Mar 31, 2015
We have audited the accompanying financial statements of M/s. Sree
Sakthi Paper Mills Limited, Kochi which comprises of:- (a) The Balance
Sheet as at 31st March, 2015
(b) The Statement of Profit and Loss for the year ended 31st March 2015
(c) Cash Flow Statement for the year ended 31st March 2015, and
(d) A Summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters stated
in Section 134(5) of the Companies Act 2013("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at March 31, 2015; and its loss and its cash flows for the year ended
31st March 2015.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section 11 of
section 143 of the Act, we 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, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Companies Act,
2013, read with Rule 7 of Companies (Accounts), Rules 2014;
e) On the basis of written representations received from the Directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2015, from being
appointed as a Director in terms of sub-section (2) of Section 164 of
the Companies Act, 2013.
f) With respect to other matters to be included in the Auditors Report
in accordance with Rule 11 of Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statement.
ii. The Company has made provisions, as required under any law or
accounting standard, for material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be
transferred to Investor Education and Protection Fund by the Company.
Ref: M/s. Sree Sakthi Paper Mills Limited, Kochi -16 (2014-'15)
Referred to in paragraph 3 of our report of even date:
(i) (a) The Company is maintaining 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) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of account.
(iii) The Company has not granted any secured or unsecured loans to
persons covered in the register maintained under Section 189 of the
Companies Act, 2013, except advances in the ordinary course of
business.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control system.
(v) The Company has not accepted deposits from the Public. Hence
provisions of Clause 4(c) of the order are not applicable to the
Company.
(vi) We have broadly reviewed the books and records maintained by the
Company pursuant to the order of the Central Government 148 (1) of the
Companies Act, 2013 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the records with a view to
determining whether these records are accurate or complete.
vii) (a) According to the information given to us and on the basis of
the checks conducted by us we report that the Company has been
generally regular in depositing undisputed statutory dues including
Provident fund, Employees state insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value added
tax, Cess and any other statutory dues with appropriate authorities
except for vat due of Rs.7,839/-, service tax due of Rs. 16,94,736/-,
customs duty of Rs. 3,24,457/-, excise duty of Rs. 6,27,925/-, which
was in arrears as at 31.3.2015 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, and
based on the records of the Company examined by us, the particulars of
dues towards income tax, sales tax, wealth tax, service tax, duty of
customs, duty of excise, value added tax and cess as at 31st March
2015, which have not been deposited on account of any dispute are
furnished as :
(viii) The Company has no accumulated losses but has incurred cash loss
during the financial year covered by our audit. It has no cash loss in
the immediately preceding financial year.
(ix) In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to
financial institutions and banks.
(x) According to the information and explanations given to us the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xi) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the Company were prima-facie applied for the
purpose for which the loans were obtained.
(xii) To the best of our knowledge and belief and according to the
information given to us no fraud on or by the Company was noticed or
reported during the year.
Period to
Amount of which the Forum where
Sl. tax disputed dispute the dispute
No. Name of the
Statute Nature of Dues Rs. in lakhs relates is pending
1 Income
tax Act Income Tax 26.93 A.Y 2007-08 CIT
(Appeals),
Kochi
3 Income
Tax Act Income Tax 11.68 A.Y 2011-12 CIT
(Appeals),
Kochi
4 Central
Sales Tax
Act Central
Sales tax 15.48 A.Y 2007-08 Deputy
Commissioner
(Appeals),
Kochi
c) The amount required to be transferred to Investor Education and
Protection Fund in accordance with sub-section (5) of Section 124 of
Companies Act 2013, has been transferred without any delay.
For Balan and Co
Chartered Accountants
FRN:000340S
Sd/-
Kochi- 11 A Mohanan, B Sc., FCA., DISA
30.05.'15 Partner (Memb No. 20627)
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Sree
Sakthi Paper Mills Limited, Kochi which comprises of:-
(a) The Balance Sheet as at 31st March, 2014
(b) The Statement of Profit and Loss for the year ended 31st March 2014
(c) Cash Flow Statement for the year then ended 31st March 2014, and
(d) 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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. Auditing is an independent examination
of financial statements with an objective to express opinion on such
financial statements. We conducted our audit in accordance with the
Standards on Auditing and Guidance Notes issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on 31st March 2014, and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended 31st March 2014.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we 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, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Ref: M/s. Sree Sakthi Paper Mills Limited, Kochi -16 (2013-''14)
Referred to in paragraph 3 of our report of even date:
(i) (a) The Company is maintaining 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 part of the fixed assets was disposed off during the
year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of account.
