Mar 31, 2015
We have audited the accompanying financial statements of Samrat
Pharmachem Limited ("the Company"), which comprise of the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss, and Cash
Flow Statement of the Company for the year ended on that date, 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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.
Opinion
In our opinion, and to the best of our information, and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2015;
(ii) in case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date.
(iii) in case of cash flow statement, of cash flow of the Company for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by Section143 (3) of the Act, we report that:
(a) we have sought and obtained al l the information and explanation,
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) the Balance Sheet and Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) ln our opinion, the aforesaid financial statements comply with the
Accounti ng 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 31st March 2015 taken on record by the board of directors, none
of the directors is disqualified as on 31st March 2015 from being
appointed as a director in terms of 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 Standalone Financial Statements - Refer Note
25 (20) to the Financial Statements
ii. The Company has made provisions, as required under the applicable
law or accounting standard, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE REFERRED TO IN REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF OUR REPORT OF EVEN DATE
IN CASE OF Samrat Pharmachem Limited
(i) (a) The Company is maintaining proper records showing full
particulars of, including quantitative details and situation, of fixed
assets.
(b) The management at reasonable intervals has verified the fixed
assets. We have been informed that, no material discrepancies on such
verification have been noticed.
(ii) (a) As per the records maintained, the management has conducted
verification of inventory at reasonable intervals.
(b) In our view, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our view, the Company has maintained proper records of
inventory. The discrepancies noticed on physical verification of stocks
as compared to the book records have been properly dealt with in the
books of account on a periodical intervals.
(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 189 of the Act.
(b) Since no loans are granted, the sub-clause dealing with receipt of
the principal amount and interest on regular basis is not applicable.
(c) Since no loans are granted, the sub-clause dealing with overdue
amount more than rupees one lakh is not applicable.
(iv) In our view, there is an adequate internal control system
commensurate with the size of the Company and nature of its business,
for the purchase of inventory and fixed assets, and for sale of goods
and services. In our view, there has been no continuing failure to
correct major weakness in internal control systems of the Company.
(v) The Company has not accepted any deposits from public within the
meaning of the provisions of section 73 or any other provisions of the
Companies Act, 2013 and the rules made there under. We have been
informed by the management that there has been no order passed by the
Company law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal on the Company with respect to
compliance of the provisions of section 73 or any other provisions of
the Companies Act 2013.
(vi) We have been informed by the management that, the Central
Government has not prescribed the method of maintenance of cost records
u/s. 148 (1) of the Companies Act, 2013 to the industry to which the
Company pertains.
(vii) (a) We have been informed by the management that, the Company is
generally regular in depositing all undisputed statutory dues with the
appropriate authorities and there have been no material arrears of
outstanding dues as at the last day of this financial year for more
than six months from the date they became payable .
(b) In our opinion and according to the information and explanation
given to us, there are no undisputed dues of Income tax, Sales tax,
Wealth Tax, and Service tax, Custom Duty, Excise Duty or Cess, or value
added tax as applicable to it which have not been deposited on account
of any dispute except mentioned hereunder:
Assessment Year Type of Demand Amount in Dispute Forum where
(INR) Dispute is
pending
2011-12 Income-tax 3,580,450.00 Commissioner
of Income-
tax (Appeal)
(c) In our opinion, the company is not required to transfer any amount
to investor education and protection fund in accordance with the
relevant provision of the Companies Act, 1956 (1 of 1956) and rules
made thereunder.
(viii) There are no accumulated losses at the end of the financial
year. The Company has not reported any cash losses during the year or
immediately preceding financial year.
(ix) As informed to us by the management, the Company has not defaulted
in repayment of any dues to financial institution or banks; whereas
there are no debenture holders
(x) The management has informed us that, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
(xi) As per the explanation given by the management, the term loans
were applied for the purposes for which they were obtained.
(xii) As informed by the management, there has not been noticed or
reported any fraud on or by the Company during the year.
