Mar 31, 2014
We have audited the accompanying financial statements of SAND PLAst
India up. ("the Company"), which comprise the Balance Sheet as at March
31, 2 014, and the Statement of Profit and loss ants 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 213
of the Companies Act, 1956 ("the Act") read with the General circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013 and in accordance
with the accounting principles generally accepted in India. 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
materia! misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility Is to express an opinion oti these financial
statements based on our audit. We conducted our audit ip accordance
with the Standards on Auditing issued by the institute of Chartered
Accountants of India, Those Standards require that we comply w-th
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 interna! 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
(he reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of tire financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit op in,on.
Opinion
In OUT opinion and to the best of OUT information and according to the
explanations g;vqn 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, 201 ;
b) in the case of the Profit and Loss Account, of the loss 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
Order1') 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 A and S of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained ali the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211. of the Companies Act, 1966 read with
the General Circular 15/2013 dated September 13, 2013 of the Ministry
of Corporate Affairs in respectof Section 133 of the Compai es Act,
2013; and
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, 20W, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 2V&- of the Companies Act, 1956.
f) in our opinion and to the best of our information and according to
the explanation given to us, we further report that the said accounts
subject to matters mentioned herein below, read with significant
accounting policies and other rotes 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:-
1) Attention Is invited to Note. No. 5 of the Balance sheet of the
company for the year, which state that the company has filed Modified
Draft Rehabilitation Scheme to Hon'ble BIFR dated 27th April, 2010 and
Secured Creditors i.e. PIMB and HUDCO. The Company has not provided any
interest, as a result of the same Secured liabilities and accumulated
losses of the company are understated. Approval of Modified Draft
Rehabilitation Scheme is rejected by BIFR'S Order dated 02.08.2011 and
appeal against this order is filed in the AAIFR. The Status of Appeal
is pending.
2) As Informed by the management, neither any books nor any audited
accounts of Sand Lime products (India) Ltd & 5PIL machines
Manufacturers Ltd subsidiary of SAND PLAST INDIA LTD.available hence
consolidation under A5-21 not complied by us and there Is no effect of
consolidation in balance sheet. As Informed by the management the said
investments are made by previous management of company and in this
regard no records are available with present management.
3) As informed by the management that, the WJDCO/PNB has taken physical
possesion of behror land in December 2012 has sold during F.Y 2013-14
but no communication in this regard received by the company from the
lenders in respect of sale consideration & Its treatment hence we have
not considered the same while preparing above accounts.
ANKQURE TO INDEPENDENT AUDITORS'REPORT
Annexure referred to in Paragraph 1 under the heading of "report on
other legal and regulatory requirtments" of our report of even date
(i) (a) The Company has generally maintained proper records showing
toll particulars including quantitative details and situation of fixed
assets.
(b) The Company has phased programme of physical verification of its
fixed assets at reasonable intervals, which, in our opinion, is
reasonable having regard to the site of the Company and nature of its
assets. During the year, the management has physically verified fixed
assets and no material discrepancies were noticed on such physical
verfication.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year subject to Point no. (f) (3) under (Report on
Other Legal and Regulatory Requirements) and going concern Status of
tile company is not affected.
(ii) (a) We are informed that the physical verification of inventory
has been conducted during the year by the management at reasonable
Intervals.
(b) In our opinion and according to the information and explanations
given to us. 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) The Company has maintained proper records of inventory, as
explained to us, no material discrepancies noticed on physical
verification of inventory as compared to book records.
(iii) According to the information and explanation given to us, the
company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956.
(b) According to the nformation and explanations given Eo us, the
details of secured or unsecured loan taken from individual fit
corporate covered in the register maintained under section 301 of the
Companies Act, 1956 are as under:
Name Amount (Rs. In lacs)
Rajesh Gupta (Managing Director) 381.19
(c) in our opin on the terms of these loans are, prima facie, not
prejudicial to the interest of the company;
(d) The rate of interest being prima facie precudicial to the interest
of the company does not arise.
