Mar 31, 2015
We have audited the accompanying financial statements of REMI
ELEKTROTECHNIK LIMITED, which comprise the balance sheet as at 31st
March, 2015, 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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India, including accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act") read with General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect Section
133 of the Companies Act, 2013. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
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, but not for the
purpose of expressing an opinion on the effectiveness of the company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2015;
ii. in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
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 (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraph 3 and 4
of the Order, to extent applicable.
2. As required by section 143(3) of the Companies Act, 2013, we report
that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. in our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c. the balance sheet and statement of profit and loss dealt with by
this report are in agreement with the books of account and returns.
d. in our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the accounting standards referred to in
section 133 of the Companies Act, 2013 and the Companies (Accounts)
Rules, 2014.
e. on the basis of written representations received from the Directors
as on 31st March, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2015, from
being appointed as a Director in terms of clause of sub-section (2) of
section 164 of the Companies Act, 2013.
f. in our opinion the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls.
ANNEXURE TO THE AUDITORSÂ REPORT
[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date]
(i) (a) The Company has maintained proper records showing full
particulars
including quantitative details and situation of its fixed assets.
(b) According to the information and explanations given to us, all the
assets have not been physically verified by the management during the
year but there is a regular programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. To the best of our knowledge, no material
discrepancies were noticed on such verification.
(ii) (a) The inventory has been physically verified during the year by
the
management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
operations of the Company and the same have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
Company has not granted any secured or unsecured loans to
Companies/Firm/Other Persons covered in the register maintained under
section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of
our audit, we have not observed any continuing failure to correct major
weaknesses in internal control systems.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of the Companies Act, 2013 and rules framed there under are
not attracted.
(vi) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company as
specified by the Central Government under sub-section (1) of Section
148 of the Companies Act, 2013 and we are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have not, however, made a detailed examination of the
records with a view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations provided to us,
the Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Investor
Education Protection Fund, Employees' State Insurance, Income tax, Sales
tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Value Added Tax,
Cess and other statutory dues as applicable to it with appropriate
authorities and there were no undisputed arrears as at 31st March, 2015
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, the
particulars of dues of Income tax, Sales Tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, Value Added Tax and Cess as at 31st March,
2015, which have not been deposited on account of a dispute, are as
follows: -
Sr. Name of the Nature of dues & Amount(Rs) Form where dispute is
No. Statute Period pending
1. Service Tax Service Tax & Penalty 82,143/- CEST Appellate
Act f.Y. 2008-09 Tribunal
2 Central Excise Duty 2,14,076/- CEST Appellate
Excise Act F. Y. 2008 09 Tribunal
3. Central Sales Central Sales Tax & 25,227/- Deputy Commissioner
Tax Act Penalty (Appeals)
F.Y. 2005-06
3 The Income Income Tax & 23,29,390/- Commissioner
Tax Act Interest (Appeals)
F.Y. 2008-09
(c) According to information and explanation given to us, the Company
has transferred within the prescribed time the amount required to be
transferred to investor education and protection fund in accordance
with the relevant provisions of the Companies Act, 2013 and rules there
under.
(viii) The Company does not have accumulated losses and has not
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
(ix) 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, bank or debenture holders.
(x) In our opinion, the terms and conditions on which the Company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xi) According to the information and explanations given to us, the
Company has applied the term loans for the purposes for which the loans
were obtained.
(xii) To the best of our knowledge and belief and 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 SUNDARLAL, DESAI & KANODIA,
CHARTERED ACCOUNTANTS,
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29TH MAY, 2015 Membership Number 33978
Mar 31, 2014
We have audited the accompanying financial statements of Remi
Elektrotechnik Limited (the company), which comprise the balance sheet
as at 31 March 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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India, including accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act") read with General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect Section
133 of the Companies Act, 2013. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
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, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i. in the case of the balance sheet, of the state of affairs of the
company as at 31 March 2014; ii. in the case of the statement of
profit and loss, of the profit for the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows for the
year ended on that date.
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 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 representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date]
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations give to us, all the
assets have not been physically verified by the management during the
year but there is regular programme of verification which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. To the best of our knowledge, no material
discrepancies were noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
operations of the Company.