For SHAH, SHAH & SHAH
CHARTERED ACCOUNTANTS
(Mehul Shah)
PARTNER
Mumbai: 30 May 2015
M. No.049361
FRN: 116457W
Mar 31, 2014
We have audited the accompanying financial statements of SAMRAT
PHARMACHEM LIMITED as at 31st March 2014, which comprise of the
Balance Sheet as at March 31,2014, and the Statement of Profit and
Loss, and Cash Flow Statement of the Company for the year ended on
that date annexed thereto, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position
and financial performance in accordance with the Accounting Standards
referred to in 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.
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
entity''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:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
(ii) in case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date.
(iii) in case of cash flow statement, of cash flow of the Company for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
As required by section 227(3) of the Act, we report that:
(a) 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;
(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;
(e) on the basis of written representations received from the
Directors, as on the date of balance sheet, and taken on record by the
board of directors, we report that none of the directors is
disqualified as on the said date from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act 1956;
(f) since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956, nor has it issued any Rules under the said
section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company;
For Shah,Shah & Shah
Chartered Accountants
Mehul Shah
Partner
Mumbai : 30th May 2014
M. No.049361
FRN: 116457W
Mar 31, 2013
We have audited the accompanying financial statements of SAMRAT
PHARMACHEM LIMITED as at 31st March 2013, which comprise of the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss, and
Cash Flow Statement of the Company for the year ended on that date
annexed thereto, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance in accordance with the Accounting Standards
referred to in 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements, and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, and to the best of our information, and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2013;
(ii) in case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date.
(iii) in case of cash flow statement, of cash flow of the Company for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors'' Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
As required by section 227(3) of the Act, we report that:
(a) 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;
(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;
(e) on the basis of written representations received from the
Directors, as on the date of balance sheet, and taken on record by the
board of directors, we report that none of the directors is
disqualified as on the said date from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act 1956;
(f) since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956, nor has it issued any Rules under the said
section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company;
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE IN CASE
OF SAMRAT PHARMACHEM LIMITED
(i) (a) The Company is maintaining proper records showing full
particulars of, including quantitative details and situation, of fixed
assets.
(b) The management at reasonable intervals has verified the fixed
assets. We have been informed that, no material discrepancies on such
verification have been noticed.
(c) The Company has not disposed substantial portion of its fixed
assets during the year; accordingly the going concern status of the
Company is not affected.
(ii) (a) As per the records maintained, the management has conducted
verification of inv entry at reasonable intervals.
(b) In our view, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our view, the Company has maintained proper records of
inventory. The discrepancies noticed on physical verification of stocks
as compared to the book records have been properly dealt with in the
books of account on a periodical intervals.
(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.
(b) Since no loans are granted, the sub-clause dealing with rate of
interest and other terms and conditions of loans given by the company
are not applicable.
(c) Since no loans are granted, the sub-clause dealing with receipt of
the principal amount and interest on regular basis is not applicable.
(d) Since no loans are granted, the sub-clause dealing with overdue
amount more than rupees one lakh is not applicable.
(e) The Company has not taken unsecured loans from Parties covered in
the register maintained under section 301 of the Companies Act 1956.
(f) Since no loans are taken, the sub-clause dealing with rate of
interest and other terms and conditions of loans given by the company
are not applicable.
(g) Since no loans are taken, the sub-clause dealing with payment of
the principal amount and interest on a regular basis is not applicable.
(iv) In our view, there is an adequate internal control system
commensurate with the size of the Company and nature of its business,
for the purchase of inventory and fixed assets, and for sale of goods
and services. In our view, there has been no continuing failure to
correct major weakness in internal control systems of the Company.
(v) (a) According to the information and explanation given to us and on
the basis of representation received from the Management, particulars
of contracts or arrangements referred to in Section 301 of the Act have
been entered in the register required to be maintained under that
Section.
(b) According to the information and explanation given to us and on the
basis of representation received from the Management, each of these
transactions made in pursuance of such contracts or arrangements have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from public within the
meaning of the provisions of section 58A and section 58AA or any
relevant provisions of the Companies Act, 1956 and the rules made there
under. We have been informed by the management that there has been no
order passed by the Company law Board or National Company Law Tribunal
or Reserve Bank of India or any Court or any other Tribunal on the
Company with respect to compliance of the provisions of section 58A or
58AA or any other provisions of the Companies Act 1956.
