Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of ROLCON
ENGINEERING CO. LTD., ( the "Company" ), which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principal
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(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, 2015 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section 11 of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 & 4 of the Order, to
the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 27 j) to
the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR''S 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) We have been informed that, a portion of the Fixed Assets have been
physically verified by the management during the year in accordance
with a programme of verification in a phased manner and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) (a) As explained to us, inventories were physically verified by
the management during the year.
(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) According to information and explanation given to us, the
discrepancies noticed on verification between the physical stock and
book were not material.
(iii) (a) According to the information & explanations given to us, the
Company has not granted any secured or unsecured loan to any party
listed in the register maintained under section 189 of the Companies
Act, 2013.
(b) In view of clause (iii) (a) above, this clause regarding receipt of
principal amount and interest thereon is not applicable.
(c) In view of (iii) (a) above, this clause regarding overdue amounts
of such loans and interest thereon is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate Internal Control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) In our opinion and according to the information and explanations
given to us, the Company has not invited deposits from the public
during the year. Therefore, provisions of the clause 3(v) of the Order
are not applicable to the Company.
(vi) We have broadly reviewed the books of account and records
maintained by the Company pursuant to the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government for the
maintenance of cost records under Section 148(1) of the Companies Act,
2013 and are of the opinion that prima facie the prescribed accounts
and records have been made and maintained. We have, however, not made a
detailed examination of the records with a view to determining whether
they are accurate or complete.
(vii) (a) According to the information and explanations given to us, in
respect of statutory dues, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
Investor Education & Protection Fund, Employees'' State Insurance,
Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, VAT,
Service Tax, Cess and other material statutory dues applicable to it
with appropriate authorities.
According to the information and explanations given to us, in respect
of statutory dues, there were no undisputed amount payable in respect
of Provident Fund, Investor Education & Protection Fund, Employees''
State Insurance, Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise
Duty, VAT, Service Tax, Cess and other material statutory dues in
arrears as at March 31, 2015 for a period of more than six months from
the date they became payable.
(b) According to the books of accounts and records as produced and
examined by us in accordance with the generally accepted auditing
practices in India, there are no dues of Income Tax, CST, Sales Tax,
Wealth Tax, Custom Duty, VAT and Cess which have not been deposited on
account of any dispute.
(c) The Company is not required to transfer any amount to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and Rules made there
under.
(viii) According to the records of the Company, it has no accumulated
losses. The Company has not incurred cash losses during the financial
year under review or during the immediately preceding financial year.
(ix) According to our audit procedure and on the basis of information
and explanations given by the management, the Company has not defaulted
in repayment of dues to any Financial Institution, Bank and Debenture
Holders.
(x) 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. Therefore, the question of
terms and conditions whereof are prejudicial to the interest of the
Company does not arise.
(xi) In our opinion and according to the information & explanations
given to us, the term loans obtained during the year under review have
been applied for the purpose for which they were obtained.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
information and explanations given by the management, no material
frauds on or by the Company were noticed or reported during the year
under review.
For THACKER BUTALA DESAI
Chartered Accountants
M. T. DESAI
Partner
Membership No. : 030911
Firm Regn. No: 110864W
Place : Navsari
Date : 12th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of ROLCON
ENGINEERING COMPANY LIMITED, which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, 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 subsection(3C) of section 211 of the Companies Act, 1956 read
with General Circular 15/2013 dated 13 September 2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act,
2013;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITOR''S 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) Fixed Assets have been physically verified by the management at
reasonable intervals, no material discrepancies were noticed on such
verification
(c) No substantial part of Fixed Assets has been disposed off during
the year;
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) According to i nformati on and explan ation gi ven t o us, t he
discrepancies noticed on verification between the physical stock and
book were not material.
(iii) (a) The Company has not granted any Loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act,1956. Accordingly, the
provisions of clause 4 (iii) (b) to (d) of the Order are not
applicable.
(e) 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 Companies Act, 1956. Accordingly, the
provision of clauses 4 (iii) (f) and 4(iii) (g) of
the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of stores, raw materials, including components, plant and
machinery, equipment and other assets and with regard to the sales of
goods & services. We have not noticed any continuing failure to correct
major weakness in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the Company has entered the particulars of
contracts or arrangements that need to be entered in to a register in
pursuance of section 301 of the Act.
(b) According to the information and explanations given to us, each of
these transactions made in pursuance of such contracts or arrangements
have been made at price which are reasonable having regard to the
prevailing market price at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(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 cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) (a) According to the records of the Company, the Company is
regular in-depositing undisputed statutory dues including Provident
Funds, Investor Education and Protection Fund, Income Tax, Central
Sales/Vat Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess
and any other statutory dues with the appropriate authorities. We are
informed that the Employees State Insurance Scheme is not applicable to
the Company. No undisputed amount payable in respect thereof were
outstanding at year end for a period of more than 6 months from the
date they become payable.
