Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Standard Industries Limited (âthe Companyâ), which comprise of the balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s board of directors are responsible for the matters stated in Section 134(5) of the Companies act, 2013 (âthe actâ) with respect to the preparation and presentation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards referred in under Section 133 of the act. 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind As financial statements based on our audit.
In conducting 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 thereunder.
We conducted our audit of the standalone Ind As financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements, read together with notes to the accounts thereon, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2018 and its profit, total comprehensive income, the changes in the equity and its cash flows for the year ended on that date.
Emphasis of Matter
(a) Attention is invited to note No 42 with respect to profit of Rs. 3503.13 lakhs recognised during the current financial year for assignment of Transferable Developments rights entitlement, pending certain formalities for its ultimate assignment.
(b) We draw attention to note 43 to the financial Statement regarding Company''s equity investment of Rs. 5,969.82 lakhs in Standard Salt Works Limited, a wholly owned subsidiary company. The Company considers no provision for any loss is currently necessary in the financial statements for the reason stated in the note.
Our opinion is not modified in respect of this matter.
Other Matter
The financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at April 01, 2016 included in this standalone Ind AS financial statements, are based on the previously issued statutory financial statements for the year ended March 31, 2017 and March 31, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by Deloitte Haskins & Sells LLP, on which they expressed an unmodified opinion dated May 16, 2017 and April 27, 2016 respectively which has been accepted by us. The adjustments to those financial statements for the differences in the accounting principles adopted by the Company on transition to Ind As have been audited by us.
Our opinion is not qualified in respect of this matter
Report on Other Legal and Regulatory Requirements
1. as required by the companies (auditors'' report) order, 2016 (âthe orderâ) issued by the central government of india in terms of sub-section (11) of section 143 of the act, we give in the âannexure aâ, 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 sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) the Balance sheet, the statement of Profit and Loss including other Comprehensive Income, statement of Changes in Equity and the Cash Flow statement dealt with by this report are in agreement with the books of account.
(d) in our opinion, the aforesaid standalone Ind As financial statements comply with the Indian accounting standards specified under section 133 of the act, read with Companies (Indian accounting standard) rules, 2015.
(e) on the basis of the written representations received from the directors as on March 31, 2018 taken on record by the board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of section 164 (2) of the act.
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
(g) With respect to the other matters to be included in the auditor''s report in accordance with rule 11 of the Companies (audit and auditors) rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind as financial statements as referred to in Note 38 to the standalone Ind as financial statements.
(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE A TO THE AUDITORSâ REPORT
The annexure referred to in Paragraph 1 Of Our Report on Other Legal and Regulatory Requirements section of our report of Even Date On the Standalone Financial Statements For The Year Ended March 31, 2018 Of Standard Industries Limited, we report that:
(i) In respect of Property, Plant and Equipment:
(a) according to the information and explanations given to us, the Company has updated its property, plant and equipment records showing full particulars, including quantitative details and situation of fixed assets.
(b) The property, plant and equipment were physically verified during the year by the management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. according to the information and explanation given to us, no material discrepancies were noticed on such verification.
(c) according to information and explanations provided to us and based on our examination, the title deeds of immovable property are held in the name of the Company.
(ii) In respect of Inventories:
As explained to us, inventory have been physically verified during the year by the management and no material discrepancies were noticed on physical verification.
(iii) In respect of Granting of Loan:
According to the information and explanations given to us, the Company has not granted any loan to any party covered in the register maintained u/s 189 of the Companies act, 2013 (the âactâ).
Thus the clause relating to terms and conditions of grant of loan, repayment of principal and interest and amount overdue are not applicable to the Company.
(iv) In our opinion and according to information and explanations provided to us, the Company has not granted any loan, made any investment, given any guarantee or provided any securities covered under section 185 and 186 of the Act during the year under review.
(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 73 to 76 or any other relevant provision of the Act and the rule framed there under during the year. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any Tribunal.
(vi) Reporting under clause 3 (vi) of the Order is not applicable as the Company''s business activities are not covered by the Companies (Cost Records and Audit) Rules, 2014.
