Mar 31, 2016
To
The Members of
Shree Tulsi Online.Com Limited Report on the Financial Statements:
We have audited the accompanying financial statements of Shree Tulsi Online.Com Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion:
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditorâs Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure A", 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 purposes 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of written representations received from the directors as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B".
g. With respect to the other matters to be included in the Auditorâs 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 would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under the heading ''Report on Other Legal and Regulatory Requirements'' of our Report of even date)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) As explained to us, the Fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such physical verification.
(c) According to the information and explanations given to us, there are no immovable properties owned by the Company under Fixed Assets. Accordingly, paragraph 3 (i) (c) of the Order is not applicable to the Company.
(ii) As explained to us, Inventories have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, clauses 3 (iii) (a) to (C) of paragraph 3 of the Order are not applicable to the Company.
(iv) According to the information and explanations given to us, the Company has not directly or indirectly advanced loan to the persons covered under Section 185 of the Companies Act, 2013 or given guarantees or securities in connection with the loan taken by such persons. The Company has complied with the provisions of Section 186 of the Act, in respect of investments made and long term loans and advances given to other parties, outstanding at the year- end , except that such advances are given interest free.
(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public, in terms of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.
(vi) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013 in respect of the activities carried on by the company.
(vii) In respect of its statutory dues:
(a) According to the information and explanations given to us and based on our examination of the records of the Company, the Company is generally regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues, as applicable to the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid statutory dues ,were outstanding as 31st March, 2016 for a period of more than six months from the date they became payable.
(b) According to the records of the Company, there are no dues of sales tax or service tax or duty of customs or duty of excise or value added tax which have not been deposited on account of any dispute other than the Income Tax . According to the Information and explanations given to us, the dues in respect of Income Tax that has not been deposited with appropriate authorities on account of dispute and the forum where the disputes are pending are given below :
Name of the Statute |
Nature of Dues |
Period to which it relates |
Amount in Rs. |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income Tax |
A.Y. : 2012-2013 |
15,23,656/- |
ITO |
(viii) The Company has not raised loans from financial institutions or banks or government or by issue of debentures. Accordingly, paragraph 3 (viii) of the Order is not applicable to the Company.
(ix) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable to the Company.
(x) According to the information and explanations given to us, no fraud by the Company or no fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of the Section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our Opinion, the company is not a Nidhi company. Accordingly, paragraph 3 (xii) of the Order is not applicable to the Company.
(xiii) According to the information and explanations given to us, during the year under review, the Company has not entered into any transaction with Related Parties that require approval under Section 177 and Section 188 of the Companies Act, 2013 and the rules made there under. Accordingly, paragraph 3(xiii) of the Order is not applicable to the Company.
(xiv) During the year under review the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them and covered under Section 192 of the Companies Act, 2013. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under Section 45- IA of the Reserve Bank of India Act, 1934.
(Referred to in paragraph 2(f) under the heading ''Report on Other Legal and Regulatory Requirements'' of our Report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Shree Tulsi Online.Com Limited ("the Company") as of 31st March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls:
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s Responsibility:
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by the ICAI. Those standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting:
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting:
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion:
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Mohindra Arora & Co.
Chartered Accountants
(Firm Regn No : 006551N)
Ashok Kumar Katial
(Partner)
M.No :: 09096
Place :: Mumbai
Date :: 26/05/2016
Mar 31, 2015
We have audited the accompanying financial statements of Shree Tulsi
Online.Com Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
hereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st,2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-Section (11) of Section 143 of the Companies Act,2013(hereinafter
referred to as the "Order") ,we give in the Annexure a statement on the
matters specified in Paragraphs 4 and 5 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
purposes 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on 31st March, 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us, we report that:
i. The Company does not have any pending litigations which would
impact financial position;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were
any material foreseeable losses;
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
The Annexure Referred to in paragraph 1 under the heading 'Report on
Other Legal and Regulatory Requirements' of our Report of even date to
the members of Shree Tulsi Online.Com Limited ,('the Company') on the
financial statements for the year ended 31st March, 2015.
The Comments given below are based on the data compiled by the Company
in order to comply with requirements of the order and on the basis of
such test checks of the books and records of the Company as we
considered appropriate and in terms of the information and explanations
given to us, we report that:
(i) In respect of its 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; No material discrepancies were noticed on such
verification.
(ii) In respect of its inventories:
(a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business;
(c) The Company is maintaining proper records of inventory and there
were not any material discrepancies were noticed on physical
verification of inventories as compared to the book records.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013 and hence provisions of
Paragraph 3(iii) of the aforesaid Order are not applicable to the
Company.
(iv) There exist an adequate internal control system commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system in respect of the aforesaid areas.
