Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT
Report on the Financial Statements
1. We have audited the accompanying financial statements of Spenta International Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015 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
2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards specified under section 133 of 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.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
4. 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.
5. 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 generally accepted accounting principles in India:
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.
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
6. 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, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure, a statement on the matters specified in paragraphs 3 and 4 of the said Order.
7. As required by Section 143(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 it appears from our examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and the Statement of Profit and Loss comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the companies ( Account ) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act.
f ) With respect to the other matters to be included in the Auditors'' 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.
1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements;
2. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
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 31 March, 2015.
(Referred to in paragraph of audit report on "Other Legal and Regulatory Requirements" of even date)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.
b) 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 nature of its assets. No material discrepancies were noticed on such verifications.
c) In our opinion, the Company has not disposed off a substantial part 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 the nature of its business.
c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. In our opinion and to the best of our information and according to explanations given to us, 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 Act:
a) 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.
4. The Company has not given any loan, investment, guarantees and security for loans taken by others from banks or financial institutions.
5. The company has not accepted any deposits from the public within the meaning of section 73 to 76 or any other relevant provisions of the Act and rules framed there under.
6. In our opinion and as per the explanations given to us the company is not required to maintain accounts and records as prescribed by the Central Government under Section 148(1) of the Companies Act, 2013.
7. In respect of statutory dues :
a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs duty, Works Contract tax, 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 the aforesaid dues were outstanding as at 31st March, 2015 for a period of more than six months from the date of becoming payable.
b) The disputed statutory aggregates to Rs. 7,446,117/-, of which Rs.2,861,057/- has been deposited on account of disputed matters pending before appropriate authorities are as under.
Name of the |
Nature of the |
Amount |
Period to which |
Forum where |
Statute |
Dues |
(Rs.) |
the amount relates |
dispute is pending |
The Income Tax Act, 1961. |
Income-Tax |
5,411,190/- |
F.Y. 2004-05 |
Income Tax Appellate Tribunal |
The Income Tax Act, 1961. |
Income-Tax |
2,034,927/- |
F.Y. 2005-06 |
Income Tax Appellate Tribunal |
TOTAL |
7,446,117/- |
8. According to the records of the company examined by us and the information and explanation given to us, the company has not defaulted in repayments of dues to financial institutions, banks or debenture holders.
9. According to the records of the company examined by us and the information and explanation given to us, the Company has applied the term loans for the purpose for which the loans were obtained
10. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.
11. According to the records of the company examined by us and the information and explanation given to us, the managerial remuneration has been paid as per the provisions of section 197 read with Schedule V to the Companies Act.
12. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xii) of paragraph 4 of the Order are not applicable to the Company.
13. According to the records of the company examined by us and the information and explanation given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards;
14. During the year the company has not made any preferential allotment or private placement of shares.
15. According to the records of the company examined by us and the information and explanation given to us, the company has not entered in to any non-cash transactions with directors or person connected with him
16. As the company is not engaged in business of non-banking financial institution, accordingly the company is not required to registered under section 45-IA of Reserve Bank of India Act, 1934.
For A. R. Parikh & Co.
Chartered Accountants
(Registration No. 107532W)
Ameet R. Parikh
(Proprietor)
Membership No. 38188
Place : Mumbai
Date : May 27, 2016
Mar 31, 2015
1. We have audited the accompanying financial statements of Spenta
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015 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
2. The Company's Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position and financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted
in India including Accounting Standards specified under section 133 of
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.
Auditors' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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.
5. 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 generally accepted
accounting principles in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
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
6. 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, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure, a statement on the matters specified in
paragraphs 3 and 4 of the said Order.
7. As required by Section 143(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 it appears from our examination of those
books.
c) The Balance Sheet and the Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and the Statement of Profit and
Loss comply with the Accounting Standards specified under section 133
of the Act, read with Rule 7 of the companies (Account) Rules, 2014.
e) On the basis of the written representations received from the
directors as on March 31,2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the other matters to be included in the Auditors'
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.
1. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements;
2. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
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 31 March, 2015.