(iii) (a) In our opinion and according to information and explanations
given to us, the Company has not granted loans, secured or unsecured to
Companies, Firm or other parties covered in register maintained under
section 301 of the Companies Act, 1956 and hence sub-clause (b) and (c)
are also not applicable.
(b) According to the information and explanations given to us, the
Company has taken unsecured loan from two companies covered in the
register maintained under section 301 of the Companies Act, 1956.
Amount involved during the year was Rs. 225 Lacs and closing balance was
Rs. Nil
(c) In our opinion the rate of interest and other terms & conditions of
unsecured loans taken by the Company are not prima facie prejudicial to
the interest of the Company.
(d) In our opinion payment of the principal amount and interest are
also regular.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control systems.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 are not applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the information and explanations provided to us,
the company is Generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and Other Statutory dues applicable
to it. There were no arrears as at 31st March, 2014 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, the
particulars of dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and Cess, as at 31st March, 2014, which have
not been deposited on account of any dispute are as follows:
Sr. Name of the Nature of dues Amt. (Rs.)
No. Statue
1. Service Tax Service Tax & Penalty 9,89,963
2 Sales Tax Central Sales Tax & Penalty 25,227
Name of the Statute Forum where dispute is pending
Service Tax Commissioner (Appeal)
Sales Tax Deputy Commissioner (Appeal)
(x) The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial 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 a
financial institution, bank or debenture holders.
(xii) According to the informations and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (auditor''s Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks is not
prejudicial to the interest of the company.
(xvi) In our opinion and according to explanation given to us the
Company has utilised the term loans for the purpose for which the same
were obtained.
(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 the no funds raised on short term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, 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 during the year.
(xix) According to the information and explanations given to us, the
Company has neither issued any debentures during the year nor issued
earlier are outstanding. Accordingly, the provisions of clause (xix)
of the order are not applicable to the Company.
(xx) According to the information and explanations given to us, the
Company has not raised any money by public issue during the year.
(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 SUNDARLAL, DESAI AND KANODIA,
CHARTERED ACCOUNTANTS,
(Firm Registration Number - 110560W)
Sd/-
(M.B. DESAI)
PARTNER
Membership Number - 33978
Place : Mumbai
Date : 30th May, 2014
Mar 31, 2012
We have audited the accompanying financial statements of Remi
Elektrotechnik Limited (the company), which comprise the balance sheet
as at 31 March 2012, 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 principles generally accepted in India, including
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 company"s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 31 March 2012.
b. In the case of the statement of profit and loss, of the profit for
the year ended on that date, and
c. In the case of the cash flow statement, of the cash flows for the
year ended on that date.
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 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 representations received from the directors
as on 31 March 2012, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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.
ANNEXURE TO THE AUDITORS" REPORT
(REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF REMI
ELEKTROTECHNIK LIMITED AS AT 31st March, 2012)
(i) (a) The Company has maintained proper records showing full
particulars including
quantitative details and situation of fixed assets.
(b) According to the information and explanations give to us, all the
assets have not been physically verified by the management during the
year but there is regular programme of verification which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. To the best of our knowledge, no material
discrepancies were noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) The inventory has been physically verified during the year by
the management.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
operations of the Company.
(iii) (a) In our opinion and according to information and explanations
given to us, the Company has not granted loans, secured or unsecured to
Companies, Firm or other parties covered in register maintained under
section 301 of the Companies Act,1956 and hence sub-clause (b) and (c)
are also not applicable.
(b) According to the information and explanations given to us, the
Company has taken unsecured loan form two companies covered in the
register maintained under section 301 of the Companies Act, 1956.
Amount involved during the year was Rs. 586.70 Lacs and closing balance
was Rs. 239.25 Lacs.
(c) In our opinion the rate of interest and other terms & conditions of
unsecured loans taken by the Company are not prima facie prejudicial to
the interest of the Company.