(vii) In respect of Statutory dues:
(a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as mentioned above as at March 31, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of value added tax, service tax, duty of customs, Goods and Services Tax Act outstanding on account of any dispute except as mentioned below:
Name of Statute |
Nature of the Dues |
Financial Year |
Forum where matter is pending |
Amount Rs. in Lakhs) |
Income Tax Act, 1961 |
Income Tax |
2008-2009 to 2009-2010 |
Income Tax Appellate Tribunal |
166.17 |
Central Excise Act, 1944 |
Excise Duty |
1996 - 1997 to 1998 - 1999 |
Commissioner of Central Excise |
106.93 |
1995 - 1996 to 1997 - 1998 |
High Court of Bombay |
129.37 |
||
1981 - 1982 to 1983 - 1984, 1983 - 1984 to 1987 - 1988, 1994 - 1995 & 1996 - 1997 to 1999 - 2000 |
Central Excise and Service Tax Appellate Tribunal |
165.21 |
||
1996 - 1997 to 1997 - 1998 |
Assistant/ Deputy Commissioner of Central Excise |
118.81 |
(viii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not defaulted in repayment of dues to a financial institution or bank.
(ix) According to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained. The Company has not raised any moneys by way of further public offer (including debt instruments).
(x) Based on the audit procedures performed and information and explanations given by the management, we report that no fraud on the Company by its officers or employees or by the Company have been noticed or reported during the year.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act wherever applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to register under section 45-IA of the Reserve Bank of India Act 1934.
ANNEXURE âBâ TO THE independent AUDITORâS REPORT
Referred in paragraph 2(f) under âReport on Legal and Regulatory Requirementâ section of our report of even date on the Standalone Ind AS Financial Statement Of Standard Industries Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
1. We have audited the internal financial controls over financial reporting of Standard Industries Limited (the âCompanyâ) as of March 31, 2018 in conjunction with our audit of the standalone Ind as financial statements for the year ended on that date.
2. Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on audit of Internal Financial Controls over Financial reporting issued by the Institute of Chartered accountants of India (âICaIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies act, 2013.
3. Auditorsâ Responsibility
our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit.
We have conducted our audit in accordance with the Guidance Note on audit of Internal Financial Controls over Financial reporting (theâGuidance Noteâ) and the standards on auditing issued by ICaI and deemed to be prescribed under section 143(10) of the Companies act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICaI. Those standards and the Guidance note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects to the extent applicable.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
4. Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. a company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
5. Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
6. Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance note on audit of Internal financial Controls over Financial reporting issued by the Institute of Chartered accountants of India.
For s H R & Co.
Chartered Accountants
FRN: 120491W
Deep n shroff
Partner
Membership No. 122592
Mumbai,
Dated: May 29, 2018
Mar 31, 2016
TO
THE MEMBERS OF STANDARD INDUSTRIES LIMITED
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of Standard Industries Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone
Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone 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 prescribed under Section 133 of the Act, as applicable.
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.
Auditorâs Responsibility
3. Our responsibility is to express an opinion on these standalone 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 and the Order under section 143 (11) of the Act.
4. We conducted our audit of the standalone financial statements 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.
5. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
7. I n our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, 2016, and its loss and its cash flows for the year ended on that date.
Emphasis of Matters
8. We draw attention to Note 27(l) to the Financial Statements regarding the Company''s financial involvement (viz. equity investment of Rs. 60.78 lakhs; loans and advances aggregating Rs. 4,062.26 lakhs and interest accrued of Rs. 983.91 lakhs) in Standard Salt Works Limited, a wholly owned subsidiary company. The Company considers no provision for any loss is currently necessary in the Financial Statements for the reasons stated in the note.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
9. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under section 133 of the Act, as applicable.
(e) On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements in accordance with the generally accepted accounting practice - Also refer Note 27(a) to the financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
10. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
(REFERRED TO IN PARAGRAPH 9(F) UNDER âREPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSâ OF OUR REPORT OF EvEN DATE)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Standard Industries Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
ANNEXURE B TO THE INDEPENDENT AUDITORâS REPORT
(REFERRED TO IN PARAGRAPH 10 UNDER âREPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSâ SECTION OF OUR REPORT OF EVEN DATE)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings, are held in the name of the Company as at the balance sheet date. Immovable properties of land and buildings whose title deeds have been pledged as security for loan is held in the name of the Company based on the confirmations directly received by us from lender.
