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Auditor Report of Shiva Suitings Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of SHIVA SUITINGS LIMITED ("the Company"), which comprises the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 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 of the assets of the company 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 the 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 misstatements, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made there under. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as 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 standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) In the case of statement of Profit and Loss, of the Profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified undersection 133 of the Act, read with rule 7 of the Companies (Accounts) rules,2014;

e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Act;

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us;

i) The company does not have any pending litigations which have any impact on its financial position in its financial statements.

ii) The company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii) The Company has not transferred following amounts which were required to be transferred to the Investor Education and Protection Fund :

Nature of Amount Period Rs.

Debenture Interest FY 2006-07 7,571/-

Annexure to the Auditor's Report even date (Referred to in paragraph 1 thereof)

1. According to the information and explanations received by us from the management, we are of the opinion that the question of commenting on maintenance of proper records of fixed assets, physical verification and any substantial sale does not arise since the company had no fixed assets as on 31st March 2015 or at any time during the financial year ended 31st March 2015.

2. In respect of Inventories:

a. As explained to us physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b. In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. In our opinion and according to the information and explanation given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The company has not granted any loans, secured or unsecured to the companies, firms or other parties covered in the register maintained under Section 189 of the companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and sale of goods. Further, on the basis of our examination of the books and records of the company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct weaknesses in the aforesaid internal control system.

5. According to the information and explanations given to us, the Company has not accepted any deposits from public.

6. As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 148 of the Companies Act, 2013 for any of the activities of the company.

7. (a) According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Duty of Excise, Value Added Tax, Cess and other statutory dues applicable to it.

(b) According to the information and explanations given, no undisputed amounts payable in respect of Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty/Cess were outstanding as at 31 -03-2015 for a period of more than six months from the date they became payable.

(c) According to the records of the company there are no dues of Income-Tax, sales tax, wealth tax, service tax, customs duty, excise duty/cess which have not been deposited on account of any dispute.

(d) The Company has not transferred following amounts, which were required to be transferred to the Investor Education and Protection Fund:

Nature of Amount Period Rs.

Debenture Interest FY 2006-07 7,571/-

8. The accumulated losses of the company have not exceeded fifty percent of its net worth as at 31.03.2015. The company has not incurred any cash loss during the current financial year or in the preceding year covered by our audit.

9. As per the information and explanations given to us, the company has not obtained any loan from any financial institution or bank and issued debentures.

10. The company has not given any corporate guarantees for loans taken by others from banks and financial Institutions.

11. According to the records of the Company, the Company has not obtained any term loans during the year. Hence, comments under the clause are not called for.

12. Based upon the audit procedure performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For V.K. Beswal & Associates Chartered Accountants Firm Registration No.101083W

CA K. V. Beswal Partner Membership No.131054

Place : MUMBAI Date : May 29, 2015


Mar 31, 2014

We have audited the accompanying financial statements of SHIVA SUITINGS LIMITED, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting standard referred to in sub-section (3c) of section 211 of the Companies Act, 1956 ("the act") read with the general circular 15/2014 dated 13th September 2014 of the ministry of corporate affairs in respect of section 133 of the companies act, 2014. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

A) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

B) In the case of the 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.

Report on Other Legal and Regulatory Requirements

A) As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

B) As required by section 227(3) of the Act, we report that:

i. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

iii. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the general circular 15/2014 dated 13th September 2014 of the ministry of corporate affairs in respect of section 133 of the Companies Act, 2014;

v. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

1) According to the information and explanations received by us from the management, we are of the opinion that the question of commenting on maintenance of proper records of fixed assets, physical verification and any substantial sale does not arise since the company had no fixed assets as on 31st march 2014 or at any time during the financial year ended 31st March 2014.

2) In respect of Inventories:

a) As explained to us physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

3) The company has neither taken nor granted any loans or advances from/to parties covered in the register maintained u/s.301 of the Companies Act, 1956.

4) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business. Further, on the basis of our examination of the books and records of the company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct weaknesses in the aforesaid internal control system.

5) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956.

6) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from public during the year. Therefore, the provision of Clause (vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

7) In our opinion the Company has an internal audit system commensurate with its size and nature of its business.