{iv) In our opinon and according to the information and explanations
given to us, there are adequate internal control procedures com m
ensure re with the sire of the Company and the nature of its business
with regard to purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not ooserved any
continuing failure to correct major weaknesses in internal control.
(v) (a) According to the information and explanation given to us, we are
of the opinon that the transactions that reed to be entered into the
register maintained under Section 301 of the Companies Act, 1956 for the
year have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register maintained under Section 501 of
the Companies Act. 1956 in excess of Rs. 5, 00,000/- in respect of each
party during the year have been made at prices which are reasonable
having regard to prevailing market pirce at the relevant time.
(v) The Company has not accepted any deposits from the public within the
meaning or provisions of Section SEA and 58AA of the Companies Act, 1956
and rules made thereunder.
(vii) In our opinion, the Company has an internal audit system
commensurate with the site of the Company and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209{1| id) of the
Companies Act, 1956, for the products manufactured by the Company.
(ix) (a) According to the information and explanations given to us end
on the basis of records produced before us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance. Income tax. sales tax. wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) As per Pr formation and explanations furnished to us and on
verification of records produced, there are disputed statutory dues
outstanding aggregating to Rs. 22,86,776.65 as at 31st March. 2014,
which have not been deposited with the respect of Sales Tax which are
as follows:
NAME OF STATUTE DUE NATURE OF THE AMOUNT (RS.)
DUES
CST Rajasthan Sales Tax 4819.73
Rajasthan Sales Tax Sales Tax 2199174,90
Excise Duty Excise IS ability 327S2.00
lx) The Company has accumulated losses of Rs. 16, 25, 63,899-OO after
adjusting current year Loss.
(xi) in Our opinion and according to the information and explanations
given to US, the dues of the financial Institutlons/banks were
rescheduled under rehabilitation package pending in the honorable BIFR
so in this reference as per point no. (vi) (a) however there are
defaults in repayment there against.
(xi ) In our opinion and according to the information and explanationss
given to os, the Company has not grained 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, nidhi, mutual
benefit fund or a society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments, Accordingly clause 4|xiv) of the Companies
(Auditor's Report) Order 2003 is not applicable
(xv) 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 clause 4(xv) of the
Companies (Auditor's Report) Order 2003 is not applicable to the
Company.
(xvi) The company has not obtained any fresh term loan during the
financial year.
(xvii) According to the cash flow statement and other records examined
by us and the information and explanations given to us, on an overall
basis, fund raised on short term basis have, prime facie, not been used
during the year for long term investments and vice versa.
(xviii) The company has neither Issued any fresh share capital nor made
any preferential allotment during the year,
(xix) The Company has not issued debentures during the financial year
and hence, the question of creating securities in respect thereof does
not arise.
(xviii) The Company has not raised any money by public issue.
(xix) As informed by Management the company, no case of any fraud on or
by the company has been noticed or reported during the year
(xxii) As informed by the Management of the company, The Company is a
sick industrial Company, as per BIFR Reg. No. 333/2001 within the
meaning of clauses (O) of Section 3(1) of the sick Industrial Companies
(Special Provision) Act, 1985.
For D. Khanna & Associates
Chartered Accountants
(Firm's Registration Number: 012917N)
s/d
Rahul Khandelwal
Partner
Jaipur, May 25, 2014 Membership No. 415372
Mar 31, 2013
We have audited the attached Balance Sheet of, SAND PLAST INDIA LTD. as
at 31st March, 2013 and the Profit and Loss Account for the year ended
on that date annexed thereto for the period ended on that date and Cash
Flow Statement for the year ended on that date. 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 misstatements. 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.
As required by the Companies (Auditor''s Report) Order, 2003 as amend
by CARO (Amendment) 2004 issued by the Central Government of India, in
terms of sub-section (4A) of section 227 of the Companies Act, 1956; we
{ enclose in the Annexure hereto a statement on the matters specified
in paragraphs 4 and 5 of the said order.
