
during the financial year covered by our audit. Accordingly, the
provisions of paragraph 4(iii)(g) of the Order are not applicable to
the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets, sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in the said
internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has not entered into any contracts or
arrangements referred to in section 301 of the Act, during the
financial year covered by our audit. Accordingly, the provisions of
paragraph 4(v) of the Order are not applicable to the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of provisions of Sections 58A and 58AA of the Companies Act,
1956 and the Rules framed thereunder. Accordingly, the provisions of
paragraph 4(vi) of the Order are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations 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 Companies Act,
1956.
9. a. According to the records of the Company and as per the
information and explanations given to us, the
Company does not have any undisputed statutory dues including ESI,
Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and any other statutory dues which are
outstanding for a period in excess of six months as on March 31, 2012.
The Company is not having Investor Education and Protection Fund.
b. According to the information and explanations given to us and
as per the records examined by us, there were no disputed amounts due
in respect of Sales Tax, Income Tax, Wealth Tax, Customs Duty, Excise
Duty, Service Tax or Cess as on March 31, 2012.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. The Company has neither availed a loan from any financial
institution/bank, nor has issued any debentures thereof. Hence, the
question of default in repayment of the said loan does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans or advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly, the provisions of paragraph 4(xiii)
of the Order are not applicable to the Company.
14. The Company has not dealt with or traded in shares, securities,
debentures or other investments, during the financial year covered by
our audit. Accordingly, the provisions of paragraph 4(xiv) of the Order
are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, the provisions of
paragraph 4(xv) of the Order are not applicable to the Company.
16. The Company has not availed any term loan during the financial
year covered by our audit. Accordingly, the provisions of paragraph
4(xvi) of the Order are not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company, we
are of the opinion that no funds raised on short-term basis have been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in register maintained under section 301
of the Companies Act, 1956 during the financial year covered by our
audit. Accordingly, the provisions of paragraph 4(xviii) of the Order
are not applicable to the Company.
19. The Company has not issued any debentures during the financial
year covered by our audit. Accordingly, the provisions of paragraph
4(xix) of the Order are not applicable to the Company.
20. The Company has not raised any money by way of public issues
during the financial year covered by our audit. Accordingly, the
provisions of paragraph 4(xx) of the Order are not applicable to the
Company.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For Y P K & Associates
Chartered Accountants
Firm Registration No: 129532W
Sd/-
CA Yogesh A. Kulkarni
Partner
Membership No. 221049
Place: Mumbai
Date: May 30, 2012
Mar 31, 2010
We have audited the Balance Sheet of RAVINDRA ENERGY LIMITED (Formerly
known as RAVINDRA TRADING AND AGENCIES LIMITED) as at March 31, 2010,
the Profit and Loss Account and Cash Flow Statement for the year ended
as on that date, both 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about, whether the financial
statements are free of material mis-statement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditors Report) Order 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto, a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we report that:
a. We have obtained all the information and explanations, which to 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 it appears from our examination of
those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2010 from
being appointed as directors 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
Significant Accounting Policies and Notes to Accounts thereon, give the
information required by the Companies Act, 1956 in the manner so
required, and present a true and fair view in conformity with the
accounting principles generally accepted in India:
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the company as at March 31, 2010.
ii. In so far as it relates to the Profit and Loss Account, of the loss
incurred by the Company for the year ended on that date; and
iii. In so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
Annuxre to the Auditors Report
1. The Company has not held any fixed assets during the financial year
under audit. Accordingly, the provisions of paragraph 4(i) of the Order
are not applicable to the Company.
2. The Company has not held any inventories during the financial year
under audit. Accordingly, the provisions of paragraph 4(ii) of the
Order are not applicable to the Company.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956, during the financial year under audit. Accordingly, the
provisions of paragraph 4(iii) (a), (b), (c) and (d) of the Order are
not applicable to the Company.
(b) The Company has availed an unsecured loan from the following
Company, covered in the register maintained under section 301 of the
Companies Act, 1956:
Sr.
No Particulars Amount outstanding
as on March 31,2010
(In Rupees)
1. Murkumbi Investments Private Limited 7,000,000/-
(c) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions in
respect of the aforesaid unsecured loan, are not prima facie
prejudicial to the interest of the Company.
(d) The principal amount in respect of the aforesaid unsecured loan is
repayable on demand and there is no repayment schedule. The Company is
regular in payment of Interest.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets, sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in the said
internal controls.
5. According to the information and explanations given to us, the
Company has not entered into any contracts or arrangements referred to
in section 301 of the Act, during the financial year under audit.
Accordingly, the provisions of paragraph 4(v) (a) and (b) of the Order
are not applicable to the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of provisions of Section 58A and 58AA of the Companies Act,
1956 and the rules framed there under. Accordingly, the provisions of
paragraph 4(vi) of the Order are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations 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 Companies Act,
1956.
