Mar 31, 2015
We have audited the accompanying financial statements of SHRI BHOLANATH
CARPETS LIMITED FORMERLY KNOW BIL CONTINENTAL LTD. which comprise the
Balance Sheet as at March 31,2015, the Statement of Profit and Loss and
the statement of 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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility includes the
design, implementation and maintenance of internal controls 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.
An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made
by the 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 aforesaid financial statements give the
information required bythe 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 case of Balance Sheet, of the state of affairs of the Company as
at March 31,2015; and
b) In the case of the Statement of profit and loss, of the profit for
the year ended on that date.
c) In the case of the Statement of cash flow 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, issued by
the Central Government of India in term of sub-section (11) of section
143 of the Companies Act,2013, we give in the Annexure a statement on
the matters specified in the paragraphs 4 and 5 of the order.
2 As required by section 143(3) of the Act, we report that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of accounts as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us.
c) The Balance Sheet ,the statement of Profit & Loss Account and
Statement of Cash Flow dealt with by this report are in agreement with
the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and
Statement of cash flow dealt with by this report comply with the
Accounting Standards referred to in Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors,
as on 31ST MARCH, 2015 , and taken on record by the Board of Directors,
we report that 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;
ANNEXURE TO THE AUDITORS REPORT
M/s. SHRI BHOLANATH CARPETS LIMITED FORMERLY KNOW BIL CONTINENTAL
LIMITED
1 a) As pe the Explanation provided by manangement the records of Fixed
Assets are under prepration.
b) The fixed assets have not been physically verified during the year
by the management
c) Based on scrutiny of the records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended 31st March, 2015
substantial or otherwise. Hence the question of reporting whether the
sale of any substantial part of fixed assets has affected the going
concern of the company does not arise.
2 a) The inventory of the company has been physically verified during
the year by the management. In our opinion the frequency of verification
is reasonable.
b) In our opinion and according to the information and explanations
given by the management, the procedures followed are reasonable and
adequate in relation to size of the company and nature of its business.
c) In our opinion the company is maintaining proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification of inventory as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under Section 189 of the companies act, 2013;
a. The company has not taken loans.
b. In respect of loan taken / granted by the company, the principal is
repayable on demand.
There are no overdue amounts in respect of loan taken / granted by the
company.
4 In our opinion and according to information and explanations given to
us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory & fixed assets.
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 under section 189 of the the Companies Act,
2013.
6 The company has not accepted any deposits from the Public
7 In our opinion the company has an adequate Internal Audit System
commensurate with the size and nature of its business.
8 We have been informed by the management, no cost records have been
prescribed under Section 209(I)(d) of the Companies Act, 1956 in
respect of products manufactured by the Company.
9 a) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
Employee's State Insurance, Income tax, Sales Tax, Wealth Tax, Custom
duty, Excise duty, cess and other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31ST MARCH,
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 sales
tax, income tax, customs tax/wealth tax, excise duty/cess, which have
not been deposited on account of any dispute.
10 The company has not incurred cash loss in current year and preceding
Financial year, so provision of clause is not applicable.
11 According to information and explanations given to us and on the
basis of our audit, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12 According to the records of the company, the company has not granted
any loans and advances on the basis of security byway of pledge of
shares, debentures or other securities.
13 In our opinion company is neither a chit fund nor a nidhi/mutual
benefit society. Hence in our opinion Para -4(xiii) of the Companies
(Auditors') Report Order, 2003 as ameded by 2004 is not applicable.
14 As per the records of the company and according to information and
explanations given to us by the management, company has no earned
profit in delivery based sale & purchase of equity shares of listed
companies.
15 As per the records of the company and according to information and
explanations given to us by the management, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16 The Company has not obtained any term loan during the period under
audit.
17 According to information and explanations given to us, and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short term basis have been used for
long term investment by the company.
18 As per the records of the company and according to information and
explanations given to us, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19 As per the records of the company, the company has not issued any
debentures.
20 The company has not raised any money by public issues during the
period covered by our audit report.
21 In our opinion and according to information and explanations given
to us, no fraud on or by the company have been noticed or reported
during the course of our audit.