Annexure to Independent Auditors' Report
(Referred to in paragraph of audit report on "Other Legal and
Regulatory Requirements" of even date)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) 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 nature of its assets. No material
discrepancies were noticed on such verifications.
c) In our opinion, the Company has not disposed off a substantial part
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 the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In our opinion and to the best of our information and according to
explanations given to us, In respect of loans, secured
orunsecured,grantedortakenbytheCompanyto / from companies, firms or
other parties covered in the register maintained under Section 189 of
the Act:
a) 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.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of audit we have not observed any major weaknesses or
continuing failure to correct any major weakness in the internal
control system of the Company in respect of these a reas.
5. The company has not accepted any deposits from the public within the
meaning of section 73 to 76 or any other relevant provisions of the Act
and rules framed there under.
6. In our opinion and as per the explanations given to us the company
is not required to maintain accounts and records as prescribed by the
Central Government under Section 148(1)of the Companies Act, 2013.
7. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs duty, Works Contract tax. 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 the aforesaid
dues were outstanding as at 31st March, 2015 for a period of more than
six months from the date of becoming payable.
b) The disputed statutory aggregates to Rs. 7,446,117/-, of which
Rs.2,861,057/- has been deposited on account of disputed matters
pending before appropriate authorities are as under.
Name of the Statute Nature of the Dues Amount (Rs.)
The Income Tax Act, 1961. Income-tax 5,411,190/-
The Income Tax Act, 1961. Income-tax 2,034,927/-
TOTAL 7,446,117/-
Name of the Period to which Forum where
Statute the amount relates dispute is pending
The Income Income-tax
Tax Act, 1961. F.Y, 2004-05 Appellate Tribunal
The Income Income-tax
Tax Act, 1961. F.Y, 2005-06 Appellate Tribunal
8. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9. According to the records of the company examined by us and the
information and explanation given to us, the company has not defaulted
in repayments of dues to financial institutions, banks or debenture
holders.
10. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from banks.
11. The Company has applied the term loans for the purpose for which
the loans were obtained.
12. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For A. R. Parikh & Co.
Chartered Accountants
(Registration No. 107532W)
Ameet R. Parikh
(Proprietor)
Membership No. 38188
Place : Mumbai
Date : May 29, 2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Spenta
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014 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
2. The Company''s 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 Standards notified under the Companies Act, 1956 ("the
Act") (which continue to be applicable in respect of the Section 133 of
the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs) 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 orerror.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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 relevanttothe
Company''s preparation and fair presentation of the financial statements
inorderto design audit procedures that are appropriate in the
circumstances, but not for the pu rpose of expressing a n opi nion on
the effectiveness of the Company''s internal control. An audit also
includes evaluating the a ppropriateness 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.
5. We believe thatthe audit evidence we have obtained is sufficient and
appropriate to provide a basis for ouraudit opinion.
Opinion
6. in our opinion, and to the best of our information, and according to
the explanations given to us, 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 generally accepted accounting principles in I ndia:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for theyear ended on that date.
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
7. 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 sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 bylaw have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet and the Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss comply with Accounting Standards notified
under the Act (which continue to be applicable in respect of Section
133 of Companies Act, 2013 in terms of Genera! Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs) except as
stated in our opinion (I) (II) and (III); ''
e) On the basis of the written representations received from the
directors as on March 31,2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(l)(g) of the
Act.
Annexure to Auditors Report
(Referred to in Paragraph 7 under "Report on Other Legal & Regulatory
Requirements" of even date)
1. Inrespectofitsfixedassets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) The fixed assets have been physically verified by the management du
ri ng the year, which in our opinion is reasonable, having regard to
the size of the Company and nature of its assets. No material
discrepancies were noticed on such verifications.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the Com
pany is not affected.
2. In respect of its inventories:
a) As explained to us, inventories have been physically verified by the
management at regu lar intervals during the year.
b) in ou r opinion and to the best of our information and according to
explanations given to us, the procedure 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3.