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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books;
iii) The Balance Sheet, Profit & 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 and Profit & 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 representations received from the directors,
as on 31sl March, 2013 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2013 from being appointed as a director in terms of Clause (g) of
sub-section (i) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanation given to us, we further report that the said account
subject to matters mentioned herein below, read with significant
accounting policies and 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:-
a) Attention is invited to Note. No. 5 of the Balance sheet of the
company for the year, which state that the company has filed Modified
Draft Rehabilitation Scheme to Hon''ble BIFR dated 27th April, 2011
and Secured Creditors i.e. PNB and HUDCO. The Company has not provided
interest on PNB dues amounting to Rs. 365.38 Lacs and Rs. 3437.02 Lacs
in respect of HUDCO in totality, as a result of the same Secured
liabilities and accumulated losses of the company are understated by
Rs. 3802.40 Lacs (Including Current year Interest Rs. 452.80). Approval
of Modified Draft Rehabilitation Scheme is rejected by BIFR''S Order
dated 02.08.2011 and as informed by the management the appeal against
this order is filed in the AAIFR.
in the case of Balance Sheet, of the State of affairs of the company as
at 31" March, 2013 in the case of Profit and Loss account, of the
Loss of the year ended on that date and in the case of Cash Flow
Statement, of the cash flows for the year ended on that date.
(i) (a) The Company has generally maintained proper records showing
fiill particulars including quantitative details and situation of fixed
assets.
(b) The Company has phased programme of physical verification of its
fixed assets at reasonable intervals, which, in our opinion, is
reasonable having regard to the size of the Company and nature of its
assets.
During the year, the management has physically verified fixed assets
and no material discrepancies were noticed on such physical
verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year and therefore the going concern status of the
company is not affected.
(ii) (a) We are informed that the physical verification of inventory
has been conducted during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) The Company has maintained proper records of inventory. As
explained to us, no material discrepancies noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956.
(b) According to the information and explanations given to us, the
details of secured or unsecured loan taken from individual & corporate
covered in the register maintained under section 301 of the Companies
Act, 1956 are as under:
Name Amount (Rs. In lacs)
Rajesh Gupta (Managing Director) 0.43
(c) In our opinion the terms of these loans arc, prima facie, not
prejudicial to the interest of the company;
(d) The rate of interest being prima facie prejudicial to the interest
of the company does not arise.
(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 purchase of inventory, fixed assets and also
for the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(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
for the year have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Companies Act, 1956 in excess of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning or provisions of Section 58A and 58AA of the Companies Act,
1956 and rules made thereunder.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209( 1) (d) of the
Companies Act, 1956, for the products manufactured by the Company.
(ix) (a) According to the information and explanations given to us and
on the basis of records produced before us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees'' state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess and
other material statutory dues applicable to it.
(b) As per Information and explanations furnished to us and on
verification of records produced, there are disputed statutory dues
outstanding aggregating to Rs. 22,03,994.63 as at 31s1 March, 2012,
which have not been deposited with the respect of Sales Tax which are
as follows:
NAME OF NATURE OF AMOUNT (RS.)
STATUTE THE DUES
CST Rajasthan Sales Tax 4819.73
Rajasthan
Sales Tax Sales Tax 2199174.90
(x) The Company has accumulated losses of Rs. 143479075.00 after
adjusting current year Loss.
(xi) In our opinion and according to the information and explanations
given to us, the dues of the financial institutions/banks were
rescheduled under rehabilitation package pending in the honorable BIFR
so in this reference as per point no. (vi) (a) however there are
defaults in repayment there against.
(xii) In our opinion and according to the 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, nidhi, mutual
benefit fund or a Society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly clause 4(xiv) of the Companies
(Auditor''s Report) Order 2003 is not applicable.
(xv) 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 clause 4(xv) of the
Companies (Auditor''s Report) Order 2003 is not applicable to the
Company.
(xvi) The company has not obtained any fresh term loan during the
financial year.
(xvii) According to the cash flow statement and other records examined
by us and the information and explanations given to us, on an overall
basis, fund raised on short term basis have, prima facie, not been used
during the year for long term investments and vice versa.
(xviii) The company has neither issued any fresh share capital nor made
any preferential allotment during the year.