(v) The company has not accepted any deposits from the public to which
provisions of Sections 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014 are applicable. No order has been passed by Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
(vi) The maintenance of cost records under sub-section (l) of Section
148 of the Companies Act, 2013 has not been specified by the Central
Government.
(vii) According to the records of the Company:
(a) The Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income-tax, sales-tax, wealth tax, service
tax, duty of customs, duty of excise, value added tax, cess and any
other statutory dues, as applicable to it . There are no undisputed
amounts payable in respect of aforesaid dues outstanding as at 31st
March,2015 for a period of more than six months form the date they
became payable;
(b) No dues of income tax ,sales tax , wealth tax , service tax, duty
of customs, duty of excise, value added tax or cess that have not been
deposited on account of any disputes;
(c) There were no amounts required to be transferred to Investor
Education and Protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
hereunder.
(viii) The Company does not have accumulated losses. The Company has
not incurred any cash losses during the financial year covered by our
audit and in the immediately preceding financial year.
(ix) The Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(x) The Company has not given any guarantee for loans taken by others
from bank or financial institutions and accordingly requirement of
Paragraph 3(x) of the aforesaid Order are not applicable to the
Company.
(xi) The Company has not raised term loans during the year.
(xii) Based upon the audit procedure performed and as per information
and explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year.
For Mohindra Arora & Co
(Chartered Accountants)
FRN :: 006551N
Ashok Kumar Katial
Place : Mumbai (Partner)
Date : 28/05/2015 M. No. 09096
Mar 31, 2014
We have audited the accompanying financial statements of Shree Tulsi
Online.Com Limited ("the Company"), which comprises the Balance
Sheet as at 31st March, 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
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial Statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) In the case of the Statement of Profit & 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
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 said
order.
2. As required by Section 227 (3) of the Act, we report that:
a. we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b. in our opinion proper books of account as required by Law have been
kept by the Company so far as appears from our examination of those
books.
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. on the basis of written representations received from the Directors
as on 31st March, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a Director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
Annexure to Auditors'' Report (The annexure referred to in Paragraph 1
under the heading Report on other Legal and Regulatory Requirements our
Report of even date to the members of the Company)
The Comments given below are based on the data compiled by the Company
in order to comply with requirements of the order. On the basis of such
checks as considered appropriate and in terms of the information and
explanations given to us, we state as under:
1. In respect of its fixed assets:
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) We are informed that all the fixed assets have been physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c) The company has not disposed off any substantial part of its fixed
assets during the year as would affect the going concern status of the
Company.
2. In respect of its Inventories ::
a) We are informed that the Inventory have been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification by the
management.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly the provisions of sub-clauses (b), (c), (d), (e), (f) and
(g) of the clause (iii) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods and services. During the course of our audit, we
have not observed any major weakness in internal control system of the
company.
5. According to the information and explanations given to us, there are
no contracts or arrangements that need to be entered into the register
referred to in Section 301 of the Companies Act, 1956. Accordingly,
the provisions of sub clause (b) of the Clause (v) of paragraph 4 of
the Companies (Auditors'' Report) Order, 2003 is not applicable to the
Company.
6. The Company has not accepted any deposits from the public during the
year and hence, the directives issued by the Reserve Bank of India and
the provisions of Sections 58A, 58AA or any other relevant provisions
of the Companies Act, 1956 and the rules framed there under are not
applicable .We are informed by the management that, no order has been
passed by the Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion, the company has an Internal Audit System
commensurate with the size of the Company and nature of its business.
8. We are informed that, the Central Government has not prescribed
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 for any of the products/services rendered by the Company.
9. According to the information and explanations given to us ,in
respect of its statutory dues:
a. The company has been generally regular in depositing undisputed
statutory dues including Provident fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues, as applicable to it, with the appropriate
authorities.
b. There were no undisputed amounts payable in respect of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and
other material statutory dues were in arrears as at 31st March, 2014
for a period of more than six months from the date of become payable.
c. There are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other material statutory dues which
have not been deposited on account of any dispute.
10. The company does not have any accumulated losses as at 31st March,
2014 and it has not incurred any cash losses in the financial year
ended on that date or in the immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institutions, bank or debenture holders.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society.
14. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. The company has not given any guarantees for loans taken by other
from banks or financial institutions.
16. The Company has not availed any term loans during the year.
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
the no funds raised on short term basis have been used for longÂterm
investment.
18. The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. The company has not issued any debentures during the year under
review.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Mohindra Arora & Co
(Chartered Accountants)
FRN :: 006551N
(A.K.Katial)
Place : Mumbai Partner
Date : 26.05.2014 M. No. 09096
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Shree
Tulsi Online.Com Limited ("The Company"), which comprises the
Balance Sheet as at 31st March 2013 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 i nformation.
