Mar 31, 2015
I have audited the accompanying financial statements of SINNAR BIDI
UDYOG LIMITED (''the Company'') which comprise of the balance sheet as at
31st March 2015, the statement of profit and loss and the cash flow
statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements to give a ture 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 detection frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgements 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
My responsibility is to express an opinion on these financial
statements based on my audit. I have taken into account the provisions
of the Act and the Rules made thereunder including the accounting
standards and matters which are required to be included in the report.
I have conducted audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements require that I
comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give a true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, 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 accounting policies used and the reasonableness of
the accounting estimates made by Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion on the financial
statements.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid financial statements subject to
the notes thereon 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 31 st March 2015and 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 (Auditor''s Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, I give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, I report that:
a. I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purpose of my audit.
b. In my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books and proper returns adequate for the purpose of my audit have been
received from branches not visited by me
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In my opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies Rules, 2014.
e. On the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of Section 164(2) of the Companies
Act, 2013.
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 the best of my knowledge and belief and
accounting to the information and explanations given to us;
1 The Company has disclosed the impact, if any, of pending litigation
as at 31st March 2015 on its financial position in its financial
statements (Refer Note 27)
2 The Company did not have any long-term contracts including dericative
contracts.
3 There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended 31st March 2015.
ANNEXURE
Annexure referred to in paragraph 1 of my report of even date Re:
Sinnar Bidi Udyog Limited (''the Company'')
I (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 and no material discrepancies were noticed on such
verification.
II (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In my opinion and according to the information and explanations
given to me, 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. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
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 Act. Therefore, the provisions of Clause
3(iii),(iii)(a) and (iii)(b) of the said Order are not applicable to
the Company.
IV In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Further, on the basis of my examination and
according to information and explanations given to me, I have neither
come across nor have I been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V In my opinion and according to the information and explanations given
to me, the Company has complied with the provisions of Sections
73,74,75 and 76 or any other relevant provisions of the Act and the
Rules framed thereunder to the extent notified, with regard to the
deposits accepted from public. No new deposits were accepted by the
Company in the said year. The outstanding deposits were repaid during
the year in compliance with the provisions of the Companies Act 2013.
According to the information and explanations given to us, 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 Tribunal on the Company in
respect of the aforesaid deposits.
VI The Central Government has not specified the maintenance of cost
records under subsection 1 of Section 148 of the Companies Act for the
activity of the Company.
VII (a) The company is generally regular in depositing undisputed
statutory dues including
Provident Fund, Investor Education and Protection Fund, ESIC, Income
Tax, Sales Tax / VAT, TDS, Service Tax, Cess and other statutory dues
with the appropriate authorities. There are no arrears of outstanding
statutory dues as at the last day of financial year for a period of
more than six months from the date those became payable.
(b) According to information and explanations given to me there are no
disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT
.Service Tax and Cess as at the last day of financial year.
(c) According to information and explanations given to me there are no
amount payable or required to be transferred to investor eduction and
protection fund in accordence of Companies Act, 1956.
VIII There are no accumulated losses. The company has not incurred cash
loss in the current financial year and in the immediately preceding
financial year.
IX The company has not defaulted in repayment of dues to any financial
institution or bank.
X According to information and explanations given to me the company has
not given any guarantee for loan taken by others from bank or financial
institutions.
XI The company has not obtained any fresh term loan during the year.
XII During the course of my examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to me, I have neither come across any instance of material fraud
on or by the company, noticed or reported during the year nor have I
been informed of such case by the management.
S. D. Bedmutha
Chartered Accountant
Membership No.033679.
Place: Nashik
Date :29th May2015.
Mar 31, 2014
I have audited the accompanying financial statements of SINNAR BIDI
UDYOG LIMITED (''the Company'') which comprise of the balance sheet as at
31 March 2014, the statement of profit and loss and 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 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 misstatement,
whether due to fraud or error.