(xix) The Company has not issued debentures during the financial year
and hence, the question of creating securities in respect thereof does
not arise.
(xx) The Company has not raised any money by public issue.
(xxi) As informed by Management the company, no case of any fraud on or
by the company has been noticed or reported during the year
(xxii) As informed by the Management of the company, The Company is a
sick industrial Company, as per BIFR Reg. No. 388/2001 within the
meaning of clauses (O) of Section 3(1) of the sick Industrial Companies
(Special Provision) Act, 1985.
For D. Khanna & Associates
Firm Registration No. 012917N
Chartered Accountants
Sd/-
Girdhari Lai Rinwa
Partner
M.No. 411129
Place: Jaipur
Date: 30/05/2013
Mar 31, 2012
We have audited the attached Balance Sheet of, SAND PLAST INDIA LTD. as
at 31st March, 2012 and the Profit and Loss Account for the year ended
on that date annexed thereto for the period ended on that date and Cash
Flow Statement for the year ended on that date. 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 misstatements. 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.
As required by the Companies (Auditor's Report) Order, 2003 as amend by
CARO (Amendment) 2004 issued by the Central Government of India, in
terms of sub-section (4A) of section 227 of the Companies Act, 1956; we
enclose in the Annexure hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books;
iii) The Balance Sheet, Profit & 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 and Profit & 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 representations 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 31" March,
2012 from being appointed as a director in terms of Clause (g) of
sub-section (i) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanation given to us, we further report that the said account
subject to matters mentioned herein below, read with significant
accounting policies and 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:-
a) Attention is invited to Note. No. 5 of the Balance sheet of the
company for the year, which state that the company has filed Modified
Draft Rehabilitation Scheme to Hon'ble BIFR dated 27th April, 2011 and
Secured Creditors i.e. PNB and HUDCO. The Company has not provided
interest on PNB dues amounting to Rs. 315.45 Lacs and Rs. 3034.15 Lacs
in respect of HUDCO in totality, as a result of the same Secured
liabilities and accumulated losses of the company are understated by
Rs. 3349.60 Lacs (Including Current year Interest Rs. 405.19). Approval
of Modified Draft Rehabilitation Scheme is rejected by BIFR'S Order
dated 02.08.2011 and appeal against this order is filed in the AAIFR.
in the case of Balance Sheet, of the State of affairs of the company as
at 31sl March, 2012
ANNEXURE TO THE AUDITORS' REFFERED TO IN PARAGRAPH 3 OF OUR REPORT OF
EVEN DATE
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) The Company has phased programme of physical verification of its
fixed assets at reasonable intervals, which, in our opinion, is
reasonable having regard to the size of the Company and nature of its
assets. During the year, the management has physically verified fixed
assets and no material discrepancies were noticed on such physical
verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year and therefore the going concern status of the
company is not affected.
(ii) (a) We are informed that the physical verification of inventory
has been conducted during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) The Company has maintained proper records of inventory. As
explained to us, no material discrepancies noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956.
(b) According to the information and explanations given to us, the
details of secured or unsecured loan taken from individual & corporate
covered in the register maintained under section 301 of the Companies
Act, 1956 are as under:
Name Amount (Rs. In lacs)
Rajesh Gupta (Managing Director) 106.62
Eco bricks Private Limited 74.95
(c) In our opinion the terms of these loans are, prima facie, not
prejudicial to the interest of the company;
(d) The rate of interest being prima facie prejudicial to the interest
of the company does not arise.
(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 purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(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
for the year have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Companies Act, 1956 in excess of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time
(vi) The Company has not accepted any deposits from the public within
the meaning or provisions of Section 58A and 58AA of the Companies Act,
1956 and rules made thereunder.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956, for the products manufactured by the Company.
(ix) (a) According to the information and explanations given to us and
on the basis of records produced before us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) As per Information and explanations furnished to us and on
verification of records produced, there are disputed statutory dues
outstanding aggregating to Rs. 22,03,994.63 as at 31st March, 2012,
which have not been deposited with the respect of Sales Tax which are
as follows:
NAME OF NATURE OF AMOUNT (RS.)
