Mar 31, 2015
We have audited the accompanying financial statements of RNB INDUSTRIES
LIMITED (Formerly known as BIO WHITEGOLD INDUSTRIES LIMITED ) ("the
company"), which comprise the Balance Sheet as at 31st March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding the assets of the Company and for
preventing and detecting the frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of 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
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of 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 qualified audit opinion on the
financial statements.
Basis for Qualified Opinion
1. We are unable to offer our comment in respect of the following:
a)An amount of Rs 3,79,37,544 (included in Advance from customers under
Note 5) collected by Vibgyor Housing Limited (VHL) for sale of flats/
shops of King's Residency Project from 39 customers was assigned to the
Company by VHL through a Deed of Assignment dated 30th March 2014. As
informed to us, the project will now be looked after by the Company
till completion vide Project Partnership Agreement dated 19.02.2014
entered into between the Company (co-developer) and Ria Enterprise
(developer). The said amount is debited to VHL and credited to
Liabilities in the financial statements of the company. Of the 39
customers whose balances were transferred in the books as indicated
above, individual agreements were entered into by the Company with only
22 customers having balance aggregating Rs 2,14,67,935. We have neither
received any confirmation of balances from the remaining 17 customers
nor have any individual agreement with them by the Company made
available to us which disables us from verifying the nature and purpose
of these advances. In this context Notes 21A & 21B to the Financial
Statements may please be referred to.
b)Note No. 20 regarding non-provision of SEBI demand of Rs 1,75,000.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph above, the
aforesaid financial statements, give the information required by the
Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India
of the state of affairs of the Company as at 31st March, 2015, and its
loss and its cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to the following Notes in the Notes to the Financial
Statements:
a)Note 19 regarding adjustment of Trade Receivables balance with the
unpaid balance of Trade Payables
b)Note 22 regarding advances given in the nature of loans in excess of
prescribed limits as laid down in Section 186 of the Act.
c)Note 30 regarding appointment of Chief Financial Officer.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-Section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 3 & 4 of the said
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report, to the extent
applicable, that:
a) We have sought all the information and explanations and have
obtained all information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit
except for the matters described in the Basis for Qualified Opinion
paragraph.
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, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) Except for the effects of the matter described in the Basis for
Qualified Opinion paragraph above, 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) The matters described in the Basis for Qualified Opinion paragraph
above, in our opinion, may have an adverse effect on the functioning of
the Company.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
g) With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company does not have any pending litigation which would impact
its financial position.
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.
Annexure to Independent Auditors' Report
(Referred to in Paragraph 1 of 'Report on Other Legal and Regulatory
Requirements' 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) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of such
verification in a phased manner to cover all the items, which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification during the period.
(ii) The Company does not have any inventory. Accordingly, provisions
of Clauses (ii) (a), (b) and (c) of paragraph 3 of the aforesaid Order,
are not applicable to the Company.
(iii) According to the information and explanation given to us, the
company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly, provisions of clauses
(iii)
(a) and (b) of paragraph 3 of the aforesaid Order are not applicable to
the Company.
(iv) In our opinion and according to the information and explanations
given to us, there generally exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits during the year.
(vi) The maintenance of Cost records has not been specified by the
Central Government under sub- section (1) of section 148 of the
Companies Act, 2013.
(vii) (a) Undisputed statutory dues including provident fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, duty of customs, duty of excise, value added tax, cess and other
material statutory dues have generally been regularly deposited with
the appropriate authorities.
On the basis of the records of the Company and the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, duty of customs, duty
of excise, value added tax and cess which were outstanding as at 31st.
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, duty of
customs, duty, of excise, value added tax and cess which have not been
deposited on account of any dispute.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company
(viii)The Company has accumulated losses as at the end of the financial
year which exceeds more than fifty percent of its net worth. Further,
the Company has incurred cash losses during the financial year covered
by our audit. The Company has not incurred cash losses in the
immediately preceding financial year.