Auditor''s Responsibility
My responsibility is to express an opinion on these financial
statements based on my audit. I have conducted my audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, the financial statements subject to the notes
thereon give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(i) In the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014; (ii) In the case of the statement of
profit and loss, of the profit for the year ended on that date; and
(iii) 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"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, I give 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, I report that :
a. I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit ;
b. In my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books and proper returns adequate for the purpose of my audit have been
received from branches not visited by me
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In my opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement subject to notes thereon comply with the Accounting
Standards referred to in subsection (3C) of section 211 of the
Companies Act, 1956 except for Accounting Standard -15 (Revised) as
referred to in Note No. 27(2) ; and
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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
Annexure referred to in paragraph 1 of my report of even date Re:
Sinnar Bidi Udyog Limited (''the Company'')
I (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 and no material discrepancies were noticed on such
verification.
(c) No substantial fixed assets have been disposed off during the
year,hence it has not affected the going concern status of the Company.
II (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In my opinion and according to the information and explanations
given to me, 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. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
III The company has not granted/ not taken any secured or unsecured
loans to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act.
IV In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Further, on the basis of my examination and
according to information and explanations given to me, I have neither
come across nor have I been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V According to information and explanation given to me, there were no
any transactions, contract or arrangements referred to section 301 of
the Act, which were required to be entered in the register maintained
under that section.
VI In my opinion and according to the information and explanations
given to me, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section of 58A and 58AA of
the Companies Act,1956 and the Companies (Acceptance of Deposits)
Rules,1975,with regard to the deposits accepted from the public. No
order has been passed on the company by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal in this regard.
VII The company has an internal audit system, which, in my opinion, is
commensurate with the size and nature of its business.
VIII The company has maintained cost records as precribed by the
Central Government under clause (d) of subsection (1) of section 209 of
the Act. I have not, however, made a detailed examination of the
records with a view to determine whether they are accurate or complete.
IX (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, ESIC, Income Tax, Sales Tax / VAT,Service Tax, Cess
and other statutory dues with the appropriate authorities. There are no
arrears of outstanding statutory dues as at the last day of financial
year for a period of more than six months from the date those became
payable.
(b) According to information and explanations given to me there are no
dues or disputed amounts outstanding in respect of Income Tax, Sales
Tax / VAT ,Service Tax and Cess as at the last day of financial year.
X There are no accumulated losses. The company has not incurred cash
loss in the current financial year and in the immediately preceding
financial year.
XI The company has not defaulted in repayment of dues to any financial
institution or bank.
XII The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII In our opinion, the Company is not a Chit fund or a Nidhi / Mutual
benefit fund / Society. Therefore the provision of clause 4 (xii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
XIV In my opinion and according to information and explanations given
to me , the company is not a dealer or trader in
shares,securities,debentures and other investments.
XV According to information and explanations given to me the company
has not given any guarantee for loan taken by others from bank or
financial institutions.
XVI The company has not obtained any fresh term loan during the year.
XVII On the basis of an overall examination of the Balance-Sheet of the
company, in my opinion and according to the information and
explanations given to me, there are no funds raised on short-term
basis, which have been used for long term investments.
XVIII The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
XIX The company has not issued any debentures and accordingly, no
securities or charges have been created in respect of debentures.
XX The company has not raised any money by public issue during the
year.
XXI During the course of my examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to me, I have neither come across any instance of material fraud
on or by the company, noticed or reported during the year nor have I
been informed of such case by the management.
S. D. Bedmutha
Chartered Accountant
Membership No.033679.
Place : Nashik
Date : 30th May 2014.
Mar 31, 2012
1. I have audited the attached Balance Sheet of SINNAR BIDI UDYOG
LIMITED as at 31st March, 2012, the related Statement of Profit and
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. My responsibility is to
express an opinion on these financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for
my opinion.
3. I have obtained all the information and explanations which to the
best of my knowledge and belief, were necessary for the purpose of my
audit.
4. In my opinion, proper books of account as required by law have been
kept by the company so far as appears from my examination of those
books and proper returns adequate for the purpose of my audit have been
received from branches not visited by me.