(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013 and hence reporting under clause (iii) of the order is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year and hence reporting under clause (v) of the order is not applicable.
(vi) The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013.
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service
Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.
(c) There are no dues of Sales Tax, Service Tax, Customs Duty and Value Added Tax as on March 31, 2016 on account of disputes.
Details of dues of Income-tax and Excise Duty which have not been deposited as on 31st March, 2016 on account of disputes are given below:
Name of statute |
Nature of the dues |
Amount Rs. in Lacs.) |
Period to which the amount relates |
Forum where dispute is pending |
Income-tax Act, 1961 |
Income-tax |
39.95 |
2008-09 |
Appellate Authority -Commissioner level |
Central Excise Act, 1944 |
Excise duty |
106.93 |
1996-97 to 1998-99 |
Appellate Authority -Commissioner level |
Excise Duty |
175.11 |
1981-82 to-1983-84, 1983-84 to-1987-88, 1994-1995 and 1996-97 to 1999-2000 |
Appellate Authority -Tribunal level |
|
Excise duty |
134.05 |
1996-97 to 1997-1998, and 1999-2000 |
Appellate Authority -Assistant/Deputy Commissioner level |
|
Excise duty |
129.37 |
1995-96 to 1997-1998 |
High Court of Bombay |
(viii) The Company has not taken any loans or borrowings from financial institutions, banks and government or has not issued any debentures. Hence reporting under clause (viii) of the order is not applicable to the Company.
( ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of the order is not applicable.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of the order is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm''s Registration No.: 117366W/W-100018)
A. SIDDHARTH
Partner
Membership No.: 31467
Mumbai,
Dated: April 27, 2016
Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
Standard Industries Limited ("the Company"), which comprise the balance
sheet as at March 31, 2015, the statement of Profit and Loss, the Cash
flow statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
2. The Company's board of directors is responsible for the matters
stated in section 134 (5) of the Companies act, 2013 ("the act") with
respect to the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
accounting standards specified under section 133 of the act, read with
rule 7 of the Companies (accounts) rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
3. our responsibility is to express an opinion on these standalone
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 thereunder.
4. 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.
5. an audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. an audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's directors, as well as
evaluating the overall presentation of the financial statements.
6. We believe that the audit evidence we have obtained is suffcient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Opinion
7. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone 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 on that date.
Emphasis of Matter
8. We draw attention to note 25 (n) to the financial statements
regarding the Company's financial involvement (viz. equity investment of
Rs. 60.78 lakhs and loans and advances aggregating Rs. 4058.22 lakhs) in
standard salt Works Limited, a wholly owned subsidiary company. The
Company considers no provision for any loss is currently necessary in
the financial statements for the reasons stated in the note. our
opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
9. as required by the Companies (auditor's report) order, 2015 ("the
order") issued by the Central Government in terms of section 143 (11)
of the act, we give in the annexure a statement on the matters specified
in paragraphs 3 and 4 of the order.
10. as required by section 143(3) of the act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The balance sheet, the statement of Profit and Loss, and the Cash
flow statement dealt with by this report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements comply
with the accounting standards specified under section 133 of the act,
read with rule 7 of the Companies (accounts) rules, 2014.
(e) on the basis of written representations received from the directors
as on 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 auditor's
report in accordance with rule 11 of the Companies (audit and auditors)
rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements in accordance with the
generally accepted accounting practice  also refer note 25 (a) to the
financial statements.
(ii) The Company did not have any long-term contracts (including
derivative contracts) for which a provision is required for material
foreseeable losses under the applicable law or accounting standards.
(iii) There are no amounts that are due to be transferred during the
year to the Investor education and Protection fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(REFERRED TO IN PARAgRAPH 9 UNDER 'REPORT ON OTHER LEgAL AND REgULATORy
REQUIREMENTS' SECTION OF OUR REPORT OF EVEN DATE ON THE ACCOUNT OF
STANDARD INDUSTRIES LIMITED ("THE COMPANY") FOR THE YEAR ENDED MARCH
31, 2015)
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification which,
in our opinion, provides for physical verification of all the fixed
assets at reasonable intervals. according to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventories:
(a) as explained to us, inventories were physically verified during the
year by the Management at reasonable intervals.
(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 were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the act, and accordingly, the provisions of clause
(iii) of paragraph 3 of the order are not applicable to the Company.