(ix) The Company has no borrowings from financial institution and bank
and the Company has no debenture holders. Accordingly, clause (ix) of
paragraph 3 of the aforesaid Order is not applicable to the Company.
(x) 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.
(xi) The Company has not raised any term loan during the year.
Accordingly, Clause (xi) of paragraph 3 of the aforesaid Order is not
applicable to the Company.
(xii) 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 RAY& RAY
Chartered Accountants
(Firm's Registration Number :301072E)
Asish Kumar Mukhopadhyay
Partner
Membership No. 056359
Place : Kolkata
Date : 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of RNB Industries
Limited (Formerly known as Bio Whitegold Industries Limited) ("the
Company") which comprise the Balance Sheet as at 31st March, 2014, the
Statement of Profit and Loss and 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
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 qualified audit opinion.
Basis for Qualified Opinion
1. We are unable to offer our comment in respect of the following:
a)An amount of Rs 4,00,37,544 (included in Advance from customers under
Note 5) was collected by Vibgyor Housing Limited (VHL) for sale of
flats/ shops of King Residency Project from 48 customers. As informed
to us, the project will now be handled by the company till completion
vide Project Partnership Agreement dated 19.02.2014 between the Company
(co-developer) and Ria Enterprise (developer). Hence, the said amount
is debited to VHL and credited to Liabilities in the financial
statements of the company. There has been no agreement between the
company with the individual customers, in respect of the project. Also
refer note No.21 of Notes to accounts.
b)Note No. 20 regarding non-provision of SEBI demand of Rs 1,75,000.
c)We are unable to comment on the extent of recovery of doubtful Trade
Receivables amounting to Rs.79,29,926 on account of reasons indicated
in note No. 19 of the Notes to Accounts.
The aggregate impact of our observations made in paragraphs herein
above, on the profit for the year ended 31st March, 2014, on
shareholders'' Funds and the net assets position as at the yearend, is
not ascertainable.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the possible effects of the
matters described in the Basis for Qualified Opinion paragraph, 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 Balance Sheet, of the state of affairs of the Company
as at 31st March, 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 Cash Flow Statement, of the cash flows for the year
ended on that date.
Emphasis of Matters
We draw attention to Note Nos. 22A and 22B in the Notes to Financial
Statements in respect of remuneration paid to the managing director and
loan given in excess of the prescribed limits as laid down in Section
372A(1) of the Act respectively. Our opinion is not qualified in
respect of these matters.
Report on Other Legal and Regulatory Requirements
1.As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
("the Order"), issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act and on the basis of such
checks as we considered appropriate and according to the information
and explanations given to us, 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.except for the possible effects of the matters described in the Basis
for Qualified Opinion paragraph, 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 except for the matters described
in the Basis for Qualified Opinion paragraph;
b.except for the possible effects of the matters described in the Basis
for Qualified Opinion paragraph, 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.except for the possible effects of the matters described in the Basis
for Qualified Opinion paragraph, 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 Act;
e.on the basis of written representations received from the directors
as on 31st 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 Independent Auditors'' Report
(Referred to in paragraph 1 under the heading ''Report on Other Legal
and Regulatory Requirements of our report of even date)
In our opinion, clauses ii), viii), xi), Xiv), xviii), xix) and xx) of
Paragraph 4 of the aforesaid Order are not applicable to the Company.
(i) (a) The Company is yet to maintain proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have not been physically verified by the
Management during the year.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
during the year by the Company.
(ii) (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 Act"
(b) In view of our comment in paragraph ii (a) above iii(b) iii© and
iii(d) of paragraph 4 of the aforesaid Order are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of "the Act"
(d) In view of our comment in paragraph ii© above, clauses iii(e),
iii(f) and iii(g) of paragraph 4 of the aforesaid Order are not
applicable to the Company.
(iii)In our opinion and according to the information and explanations
given to us, there exists generally an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchases of fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
(iv)(a) On the basis of our examination of the books of account and
according to the information and explanations given to us, the Company
has not entered into any transaction during the year that need to be
entered into the register maintained under section 3001 of "the Act"
(b) In view of our comment in paragraph iv (a) above, clause v (b) of
paragraph 4 of the aforesaid order in our opinion is not applicable to
the Company.