5. In my opinion, the Statement of Profit and Loss, the Balance Sheet
& the Cash Flow Statement dealt with by this report subject to notes
thereon comply with the Accounting Standards referred to in sub-section
(3C) of the Section 211 of the Companies Act, 1956 except for
Accounting Standard -15 (Revised) as referred to in Note No.26(2).
6. The Balance Sheet, Statement of Profit and Loss & the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
7. On the basis of written representations received from the
directors, as on March 31,2012 and taken on record by the Board of
Directors , I report that none of the directors is disqualified from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
8. In my opinion and to the best of my information and according to
the explanations given to me, the said accounts, read together 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:
i) In the case of Balance-Sheet, of the State of Affairs of the company
as at 31st March,2012 and
ii) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
9. As required by the Companies (Auditors' 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 checks of books and records
considered appropriate and the information and explanations given to me
during the course of the audit, I further report that:
I) (a) The company has rfiaintained 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 and no material discrepancies were noticed on such
verification.
(c) Fixed assets disposed-off during the year were not substantial, and
therefore it has not affected the going concern status.
II) (a) Physical verification of inventory has been conducted at
reasonable intervals by the
. management.
(b) In my opinion and according to the information and explanations
given to me, 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. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
III) The company has not granted/ not taken any secured or unsecured
loans to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act.
IV) In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Further, on the basis of my examination and
according to information and explanations given to me, I have neither
come across nor have I been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V) According to information and explanation given to me, there were no
any transactions, contract or arrangements referred to section 301 of
the Act, which were required to be entered in the register maintained
underthat section.
VI) In my opinion and according to the information and explanations
given to me, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section of 58A and 58AA of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975,with regard to the deposits accepted from the public. No
order has been passed on the company by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal in this regard.
VII) The company has an internal audit system, which, in my opinion, is
commensurate with the size and nature of its business.
VIII) The company has maintained cost records as prescribed by the
Central Government under clause (d) of subsection (1) of section 209 of
the Act. We have not, however, made a detailed examination of the
records with a view determine whether they are accurate or complete.
IX) (a) The company is generally regular in depositing undisputed
statutory dues including
Provident Fund, Investor Education and Protection Fund, ESIC, Income
Tax, Sales Tax I VAT, Cess and other statutory dues with the
appropriate authorities. There are no arrears of outstanding statutory
dues as at the last day of financial year for a period of more than six
months from the date those became payable.
(b) According to information and explanations given to me there are no
disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT
and Cess as at the last day of financial year.
I) (a) The company has rhaintained 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 and no material discrepancies were noticed on such
verification.
(c) Fixed assets disposed-off during the year were not substantial, and
therefore it has not affected the going concern status.
II) (a) Physical verification of inventory has been conducted at
reasonable intervals by the
. management.
(b) In my opinion and according to the information and explanations
given to me, 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. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
III) The company has not granted/ not taken any secured or unsecured
loans to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act.
IV) In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Further, on the basis of my examination and
according to information and explanations given to me, I have neither
come across nor have I been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V) According to information and explanation given to me, there were no
any transactions, contract or arrangements referred to section 301 of
the Act, which were required to be entered in the register maintained
under that section.
VI) In my opinion and according to the information and explanations
given to me, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section of 58A and 58AA of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules,1975,with regard to the deposits accepted from the public. No
order has been passed on the company by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal in this regard. '
VII) The company has an internal audit system, which, in my opinion, is
commensurate with the size and nature of its business.
VIII) The company has maintained cost records as prescribed by the
Central Government under clause (d) of subsection (1) of section 209 of
the Act. We have not, however, made a detailed examination of the
records with a view determine whether they are accurate or complete.
IX) (a) The company is generally regular in depositing undisputed
statutory dues including
Provident Fund, Investor Education and Protection Fund, ESIC, Income
Tax, Sales Tax / VAT, Cess and other statutory dues with the
appropriate authorities. There are no arrears of outstanding statutory
dues as at the last day of financial year for a period of more than six
months from the date those became payable.