(b) According to the books of accounts and records as produced and
examined by us in accordance with the generally accepted auditing
practices in India, there are no dues of Income Tax, CST, VAT, Wealth
Tax, Custom Duty and Cess which have not been deposited on account
of any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and
immediately preceding financial year.
(xi) According to our audit procedure and on the basis of information
and explanations given by the management, the Company has not
defaulted in repayment of dues to any Financial Institution or Bank.
The Company has not issued any Debenture.
(xii) The Company has not granted any loans against security by way
of pledge of shares, debentures and other securities, so the
question of deficiency does not arise.
(xiii) As the Company is a manufacturing company, the provisions of any
special statute applicable to chit fund are not applicable.
Accordingly, the provision of sub- clause 4C (xiii) of the Order is not
applicable.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provision of clause
4 (xiv) of the Order is not applicable
(xv) The Company has not given any guarantee for loans taken by others
from banks or Financial Institutions. Therefore, the question of
terms and conditions whereof are prejudicial to the interest of the
Company does not arise.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans obtained during the year under review have
been applied for the purpose for which they were obtained.
(xvii) 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 investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year under review.
(xix) The Company has not issued any debentures during the year.
Therefore, the question of creation of securities or charges in respect
thereof does not arise.
(xx) The Company has not made any public issue during the year.
Therefore, the question of disclosure and verification of end use of
money so raised does not arise.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
information and explanations given by the management, no material
frauds on or by the Company were noticed or reported during the year
under review.
For, THACKER BUTALA DESAI.
Chartered Accountants
Firm Regi. No. 110864W
M.T.Desai
Partner
Membership No. 030911
Place: Navsari
Date :5TH MAY-2014
Mar 31, 2012
1. We have audited the attached Balance Sheet of ROLCON ENGINEERING
COMPANY LIMITED as at 31st March, 2012 and also the Statement of Profit
& Loss as well as Cash Flow Statement of the Company for the year ended
on that date annexed thereto. These Financial Statements are the
responsibility of Company's management. Our responsibility is to
express an opinion on these financial statements' based on our audit.
2. We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Financial Statements. An audit also includes
assessing the accounting principles, used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the amended Companies (Auditors' Report) Order, 2003
issued by the Central Government of India in terms of subsection (4A)
of Section 227 of the Companies Act, 1956, we annex here to a statement
on the matters specified in paragraphs 4 & 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 3
above, we report that:
(1) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(2) 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.
(3) The Balance Sheet and Statement of Profit & Loss dealt with by this
report are in agreement with the books of ac- count.
(4) In our opinion, the Balance Sheet and Statement of Profit & Loss
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C.) of the Section 211 of the Companies Act, 1956.
(5) 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 is disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause (g) of sub-
section (1) to Section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our in- formation and according
to the explanations given to us, the said accounts read with the
other notes thereon give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in
India:
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) In the case of Statement of Profit & Loss, of the profit of the
Company 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 paragraph 3 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) Fixed Assets have been physically verified by the management at
reasonable intervals, no material discrepancies were noticed on such
verification
(c) No substantial part of Fixed Assets has been disposed off during
the year;
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) According to information and explanation given to us, the
discrepancies noticed on verification between the physical stock and
book were hot material.
(iii) (a) The Company has not granted any Loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4 (iii) (b) to (d) of the Order are not
applicable.
(e) 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 Companies Act, 1956. Accordingly, the
provision of clauses 4 (iii) (f) and 4 (iii) (g) of the Order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there* is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of stores, raw materials, including components, plant and
machinery, equipment and other assets and with regard to the sales of
goods & services. We have not noticed any continuing failure to correct
major weakness in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the Company has entered the particulars of
contracts or arrangements that need to be entered in to a register in
pursuance of Section 301 of the Act.
(b) According to the information and explanations given to us, each of
these transactions made in pursuance of such contracts or arrangements
have been made at price which are reasonable having regard to the
prevailing market price at the relevant time.
(vi) The Company has not, accepted any deposits from the public.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) According to" the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209(1) (d) of the Companies Act, 1956, for any of the products
of the Company.
(ix) (a) According to the records of the Company, the Company is
regular in-depositing undisputed statutory dues including Provident
Funds, Investor Education and Protection Fund, Income Tax, Central
Sales/ Vat Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess
and any other statutory dues with the appropriate authorities. We are
informed that the Employees State Insurance Scheme is not applicable to
the Company. No undisputed amount payable in respect thereof were
outstanding at year end for a period of more than 6 months from the
date they become payable.