For O.P. TULSYAN & CO.
Chartered Accountants
PLACE :VARANASI
DATE: 30/05/2015 O.P.TULSYAN
(PARTNER)
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of M/s. BIL
CONTINENTAL LIMITED (''''the Company''''), which comprise the Balance Sheet
as at March 31, 2013, and the Statement of Profit and Loss 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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956 (''''the
Act''''). This responsibility includes the design, implementation and
maintenance of internal controls 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.
An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made
by the 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 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 case of Balance Sheet, of the state of affairs of the Company as
at March 31,2013; and
b) In the case of the Statement of profit and loss, of the profit 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 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a Statement
on the matters specified in paragraphs 4 and 5 of the order.
2 As required by section 227(3) of the Act, We report that:
a)We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of accounts as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us.
c) The Balance Sheet and the statement of Profit & Loss Account dealt
with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31ST MARCH, 2013 , and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31ST MARCH,
2013 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
ANNEXURE
TO THE AUDITORS REPORT
BIL CONTINENTAL LIMITED
1a) The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
b) The fixed assets have been physically verified during the year by
the management and no material discrepancies were noticed on such
physical verification.
c) Based on scrutiny of the records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended 31st March, 2013
substantial or otherwise. Hence the question of Reporting the same does
not arrive.
2a) The inventory of the company has been physically verified during
the year by the management. In our opinion the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given by the management, the procedures followed are reasonable and
adequate in relation to size of the company and nature of its business.
c) In our opinion the company is maintaining proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification of inventory as compared to the book records.
3 In respect of 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;
a. i) The company has not taken any unsecured loans .
ii) The Company also taken secured loan from nationalised bank of
Rs.11,63,62,268.68
b. And other terms & conditions on which loans have been taken are not
prima facie, prejudicial to the interest of the company.
c.In respect of loan taken / granted by the company, the principal is
repayable on demand.
There are no overdue amounts in respect of loan taken / granted by the
company.
4 In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
5 In respect of loans, secured or unsecured, granted to companies,
firms or other parties covered in the Register maintained under Section
301 of the Companies Act, 1956.
6 The company has not accepted any deposits from the Public.
7 In our opinion the company has an adequate Internal Audit System
commensurate with the size and nature of its business.
8 We have been informed by the management, cost records have been
prescribed under Section 209(I) (d) of the Companies Act, 1956 in
respect of products manufactured by the Company.
9a) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor , Employee''s State Insurance, Income
tax, Sales Tax.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31 March, 2013.
c) According to the records of the company there are no dues of sales
tax, income tax, customs tax/wealth tax, excise duty/ cess, which have
not been deposited on account of any dispute.
10 The company has not incurred a loss in current year and preceding
Financial year, so provision of accumulated loss is not applicable.
11 According to information and explanations given to us and on the
basis of our audit, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12 According to the records of the company, 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 company is neither a chit fund nor a nidhi/ mutual
benefit society. Hence in our opinion Para Â4(xiii) of the Companies
(Auditors'') Report Order, 2003 is not applicable.
14 As per the records of the company and according to information and
explanations given to us by the management, company is not dealing or
trading in shares, securities, and debentures and other investments.
15 As per the records of the company and according to information and
explanations given to us by the management, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16 The term loans obtained by the company have been applied for the
purpose for which they were raised.
17According to information and explanations given to us, and on overall
examination of the Balance Sheet of the Company, we are of the opinion
that no funds raised on short term basis have been used for long term
investment by the company.
18 As per the records of the company and according to information and
explanations given to us, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19 As per the records of the company, the company has not issued any
debentures.
20 The company has not raised any money by public issues during the
period covered by our audit report.
21 In our opinion and according to information and explanations given
to us, no fraud on or by the company have been noticed or reported
during the course of our audit.
For O.P. TULSYAN & CO.
Chartered Accountants
Sd/-
(Om Prakash Tulsyan)
PLACE :VARANASI Partner
DATED : 13.08.2013 M. No. 011165
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. BIL CONTINENTAL
LIMITED as at 31st March, 2012 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company''s managment our responsbility
is to express our opinion thereon.