(b) According to information and explanations given to me there are no
disputed amounts outstanding in respect of Income Tax, Sales Tax / VAT
and Cess as at the last day of financial year.
c) According to information and explanations given to me Wealth Tax,
Service Tax, Customs Duty and Excise Duty are not applicable to the
company.
X) There are no accumulated losses. The company has not incurred cash
loss in the current ' financial year and in the immediately preceding
financial year.
XI) The company has not defaulted in repayment of dues to any financial
institution or bank. The company has not issued any debentures.
XII) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
'
XIII) The provisions of any special statute applicable to chit fund /
nidhi/ mutual benefit fund / societies are not applicable to the
company.
XIV) In my opinion and according to information and explanations given
to me, the company is not a dealer or trader in shares, securities,
debentures and other investments.
XV) According to information and explanations given to me the company
has not given any guarantee for loan taken by others from bank or
financial institutions.
XVI) The company has not obtained any fresh term loan during the year.
XVII) On the basis of an overall examination of the Balance-Sheet of
the company, in my opinion and according to the information and
explanations given to me, there are no funds raised on short-term
basis, which have been used for long term investments.
XVIII)The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
XIX) The company has not issued any debentures.
XX) The company has not raised any money by public issue during the
year.
XXI) During the course of my examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to me, I have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year nor have I been informed of such case by the management.
Place : Nashik ANAND S. DAGA.
Date : 30th May 2012. Chartered Accountant
Membership No.: 048684
Mar 31, 2011
1. I have audited the attached Balance Sheet of SINNAR BIDI UDYOG
LIMITED as at 31st March, 2011, the related Profit and Loss Account
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. My responsibility is to express an opinion
on these financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for
my opinion.
3. I have obtained all the information and explanations which to the
best of my knowledge and belief, were necessary for the purpose of my
audit.
4. In my opinion, proper books of account as required by law have been
kept by the company so far as appears from my examination of those
books and proper returns adequate for the purpose of my audit have been
received from branches notvisitedbyme.
5. In my opinion, the Profit and Loss Account, the Balance Sheet & the
Cash Flow Statement dealt with by this report subject to notes thereon
comply with the Accounting Standards referred to in sub- section (3C)
of the Section 211 of the Companies Act, 1956 except for Accounting
Standard - 15 (Revised) as referred to in Note No.2 in Schedule 6.
6. The Balance Sheet, Profit and Loss Account & the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
7. On the basis of written representations received from the
directors, as on March 31, 2011 and taken on record by the Board of
Directors , I report that none of the directors is disqualified from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
8. In my opinion and to the best of my information and according to
the explanations given to me, the said accounts, read together 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:
i) In the case of Balance-Sheet, of the State of Affairs of the company
as at 31 st March,201 land
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
9. As required by the Companies (Auditors' Report) Order,2003 issued
by the Central Government of India in terms of Section 227 (4A)ofthe
Companies Act, 1956, and on the basis of checks of books and records
considered appropriate and the information and explanations given to me
during the course of the audit, I further report that:
I) (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 and no material discrepancies were noticed on such
verification.
(c) Fixed assets disposed-off during the year were not substantial, and
therefore it has not affected the going concern status.
II) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In my opinion and according to the information and explanations
given to me, 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. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
III) The company has not granted/taken any secured or unsecured loans
to/from companies, firms or other parties covered in the register
maintained under section 301 oftheAct.
IV) In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Further, on the basis of my examination and
according to information and explanations given to me, I have neither
come across nor have I been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V) According to information and explanation given to me, there were no
any transactions, contract or arrangements referred to section 301 of
the Act, which were required to be entered in the register maintained
under that section.
VI) In my opinion and according to the information and explanations
given to me, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of Section of 58A and 58AA of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules,1975,with regard to the deposits accepted from the public. No
order has been passed on the company by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal in this regard.