STATUTE THE DUES
CSTRajasthan Sales Tax 4819.73
Rajasthan Sales Tax Sales Tax 2199174.90
(x) The Company has accumulated losses of Rs. 11,75,74,631.00 after
adjusting current year Loss.
(xi) In our opinion and according to the information and explanations
given to us, the dues of the financial institutions/banks were
rescheduled under rehabilitation package pending in the honorable BIFR
so in this reference as per point no. (vi) (a) however there are
defaults in repayment there against.
(xii) In our opinion and according to the 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, nidhi, mutual
benefit fund or a Society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly clause 4(xiv) of the Companies
(Auditor's Report) Order 2003 is not applicable.
(v) 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 clause 4(xv) of the
Companies (Auditor's Report) Order 2003 is not applicable to the
Company.
(xvi) The company has not obtained any fresh term loan during the
financial year.
(xvii) According to the cash flow statement and other records examined
by us and the information and explanations given to us, on an overall
basis, fund raised on short term basis have, prima facie, not been used
during the year for long term investments and vice versa.
(xviii) The company has neither issued any fresh share capital nor made
any preferential allotment during the year.
(ix) The Company has not issued debentures during the financial year
and hence, the question of creating securities in respect thereof does
not arise.
(xx) The Company has not raised any money by public issue.
(xxi) As informed by Management the company, no case of any fraud on or
by the company has been noticed or reported during the vear
(xii) As informed by the Management of the company. The Company is a
sick industrial Company, as per BIFR Reg No 388 2001 within the meaning
of clauses (O) of Section 3(1) of the sick Industrial Companies
(Special Provision) Act. 1985.
For D. Khanna & Associates
Firm Registration No. 012917N
Chartered Accountants
Sd/-
Girdhari I.al Rinwa
Partner
M.No. 411129
Place: Jaipur
Dale : 18 May 2012
Mar 31, 2011
We have audited the attached Balance Sheet of, SAND PLAST INDIA LTD. as
at 31st March, 2011 and the Profit and Loss Account for the year ended
on that date annexed thereto for the period ended on that date and Cash
Flow Statement for the year ended on that date. 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 misstatements. 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.
As required by the Companies (Auditor's Report) Order, 2003 as amend by
CARO (Amendment) 2004 issued by the Central Government of India, in
terms of sub-section (4A) of section 227 of the Companies Act, 1956; we
enclose in the Annexure hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order. 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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books;
iii) The Balance Sheet, Profit & 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 and Profit & 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 representations received from the directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of Clause (g) of
sub-section (i) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanation given to us, we further report that the said account
subject to matters mentioned herein below, read with significant
accounting policies and 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:-
a) Attention is invited to Note. No. 3(c) & (d) of Schedule ÃL on Notes
to accounts of the company for the year, which state that the company
has filed Modified Draft Rehabilitation Scheme to Hon'ble BIFR dated
27th April, 2011 and Secured Creditors i.e. PNB and HUDCO. As proposed
In this MDRS, Company has not provided interest on PNB dues amounting
to Rs. 270.77 Lacs and Rs. 2673.64 Lacs in respect of HUDCO in
totality, as a result of the same Secured liabilities and accumulated
losses of the company are understated by Rs. 2944.41 Lacs (Including
Current year Interest Rs. 362.58). Approval of Modified Draft
Rehabilitation Scheme is still pending.
* in the case of Balance Sheet, of the State of affairs of the company
as at 31st March, 2011
* in the case of Profit and Loss account, of the Loss of the year ended
on that date and
* in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS
REFFERED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) The Company has phased programme of physical verification of its
fixed assets at reasonable intervals, which, in our opinion, is
reasonable having regard to the size of the Company and nature of its
assets. During the year, the management has physically verified fixed
assets and no material discrepancies were noticed on such physical
verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year and therefore the going concern status of the
company is not affected.
(ii) (a) We are informed that the physical verification of inventory
has been conducted during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) The Company has maintained proper records of inventory. As
explained to us, no material discrepancies noticed on physical
verification of inventory as compared to book records.