(d) In our opinion payment of the principal amount and interest are
also regular.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control systems.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules,1975 are not applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the information and explanations provided to us,
the company is Generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax Custom Duty, Excise Duty, Cess and Other Statutory dues applicable
to it. There were no arrears as at 31st March, 2012 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, the
particulars of dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and Cess, as at 31st March, 2012, which have
not been deposited on account of any dispute are as follows:
Sr' Name of the Statue Nature of dues Period Amt.
(Rs.) Forum where
dispute
No. is pending
1 Service Tax & Commissioner
Service Tax 2008-
2009 82,143
Penalty (Appeal)
(x) The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial 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 a
financial institution, bank or debenture holders.
(xii) According to the informations and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (auditor"s Report)
Order, 2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks is not
prejudicial to the interest of the company.
(xvi) In our opinion and according to explanation given to us the
Company has utilised the term loans for the purpose for which the same
were obtained.
(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 the no funds raised on short term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, 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 during the year.
(xix) According to the information and explanations given to us, the
Company has neither issued any debentures during the year nor issued
earlier are outstanding. Accordingly, the provisions of clause (xix)
of the order are not applicable to the Company.
(xx) According to the information and explanations given to us, the
Company has not raised any money by public issue during the year.
(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 SUNDARLAL, DESAI AND KANODIA,
CHARTERED ACCOUNTANTS,
Registration Number.110560W
Sd/-
(M.B. DESAI)
PARTNER Membership Number 33978
PLACE : MUMBAI
DATED : 30th MAY, 2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of Remi Elektrotechnik
Limited.as at 31st March, 2011 the Profit and Loss Account and also the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3) As required by the Companies (Auditor's Report) Order,2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4) Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii)The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the Directors
as on 31st March, 2011, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2011 from being appointed as a Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts made together with
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 accounting principles generally accepted in India:
(a) in the case of Balance Sheet, of the State of affairs of the
Company as at 31st March, 2011;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF REMI
ELEKTROTECHNIK LIMITED AS AT 31st March, 2011)
(i) (a) The Company has maintained proper records showing full parti-
culars including quantitative details and situation of fixed assets.
(b) According to the information and explanations give to us, all the
assets have not been physically verified by the management during the
year but there is regular programme of verification which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. To the best of our knowledge, No material
discrepancies were noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) The inventory has been physically verified during the year by
the management. in our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
operations of the Company.
(iii)(a) In our opinion and according to information and explanations
given to us, the Company has not granted loans, secured or unsecured to
Companies, Firm or other parties covered in register maintained under
section 301 of the Companies Act,1956 and hence sub-clause (b),(c) and
(d) are also not applicable.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loan, Secured or unsecured,
form Companies, Firms or other parties covered in the register
maintained U/S 301 of the Companies Act,1956,and hence sub-clause
(f),(g) & (h) are also not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procededures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control systems.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules,1975 are not applicable.
(vii) In our opinion, the company has an internal audit system com-
mensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the information and explanations provided to us,
the company is Generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax Custom Duty, Excise Duty, cess and other statu- tory dues
applicable to it. There were no arrears as at at 31st march,2011 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the
particulars of dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and Cess, as at 31st March, 2011, which have
not been deposited on account of any dispute are as follows.
Sr. Name of the Nature of Period Amount (Rs.) Forum where
No. Statue dues dispute is
pending
1 Service tax Service tax 2008-
2009 82,143 Commissioner
and penalty (Appeal)
(x) The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial 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 a
financial institution, bank or debenture holders.
(xii) According to the information's and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/society.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (auditor's Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks is not
prejudicial to the interest of the company.
(xvi) In our opinion, and according to explanation given to us the
Company has utilised the term loans for the purpose for which the same
were obtained.
(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 the no funds raised on short term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, 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 during the year.
(xix) According to the information and explanations given to us, the
Company has neither issued any debentures during the year nor issued
earlier are outstanding. Accordingly, the provisions of clause (xix) of
the order are not applicable to the Company.
(xx) According to the information and explanations given to us, the
Company has not raised any money by public issue during the year.
(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 SUNDARLAL, DESAI AND KANODIA,
Chartered Accountants,
Registration No.110560W
Sd/-
(M. B. DESAI)
Partner.