VII)The company has an internal audit system, which, in my opinion, is
commensurate with the size and nature of its business.
Vlll)lt is informed that maintenance of cost records has not been
prescribed by the Central Government under clause (d) of sub section
(1) of section 209 of the Companies Act, 1956.
IX) (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, ESIC, Income Tax, Sales Tax / VAT, Cess and other
statutory dues with the appropriate authorities. There are no arrears
of outstanding statutory dues as at the last day of financial year for
a period of more than six months from the date those became payable.
(b) According to information and explanations given to me there are no
disputed amounts outstanding in respect of Sales Tax/VAT and Cess as at
the last day of financial year. As regards the dispute of Income Tax
the details are given in Schedule 6, Note 4. ( Tax liability / demand
involved Rs. Nil).
c) According to information and explanations given to me Wealth Tax,
Service Tax, Customs Duty and Excise Duty are not applicable to the
company.
X) There are no accumulated losses. The company has not incurred cash
loss in the current financial year and in the immediately preceding
financial year.
XI) The company has not defaulted in repayment of dues to any financial
institution or bank. The company has not issued any debentures.
XII) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII) The provisions of any special statute applicable to chit fund /
nidhi/ mutual benefit fund / societies are not applicable to the
company.
XIV) In my opinion and according to information and explanations given
to me, the company is not a dealer or trader in
shares,securities,debentures and other investments.
XV) According to information and explanations given to me the company
has not given any guarantee for loan taken by others from bank or
financial institutions.
XVI) No any fresh term loan has been obtained by the company during the
year
XVII) On the basis of an overall examination of the Balance-Sheet of
the company, in my opinion and according to the information and
explanations given to me, there are no funds raised on short- term
basis, which have been used for long term investments.
XVIII) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the CompaniesAct, 1956 during the year.
XIX) The company has not issued any debentures.
XX) The company has not raised any money by public issue during the
year.
XXI) During the course of my examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to me, I have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year nor have I been informed of such case by the management.
Place : Nashik ANAND S. DAGA.
Date : 27th May 2011. Chartered Accountant
Mar 31, 2010
1) I have auditedthe attached Balance Sheet of SINNAR BIDI UDYOG
LIMITED as at 31st March, 2010,the related Profit and Loss Account
andthe Cash Flow Statement of the company for the year ended on -at
date annexed thereto. these financial statements are the responsibility
of the companys Management. My responsibility is to express an opinion
on these financial statements based on my audit.
2) I conducted my audit in accordance with auditing standards generally
accepted in India. Those standards require -at I plan and performthe
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
assessingthe accounting principles used and significant estimates made
by management, as well as evaluatingthe overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
3) I have obtained all the information and explanations which to the
best of my knowledge and belief, were necessary for the purpose of my
audit.
4) In my opinion, proper books of account as required by law have been
kept by the company so far as appears from my examination of those
books and proper returns adequate for the purpose of my audit have been
received from branches not visited by me.
5) In my opinion,the Profit and Loss Account, the Balance Sheet &the
Cash Flow Statement dealt with by is report subject to notesthereon
comply with theAccounting Standards referred to in sub section (3C) of
the Section 211 of the Companies Act, 1956 except for Accounting
Standard -15 (Revised) as referred to in Note No.2 in Schedule 7.
6) theBalance Sheet, Profit and Loss Account &the Cash Flow Statement
dealt with by this report are in agreement withe books of account.
7) On the basis of written representations received from the directors,
as on March 31, 2010 and taken on record by the Board of Directors , I
report that none of the directors is disqualified from being appointed
as a director in terms of clause (g) of sub-section (1)of section 274
of the Companies Act, 1956.