(b) According to the books of accounts and records as produced and
examined by us in accordance with the generally accepted auditing
practices in India, there are no dues of Income Tax, CST, VAT, Wealth
Tax, Custom Duty and Cess which have not been deposited on account of
any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) According to our audit procedure and on the basis of information
and explanations given by the management, the Company has not defaulted
in repayment of dues to any Financial Institution or Bank. The Company
has not issued any Debenture.
(xii) The Company has not granted any loans against security by way of
pledge of shares, debentures and other securities, so the question of
deficiency does not arise.
(xiii) As the Company is a manufacturing company, the provisions of any
special statute applicable to chit fund are not applicable.
Accordingly, the provision of sub-clause 4C (xiii) of the Order is not
applicable. (xiv) The Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4
(xiv) of the Order is not applicable
(xv) The Company has not given any guarantee for loans taken by others
from banks or Financial Institutions. Therefore, the question of terms
and conditions whereof are prejudicial to the interest of the Company
does not arise.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans obtained during the year under review have
been applied for the purpose for which they were obtained.
(xvii) 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 investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year under review.
(xix) The Company has not issued any debentures during the year.
Therefore, the question of creation of securities or charges in respect
thereof does not arise.
(xx) The Company has not made any public issue during the year.
Therefore, the question of disclosure and verification of end use of
money so raised does not arise.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
information and explanations given by the management, no material
frauds on or by the Company were noticed or reported during the year
under review.
For, THACKER BUTALA DESAI
Chartered Accountants
M.T.Desai
Partner
Membership No. 030911
Firm Regi No. 110864W
Place: Navsari
Date : 17th May-2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of ROLCON ENGINEERING
COMPANY LIMITED as at 31st March, 2011 and also the Profit & Loss
Account as well as Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These Financial Statements are the
responsibility of Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Financial Statements. An audit also includes
assessing the accounting principles, used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the amended Companies (Auditors Report) Order, 2003
issued by the Central Government of India in terms of subsection (4A)
of section 227 of the Companies Act, 1956, we annex here to a statement
on the matters specified in paragraphs 4 & 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 3
above, we report that:
(1) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
(4) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of the Section 211 of the Companies Act, 1956.
(5) On the basis of written representation 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) to section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the other
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March- 2011;
(b) In the case of Profit & Loss Account, of the profit of the Company
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 paragraph 3 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) Fixed Assets have been physically verified by the management at
reasonable intervals, no material discrepancies were noticed on such
verification
(c) No substantial part of Fixed Assets has been disposed off during
the year;
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) According to information and explanation given to us, the
discrepancies noticed on verification between the physical stock and
book were not material.
(iii) (a) The Company has not granted any Loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4 (iii) (b) to (d) of the Order are not
applicable.
(b) 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 Companies Act, 1956. Accordingly, the
provision of clauses 4 (iii) (f) and 4(iii) (g) of the Order are not
applicable.
(iv) In our opinion and according to the information and explanations
given to
us, there is an adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to
purchase of stores, raw materials, including components, plant and
machinery, equipment and other assets and with regard to the sales of
goods & services. We have not noticed any continuing failure to correct
major weakness in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the Company has entered the particulars of
contracts or arrangements that need to be entered in to a register in
pursuance of section 301 of the Act.
(b) According to the information and explanations given to us, each of
these transactions made in pursuance of such contracts or arrangements
have been made at price which are reasonable having regard to the
prevailing market price at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209(1) (d) of the Companies Act, 1956, for any of the products
of the Company.
(ix) (a) According to the records of the Company, the Company is
regular in-depositing undisputed statutory dues including Provident
Funds, Investor Education and Protection Fund, Income Tax, Central
Sales/ Vat Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess
and any other statutory dues with the appropriate authorities. We are
informed that the Employees State
Insurance Scheme is not applicable to the Company. No undisputed amount
payable in respect thereof were outstanding at year end for a period of
more than 6 months from the date they become payable.
(b) According to the books of accounts and records as produced and
examined by us in accordance with the generally accepted auditing
practices in India, there are no dues of Income Tax, CST, VAT, Wealth
Tax, Custom Duty and Cess which have not been deposited on account of
any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) According to our audit procedure and on the basis of information
and explanations given by the management, the Company has not defaulted
in repayment of dues to any Financial Institution or Bank. The Company
has not issued any Debenture.
(xii) The Company has not granted any loans against security by way of
pledge of shares, debentures and other securities, so the question of
deficiency does not arise.
(xiii) As the Company is a manufacturing company, the provisions of any
special statute applicable to chit fund are not applicable.
Accordingly, the provision of sub-clause 4C(xiii) of the Order are not
applicable.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provision of clause
4 (xiv) of the Order are not applicable
(xv) The Company has not given any guarantee for loans taken by others
from banks or Financial Institutions. Therefore, the question of terms
and conditions whereof are prejudicial to the interest of the Company
does not arise.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans obtained during the year under review have
been applied for the purpose for which they were obtained.