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.
As required by the Companies (Auditor''s Report) Order, 2003 as
amended by CARO 2004 issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act, 1956, we
enclose in the Annexure a Statement on the matters specified in
paragraphs 4 and 5 of said order.
Further to our comments in the annexure referred to above, we report
that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of 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 and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
d) In oar opinion, the Balance -Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956. .
e) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 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;"
f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view:-
(I) In the case of Balance Sheet of the state of Affairs of the Company
as at 31 March 2012
(II) In the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
1 a) The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
b)'' The fixed assets have been physically verified during the year by
the management and no material discrepancies were noticed on such
physical verification.
c) Based on scrutiny of the records of the company and the information
and explanations received by us, we report that there was no sale of
fixed assets during the financial year ended 31st March, 2012
substantial or otherwise. Hence the question of Reporting the same does
not arrive.
2 a) The inventoiy of the company has been physically verified during
the year by the management. In our opinion the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanations
given by the management, the procedures followed are reasonable and
adequate in relation to size of the company and nature of its business.
c) In our opinion the company is maintaining proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification of inventory as compared to the book records.
3 In respect of 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;
a. The company has not taken any unsecured loans
ii) The Company also taken secured loan from nationalised bank of ''
3419.95 Lacs
b. And other terms & conditions on which loans have been taken are not
prima facie, prejudicial to the interest of the company.
c. In respect of loan taken / granted by the company, the principal is
repayable on demand.
There are no overdye amounts in respect of loan taken / granted by the
company
4 In our opinion and according to the information and explanations
given to us, |he procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
5 In respect of loans, secured or unsecured, granted to companies,
firms or other parties covered ir the Register maintained under Section
301 of the Companies Act, 1956.
6 The company has not accepted any deposits from the Public.
7 It our opinion the company has an adequate Internal Audit System
commensurate with the sizt and nature of its business.
8 We ''have been informed by the management, no cost records have been
prescribed under Sectior 209(1) (d) of the Companies Act, 1956 in
respect of products manufactured by the Company.
9 a) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor , Employee''s State Insurance,
Income tax, Sales Tax.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31 March, 2012
c) According to the records of the company there are no dues of sales
tax, income tax, customs tax/wealth tax, excise duty/ cess, which have
not been deposited on account of any dispute.
10 The company has not incurred a loss in current year and preceding
Financial year, so provision of accumulated loss is not applicable.
11 According to information and explanations given to us and on the
basis of our audit, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12 According to the records of the company, 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 company is neither a chit fund nor a nidhi/ mutual
benefit society. Hence in our opinion Para -4(xiii) of the Companies
(Auditors'') Report Order, 2003 is not applicable.
14 As per the records of the company and according to information and
explanations given to us by the management, company is not dealing or
trading in shares, securities, and debentures and other investments.
15 As per the records of the company and according to information and
explanations given to us by the management, the company has not given
any guarantee for loans taken by others from bank or financial
institutions. ''
16 The term loans obtained by the company have been applied for the
purpose for which they were raised.
17 According to information and explanations given to us, and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short term basis have been used for
long term investment by the company.
18 As per the records of the company and according to information and
explanations given to us, the company has not made any preferential
allotment of shares to parties and companies covered in the registg-
maintained under section 301 of the Act.
19 As per the records of the company, the company has not issued any
debentures.
20 The company has not raised any money by public issues during the
period covered by our audit report.
21 In our opinion and according to information and explanations given
to us, no fraud on or by the company have been noticed or reported
during the course of our audit.
For O.P. TULSYAN & CO.