(iii) (a) The Company has not granted loans to persons covered in the
register maintained under section 301 of the Companies Act, 1956,
except advances in the ordinary course of business.
(b) The company has taken an unsecured loan of Rs 1.5 Crore from Sree
Sakthi Constructions & Infrastructure Ltd, Chennai. and Rs 1.35 Crore
from Sree Kailas Logistics Ltd the terms and conditions of which are
not prejudicial to the interest of the Company. Other than the above,
the Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act,1956.
(iv)In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control.
(v) (a) In our opinion and according to the explanations given to us,
all particulars of contracts or arrangements referred to in section 301
of the Act have been entered in the register required to be maintained
in that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted deposits from the Public. Hence
provisions of Clause 4(vi) of the Order are not applicable to the
Company.
vii) On the basis of the test checks conducted by us and as per the
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books and records maintained by the
company pursuant to the order of the Central Government u/s 209(1)(d)
of the Companies Act, 1956 and are of the opinion that prima-facie the
prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the records with a view to
determining whether these records are accurate or complete.
(ix) (a) According to the information given to us and on the basis of
the checks conducted by us we re port that the company has been
generally regu lar in depositing undisputed statutory dues in cluding
Provident fund, Employees state insur ance, Wealth Tax, Service Tax,
Sales Tax, Cus toms duty, Excise Duty and Cess with appropriate
authorities except for service tax due of Rs.11.52 lakhs which was in
arrears as at 31.3.2014 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us, and the
records of the company examined by us, the particulars of dues towards
sales tax, income tax, wealth tax, customs duty and excise duty,
service tax and cess as at 31st March 2013,which have not been
deposited on account of dispute are furnished as :
Sl. Name of the Statute Nature of Dues Amount of
No. tax disputed
Rs. in lakhs
1 Income tax Act Income Tax 26.93
2 Income tax Act Income Tax 66.74
3 Income tax Act Income Tax 46.77
4 Income tax Act Income Tax 11.63
5 Central Sales Tax Act Central Sales tax 15.48
6 Central Sales Tax Act Central Sales tax 0.03
7 Central Sales Tax Act Central Sales tax 0.15
Name of the Statute Period to Forum where
which the the dispute
dispute is pending
relates
Income tax Act A.Y 2007-''08 CIT (Appeals), Kochi
Income tax Act A.Y 2008-09 CIT (Appeals), Kochi.
Income tax Act A.Y 2009-''10 CIT (Appeals), Kochi
Income tax Act A.Y 2010-''11 CIT (Appeals), Kochi.
Central Sales tax Act A.Y 2007-''08 Deputy Commissioner
(Appeals), Kochi
Central Sales tax Act A.Y 2006-''07 Deputy Commissioner
(Appeals), Kochi
Central Sales tax Act A.Y 2007-''08 Deputy Commissioner
(Appeals), Kochi
(x) The Company has no accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) The Company has not granted loan and advance on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi or a mutual benefit
fund/Society. Therefore, provisions of clause 4(xiii) of the Companies
Auditors Report Order 2003 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. In respect of dealing in Forex, the
company has maintained proper records of the transactions and contracts
and has made timely entries therein and the transactions and balances
were held in the name of the Company.
(xv)According to the information and explanations given to us the
company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the company were prima-facie applied for the
purpose for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised by the company on short term basis
has not been used for long term investments.
(xviii)Company has not made any preferential allotment of shares 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) To the best of our knowledge and belief and according to the
information given to us no material fraud on or by the company was
noticed or reported during the year.