Inouropinionandtothebestofourinformation&accordingtoexplanationsgiventous,
In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
a) The company not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Consequently, the requirements of Clauses
(iii) (b), (c) and (d) of pa ragra ph 4 of the Order are not
applicable.
b) The company taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the
Act. In respect of the said loans, the maximum amount outstanding at
any time during the year is Rs. 81,54,778/- and the year-end balance is
Rs. 62,46,050/-
c) In our opinion the rate of interest and other terms and conditions
on which unsecured loan has been taken from companies, firms or other
parties covered in register maintained under section 301 of the
Companies Act, 1956 are not prima facie prejudicial to the interest of
the Compa ny.
d) The principal a nd interest amounts are repayable on demand and
there is no repayment sched ule.
e) There is no overdue amount in respect of loans taken by the Company.
In respect of loans given by the Company, these are repayable ondemand
& therefore the question of overdue amounts does not arise.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
for purchase of inventory, fixed assets and for the sale of goods.
During the course of audit, we have not observed any major weaknesses
in internal control.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) I n our opinion and according to the explanation given to us, the
partial lars of contracts or arrangements, referred to in section 301
of the Act, have been entered into the register maintained under
Section 301 of the Act.
b) In our opinion and according to the explanations given to us, there
are no transactions made in pursuance of such contracts or arrangement
& exceeding the value of Rs. 500,000/- in respect of any party during
the year which have been made at prices which are not reasonable having
regards to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within the
meaning of section 58A & 58AA a any other relevant provisions of the
Act a rules framed there under
7. In our opinion, the Company has no internal audit system
commensurate with the size and nature of the business of the Company.
8. In our opinion and as per the explanations given to us the company
is not required to maintain accounts a records as prescribed by the
Central Government under Section 209{1) (d) of the Companies Act, 1956.
9. In respect of the Statutory dues:
a) According to the records of the company, statutory dues including
Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Custom Duty, works contract tax, cess and any other
statutory dues have been generally regularly deposited with the
appropriate authorities, According to the information and explanations
given to us, no undisputed amount payable in respect of the aforesaid
due were outstanding as at March 31, 2013, fora period of more than six
months from the date of becoming payable.
b|The disputed statutory aggregates to Rs. 7,446,117/-, of which Rs.
2,861,057/- has been deposited on account of disputed matters pending
before appropriate authorities are as under:
Name of period to which
Nature of Dues Amount in (Rs.) the Statute the
amount relates
The income ,
Tax Act, 1961. Income tax 5,411,190/- F.Y. 2004-05
The income
Tax Act 1961 Income tax 2,034,927/- F.Y. 2005-06
Total 7,446,117/-
Name of the Statue Forum where dispute is pending
The income ,
Tax Act, 1961. Income Tax Appellate Tribunal.
The income ,
Tax Act, 1961. Income Tax Appellate Tribunal.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Accordingtothe records of the company examined by us 8t the
information & explanation given to us, the company has not defaulted in
repayments of dues to fina ncial institutions, ban ks or debenture
holders.
12. According to the records of the company exami ned by us a nd the
information & explanation given to us 8i based on the information
available, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. The provision of a ny special statute applicable to chit fund /
nidhi / mutual benefit fund / societies a re not applicable to the
Company.
14. In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of the
transactions and contracts in respect of dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. All the shares, securities, debentures and other
investments have been held by the Company in its own name.
15. In our opinion & according to the information & explanation given
to us no term loa n were applied.
1$, I n our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
17. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we a re of the
opinion that there are no funds raised on short-term basis that ha ve
been used for long-term investment.
18. During the year 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.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not raised any monies byway of public issue during
theyear.
21. Based on the audit procedures performed and the representation
obtained from the management, we report that no fraud on or by the
Company, having a material misstatement on the financial statements has
been noticed or reported during the year u nder audit.
For A. R. Parikh & Co.
Chartered Accountants
(Registration No. 107532W)
Ameet R. Parikh
(Proprietor)
Membership No. 38188
Place: Mumbai
Date : May 29,2014.
Mar 31, 2013
1. We have audited the attached Balance Sheet of Spenta International
Limited as at March 31, 2013, the Statement of Profit and Loss and also
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.
2. 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 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 and
amended CARO 2004 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
appropriate and according to the information and explanations given to
us, we enclose in the Annexure hereto 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 in 2 above, 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 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 appears from our examination of those
books;
c) The Balance Sheet and the Statement of Profit and Loss Account dealt
with by this report are in agreement with the books of account;
d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement read with Significant Accounting polices and
Note to accounts, dealt with by this report are in compliance 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 March 31, 2013, and taken on record by the Board of Directors we
report that none of the directors are 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.
f) 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 polices and Note to accounts 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 generally
accepted accounting principles in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2013,
(ii) in the case of the Statement of Profit and Loss Account, of the
profit of 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.