(v) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under. According to information and
explanations given to us, no order has been passed by the Company Law
Board or the National Company Law Tribunal or the Reserve bank of India
or any Court or any other Tribunal.
(vi)The company does not have any internal audit system.
(vii) (a)The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees'' state
insurance, income tax, value added tax / sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, there
are no undisputed amount payable in respect of income tax, value added
tax / sales tax, wealth tax, service tax, customs duty, excise duty,
and cess were in arrears as at 31t March, 2014 for a period of more
than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The Company has accumulated losses as at the end of financial
year which does not exceed more than fifty percent of its net worth.
Further, the Company 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 given any guarantee for loans taken by
others from banks or financial institutions during the year.
(x) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investments.
(xi)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 RAY & RAY
Asish Kumar Mukhopadhyay
Partner
Chartered Accountants
(Firm Registration No. 301072E)
Membership No. 056359
Kolkata
Date : 31/05/14
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of RNB INDUSTRIES
LIMITED (Formerly known as Bio Whitegold Industries Limited) which
comprise the Balance Sheet as at 31st March 2013, the Statement of
Profit & 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 of the Company in accordance with the Accounting
Standards referred to the sub-section (3C) of section 211 of the
Companies Act, 1956. 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 REPONSIBILITY
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 31st March 2013,
b) In the case of the Statement of Profit & 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 of the
company 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 & 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 & 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 March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH ''REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS'' OF OUR REPORT TO THE MEMBERS THE COMPANY FOR THE YEAR
ENDED 31ST MARCH 2013.
1. The Company has no fixed assets and hence provisions of Clause 4(I)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the Company.
2. During the period the Company does not deal in any kind of
inventory. Hence, provisions of Clause 4(ii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
3. The Company has not granted nor taken any loan, secured or
unsecured, to / from Companies, Firms or other parties listed in the
register maintained U/s. 301 of the Companies Act, 1956. Accordingly,
Sub-Clauses (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956, based on audit
procedures applied by us, to the best of our knowledge and belief and
according to the information and explanations given to us, there were
no transactions that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from public and
therefore, the provisions of the Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and rules there under
are not applicable to the Company.
7. The Company has no internal audit system commensurate with the size
and nature of its business.
8. To the best of our knowledge and as explained, 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 for
the products of the Company.
9. According to the records of the Company and information and
explanations given to us, the company has no statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, Cess and other statutory dues with the appropriate
authorities during the year. According to the information and
explanations given to us, there are no disputed or undisputed amounts
payable in respect of Income-tax, Wealth Tax Sales Tax, Custom Duty and
Excise Duty which were outstanding, at the year end.
10.The Company has accumulated losses at the end of the financial year;
but which does not exceed the 50% of the net worth of the company. The
Company has not incurred cash losses during the financial year covered
by our audit and in the immediate preceding financial year too.
11.According to the information and explanations given to us, the
Company has not taken any loan from any financial institution, bank or
debenture holders. Therefore, the provisions of Clause 4(xi) are not
applicable to the Company.
12.According to the information 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.
13.In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to Chit Fund and Nidhi/Mutual benefit
fund/societies.
14.The Company has not entered into transactions and contracts of
dealing in shares, securities, debentures, and other investments during
the year. 15.According to the information and explanations given to
us, the company has not given any guarantee for loans taken by other
from banks and financial institutions.
16.To the best of our knowledge and belief and according to the
information and explanations given to us, there are no term loans
outstanding as at the end of the year.
17.We have been informed by the management that no funds have been
raised and used and hence clause (xvii) is not applicable.
18.The Company has not made preferential allotment of shares to parties
or companies covered in the register maintained under section 301 of
the Companies Act, 1956 during the year.
19.The Company did not have any outstanding debentures during the year.
20.The Company has not raised any money through a public issue during
the year.