For Balan and Co
Chartered Accountants
FRN:000340S
Sd/-
Kochi- 11 A Mohanan, B Sc., FCA., DISA
30.05.''14 Partner (Memb No. 20627)
Mar 31, 2013
We have audited the accompanying financial statements of M/s. Sree
Sakthi Paper Mills Limited, Kochi which comprises of :-
(a) The Balance Sheet as at 31st March 2013
(b) The Statement of profit and Loss for the year ended 31st March 2013
(c) Cash flow Statement for the year then ended 31st March 2013, and
(d) 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 the section
211 of the companies act, 1956 This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. Auditing is an independent examination
of financial statements with an objective to express opinion on such
financial statements. We conducted our audit in accordance with the
standards on auditing and guidance notes issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements, the procedures
selected depend on the auditors 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(a) In the case of the Balance sheet of the state of affairs of the
company as at March 31.2013
(b) In the case of the profit and loss account, of the profit for the
year ended on 31st March 2013
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended 31st March 2013
Report on other legal and regularity requirements
1. As required by the companies (Auditors Report) Order 2003 issued by
the central Government of India in terms of sub-section (4A) of section
227 of the Act, we 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, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books
(c) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the balance sheet, statement of profit and loss,
cash flow statement comply with the accounting standards referred to in
subsection (3C) of the 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,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub section (1) of
section 274 of the Companies Act 1956
(f) Since the central government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956, nor has it issued any rules under the said
section, prescribing the manner in which such cess is to be paid, no
cess due and payable by the company.
Ref: M/s. Sree Sakthi Paper Mills Limited, Kochi - 16 (2012-13)
Referred to in paragraph 3 of our report of even date:
(i) (a) The Company is maintaining 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 part of the fixed assets was disposed off during the
year.
(ii) (a) The inventory has been physically verified During the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of account.
(iii) (a) The Company has not granted loans to persons Covered in the
register maintained under section 301 of the Companies Act, 1956,
except advances in the ordinary course of business.
(b) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control.
(v) (a) In our opinion and according to the explanations given to us,
all particulars of contracts or arrangements referred to in section 301
of the Act have been entered in the register required to be maintained
in that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted deposits from the Public. Hence
provisions of Clause 4(vi) of the Order are not applicable to the
Company.
vii) On the basis of the test checks conducted by us and as per the
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books and records maintained by the
company pursuant to the order of the Central Government u/s 209(1)(d)
of the Companies Act, 1956 and are of the opinion that prima-facie the
prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the records with a view to
determining whether these records are accurate or complete.
(ix) (a) According to the information given to us and on the basis of
the checks conducted by us we report that the company has been regular
in depositing undisputed statutory dues including Provident fund,
Employees state insurance, Wealth Tax, Service Tax, Sales Tax, Customs
duty, Excise Duty and Cess with appropriate authorities except for
service tax due of Rs. 15.33 Lacs which was in arrears as at 31.03.2013
for a period of more than six months from the date they became payable
and was paid in April, 2013.
(b) According to the information and explanations given to us, and the
records of the company examined by us, the Particulars of dues towards
sales tax, income tax, wealth tax, customs duty and excise duty,
service tax and cess as at 31st March 2013, which have not been
deposited on account of dispute are furnished as :
Amount of
Sl. tax disputed
No. Name of the Statute Nature of Dues Rs. in lakhs
1 Income tax Act Income Tax 26.93
2 Income tax Act Income Tax 66.74
3 Income tax Act Income Tax 46.77
4 Income tax Act Income Tax 11.63
5 Central Sales Tax Act Central Sales tax 15.48
Name of thhe Statute Period to
which the Forum where
dispute the dispute
relates is pending
Income tax Act A.Y 2007-''08 CIT (Appeals), Kochi
Income tax Act A.Y 2008-09 CIT (Appeals), Kochi
Income tax Act A.Y 2009-''10 CIT (Appeals), Kochi
Income tax Act A.Y 2010-''11 CIT (Appeals), Kochi
Central Sales Tax Act A.Y.2007-''08 Deputy Commissioner
(Appeals), Kochi
(x) the company has no accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the company has not defaulted in repayment of dues to
financial institutions and banks.
(xii)The company has not granted loan and advance on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi or a mutual benefit
fund/Society. Therefore, provisions of clause 4(xiii) of the companies
Auditors Report Order are not applicable to the company.
(xiv)The company is not dealing In or trading in shares, securities,
debentures and other investments. Therefore, provisions of clause 4
(xiv) of the companies Auditors Report Order 2003 are not applicable to
the company.
(xv) According to the information and explanations given to us the
company has not given any Guarantee for loan taken by others from banks
or financial institutions.
(xvi)To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the company were prima-facie applied the
purpose for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination o the Balance Sheet of the Company, we are of
the opinion that the funds raised by the company on short term basis
has not been used for long term investments.