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 Flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
Statements that give a true and fair view and are free from material
misstatements, 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 misstatements.
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 risk of material misstatements of the financial statements, whether
due to fraud or error. In making those risk assessment, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial Statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
Statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial Statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 2013;
(b) In the case of the Statement of Profit & Loss , of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date;
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-Section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in Paragraphs 4 and 5 of the said
order.
2. As required by Section 227 (3) of the Act ,we report that:
a. we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b. in our opinion proper books of account as required by Law have been
kept by the Company so far as appears from our examination of those
books.
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with by the Accounting Standard referred to
in sub-section (3C) of section 211 of the Companies Act, 1956.
e. on the basis of written representations received from the Directors
as on March 31st, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditors'' Report
(The annexure referred to in Paragraph 1 under the heading Report on
other Legal and Regulatory Requirements our Report of even date to the
members of the Company)
1. In respect of its fixed assets:
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) We are informed that all the fixed assets have been physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c) The company has not disposed off any substantial part of its fixed
assets during the year as would affect the going concern status of the
Company.
2. In respect of its Inventories :
a) We are informed that the Inventory have been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification by the
management.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of sub -clauses (b), (c), (d), (e), (f) and
(g) of the clause (iii) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods and services. During the course of our audit, we have
not observed any major weakness in internal control system of the
company.
5. According to the information and explanations given to us, there
are no contracts or arrangements that need to be entered into the
register referred to in Section 301 of the Companies Act, 1956.
Accordingly, the provisions of sub clause (b) of the Clause (v) of
paragraph 4 of the Companies (Auditors'' Report) Order, 2003 is not
applicable to the Company.
6. The Company has not accepted any deposits from the public during
the year and hence, the directives issued by the Reserve Bank of India
and the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are not applicable. We are informed by the management that, no order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion, the company has an Internal Audit System
commensurate with the size of the Company and nature of its business.
8. We are informed that, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 for any of the products / services rendered by the Company.
9. According to the information and explanations given to us ,in
respect of its statutory dues:
a. The company has been generally regular in depositing undisputed
statutory dues including Provident fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues, as applicable to it, with the appropriate
authorities.
b. There were no undisputed amounts payable in respect of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and
other material statutory dues were in arrears as at 31st March, 2013
for a period of more than six months from the date of become payable.
c. There are no dues of Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues
which have not been deposited on account of any dispute.
10. The company does not have any accumulated losses as at 31st March,
2013 and it has not incurred any cash losses in the financial year
ended on that date or in the immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institutions, bank or debenture holders.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society.
14. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. The company has not given any guarantees for loans taken by other
from banks or financial institutions.
16. The Company has not availed any term loans during the year.
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 the no funds raised on short term basis have been used for
long-term investment.
18. The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. The company has not issued any debentures during the year under
review.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Mohindra Arora & Co
(Chartered Accountants)
FRN :: 006551N
(A.K.Katial)
Place : Mumbai Partner
Date : 29/05/2013 M. No. 09096
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Shree Tulsi
Online.Com Limited, Kolkata as at 31st March, 2012, the Statement of
Profit & Loss and the Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such test checks of the books
and records of the Company, as we considered appropriate and according
to the information and explanations given to us, we enclose in the
Annexure, a statement on the matters specified in Paragraphs 4 and 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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
accounts;
iv) In our opinion, Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report generally comply with the
Accounting Standard referred to in section 211 (3C) of the Companies
Act, 1956 ,to the extent applicable;
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 of the Company is disqualified as
on 31st March, 2012 from being appointed as a Director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
vi) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts, read together with
Significant Accounting Policies and Notes to the Accounts attached
there to, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the Accounting Principles generally accepted in India:
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012;
(b) In the case of the Statement of Profit & Loss, of the Profit of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash flows of the
Company for the year ended on that date.
Annexure to Auditors' Report (Referred to in Paragraph 3 of our report
of even date)
1. In respect of its fixed assets:
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) We are informed that all the fixed assets have been physically
verified by the management during the year, which, in our opinion, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed on such
verification.
c) The company has not disposed off any substantial part of its fixed
assets during the year as would affect the going concern status of the
Company.
2. In respect of its Inventories ::
a) We are informed that the Inventory have been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification by the
management.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of sub -clauses (b), (c), (d), (e), (f) and
(g) of the clause (iii) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods and services. During the course of our audit, we have
not observed any major weakness in internal control system of the
company.
5. According to the information and explanations given to us, there
are no contracts or arrangements that need to be entered into the
register referred to in Section 301 of the Companies
Act,1956.Accordingly, the provisions of sub clause (b) of the Clause
(v) of paragraph 4 of the Companies (Auditors' Report) Order,2003 is
not applicable to the Company.