21.Based on information and explanations furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
For CHOPRA & COMPANY
Chartered Accountants
Firm Registration No. 308035E
M. K. DUGAR
(PARTNER)
(Memb. No. 053684)
Dated :the 30 day of May'' 2013
Mar 31, 2012
We have audited the attached Balance Sheet of BIO WHITE GOLD INDUSTRIES
LIMITED as at 31st March, 2012, 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.
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.
We report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and beliefwere necessary forthepurposesof
ouraudit;
ii) In our opinion, proper Books of Account as required by law have
been kept by the Company so far as appears from ourexamination ofthose
books.
iii) The Balance Sheet, Profit and Loss Account dealt with by this
report are in agreement with the Books of Account.
iv) In our opinion, the Balance Sheet, Profit and Loss Account 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 representation received from the Directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the Directors in disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with Notes to
Accounts give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principlesgenerallyaccepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
b) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date
c) In the case of Cash Flow Statement for the year ended on that date.
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, on the basis of such checks as we
considered appropriate and according to information and explanations
given to us during the course of audit, we state that:
i) The Company has no fixed assets and therefore Clause 4(1) of the
order is not applicable.
ii) The Company has no inventory/stock during the year under credit and
therefore the question of physical verification and maintenance of
records for the same does not arise.
iii) The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under the provision of Section 301 of the Act
andtherefore,theprovisionsofClause4(iii) of the order is not applicable
to the company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchaseand sale of inventory. Duringthe course
of ouraudit, we have not observed any continuing failure to correct
major weakness in internal control.
v) 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 sections301 of the Companies Act, 1956 have
been so entered.
vi) The company has not accepted deposits from the public. Hence the
directives issued by the Reserve Bank of India and the provisions of
Section 58A and 58AA of the Companies Act are not applicable to the
company.
vii) As explained by the management, the PF and ESI Acts are not
applicable to the company and also the company does not have any arrear
in respect of statutory dues.
viii) In our opinion the Company has an adequate internal audit system
commensurate with the size and nature of its business.
ix) The provisions of Section 209(l)(d) of the Companies Act, 1956 for
maintenance of cost records are not applicable to the Company.
x) The accumulated losses of the company as on 31st March 2012 are less
than 50% of the net worth of the Company. The Company has not incurred
any cash losses during the financial year covered by our audit and in
the immediately preceding financial year.
xi) The company has not taken any loans from Banks, Financial
Institution or by way of debentures and therefore the question of
repayment and the defaults on repayment does not arise.
xii) In our opinion and according to the information and explanation
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and
othersecurities.
xiii) Clause (xiii) of the order is not applicable to the company as
the company is not a Chit Fund Company or Nidhi / Mutual benefit
Fund/Society.
xiv) The Company is not dealing in trading in shares, securities,
debentures and other investments. According, the provisions of
clause4(xiv) of the order are not applicable to the company.
xv) The Company has not given guarantee for loans taken by others from
bank or financial institutions.
xvi) The company has not taken any term loan during the year under
audit.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment and funds raised on long term raised on long-term basis have
not been used for short-term investment.
xviii) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does
notarise.
xx) During the period covered by our audit report, the Company has not
raised any money by way of publicissue.
xxi) According to the explanation and information given to us, based
upon the audit procedures performed and representation made by the
management, we report that no fraud on or by the Company has been
noticed or reported during the course of our Audit.
For CHOPRA & COMPANY
Chartered Accountants
Firm Registration No. 308035E
M. K. DUGAR
Partner
(Memb. No. 053684)
Dated 30th Day of May 2012
Place: Kolkata
Mar 31, 2010
1. We have audited the attached Balance Sheet of Bio WhiteGold
Industries Limited, Chennai as at 31st March2010, annexed Profit
and loss account and cash flow of the company for the year ended on
that date being submitted by the company in pursuant to the requirement
of clause 41 of the Listing Agreement, except for the disclosures
regarding Public Shareholding and Promoter and Promoter Group
shareholding which have been traced from disclosures made by the
management and have not been audited by us. These financial results
have been prepared on the basis of financial statements which are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial results based on our audit of
such financial statements, which have been prepared in accordance with
the recognition and measurement principles laid down in Accounting
Standard (AS) 25, Interim Financial Reporting, issued pursuant to the
Companies (Accounting Standards) Rules 2006 as per section 21i(3C) of the
Companies Act 1956 and other accounting principles generally accepted
in India.