(xviii)Company has not made any preferential allotment of shares 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)To the best of our Knowledge and belief and according to the
information given to us no material fraud on or by the company was
noticed or reported during the year.
For Balan & Co.
Chartered Accountants
Sd/-
A. Mohanan B.Sc., FCA, DISA
Partner (M. No. 20627)
FRN: 000340S
Kochi - 11 30.05.2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Sree Sakthi
Paper Mills Limited, Kochi-16, as at 31st March, 2012 and also
Statement of Profit and Loss and Cash Flow Statement of the Company for
the year ended on that date annexed there to. 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 misstatements. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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, as
amended by the Companies (Auditor's Report) Amendment Order, 2004
issued by the Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred 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 purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company in so far as appears from our examination of those
books.
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report are in agreement with the books of
account.
d. The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of section 211 of the
Companies Act, 1956.
e. On the basis of written representations received from the directors
and placed before the Board, we report that none of the Directors is
disqualified as on 31st March 2012 from being appointed as a Director
in terms of clause (g) of sub section (1) of section 274 of the
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read together with the
Significant Accounting Policies and 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:
1. In the case of the Balance Sheet, of the 'state of affairs' of
the company as at 31st March '12
2. In the case of the Statement of Profit and Loss, of the profit of
the company for the year on that date, and;
3. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Ref: M/s. Sree Sakthi Paper Mills Limited, Kochi-16 (2011-12)
Referred to in paragraph 3 of our report of even date
(i) (a) The Company is maintaining 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 part of the fixed assets was disposed off during the
year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of account.
(iii) (a) The Company has not granted loans to persons covered in the
register maintained under section 301 of the Companies Act, 1956,
except advances in the ordinary course of business.
(b) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act,1956.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control.
(v) (a) In our opinion and according to the explanations given to us,
all particulars of contracts or arrangements referred to in section 301
of the Act have been entered in the register required to be maintained
in that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted deposits from the Public. Hence
provisions of Clause 4(vi) of the Order are not applicable to the
Company.
vii) On the basis of the test checks conducted by us and as per the
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books and records maintained by the
company pursuant to the order of the Central Government u/s 209(1)(d)
of the Companies Act, 1956 and are of the opinion that prima-facie the
prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the records with a view to
determining whether these records are accurate or complete.
(ix) (a) According to the information given to us and on the basis of
the checks conducted by us we report that the company has been regular
in depositing undisputed statutory dues including Provident fund,
Employees state insurance, Income Tax, Wealth Tax, Service Tax, Sales
Tax, Customs duty and Excise Duty, Cess with appropriate authorities
during the year. Except for Income Tax due of Rs. 84.37 lacs which is
in is in arrears as at 31-3-2012 for a period of more than six months
from the date they became payable.
(b) Except for a sum of Rs. 43.28 lacs being disputed Income Tax
pending in appeal before the Commissioner of Income Tax (Appeals),
Rs.15.48 lacs being disputed Sales Tax and Rs. 4.05 lacs being
disputed Electricity charges pending with KSEB, no other dues of Sales
Tax/ Income Tax/Custom Tax/Services Tax/Excise Duty/Cess remains not
deposited on account of any disputes.
(x) The Company has no accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) The Company has not granted loan and advance on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi or a mutual benefit
fund/Society. Therefore, provisions of clause 4(xiii) of the Companies
Auditors Report Order 2003 are not applicable to the company.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, provisions of clause
4(xiv) of the Companies Auditors Report Order 2003 are not applicable
to the company.
(xv) According to the information and explanations given to us the
company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the company were prima-facie applied for the
purpose for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised by the company on short term basis
has not been used for long term investments.
(xviii)Company has not made any preferential allotment of shares 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) To the best of our knowledge and belief and according to the
information given to us no material fraud on or by the company was
noticed or reported during the year.
For BALAN & CO.