(xvii) 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 investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year under review.
(xix) The Company has not issued any debentures during the year.
Therefore, the question of creation of securities or charges in respect
thereof does not arise.
(xx) The Company has not made any public issue during the year.
Therefore, the question of disclosure and verification of end use of
money so raised does not arise.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company has been noticed or reported during the year under review.
For THACKER BUTALA DESAI
Chartered Accountants
M.T.Desai
Partner
MEMBERSHIP NO.-030911
FIRM REGI. NO. 110864W
Place: NAVSARI
Date : 4th May-2011
Mar 31, 2010
1. We have audited the attached Balance She et of ROLCON ENGINEERING
COMPANY LIMITED as at 31st March, 2010 and also the Profit & Loss
Account as well as Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These Financial Statements are the
responsibility of Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a te st basis, evidence supporting the amounts
and disclosures in the Financial Statements. An audit also include s
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 provide s a
reasonable basis for our opinion.
3. As required by the amended Companies (Auditors Report) Order, 2003
issued by the Central Government of India in terms of subsection (4A)
of section 227 of the Companies Act, 1956, we annex here to a statement
on the matters specified in paragraphs 4 & 5 of the said Order.
Further to our comments in the annexure referred to in paragraph 3 above,
we report that:
(1) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
(4) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of the Section 211 of the Companies Act, 1956.
(5) On the basis of written representation 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) to section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the other
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March- 2010;
(b) In the case of Profit & Loss Account, of the profit of the Company
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 paragraph 3 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) Fixed Assets have been physically verified by the management at
reasonable intervals, no material discrepancies were noticed on such
verification
(c) No substantial part of Fixed Assets has been disposed off during
the year;
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) According to information and explanation given to us, the discre
pancies noticed on verification between the physical stock and book
were not material.
(iii) (a) The Company has not granted any Loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act,1956. Accordingly, the
provisions of clause 4 (iii)(b) to (d) of the Order are not applicable.
(b) 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 Companies Act,1956. Accordingly, the provision
of clauses 4 (iii) (f) and 4(iii) (g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of stores, raw materials, including components, plant and
machinery, equipment and other assets and with regard to the sales of
goods & services. We have not noticed any continuing failure to correct
major weakness in internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the Company has entered the particulars of
contracts or arrangements that need to be entere d in to a register in
pursuance of section 301 of the Act. (b) According to the information
and explanations given to us, each of the se transactions made in
pursuance of such contracts or arrangements have been made at price
which are reasonable having regard to the prevailing market price at
the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us,
the Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956, for
any of the products of the Company.
(ix) (a) According to the records of the Company, the Company is
regular in-depositing undisputed statutory dues including Provident
Funds, Investor Education and Protection Fund, Income Tax, Central
Sales/ Vat Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues with the appropriate authorities.
We are informed that the Employees State Insurance Scheme is not
applicable to the Company. No undisputed amount payable in respect
thereof were outstanding at year end for a period o more than 6 months
from the date they become payable.
(b) According to the books of accounts and records as produced and
examined by us in
accordance with the generally accepte d auditing practices in India,
there are no dues of Income Tax, CST, VAT, Wealth Tax, Custom Duty and
Ce ss which have not been de posited on account of any dispute.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) According to our audit procedure and on the basis of information
and explanations given by the management, the Company has not defaulted
in repayment of dues to any Financial Institution or Bank. The Company
has not issued any Debenture.
(xii) The Company has not granted any loans against security by way of
pledge of shares, debentures and other securities, so the question of
deficiency does not arise.
(xiii) As the Company is a manufacturing company, the provisions of any
special statute applicable to chit fund are not applicable.
Accordingly, the provision of sub-clause 4C(xiii) of the Order are not
applicable.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provision of clause
4 (xiv) of the Order are not applicable
(xv) The Company has not given any guarantee for loans taken by others
from banks or Financial Institutions. Therefore, the question of terms
and conditions whereof are prejudicial to the interest of the Company
does not arise.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans obtained during the year under review have
been applied for the purpose for which they were obtained.
(xvii) 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 investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the re gister maintained under
Section 301 of the Companies Act,1956 during the year under review.
(xix) The Company has not issued any de bentures during the year.
Therefore, the question of creation of securities or charges in respect
thereof does not arise.
(xx) The Company has not made any public issue during the year.
Therefore, the question of disclosure and verification of end use of
money so raised does not arise.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company has been noticed or reporte d during the year under review.
For THACKER BUTALA DESAI
Chartered Accountants
M.T.Desai
Partner
MEMBERSHIP NO.-30911
FIRM REGI. NO. 110864W
Place: NAVSARI
Date: 30th April-2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article