(iii) (a) According to the information and explanation given to us, the
company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the companies Act, 1956.
(b) According to the information and explanations given to us, the
details of secured or unsecured loan taken from individual covered in
the register maintained under section 301 of the Companies Act, 1956
are as under:
Name Amount (Rs. In lacs)
Rajesh Gupta
(Managing Director) 170.50
(c) In our opinion the terms of these loans are, prima facie, not
prejudicial to the interest of the company;
(d) The rate of interest being prima facie prejudicial to the interest
of the company does not arise.
(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 purchase of inventory, fixed assets and also
for the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(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
for the year have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Companies Act, 1956 in excess of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning or provisions of Section 58A and 58AA of the Companies Act,
1956 and rules made there under.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956, for the products manufactured by the Company.
(ix) (a) According to the information and explanations given to us and
on the basis of records produced before us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) As per Information and explanations furnished to us and on
verification of records produced, there are disputed statutory dues
outstanding aggregating to Rs. 22,03,994.63 as at 31st March, 2011,
which have not been deposited with the respect of Sales Tax which are
as follows:
NAME OF STATUTE NATURE OF THE DUES AMOUNT (RS.)
CST Rajasthan Sales Tax 4819.73
Rajasthan
Sales Tax Sales Tax 2199174.90
As informed by the present management, they above liability belong to
the period pertaining to the previous management and records are not
available hence disputed.
(x) The Company has accumulated losses of Rs. 8, 37, 98,150 after
adjusting current year loss.
(xi) In our opinion and according to the information and explanations
given to us, the dues of the financial institutions/banks were
rescheduled under rehabilitation package pending in the honorable BIFR
so in this reference as per point no. (vi) (a)latest MDRS filed in BIFR
however there are defaults in repayment there against.
(xii) In our opinion and according to the 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, nidhi, mutual
benefit fund or a Society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly clause 4(xiv) of the Companies
(Auditor's Report) Order 2003 is not applicable.
(xv) 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 clause 4(xv) of the
Companies (Auditor's Report) Order 2003 is not applicable to the
Company.
(xvi) The company has not obtained any fresh term loan during the
financial year.
(xvii) According to the cash flow statement and other records examined
by us and the information and explanations given to us, on an overall
basis, fund raised on short term basis have, prima facie, not been used
during the year for long term investments and vice versa.
(xviii) The company has neither issued any fresh share capital nor made
any preferential allotment during the year.
(xix) The Company has not issued debentures during the financial year
and hence, the question of creating securities in respect thereof does
not arise.
(xx) The Company has not raised any money by public issue.
(xxi) As informed by the company, no case of any fraud on or by the
company has been noticed or reported during the year
(xxii) The Company is a sick industrial Company, as per BIFR Reg. No.
388/2001 within the meaning of clauses (O) of Section 3(1) of the sick
Industrial Companies (Special Provision) Act, 1985.
For D. Khanna & Associates
Firm Registration
No.012917N Chartered
Accountants
Sd/-
(Girdhari Lal Rinwa)
Partner
M.No. 411129
Place: Mumbai
Date: 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of, SAND PLAST INDIA LTD. as
at 31st March, 2010 and the Profit and Loss Account for the year ended
on that date annexed thereto for the period ended on that date and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys man- agement. 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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and disclo-
sures En 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.
As required by the Companies (Auditors Report) Order, 2003 as amend by
CARO (Amendment) 2004 issued by the Central Government of India, in
terms of sub-section (4A) of section 227 of the Companies Act, 1956; we
enclose in the Annexure hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books;
iii) The Balance Sheet, Profit & 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 and Profit & 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 representations received from the directors,
as on 31s March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31s March,
2010 from being appointed as a director in terms of Clause (g) of
sub-section (i) of section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanation given to us, we further report that the said account
subject to matters mentioned herein below, read with significant
accounting policies and 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:-
a) Attention is invited to Note. No. 3(c) & (d) of Schedule -L on Notes
to accounts of the company for the year, which state that the company
has filed Modified Draft Rehabilitation Scheme to Honble BIFR dated
27th April, 2010 and Secured Creditors i.e. PNB and HUDCO. As proposed
In this MDRS, Com- pany has not provided interest on PNB dues amounting
to Rs. 230.79 Lacs and Rs. 2351.04 Lacs in respect of HUDCO in
totality, as a result of the same Secured liabilities and accumulated
losses of the company are understated by Rs. 2581.83 Lacs (Including
Current year Interest Rs. 332.97). Ap- proval of Modified Draft
Rehabilitation Scheme is still pending.