CHARTERED ACCOUNTANTS
Sd/-
A. MOHANAN FCA, DISA
PARTNER (M. No. 20627)
FRN: 000340S
Kochi - 11
26.05.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. Sree Sakthi
Paper Mills Limited, Kochi-16, as at 31st March, 201 I and also Profit
and Loss Account and Cash Flow Statement of the Company for the year
ended on that date annexed there to. 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 misstatements.An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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, as
amended by the Companies (Auditor's Report) Amendment Order, 2004
issued by the Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure, a
statement on the matters specified in paragraph # 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred 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 purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company in so far as appears from our examination of those
books.
c. The Balance Sheet, Profit and Loss account and Cash Flow statement
dealt with by this report are in agreement with the books of account.
d. The Balance Sheet, Profit and Loss account and Cash Flow statement
dealt with by this report comply with the accounting standards referred
to in sub section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
and placed before the Board, we report that none of the Directors is
disqualified as on 31st March 201 I from being appointed as a Director
in terms of clause (g) of sub section (I) 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 the
Significant Accounting Policies and 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:
1. In the case of the Balance Sheet, of the 'state of affairs' of the
company as at 31st March 11
2. In the case of the Profit and Loss account, of the profit of the
company for the year on that date, and;
3. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Referred to in paragraph 3 of our report of even date
(i) (a) The Company is maintaining 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 part of the fixed assets was disposed off during the
year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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 is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of account..
(iii) (a) The Company has not granted loans to persons covered in the
register maintained under section 301 of the Companies Act, 1956,
except advances in the ordinary course of business.
(b) The company has not taken any loans .secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control.
(v) (a) In our opinion and according to the explanations given to us,
all particulars of contracts or arrangements referred to in section 301
of the Act have been entered in the register required to be maintained
in that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted deposits from the Public. Hence
provisions of Clause 4(vi) of the Order are not applicable to the
Company.
vii) On the basis of the test checks conducted by us and as per the
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books and records maintained by the
company pursuant to the order of the Central Government u/s 209(l)(d)
of the Companies Act, 1956 and are of the opinion that prima-facie the
prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the records with a view to
determining whether these records are accurate or complete.
(ix) (a) According to the information given to us and on the basis of
the checks conducted by us we report that the company has been
generally regular in depositing undisputed statutory dues including
Provident fund, Employees state insurance, Income Tax, Wealth Tax,
Service Tax, SalesTax, Customs duty and Excise Duty, Cess and any other
statutory dues with appropriate authorities during the year.
No undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears as at 31.3.2011 for a period of more than six months from the
date they became payable.
(b) Except for a sum of Rs. 87.25 lakhs being disputed Income Tax
/Penalty relating to pending in appeal before the Income Tax Appellate
Tribunal and a sum of Rs. 15.48 lakhs being disputed SalesTax and a sum
of Rs 4.05 lakhs being disputed Electricity charges pending with KSEB,
no other dues of Sales Tax/Income Tax/CustomTax/ServicesTax/Excises
Duty/Cess remains not deposited on account of any disputes.
(x) The Company has no accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) The Company has not granted loan and advance on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi or a mutual benefit
fund/Society.Therefore, provisions of clause 4(xiii) of the Companies
Auditors Report Order 2003 are not applicable to the company.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, provisions of clause
4(xiv) of the Companies Auditors Report Order 2003 are not applicable
to the company.
(xv) According to the information and explanations given to us the
company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the company were prima-facie applied for the
purpose for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised by the company on short term basis
has not been used for long term investments.
(xviii) Company has not made any preferential allotment of shares
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) To the best of our knowledge and belief and according to the
information given to us no material fraud on or by the company was
noticed or reported during the year.
For BALAN & CO.
CHARTERED ACCOUNTANTS
Sd/-
A.MOHANAN F.C.A..DISA
PARTNER (M.No.20627)
FRN: 000340S
Kochi - 11
30.05.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. Sree Sakthi
Paper Mills Limited, Kochi-16, as at 3 I st March, 2010 and also Profit
and Loss Account and Cash Flow Statement of the Company for the year
ended on that date annexed there to. These finan- cial 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 audit- ing standards
generally accepted in India. Those stan- dards require that we plan and
perform the audit to obtain reasonable assurance about whether the fi-
nancial statements are free of material misstatements. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the fi- nancial statements. An audit also includes
assessing the accounting principles used and significant esti- mates
made by 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, as
amended by the Companies (Auditors Report) Amendment Order, 2004
issued by the Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure, a
statement on the matters specified in paragraph # 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred above, we report
that:
a. We have obtained all the information and expla- nations, which to
the best of our knowledge and belief were necessary for the purpose of
our au- dit.
b. In our opinion proper books of account as re- quired by law have
been kept by the company in so far as appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss account and Cash Flow statement
dealt with by this report are in agreement with the books of account.