8) According to the information and explanations provided by the management, the Company is not engaged in production, processing, manufacturing or mining activities. Hence, the provisions of section 209(1)(d) of the Companies Act, 1956 do not apply to the Company. Hence, in our opinion, no comment on maintenance of cost records under section 209(1)(d) is required.

9) According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including provident fund, employee''s state insurance, Income Tax, Sales Tax, wealth tax, custom duty, excise duty, service tax, Cess and other statutory dues applicable to it.

10) The accumulated losses of the company have exceeded fifty percent of its net worth as at 31.03.2014. The company has not incurred any cash loss during the current financial year or in the preceding year covered by our audit.

11) According to records of the company, the company has not borrowed any sum from financial institutions or banks and in respect of debentures the company neither has any debentures outstanding as on 31.03.2014 nor it has issued any debentures during the year under audit, hence comments with regards to any default under the said clause are not applicable.

12) According to the information and explanation given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

13) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a Chit Fund nor a nidhi /mutual benefit society. Hence, in our opinion, the requirements of para 4 (xiii) of the Order do not apply to the company.

14) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments.

15) According to the records of the company and the information and explanations provided by the management, the company has not given guarantees for loans taken by others from banks or financial institutions.

16) According to the records of the Company, the Company has not obtained any term loans during the year. Hence, comments under the clause are not called for.

17) According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

18) According to the records of the Company and the information and explanations provided by the management, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Companies Act, 1956.

19) No debentures have been issued by the Company during the year covered by our audit report and hence, the question of creating securities in respect thereof does not arise.

20) The Company has not raised any money by public issue during the year covered by our audit report.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REG.NO.: 101083W

CAKV BESWAL PARTNER Membership Number: 131054 PLACE : Mumbai DATED : May 30, 2014


Mar 31, 2010

We have audited the attached Balance Sheet of SHIVA SUITINGS LIMITED, as at 31st March 2010 and also the Profit and Loss Account and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure 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.

1. As required by the Companies (Auditors Report) Order, 2003 (as amended)issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in Paragraph 1 above:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement referred to in this report are in agreement with the books of account.

d) In our opinion and to the best of our information and according to the explanations given to us, the Profit & Loss Account, Balance Sheet and Cash Flow Statement are prepared in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 subject to clause II (2) of schedule "L".

e) On the basis of written representations received from directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31.03.2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Attention is also invited to;

The accounts of the company have been prepared on the basis of that it is a going concern, in spite of the accumulated losses of the company has eroded its net worth.

a) in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010,

b) in so far as, it relates to the Profit & Loss Account of the Profit of the company for the year ended on that date, and

c) in the case of Cash flow statement for the year ended on that date;

ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE (Referred to in paragraph 1 thereof)

1. In respect of Fixed Assets:

a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management at reasonable intervals during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c) Based on our scrutiny of the records of the company and the information & explanation received by us, we report that there was no sale of fixed assets during the year.

2. In respect of Inventories:

a) As explained to us physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) In our_opinion and according to the information and explanation given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The company has neither taken nor granted any loans or advances from/to parties covered in the register maintained u/s.301 of the Companies Act, 1956.

4. 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 for the purchase of inventory and for the sale of goods.

5. Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public within the meaning of section 58A, 58AA or any other provisions of the Companies Act, 1956.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

8. As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1 )(d) of the Companies Act, 1956 for any of the products of the company.

9. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, excise duty, Service Tax Custom Duty, Cess and other statutory dues applicable to it which were outstanding, as at 31/3/2010 for a period of more than six months from the date they became payable.

According to the information & explanation given to us, dues relating to Octroi have not been deposited on account of the dispute with the related authority here been reflected in the table given below:-

Forum where disputed in Particulars Amount (Rs.) Pending

The Addl. Assessor & Collector Octroi 15,57,488 (Octroi) Birhanmumbai Mahanagarpalika, Mumbai

10. The accumulated losses of the Company have exceeded 50% of its net worth as at 31st March 2010. The Company has not incurred any cash loss during the year, however company has incurred a cash loss of Rs. 19.83 lac in the immediately preceding financial year.

11. The Company has neither borrowed from financial institutions or banks or issued debentures during the year nor any opening outstanding liability is there, hence in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture holders does not arise.