Annexure to Auditors'' Report
Referred to in Paragraph 3 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 on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
ii. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and to the best of our information and according to
explanations given to us, the procedure 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
a) The company not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Consequently, the requirements of Clauses
(iii) (b), (c) and (d) of paragraph 4 of the Order are not applicable.
b) The company taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the
Act. In respect of the said loans, the maximum amount outstanding at
any time during the year is Rs. 100,78,336/- and the year-end balance
is Rs.73,60,384/-.
c) In our opinion the rate of interest and other terms and conditions
on which unsecured loan has been taken from companies, firms or other
parties covered in register maintained under section 301 of the
Companies Act, 1956 are not prima facie prejudicial to the interest of
the Company.
d) The principal and interest amounts are repayable on demand and there
is no repayment schedule.
iv. In our opinion and to the best of our information and according to
explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956 :
a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract /
arrangements entered in the Register maintained under section 301 of
the Companies Act. 1956 and exceeding the value of Rs. 500,000/- in
respect of each party during the year, have been made at prices which
are prima facie reasonable having regards to the prevailing market
prices at the relevant time. No comparison of prices could be made as
the Company informed us that there are no comparable market prices /
alternate source of supply.
vi. In our opinion and according to the information and explanation
given to us, the company has complied with the provisions of section
58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rule, 1975, with regard to the deposits accepted from the
public.
vii. In our opinion, the Company has no internal audit system
commensurate with the size and nature of the business of the Company.
viii. In our opinion and as per the explanations given to us the
company has maintained accounts and records as prescribed by the
Central Government under Section 209(1) (d) of the Companies Act, 1956.
ix. In respect of the Statutory dues :
a) According to the records of the company, undisputed amounts payable
in respect of Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess and any other statutory dues have
been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount payable in respect of the aforesaid due were
outstanding as at March 31, 2013, for a period of more than six months
from the date they became payable.
b)The disputed statutory aggregates to Rs. 7,446,117/-, of which
Rs.2,861,057/- has been deposited on account of disputed matters
pending before appropriate authorities are as under :
Sr. No. Name of Nature of Dues Amount in (Rs.)
1. The Income Income tax
tax Act, 1961. Demand 5,411,190/-
2. The Income Income tax
tax Act, 1961. Demand 2,034,927/-
Total 7,446,117/-
Sr. No. Name of Period to which Forum where
the amount relates dispute is pending
1. The Income Income Tax Appellate
tax Act, 1961 F. Y. 2004-05 Tribunal Mumbai
2. The Income Income Tax Appellate
F.Y.2005-06 Tribunal Mumbai
x. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayments of dues to financial institutions, banks or
debenture holders.
xii. In our opinion and according to the information and explanation
given to us and based on the information available, adequate documents
and records are maintained in cases where the company loans and
advances have been granted by the company on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xii) of
paragraph 4 of the Order are not applicable to the Company.
xiv. In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of the
transactions and contracts in respect dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. All the shares, securities, debentures and other
investments have been held by the Company in its own name.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
xvi. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long-term investment.
xviii. During the year 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.
xix. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
xx. The Company has not raised any monies by way of public issue
during the year.
xxi. Based on the audit procedures performed and the representation
obtained from the management, we report that no fraud on or by the
Company, having a material misstatement on the financial statements has
been noticed or reported during the year under audit.
For A. R. Parikh & Co.
Chartered Accountants
Ameet R. Parikh
(Proprietor)
Membership No. 38188
Place : Mumbai
Date : May 30, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Spenta International
Limited as at 31st March, 2012, the Statement of Profit and Loss
account and also 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.