d. The Balance Sheet, Profit and Loss account and Cash Flow statement
dealt with by this report comply with the accounting standards referred
to in sub section (3C) of section 21 I of the Com- panies Act, 1956.
e. On the basis of written representations received from the directors
and placed before the Board, we report that none of the Directors is
disquali- fied as on 3 I st March 2010 from being appointed as a
Director in terms of clause (g) of sub sec- tion (I) of section 274 of
the Companies Act, 1956.
f. In our opinion and to the best of our informa- tion and according
to the explanations given to us, the said accounts read together with
the Sig- nificant Accounting Policies and 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:
1. In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 10
2. In the case of the Profit and Loss account, of the profit of the
company for the year on that date, and
3. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Ref. M/s. Sree Sakthi Paper Mills Limited, Kochi -16 (2009-10) Referred
to in paragraph 3 of our report of even date
(i) (a) The Company is maintaining 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
veri- fication.
(c) No substantia! part of the fixed assets was dis- posed off during
the year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opin- ion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inven- tories followed
by the management are reason- able 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 verifi- cation between the physical stocks and
the book records were not material and have been prop- erly dealt with
in the books of account..
(iii) (a) The Company has not granted loans to persons covered in the
register maintained un- der section 301 of the Companies Act, 1956,
except advances in the ordinary course of busi- ness.
(b) The company has not taken any loans .secured or unsp-ured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed asset and for sale of goods. There is
no continuing failure to correct any major weaknesses in internal
control.
(v) (a) !n our opinion and according to the explanations given to us,
all particulars of contracts or arrangements referred to in section 301
of the Act have been entered in the register required to be maintained
in that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted deposits from the Public. Hence
provisions of Clause 4(vi) of the Or- der are not applicable to the
Company.
vii) On the basis of the test checks conducted by us and as per the
explanations given to us the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books and records maintained by the
company pursuant to the order of the Central Government u/s 209(l)(d)
of the Com- panies Act, 1956 and are of the opinion that prima- facie
the prescribed accounts and records have been made and maintained. We
have however not made a detailed examination of the records with a view
to determining whether these records are accurate or complete.
(ix) (a) According to the information given to us and on the basis of
the checks conducted by us we report that the company has been
generally regu- lar in depositing undisputed statutory dues in- cluding
Provident fund, Employees state insur- ance, Income Tax, Wealth Tax,
Service Tax, Sales Tax, Customs duty and Excise Duty, Cess and any
other statutory dues with appropriate authorities during the year.
No undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in ar-
rears as at 3 1.3.2010 for a period of more than six months from the
date they became payable.
[b] Except for a sum of Rs. 20.56 lakhs being disputed Income
Tax/Penalty relating to A.Y.2004-05 pending in appeal before the Income
Tax Appellate Tribunal and a sum of Rs.3.89 lakhs, Rs. 8.39 lakhs and
Rs 15.48 lakhs being disputed Sales Tax relating to A.Y. 2005-06, A.Y
2006-07 and A.Y.2007-08 respectively pending in appeal before Sales Tax
Appelate Commission and a sum of Rs 4.05 lakhs being disputed
Electricity charges pending with KSEB, no other dues of Sales
Tax/Income Tax/Custom Tax/ Services Tax/Excises Duty/Cess remains not
deposited on account of any disputes.
(x) The Company has no accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to
financial institu- tions and banks.
(xii)The Company has not granted loan and advance on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi or a mutual benefit
fund/Society. Therefore, provisions of clause 4(xiii) of the Companies
Auditors Report Order 2003 are not applicable to the company.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. There- fore, provisions of clause
4(xiv) of the Companies Auditors Report Order 2003 are not applicable
to the company.
(xv)According to the information and explanations given to us the
company has not given any guarantee for loan taken by others from banks
or financial institu- tions.
(xvi) To the best of our knowledge and belief and ac- cording to the
information and explanations given to us, we are of the opinion that,
the term loans availed by the company were prima-facie applied for the
purpose for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised by the company on short term basis
has not been used for long term investments.
(xviii) Company has not made any preferential allotment of shares
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) To the best of our knowledge and belief and according to the
information given to us no mate- rial fraud on or by the company was
noticed or reported during the year.
For BALAN & CO.
Chartered Accountants
Sd/-
Kochi - II A. MOHANAN F.C.A..DISA
29.05.2010 PARTNER (M.No.20627)