2. We conducted our audit in accordance with the standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about, whether the financial
results are free of material misstatement(s). An audit includes
examining on a test basis, evidence supporting the amounts and
disclosed as financial results. An audit also includes assessing the
accounting principles used and significant estimates made by the
management. We believe that our audit provides a reasonable basis for
our opinion.
3. In our opinion and to the best of our Information and according to
the explanations given to us these results are presented in accordance
with the requirements of Clause 41 of the Listing Agreement in this
regard and give a true and fair view of the net profit and other
financial information for the period from 01.04.2009 to 31.03.2010.
Further, we also report that we have on the basis of books of account
and other records and information and explanations given to us by the
management, also verified the number of shares as well as percentage of
shareholdings in respect of aggregate amount of public shareholdings,
as furnished by the company in terms of clause 35 of the Listing
Agreement and found the same to be correct.
Annexure referred to in paragraph no. (1) of our audit report of even
date.
1. Fixed Assets ; The company did not have any fixed assets during the
year under review.
2. Inventories ; The company did not carry any stocks / inventory
during the year under report and therefore the question of physical
verification and maintenance of records for the same does not arise,
3. Loans,; The company has not taken/granted any loan secured or
unsecured from/ to companies, firms or other person covered in the
register maintained under section 301 of the Act.
4. Internal Control : In our opinion and according to the information
and explanations given to us by the Management the company has adequate
Internal control procedure commensurate with the size of the company
and the nature of its business for the sale of. assets and agricultural
products and there is no failure to correct the major weakness in the
internal control,
5. Contracts and arrangements : There are no transactions for
purchases of goods and materials and sale of goods, materials and
services rendered, that needed to be entered in the register in
pursuance of section 301 of the Companies Act 1956.
6. Public deposits The company has not accepted any deposit within the
meaning of section 58A of the companies Act 1956 and the rules framed
there under during the year under report.
7. Internal Audit System : In our opinion the company has an adequate
internal audit system commensurate with its size and the nature of its
business.
8. Cost Records : The Central government has not prescribed
maintenance of Cost records to this type of company.
9- Statutory dues ; As explained by the management, the PF & ESI Acts
are not applicable to the company and also the company does not have
any arrear in respect of statutory dues.
10. Accumulated losses : The accumulated loses at the end of the
financial year are less than 50% of the net worth, The company has not
incurred any cash losses for the year under report and also in the
immediately preceding accounting period.
11. Liability To Banks & Financial Institution ! The company has not
taken any loan from Banks, Financial institution or by way of
debentures and therefore the question of repayment and the defaults on
repayment does not arise.
12. Loans on pledging of shares : On the basis of examination of the
records and according to the information and explanations given to us,
the company has not granted any loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. Applicability of provisions special statute of chit fund etc: As
per the information and explanation given to us the provision of the
any special statue applicable to chit fund do not apply to this
company.
14. Shares & Securities : As explained by the management, the Company
does not deal in shares, securities, debentures, and other investments
and therefore the question of maintenance of proper records the same
does not arise.
15. Guarantees Given : The Company has not given any guarantee for
loans taken by others.
16. Long Term Loans : The Company has not taken any term loan during
the year under report.
17. Funds Utilization : The Company has not used funds raised on
short-term basis used for long- term investment and vice versa.
18. Preferential Allotment of shares : The Company has not allotted
any preferential shares during the year under report.
19. Debentures : The Company has not issued any debentures during the
year under report.
20. Public issue : The Company has not raised any money from public
during the year under report.
21. Frauds : As "explained by the management and on the basis of
verification of records, no instances of fraud has been noticed or
reported during the year.