(vii) On the basis of internal audit reports broadly reviewed by us, we
are of the opinion that, the coverage of internal audit functions
carried out by an Internal Audit Department of the Company is adequate
and commensurate with the size of the Company and nature of its
business.
(viii) We are informed by the management that, the Central Government
has prescribed the method of maintenance of cost records u/s. 209 (1)
(d) of the Companies Act, 1956 to the industry to which the Company
pertains; and the Company has maintained the necessary accounts and
records; and the same have been subjected to cost audit for the year
ended March 31, 2012.
(ix) (a) We have been informed by the management that, the Company is
generally regular in depositing all undisputed statutory dues, with the
appropriate authorities and there have been no material arrears of
outstanding dues as at the last day of this financial year for more
than six months from the date they became payable except the State
profession tax of Company and Advance Income Tax that have not been
paid by the Company.
(b) In our opinion and according to the information and explanation
given to us, there are no dues of Income tax, Sales tax, Wealth Tax,
Service tax, Custom Duty, Excise Duty or Cess, as applicable to it
which have not been deposited on account of any dispute.
(x) There are no accumulated losses at the end of the financial year.
Also, the Company has not reported any cash losses during the year or
immediately preceding financial year.
(xi) As informed to us by the management, the Company has not defaulted
in repayment of any dues to financial institution or banks; whereas
there are no debenture holders.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities;
accordingly, there is no necessity as to maintaining documents and
records in this respect.
(xiii) The provisions of any special statute in respect of chit fund,
nidhi, mutual benefit funds or societies are not applicable to the
Company.
(xiv) The Company has not dealt or traded in shares, securities,
debentures and other investments; hence maintenance of records for the
same does not arise.
(xv) The management has informed us that, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
(xvi) As per the explanation given by the management, the term loans
were applied for the purposes for which they were obtained.
(xvii) As explained to us by the management, there were no funds that
were raised on a short-term basis, which have been applied for
long-term investment. The management has explained that expansion on
account of capital assets is being done from internal accruals, and the
short term funds are primarily used to cater to the needs of working
capital.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act 1956.
(xix) The Company has not issued any debentures; hence no security or
charges have been created in respect of the same.
(xx) The Company has not made any public issues of shares during the
year; hence disclosure requirement as to end utilization of public
issue money is not required.
(xxi) As informed by the management, there has not been noticed or
reported any fraud on or by the Company during the year.
For Shah, Shah & Shah
Chartered Accountants
Mehul Shah
Partner
Mumbai : 30th May 2013
M. No. 049361
FRN: 116457W
Mar 31, 2010
1. We have audited the attached balance sheet of SAMRAT PHARMACHEM
LIMITED as at 31st March 2010, the profit and loss account and also the
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the balance sheet, profit and loss account and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
and 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 the balance sheet, of the state of affairs of the
company as at 31st March 2010;
(b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
(c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE Re: SAMRAT PHARMACHEM LIMITED 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) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year, the company has not disposed off a major part of
the plant and machinery.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) According to information and explanations given to us, no loans
have been taken from or granted to companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. Therefore the provisions of clauses 4(iii)(a) to 4(iii)(d)
of the Companies (Auditors Report) Order, 2003 are 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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) According to the information and explanations given to us, no
transaction has been made in pursuance of any contract or arrangement
required to be entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year.
(vi) According to the information and explanations given to us, the
company has not accepted any deposit 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 books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 and we of the opinion that prima faciethe prescribed accounts
and records have been made and maintained.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess and
other material statutory dues applicable to it, though there has been a
slight delay in a few cases.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, and cess were in arrears, as at 31st
March, 2010 for a period of more than six months from the date they
become payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) According to information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) In our opinion the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provision of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanations given to us, the
company has not raised any term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) According to the information and explanations given to us, the
company has not raised any monoy by public issue during the financial
year covered by our audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Nalin S. Parekh & Co.
Chartered Accountants
Nalin S. Parekh
Place: Mumbai Proprietor
Date :31st May 2010 Membership No. 13821