2. 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 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 and
amended CARO 2004 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
appropriate and according to the information and explanations given to
us, we enclose in the Annexure hereto 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 in 2 above, 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 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 appears from our examination of those
books;
c) The Balance Sheet and the Statement of Profit and Loss Account dealt
with by this report are in agreement with the books of account;
d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement read with Significant Accounting policies and
Note to accounts, dealt with by this report are in compliance 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 are 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, they said accounts, read together with
Significant Accounting policies and Note to accounts 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 generally
accepted accounting principles in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012,
(ii) in the case of the Statement of Profit and Loss Account, of the
profit of 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.
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 on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
ii. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and to the best of our information and according to
explanations given to us, the procedure 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
a) The company not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Consequently, the requirements of Clauses
(iii) (b), (c) and (d) of paragraph 4 of the Order are not applicable.
b) The company taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the
Act. In respect of the said loans, the maximum amount outstanding at
any time during the year is Rs. 62,08,750/- and the year-end balance is
Rs.73,07,950/-.
c) In our opinion the rate of interest and other terms and conditions
on which unsecured loan has been taken from companies, firms or other
parties covered in register maintained under section 301 of the
Companies Act, 1956 are not prima facie prejudicial to the interest of
the Company.
d) The principal and interest amounts are repayable on demand and there
is no repayment schedule.
iv. In our opinion and to the best of our information and according to
explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956 :
a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract /
arrangements entered in the Register maintained under section 301 of
the Companies Act. 1956 and exceeding the value of Rs. 500,000/- in
respect of each party during the year, have been made at prices which
are prima facie reasonable having regards to the prevailing market
prices at the relevant time. No comparison of prices could be made as
the Company informed us that there are no comparable market prices /
alternate source of supply.
vi. In our opinion and according to the information and explanation
given to us, the company has complied with the provisions of section
58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rule, 1975, with regard to the deposits accepted from the
public.
vii. In our opinion, the Company has no internal audit system
commensurate with the size and nature of the business of the Company.
viii. In our opinion and as per the explanations given to us the
company is not required to maintain accounts and records as prescribed
by the Central Government under Section 209(1) (d) of the Companies
Act, 1956.
ix. In respect of the Statutory dues :
a) According to the records of the company, undisputed amounts payable
in respect of Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess and any other statutory dues have
been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount payable in respect of the aforesaid due were
outstanding as at 31st March, 2012, for a period of more than six
months from the date they became payable.
b)The disputed statutory aggregates to Rs. 7,446,117/-, of which
Rs.2,861,057/- has been deposited on account of disputed matters
pending before appropriate authorities are as under :
Sr. Name of Naure of Due Amount Period to Forum where
No. the in (Rs.) which the dispute is
statute amount
relates pending
The
Income Income tax , Income Tax
Appellate
1. 5,411,190/- F. Y.
2004-05
tax Act,
1961. Demand Tribunal,
Mumbai.
The
Income Income tax Income Tax
Appellate
2. 2,034,927/- F.Y.
2005-06
tax Act,
1961. Demand Tribunal,
Mumbai.
Total 7,446,117/
x. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayments of dues to financial institutions, banks or
debenture holders.
xii. In our opinion and according to the information and explanation
given to us and based on the information available, adequate documents
and records are maintained in cases where the company loans and
advances have been granted by the company on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xii) of
paragraph 4 of the Order are not applicable to the Company.
xiv. In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of the
transactions and contracts in respect dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. All the shares, securities, debentures and other
investments have been held by the Company in its own name.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
xvi. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long-term investment.
xviii. During the year 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.
xix. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
xx. The Company has not raised any monies by way of public issue
during the year.
xxi. Based on the audit procedures performed and the representation
obtained from the management, we report that no fraud on or by the
Company, having a material misstatement on the financial statements has
been noticed or reported during the year under audit.
For A. R. Parikh & Co.
Chartered Accountants
Sd/-
Ameet R. Parikh
(Proprietor)
Place : Palghar
Membership No. 38188
Date : 30th May 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Spenta International
Limited as at 31st March, 2010, the Profit and Loss account and also
the Cash flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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 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 (Auditors Report) Order, 2003 and
amended CARO 2004 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
appropriate and according to the information and explanations given to
us, we enclose in the Annexure hereto 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 in 2 above, 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 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 appears from our examination of
those books;
(c) The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of account;
(d) In our opinion, Balance Sheet, Profit and Loss Account and Cash
Flow Statement read with Significant Accounting polices and Note to
accounts, dealt with by this report are in compliance 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, we report that none of the directors are
disqualified as on 31s1 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 said accounts, read together with
Significant Accounting polices and Note to accounts 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 generally
accepted accounting principles in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2010,
(ii) in the case of the Profit and Loss Account, of the profit of 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.