Chartered Accountants,
PLACE :VARANASI
DATED : 18.08.2012 Sd/-
(PARTNER)
Mar 31, 2010
We have audited the attached Balance Sheet of M/s BHOLANATH
INTERNATIONAL LIMITED as at 31st March, 2010signed by us under
reference to this report and also the annexed Profit and Loss Account
of the company for the year ended on that date. 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
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956 and on the basis of such checks of the
books and records as we considered necessary and appropriate and
according to the information and explanation given to us during the
course of the audit, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of 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 and Profit & Loss Account dealt with by this
report are in agreement with the books of account produced before us.
d) Subject to valuation of stock of wool waste taken otherwise than at
cost, and disclosures in respect of related party transactions claims
to be not applicable to this company, in our opinion, the Balance Sheet
and Profit and Loss Account dealt with by this report comply with the
Accounting Standards referred to in Sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause(g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with 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:
(I) In the case of Balance Sheet of the state of Affairs of the Company
as at 31st March, 2010 and;
(II) In the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(In reference to paragraph 3 of our report of even date to the members
of M/S. BHOLANATH INTERNATIONAL LIMITED on the financial statements for
the year ended 31.03.2010)
1 a. The company has maintained proper records to show full
particulars including quantitative details and situation of its fixed
assets on the basis of available information.
b. The fixed assets have been physically verified during the year by
the management and no material discrepancies were noticed on such
Physical verification.
c. Based on scrutiny of the records of the company and the information
& explanations received by us, we report that there was no sale of
fixed assets during the financial year ended 31st March 2010
substantial or otherwise. Hence the question of reporting whether the
sale of any substantial part of fixed assets has affected the going
concern of the company does not arise.
2 a. As per consistence practice, the inventory has been physically
verified by the management at the
year end. In our opinion the frequency of verification needs to be
improved having regard to the size of the Company and nature of its
business.
b. In our opinion and according to the information and explanations
given by the management, the procedures followed are reasonable and
adequate in relation to size of the company and nature of its business.
c. In our opinion the company is maintaining proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification of inventory as compared to the book records.
3. In respect of 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;
a. The company has taken loans. Rs 2 Lakh The company has not granted
any loans to any such party.
b. The loans taken are interest free and other terms & conditions on
which loans have been taken are not prima facie, prejudicial to the
interest of the company.
c. In respect of loan taken by the company, the principal is repayable
on demand.
d. There are no overdue amount in respect of loan taken by the
company.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of Inventory, Fixed Assets and with regard to the sale of
goods. During the course of our audit, no major weakness has been
observed in the internal controls.
5. Based on the Audit procedures applied by us and the information &
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 under section 301 of the companies Act, 1956.
6. The company has not accepted any deposits from the Public.
7. In our opinion the company has an adequate Internal Audit System
commensurate with the size and nature of its business.
8. We have been informed by the management, no cost records have been
prescribed under section 209 (1) (d) of the Companies Act, 1956 in
respect of products manufactured by the company.
9. a. According to the records of the company, the company is regular
in depositing with appropriate
authorities undisputed statutory dues including provident fund,
Investor education protection fund, Employees State Insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
statutory dues applicable to it.
b. According to the information & explanations given to us, no
un-disputed amount payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31 st March
2010 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 sales
tax, income tax, customs tax/ wealth tax, excise duty/cess, which have
not been deposited on account of any dispute.
10. The company does not have accumulated losses and has not incurred
cash loss in the preceding financial year.
11. According to information & explanations given to us and on the
basis of our audit, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12. According to the records of the company, 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 company is neither a chit fund nor a nidhi/ mutual
benefit society. Hence in our opinion Para-4(xiii) of the Companies
(Auditors Report) Order, 2003 is not applicable.
14. As per the records of the company and according to information and
explanations given to us by the management, company is not dealing or
trading in shares, securities, and debentures and other investments.
15. As per the records of the company and according to information and
explanations given to us by the management, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. The company has not obtained any term loan from any institution or
bank during the year.
17. According to information and explanations given to us, and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short-term basis have been used for
long-term investment by the company.
18. As per the records of the company and according to information and
explanations given to us, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19. As per the records of the company, the company has not issued any
debentures.
20. The company has not raised any money by public issues during the
period covered by our audit report
21. In our opinion and according to information & explanations given
to us, no fraud on or by the company have been noticed or reported
during the course of our audit.
For O.P. TULSYAN & CO.,
Chartered Accountants,
Sd/-
(PARTNER)
PLACE: VARANASI.
DATED: 13.08.2010
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