- in the case of Balance Sheet,,of the State of affairs of the company
as at 31st March, 2010
- in the case of Profit and Loss account, of the Profit of the year
ended on that date and
- in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REFFERED TO IN PARAGRAPH 3 OF OUR REPORT OF
EVEN DATE
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) The Company has phased programme of physical verification of its
fixed assets at reasonable intervals, which, in our opinion, is
reasonable having regard to the size of the Company and nature of its
assets. During the year, the management has physically verified fixed
assets and no material discrepancieswere noticed on such physical
verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year and therefore the going concern status of the
company is not affected.
(ii) (a) We are informed that the physical verification of inventory
has been conducted during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) The Company has maintained proper records of inventory. As
explained to us, no material discrepancies noticed on physical
verification of inventory as compared to book records.
(iii) The company has, during the year, neither granted nor taken any
loans, secured or unsecured to/from
companies, firms or other parties listed in the register maintained
under section 301 of the companies Act, 1956.Therefore, sub clause (a),
(b), (c), (d), (e), (f) and (g) of clause 4(iii) of the order are not
applicable.
(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 purchase of inventory, fixed assets and also
for the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(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
for the year have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Companies Act, 1956 in excess of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which are reasonable
having regard to prevailing market price at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning or provisions of Section 58A and 58AA of the Companies Act,
1956 and rules made thereunder.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956, for the products manufactured by the Company.
(ix) (a) According to the information and explanations given to us and
on the basis of records produced before us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues appli- cable
to it.
(b) As per Information and explanations furnished to us and on
verification of records produced, there are disputed statutory dues
outstanding aggregating to Rs. 22,03,994.63 as at 31st March, 2010,
which have not been deposited with the respect of Sates Tax which are
as follows:
NAME OF STATUTE NATURE OFTHE DUES AMOUNT (RS.)
CST Rajasthan Sales Tax 4819.73
Rajasthan Sales Tax Sales Tax 2199174.90
(x) The Company has accumulated losses of Rs. 45,126,705.00 after
adjusting current year profit.
(xi) In our opinion and according to the information and explanations
given to us, the dues of the financial institutions/banks were
rescheduled under Modified Draft Rehabilitation Scheme filed on 27lh
April, 2010 with the honorable BIFR.
(xii) In our opinion and according to the 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, nidhi, mutual
benefit fund or a Society. Therefore, clause 4(xiii) of æ the Companies
{Auditors Report) Order 2003 is not applicable to the Company.
(xiv) According to the information and explanations given to.us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly clause 4(xiv) of the Companies
(Auditors Report) Order 2003 is not applicable,
(xv) 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 clause 4(xv) of the
Companies (Auditors Report) Order 2003 is not applicable to the
Company.
(xvi) The company has not obtained any fresh term loan during the
financial year.
(xvii) According to the cash flow statement and other records examined
by us and the information and explana- tions given to us, on an overall
basis, fund raised on short term basis have, prima facie, not been used
during the year for long term investments and vice versa.
(xviii) The company has neither issued any fresh share capital nor made
any preferential allotment during the year.
(xix) The Company has not issued debentures during the financial year
and hence, the question of creating securities in respect thereof does
not arise.
(xx) The Company has not raised any money by public issue.
(xxi) As informed by the company, no case of any fraud on or by the
company has been noticed or reported during the year
(xxii) The Company is a sick industrial Company, as per Bl FR Reg. No.