PLACE : MUMBAI.
DATED : 30TH MAY, 2011
Membership Number 33978
Mar 31, 2010
1) We have audited the attached Balance Sheet of Remi Electrotechnik
Limited (Formerly known as Rajendra Electrical Industries Ltd.) as at
31st March, 2010 the Profit and Loss Account and also the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We 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 misstate ment. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3) As required by the Companies (Auditors Report) Order,2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4) Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii)The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the Directors
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2010 from being appointed as a Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts made together with
notes thereon give the informat- ion required by the Companies Act,
1956, in the manner so r- equired and give a true and fair view in
conformity wi- th accounting principles generally accepted in India:
(a) in the case of Balance Sheet, of the State of affairs of the
Company as at 31st March, 2010;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF Rem!
Electrotechnik LTD. (Formerly known as Rajendra Electrical Industries
Ltd.) AS AT 31st March, 2010)
(i) (a), The Company has maintained proper records showing full parti-
culars including quantitative details and situation of fixed assets.
(b) According to the information and explanations give to us, all the
assets have not been physically verified by the manageme- nt during the
year but there is regular programme of verific- ation which,in our
opinion,is reasonable having regard to the size of the company and the
nature of its assets. To the best of our knowledge, No material
discrepancies were noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) The inventory has been physically verified during the year by
the management, in our opinion, the frequency of verifica- tion is
reasonable.
(b) In our opinion and according to the information and explanat- ions
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the natu- re of its business.
(c) In our opinion and according to the information and explanat- ions
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
operations of the Company.
(iii)(a) In our opinion and according to information and explanations
given to us, the Company has not granted loans, secured or unsecured to
Companies, Firm or other parties covered in reg- ister maintained under
section 301 of the Companies Act,1956 and hence sub-clause (b),(c) and
(d) are also not applicable.
(b) In our opinion and according to the information and explanat- ions
given to us, the Company has not taken any loan, Secured or unsecured,
form Companies, Firms or other parties covered in the register
maintained U/S 301 of the Companies Act,1956,and hence sub-clause
(f),(g) & (h) are also not applicable.
(iv) In our opinion and according to the information and explanat- ions
given to us, there are adequate internal control proced- edures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and servio es. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control systems.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be ent- ered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanat- ions
given to us, the transactions made in pursuance of cont- racts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanat- ions
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reser- ve Bank of India and
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules,1975 are not ap- plicable .
(vii) In our opinion, the company has an internal audit system com-
mensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. He have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the information and explanations provided to us,
the company is Generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Health Tax, Service
Tax Custom Duty, Excise Duty, cess and other statu- tory dues
applicable to it. There were no arrears as at at 31st march,2010 for a
period of more than six months from the date they became payable.
:3: (b) According to the information and explanations given to us, the
particulars of dues of Sales Tax,Income Tax, Custom Duty, Wealth Tax,
Service Tax, Excise Duty, and Cess, as at 31st March, 2010, which have
not been deposited on account of any dispute are as follows.
Sr.Name of the Nature of Period Amount (Rs.) Forum where
No.Statue dues dispute is
pending
1 Service tax Service tax 1996-97 to 5,97,658 Commissioner
and penalty 1999-2000 (Appeal)
(x) The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explana- tions
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) According to the informations and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/society.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accord ingly, the
provisions of clause 4(xiv) of the Companies (auditors Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks is not
prejudicial to the interest of the company.
(xvi) In our opinion, and according to explanation given to us the
Company has utilised the term loans for the purpose for which the same
were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the compa- ny, we report
that the no funds raised on short term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, 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 during the year.
(xix) According to the information and explanations given to us,the
Company has neither issued any debentures during the year nor issued
earlier are outstanding. Accordingly, the provisions of clause (xix) of
the order are not applicable to the Compa- ny.
(xx) According to the information and explanations given to us, the
Company has not raised any money by public issue during the year.
(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 SUNDARLAL, DESAI AND KANODIA,
Chartered Accountants,
Registration NO.110560W
(M. B. DESAI)
Partner.
PLACE : MUMBAI.
DATED : 9th JULY, 2010 Membership Number 33978