6. The Company has not accepted any deposits from the public during
the year and hence, the directives issued by the Reserve Bank of India
and the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are not applicable .We are informed by the management that, no order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion, the company has an Internal Audit System
commensurate with the size of the Company and nature of its business.
8. We are informed that, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 for any of the products/services rendered by the Company.
9. According to the information and explanations given to us ,in
respect of its statutory dues:
a. The company has been generally regular in depositing undisputed
statutory dues including Provident fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax Customs Duty, Excise Duty, Cess and other
material statutory dues ,as applicable to it, with the appropriate
authorities.
b. There were no undisputed amounts payable in respect of Income Tax,
Sales Tax, Wealth Tax, Service Tax Customs Duty, Excise Duty, Cess and
other material statutory dues were in arrears as at 31st March, 2012
for a period of more than six months from the date of become payable.
c. There are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax
Customs Duty, Excise Duty, Cess and other material statutory dues which
have not been deposited on account of any dispute.
10. The company does not have any accumulated losses as at 31st March,
2012 and it has not incurred any cash losses in the financial year
ended on that date or in the immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institutions, bank or debenture holders.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society.
14. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. The company has not given any guarantees for loans taken by other
from banks or financial institutions.
16. The Company has not availed any term loans during the year.
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 the no funds raised on short term basis have been used for long
-term investment.
18. The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. The company has not issued any debentures during the year under
review.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Mohindra Arora & Co
(Chartered Accountants)
FRN :: 006551N
(A.K.Katial)
Place : Mumbai Partner
Date : 29th May,2012 M. No. 09096
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. Shree Tulsi
Online.Com Limited, Kolkata as at 31st March 2011, Profit & Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material 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 the 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 (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) Amendment Order 2004 issued
by the Central Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956, and on basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanation given to us, we give in the Annexure a
statement on the matters specified in Paragraphs 4 and 5 of the said
order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
i) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
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 the
books.
iii) The attached Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with this with by this report are in agreement with the
books of accounts.
iv) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standard referred to in sub section (3C) of section 211 of
the Companies Act, 1956.
v) On the basis of written representations received by us from the
directors of the Company as at 31st March 2011 and taken on record by
the Board of Directors. We report that no Director is disqualified
from being appointed as Director of the Company under clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanation given to us, they said account read with the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March 2011 and
(b) In the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement of the cash flow for the year ended
on that date.
1 In respect of its fixed assets:
a. The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b. As informed to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. They have not reported any material
discrepancies.
c. As informed, the company has not disposed of fixed assets during
the year and the going concern status of the company is not affected.
2 In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
c. As explained to us, there was no material discrepancies noticed on
physically verification of inventory as compared to the book records.
3 In our opinion and according to the information and explanations
given to us, there is no loans, secured or unsecured, granted or taken
by the Company to / from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Hence the requirement of Clause (iii) of paragraph 4 of the order is
not applicable to the Company.
4 In our opinion and according to the information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for purchase of
inventory, fixed assets and also for sale of goods. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
5 In respect of transaction covered under section 301 of the Companies
Act, 1956:
a. In our opinion and according to the information and explanation
given to us, the transaction that needs to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b. In the absence of competitive quotations and comparable prices and
having regards to the specialized nature of items purchased or sold, we
are unable to comment upon the reasonability of prices at which such
transactions have been entered, having value exceeding Rs.5,00,000/- or
more in the financial year under audit.
6 The Company has not accepted any deposit from the public to which the
provision of Section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7 In our opinion, the company has an internal audit system commensurate
with the size of the Company and nature of its business.
8 We are informed that the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as on 31st March 2011 for
a period of more than six months from the date of becoming payable.
b. In our opinion and according to the information and explanation
given to us, there are no disputed statutory dues pending before
appropriate authorities.
10 The Company is not having any accumulated losses and has not
incurred any cash losses during the financial year and the immediate
preceding financial year covered by our audit.
11 Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, bank or
debenture holder.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
basis of security by way of pledge of
shares, debentures and other securities.
13 In our opinion the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore clause 4 (xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the Company.
14 The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15 The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16 The Company has not raised any term loans during the year.
17 According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized the funds raised on short
basis towards long-term borrowings and investment and vice versa.
18 During the year, the company has not made preferential allotment of
shares to parties and Companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures. Hence, the requirement of
clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20 The company has not raised money by way of public issue during the
year.
21 In our opinion and according to the information and explanation
given to us, no fraud in or by the company has been noticed or reported
during the causes the financial statements to be materially misstated.
For Mohindra Arora & Co
(Chartered Accountants)
FRN. 006551 N
Place: Mumbai
A.K.Katial
Date : 11/4/2011 (Partner)
FCA No.09096