12. According to the information and explanation given to us the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence in our opinion, the requirements para 4 (xiii) of the Order do not apply to the company.

14. As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments. Hence in our opinion, the requirements of para 4 (xiv) of the order do not apply to the company.

15. According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from Banks or Financial Institutions.

16. According to the records of the company, the company has not obtained any term loans during the year. Hence, comments under the clause are not called for.

17. According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

18. According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19. No debentures have been issued by the Company during the year and hence, the question of creating securities or charge in respect thereof does not arise.

20. The Company has not raised any money by way of public issue during the period covered by our audit report.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For.V.K. BESWAL & ASSOCIATES,

CHARTERED ACCOUNTANTS

FIRMREGNNO101083W

[CA K. V. BESWAL]

[PARTNER]

M. NO.: 131054

PLACE : Mumbai

DATE: August 02, 2010


Mar 31, 2009

We have audited the attached Balance Sheet of SHIVA SUITINGS LIMITED, as at 31st March, 2009 and also the Profit and Loss Account and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure 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.

1. As required by the Companies (Auditors Report) Order, 2003 (as amended)issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex heretoa statement on the matters specified in paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in Paragraph 1 above:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement referred to in this report are in agreement with the books of account.

d) In our opinion and to the best of our information and according to the explanations given to us, the Profit & Loss Account, Balance Sheet and Cash Flow Statement are prepared in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 subject to clause II (2) of schedule "L".

e) On the basis of written representations received from directors as on 31.03.2009 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31.03.2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Attention is also invited to;

The accounts of the company have been prepared on the basis of that it is a going concern, in spite the accumulated losses of the company has eroded its net worth.

a) in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009,

b) in so far as it relates to the Profit & Loss Account of the Loss of the company for the year ended on that date, and

c) in the case of Cash flow statement for the year ended on that date;

1. In respect of Fixed Assets:

a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management at reasonable intervals during the year. We are informed that no material discrepancies were noticed by the management on such verification.

c) Based on our scrutiny of the records of the company and the information & explanation received by us, we report that there were substantial sales of fixed assets during the year but the fixed assets disposed does not affect the going concern of the company.

2. In respect of Inventories:

a) As explained to us physical verification of inventories has been conducted during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanation given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The company has neither taken nor granted any loans or advances from/to parties covered in the register maintained u/s.301 of the Companies Act, 1956.

4. 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 for the purchase of inventory and for the sale of goods.

5. Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public within the meaning of section 58A, 58AA or any other provisions of the Companies Act, 1956.

7. In our opinion the Company has an internal audit system commensurate with its size and nature of its business.

8. As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1 )(d) of the Companies Act, 1956 for any of the products of the company.

9. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, excise duty, Service Tax Custom Duty, Cess and other statutory dues applicable to it except Rs.71,526 in respect of Investor Education Protection Fund which were outstanding, as at 31/3/2009 for a period of more than six months from the date they became payable.

According to the information & explanation given to us, dues relating to octroi have not been deposited on account of the dispute with the related authority here been reflected in the table given below:-

Particulars Amount (Rs.) Forum where disputed in Pending Octroi 15,57,488 The Addl. Assessor & Collector (Octroi) Birhanmumbai Mahanagarpalika, Mumbai

10. The accumulated losses of the Company have exceeded 50% of its net worth as at31st March, 2009. The Company has incurred a cash loss of Rs. 19.83 Lac during the year and Rs. 18.25 lac in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to. Debenture Holders.

12. According to the information and explanation given to us the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence in our opinion, the requirements para 4 (xiii) of the Order do not apply to the company.

14. As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments. Hence in our opinion, the requirements of para 4 (xiv) of the order do not apply to the company.

15. According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from Banks or Financial Institutions.

16. According to the records of the company, the company has not obtained any term loans during the year. Hence comments under the clause are not called for.

17. According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long term investment by the company.

18. According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19. No debentures have been issued by the Company during the year and hence, the question of creating securities or charge in respect thereof does not arise.

20. The Company has not raised any money by way of public issue during the period covered by our audit report.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES, CHARTERED ACCOUNTANTS

Sd/-

[CA R. P. LADDHA] [PARTNER]

M.NO.:48195

PLACE: Mumbai

DATE : August 10, 2009

 
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