8) In my opinion and to the best of my information and according to the
explanations given to me, the said accounts, read together withe
notesthereon, givethe information required by the Companies Act, 1956
inthe manner so required and give a true and fair view in conformity
with theaccounting principles generally accepted in India :
i) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March,2010and
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on at date.
iii) Inthe case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
9) As required by the Companies (Auditors Report) Order,2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
CompaniesAct,1956,and on the basis of checks of books and records
considered appropriate and the information and explanations given to me
duringthe course of the audit, I further report that:
I) (a)the company has maintained proper records showing full particular
, including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
(c) Fixed assets disposed-off duringthe year were not substantial,
andtherefore it has not affectedthe going concern status.
II) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In my opinion and according to the information and explanations
given to me,the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation
tothe size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
III) The company has not granted/taken any secured or unsecured loans
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act.
IV) In my opinion and according to the information and explanations
given to me, having regard to the explanation that certain items
purchased , sold and processed are of a special nature and their prices
cannot be compared with suitable alternative quotations,there are
adequate internal control procedures commensurate with thesize of the
company andthe nature of its business, forthe purchase of inventory and
fixed asset and for the sale of goods and services. Further, on the
basis of my examination and according to information and explanations
given to me, I have neither come across nor have I been informed of any
instance of major weaknesses in the aforesaid internal control
procedures.
V) (a) In my opinion and according to information and explanations
given to me, the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered inthe register required to
be maintained under at section.
(b) in my opinion and according to the information and explanations
given to me, having regard to the comments in IV above, the
transactions made in pursuance of contracts or arrangements and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices, which are reasonable having regard
to the prevailing market prices atthe relevant time.
VI) In my opinion and according to the information and explanations
given to me, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of section of 58A and 58AA of
the Companies Act, 1956 andthe Companies (Acceptance of Deposits)
Rules,1975,with regard to the deposits accepted from the public. No
order has been passed on the company by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal in this regard.
VII) The company has an internal audit system, which, in my opinion, is
commensurate with in size and nature of its business.
VIII) It is informed that maintenance of cost records has not been
prescribed by the Central Government under clause (d) of sub section
(1) of section 209 of the Companies Act,1956.
IX) (a)the company is generally regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Income Tax, Sales Tax / VAT, Cess and
other statutory dues with the appropriate auth orities. There are no
arrears of outstanding statutory dues as atthe last day of financial
year for a period of more an six months from the date thoose became
payable.
(b) According to information and explanations given to me there are no
disputed amounts outstanding in respect of Sales Tax / VAT and Cess as
atthe last day of financial year.As regardsthe dispute of Income Tax
the details are given in Schedule 7, Note 4.( Tax liability / demand
involved Rs.Nil).
(c) According to information and explanations given to me Employees
State Insurance, Weal-Tax, Service Tax, Customs Duty and Excise Duty
are not applicable to the company.
X) The accumulated losses of the company are not in excess of fifty
percent of its net worth the company has not incurred cash loss in the
current financial year and in the immediately preceding financial year.
XI) The company has not defaulted in repayment of dues to any financial
institution or bank.the company has not issued any debentures.
XII) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and otherr securities.
XIII) The provisions of any special statute applicable to the chit fund
/ nidhi/ mutual benefit fund / societies are not applicable to the
company.
XIV) In my opinion and according to information and explanations given
to me ,the company is not a dealer or trader in shares, securities,
debentures and other investments.
XV) According to information and explanations given to me the company
has not given any guarantee for loan taken by others from bank or
financial institutions.
XVI) No any fresh term loan has been obtained by the company duringthe
year.
XVII) On the basis of an overall examination of the Balance-Sheet of
the company, in my opinion and according to the information and
explanations given to me, there are no funds raised on short-term
basis, which have been used for long term investments.
XVIII) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 duringthe year.
XIX) The company has not issued any debentures.
XX) The company has not raised any money by public issue duringthe
year.
XXI) Duringthe course of my examination of the books and records of the
company, carried out in accordance with thegenerally accepted auditing
practices in India, and according to the information and explanations
given to me,
I have neither come across any instance of material fraud on or by the
company, noticed or reported duringthe year nor have I been informed of
such case by the management.
Place : Nashik ANAND S. DAGA
Date : 29-May 2010. Chartered Accountant
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