9. (a) In our opinion, the Company is generally regular in depositing
the undisputed statutory dues to the appropriate authorities.
(b) According to the information and explanations given to us and as
per the records examined by us, there were no disputed amounts due in
respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax
or Excise Duty and Cess as on March 31, 2010.
10. The Company has accumulated losses at the end of the financial
year under audit, which is not less than fifty percent of its net worth
and the Company has incurred cash losses amounting to Rs 1,350,989/-
during such financial year. The Company has not incurred any cash
losses during the immediately preceding financial year.
11. The Company has neither availed any loan from a financial
institution/ bank, nor has issued any debentures thereof. Hence, the
question of default in repayment of the above does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi /mutual
benefit fund/society. Accordingly, the provisions of paragraph 4(xiii)
of the Order are not applicable to the Company.
14. The company has not dealt with or traded in shares, securities,
debentures or other investments, during the financial year under audit.
Accordingly, the provisions of paragraph 4(xiv) of the Order are not
applicable to the company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, the provisions of
paragraph 4(xv) of the Order are not applicable to the Company.
16. The Company has not availed any term loan during the financial
year under audit. Accordingly, the provisions of paragraph 4(xvi) of
the Order are not applicable to the Company.
17. According to the information and explanations given to us and on
an over all examination of the Balance sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in register maintained under section 301
of the Companies Act, 1956 during the financial year under audit.
Accordingly, the provisions of paragraph 4(xviii) of the Order are not
applicable to the Company.
19. The Company has not issued any debentures during the financial
year under audit. Accordingly, the provisions of paragraph 4(xix) of
the Order are not applicable to the Company.
20. The Company has not raised any money by way of public issues
during the financial year under audit. Accordingly, the provisions of
paragraph 4(xx) of the Order are not applicable to the Company.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For Y P K & Associates
Firm Registration No: 129532W
Chartered Accountants
CA Yogesh A. Kulkarni
Partner
Membership No. 221049
Place: Mumbai
Date: 13th August 2010
Mar 31, 2009
We have audited the Balance Sheet of RAVINDRA TRADING & AGENCIES
LIMITED as at March 31, 2009, the Profit and Loss Account and Cash Flow
Statement for the year ended as on that date both 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by The Companies (Auditors Report) Order 2003, 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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2009 from
being appointed as directors in terms of clause (g) of sub-section (t)
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
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required, and present a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in so far as it relates to the Balance Sheet of the state of
affairs of the Company as at March 31, 2009;
(ii) in so far as it relates to the Profit and Loss Account of the
Profit of the Company for the year ended on that date; and
(iii) in so far as it relates to the Cash Flow Statement, of the cash
flows of the Company for the year ended on that date.
Annexure to Auditors Report Referred to our report of even date
In our opinion and according to the information and explanations given
to us,
1. The Company dose not have any fixed assets and hence the question
of maintaining proper records showing full particulars of fixed assets
dose not arises;
2. The Company dose not have any inventory and hence the question of
physical verification of inventory by the management dose not arise;
3. The Company has not granted or taken any loans, secured or
unsecured to or from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956;
4. The Company is having an adequate internal control system
commensurate with the size of the Company and the nature of its
business;
5. The Company has not entered into any contracts or arrangements
referred to in section 301 of the Act;
6. The Company has not accepted any deposits from the public. Hence,
compliance with the directives issued by the Reserve Bank of India and
the provisions of section 58A, 58AA or any other relevant provisions of
the Act, and the rules framed thereunder, dose not arise;
7. The Company has an internal audit system commensurate with its size
and nature of its business;
8. The Central Government has not prescribed for maintenance of cost
records under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956;
9. The Company dose not have any undisputed statutory dues including
Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues in excess of six
months as on 31s1 March 2009;
10. The Company has accumulated losses at the end of the financial
year, which is not less that fifty percent of its net worth and the
company has not incurred any cash losses in such financial year and in
the immediately preceding financial year;
11. The Company has not taken any loans form the financial
institutions or banks andhence the question of repayment does not
arise;
12. No loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities;
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society, therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order 2003, is not applicable to the
Company;
14. The Company deals and trades in shares, securities, debentures and
other investments, and proper records have been maintained of the
transactions and contracts and timely entries have been made therein;
and that the said securities were held by the Company in its own name;
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions;
16. The Company has not taken any term loan during the year under
review;
17. The Company has not raised any funds on short-term basis;
18. 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;
19. The Company has not issued any debentures during the period under
review;
20. The Company has not raised any money by way of public issues;
21. No fraud on or by the Company has been noticed or reported during
the year that causes the financial statements to be materially
misstated.
For H.P. Biyani & Co.
Chartered Accountants
Sd/-
H.P. Biyani
Proprietor
Membership No. 31254
Camp: Mumbai
Date: June 30,2009
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