Place: Chennai. L.NARAYANAN
Date: 24th May 2010 CHARTS-RED ACCOUNTANT
Mar 31, 2003
We have audited the attached Balance Sheet of BIO WHITEGOLD FARMS
LIMITED, Salem as at 31st March 2003 and the annexed Profit and Loss
Account and 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.
We report as follows:
1. As required by the Manufacturing and Other companies (Auditors
Report) Order 1988, issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the annexure to paragraph (1) above.
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion the Company has kept proper books of accounts as
required by law so far, as appears from their examination of those
books.
c) The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with this report is in agreement with the books of
accounts of the Company.
d) 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.
e) On the basis of written representations received fro directors, as
at 31stMarch 2003 and taken on record by the Board of Directors, we
report that none of the Directors of the Company are disqualified as on
31st March 2003 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us the said accounts together with the notes
made thereon including account ting policies give information required
by the Companies Act, 1956, in the manner so required and give a true
and fair view.
I) in the case of Balance sheet, of the state of affairs of the Company
as at 31st March 2003 and
II) In the case of Profit and Loss account, LOSS of the Company for the
year ending on that date.
Annexure referred to in Paragraph No.(l) of our Report of even date.
1. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets. All these
assets have been physically verified by the management at reasonable
intervals and no material discrepancies have been noticed on such
verification
2. None of the fixed assets have been revalued during the year.
3. The Management has carried out physical verification in respect of
stocks during the year and in our opinion the frequency of such
verification is reasonable.
4. In our opinion and according to the information and explanations
given to us we are of the opinion that the procedures of verification
of stocks followed by the management are reasonable and adequate having
regard the size of the company and the nature of its business.
5. The discrepancies noticed on verification between the book stocks
and physical stocks which were not material have been properly dealt
with in the books of accounts of the Company.
6. On the basis of examination of the records and according to
information and explanations given to us, we are of the opinion that
the valuation of stock is fair and proper in accordance with the
normally accepted accounting principles and the basis of valuation is
same as in the proceeding year.
7. The Company has not taken any loans secured or unsecured from
Companies, Firms or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956, and from the Companies
under the same management as defined under Sub-section (1B) of Section
370 of the Companies Act, 156, which is prima facie prejudicial to the
interests of the Company.
8. The Company has not granted any loans secured or unsecured from
Companies, Firms or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956, and from the Companies
under the same management as defined under Sub-section (IB) of Section
370 of the Companies Act, 1956, which is prima facie prejudicial to the
interests of the Company.
9. The Company has not given any Loans or Advances in the nature of
Loans to persons other than employees, which have been repaid as
stipulated.
10. 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.
11. There are no transactions of purchase and sale of goods and
materials and services make in pursuance of the contracts or
arrangements entered in the register maintained under the section 301
of the Companies Act, 1956, and aggregating during the year to
Rs.50,000/- or more in respect of each.
12. As explained to us by the Management unserviceable and damaged
goods have been determined by the Management at reasonable intervals
and adequate provision have been in the accounts arising therefrom.
13. The Company has not accepted deposits from public within the
meaning of section 58 A of the Companies Act, 1956, and the rules
framed thereunder.
14. The Companys operation does not generate any by products and
therefore the question of maintaining reasonable records for the sales
and disposal of by products and scraps does not arise.
15. The company has got an adequate internal audit system commensurate
with its size and nature of its business.
16. As explained to us by the management, the system of maintenance of
cost records is not applicable to this company.
17. As explained to us by the Management, EPF and ESI Acts are not
applicable to this Company.
18. There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at 31st March
2003 which were outstanding for a period of more than six months from
the date it becomes payable.
19. As explained to us by the Management and on the basis of our test
checks no personal expenses of Directors or Employees have been charged
to Revenue Account other than those payable under Contractual
Obligations.
20. The Company is not a Sick Industrial Company within the meaning of
clause (O) of Subsection (I) of Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
For Narayanan & Ramesh,
Chartered Accountants,
Sd/-
(L.NARAYANAN) Partner
Place : Salem.
Date : 6th June 2003