388/2001 within the meaning of clauses (O) of Section 3(1) of the Sick
Industrial Companies (Special Provisions) Act, 1985
For D. Khanna & Associates
Chartered Accountants
Sd/-
(Deepak Khanna)
Partner
Place : Jaipur M.No. 092140
Date : 28th May, 2010 Firm Reg. No. 012917N
Mar 31, 2000
1. We report that we have audited the Balance Sheet of Sand Plast
(India) Limited as at 31 st March, 2000 and also the Profit & Loss
Account for the year ended 31st March 2000, signed by us under
reference to this report, which are in agreement with the books of
account.
2. In our opinion and to the best of our information and according to
the explanations given to us the accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act ,1956,and also gives
respectively a true and fair view of both in case of the Balance Sheet
of the state of Affairs of the Company as at 31st March 2000, and in
case of Profit & Loss Account of the loss of the Company for the year
ended on that date,
3. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for our audit,, In our
opinion, proper books of account have been kept as required by law so
far as appears from our examina- tion of the books and the same are in
agreement therewith.
4.In our opinion, the Profit & Loss Account and the Balance Sheet
complied with the accounting standards referred to in sub-section 3 (c)
of section 211 of the Companies Act, 1956.
5. As required by the Manufacturing and other companies (Auditors
report) Order,1988, issued by the Central Government and on the basis
of such checks, as we considered appropriate and according to the
information and explanations given to us we further report to the
extent the provisions of the order are applicable that;
i) a) The Company has maintained proper records to show full
particulars including quantitative details and situation on its fixed
assets.
b) The fixed assets of the Company have been physically verified during
the year by the management.
ii) The fixed assets of the Company have not been revalued during the
year.
iii)The Stocks of stores,and raw materials of the company
have been physically verified by the management at the year end.
iv) In our opinion, the procedures of physical verification, followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
v) The discrepancies between the physical stocks and the book stocks
which have been properly dealt with were not material.
vi) In our opinion, the valuation of stocks of stores and raw materials
has been fair and proper in accordance with the normally accepted
accounting principles.
vii)The company has not taken any loans,secured or unsecured from the
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 the sub-section (1B) of the
Section 370 of the Companies Act, 1956.
viii) The Company has not granted any loan secured or unsecured to the
companies,firms or other parties listed in the register maintained
under Ejection 301 of the companies Act, 1956.
ix)The employees to whom loans or advances in the nature of loan have
been given are repaying the principal amounts as stipu- lated.
x) In our opinion,there is an adequate internal control proce- dure
commensurate with the size of the company and nature of its business
for the purchase of the raw materials including components,plant and
machinery, equipment and similar assets and for the sale of goods.
xi) In our opinion and according to the informations and explanation
given to us the Company has not made any pur- chase of goods or
services from any concern entered in the register maintained under
section 301 of the Companies Act 1956.
xii)The Company has not accepted any deposits from the public.
xiii) In our opinion,the Company is maintaining reasonable records
for sale and disposal of scrap. We are informed that the Company has no
by product.
xiv) The Company has an internal audit system commensurate with the
size and nature of its business, xv)We are informed that the Central
Government has not prescribed the maintenance of cost records under
Section 209(1)(d)of the Companies Act,1956.
xvi) The Company is depositing the Provident Fund except in some cases
with delay.
xvii) There was no amount due for more than six months from the date of
their becoming payable in respect of undisputed income tax, wealth tax,
custom duty and excise duty as at the end of the financial year.There
was no sales tax liability for the year. However,for previous
periods,the company has been permitted to make payments in instalments
by the authorities.
xviii) During the course of our examination of the books of the account
carried out in accordance with the generally accepted auditing
practices,we have neither come across any personal expenses which have
been charged to these accounts, nor have we been informed of any such
cases by the management.
xix) The Company is not a sick industrial Company within the meaning of
Clause(0) of Section 3(1) of the sick Industrial Companies(Special
Provision) Act,1985.
for M.L. Agarwal & Co.,
Chartered Acccuntants
M.L. Agarwal
Proprietor
C-20,Bhagwan Das Road
"C" Scheme, Jaipur - 1
Dated: 30th October,2000