Annexure to Auditors Report Referred to in Paragraph 3 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 on the
basis of available information.
b) The fixed assets have been physically verified by the management
during the year.
c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
ii. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and to the best of our information and according to
explanations given to us, the procedure 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
a) The company not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
Consequently, the requirements of Clauses (iii) (b), (c) and (d) of
paragraph 4 of the Order are not applicable.
b) The company taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the
Act. In respect of the said loans, the maximum amount outstanding at
any time during the year is Rs. 1,00,88,092/- and the year-end balance
is Rs.95,67,450/-.
c) In our opinion the rate of interest and other terms and conditions
on which unsecured loan has been taken from companies, firms or other
parties covered in register maintained under section 301 of the
Companies Act, 1956 are not prima facie prejudicial to the interest of
the Company.
d) The principal and interest amounts are repayable on demand and there
is no repayment schedule.
iv. In our opinion and to the best of our information and according to
explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956 :
a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract /
arrangements entered in the Register maintained under section 301 of
the Companies Act. 1956 and exceeding the value of Rs. 500,000/- in
respect of each party during the year, have been made at prices which
are prima facie reasonable having regards to the prevailing market
prices at the relevant time. No comparison of prices could be made as
the Company informed us that there are no comparable market prices /
alternate source of supply.
vi. In our opinion and according to the information and explanation
given to us, the company has complied with the provisions of section
58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rule, 1975, with regard to the deposits accepted from the
public.
vii. In our opinion, the Company has no internal audit system
commensurate with the size and nature of the business of the Company.
viii. In our opinion and as per the explanations given to us the
company is not required to maintain accounts and records as prescribed
by the Central Government under Section 209(1) (d) of the Companies
Act, 1956.
ix. In respect of the Statutory dues :
a) According to the records of the company, undisputed amounts payable
in respect of Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess and any other statutory dues have
been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amount payable in respect of the aforesaid due were
outstanding as at 31 st March, 2010, for a period of more than six
months from the date they became payable.
b) The disputed statutory aggregates to Rs. 6,62,248/-, that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
Sr.
No. Name of
the Statute Nature of Amount Period to
which Forum
where
Dues in (Rs.) the amount
relates dispute is
pending
1. The Income
tax Act, 1961. Income tax
Demand 2,76,287/- F. Y.
2002-03 Income Tax
Appellate
Tribunal,
Mumbai.
2. The Income
tax Act, 1961. Income tax 3,85,961/- F.Y.
2001-02 Income Tax
Demand Appellate
Tribunal,
Mumbai.
Total 6,62,248/-
x. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayments of dues to financial institutions, banks or
debenture holders.
xii. In our opinion and according to the information and explanation
given to us and based on the information available, no loans and
advances have been granted by the company on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xii) of
paragraph 4 of the Order are not applicable to the Company.
xiv. In our opinion and according to the information and explanation
given to us, the company is not dealing or trading in shares,
securities, debentures and other investments. Besides this, during the
year the company has made investments in equity shares of worth
Rs.35,08,605/- in its own name. Company has maintained proper records
the transactions and contracts and timely entries have been made
therein;
xv The Company has given guarantees for loans taken by other from banks
and financial institutions. According to information & explanations
given to us, we are of the opinion that the terms and conditions of the
guarantees given, are not prima facie prejudicial to the interest of
the Company.
xvi. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long-term investment.
xviii. During the year 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.
xix. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
xx. The Company has not raised any monies by way of public issue
during the year.
xxi. Based on the audit procedures performed and the representation
obtained from the management, we report that no fraud on or by the
Company, having a material misstatement on the financial statements has
been noticed or reported during the year under audit.
For A. R. Parikh&Co.
Chartered Accountants
Place: Mumbai (Registration No. 107532W)
Date: 29- May, 2010 Ameet R.Parikh
(Proprietor)
Membership No. 38188