(iv) 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 and fixed assets and for the sale of goods. during
the course of our audit we have not observed any major weakness in such
internal control system.
(v) according to the information and explanations given to us, the
Company has not accepted any deposits, and accordingly, the provisions
of clause
(v) of paragraph 3 of the order are not applicable to the Company.
(vi) In our opinion and according to the information and explanations
given to us, the Companies (Cost records and audit) rules, 2014
specified by the Central Government under section 148 of the act, are
not applicable to the Company.
(vii) according to the information and explanation given to us and the
records of the Company examined by us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
statutory dues including Provident fund, employees' state Insurance,
Income-tax, sales-tax, Wealth-tax, service Tax, Customs duty, excise
duty, Value added Tax, cess and other material statutory dues
applicable to it with the appropriate authorities. There were no
undisputed amounts payable in respect of the aforesaid dues in arrears
as at March 31, 2015 for a period of more than six months from the date
they became payable.
(b) There were no dues of sales Tax, Wealth Tax, service Tax, duty of
Custom, Value added Tax and Cess, as applicable, which have not been
deposited as at March 31, 2015 on account of any dispute with the
relevant authorities. The details of dues of Income Tax and duty of
excise which have not been deposited as at March 31, 2015 on account of
any disputes are given below:
Name of Nature of Amount
statute the dues (in
Lakhs)
Income- Income-tax 39.95
Tax act,
1961
Central excise 106.93
excise act, duty
1944
excise 175.11
duty
excise 138.87
duty
excise 129.37
duty
Name of Period to which Forum where
Statute the amount dispute is
relates pending
Income 2008-09 appellate
Tax Act,
1961 authority -
Commissioner
level
Central 1996-97 to appellate
Excise Act,
1944 1998-99 authority -
Commissioner
level
1981-82
to-1983-84,
1983-84 appellate
to-1987-88, authority -
Tribunal level
1994-1995 and
1996-97
to- 1999-2000
1996-97 appellate
to-1997-1998, authority -
and assistant/deputy
1999-2000 Commissioner
level
1995-96 high Court of
to-1997-1998 Bombay
(c) There are no amounts that are required to be transferred during the
year to the Investor education and Protection fund by the Company, and
accordingly, the provisions of clause (viic) of paragraph 3 of the
order are not applicable to the Company.
(viii) The Company does not have accumulated losses at the end of the
financial year and the Company has incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) according to the information and explanations given to us, the
Company has neither taken any loan from financial institutions, banks
nor have issued any debentures during the year, and accordingly, the
provisions of clause (ix) of paragraph 3 of the order are not
applicable to the Company.
(x) 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.
(xi) according to the information and explanations given to us, the
Company has not obtained any term loans during the year, and
accordingly, the provisions of clause (xi) of paragraph 3 of the order
are not applicable to the Company.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no significant fraud on the
Company or no fraud by the Company was noticed or reported during the
year.
for deloitte haskins & sells LLP
Chartered Accountants
(firm's registration no.: 117366W/W-100018)
a. sIddharTh
Partner
Membership no.: 31467
Mumbai,
Dated: May 29, 2015
Mar 31, 2014
We have audited the accompanying financial statements of standard
Industries Limited (the Company), which comprise the balance sheet as
at March 31, 2014, the statement of profit and Loss and the Cash flow
statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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 notifed under the Companies
act, 1956 ("the act") (which continue to be applicable in respect of
section 133 of the Companies act, 2013 in terms of General Circular
15/2013 dated september 13, 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 or error.
Auditors'' Responsibility
our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on auditing issued by the Institute of Chartered
accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.an audit involves performing procedures to
obtain audit evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers the 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 the accounting
policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in 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 loss of the
Company for the year ended on that date; and
(c) in the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
Emphasis of Matter
We draw attention to note no. 25(m) forming part of the financial
statements, regarding reversal during the year in respect of sale of
Transferable development rights (Tdr) amounting to Rs. 403.80 lakhs, sold
to one of its subsidiaries in an earlier year, consequent to the
termination of the Memorandum of understanding and execution of a deed
of cancellation between the Company and the said subsidiary, for the
reasons stated in the said note our opinion is not qualified in respect
of this matter.
Report on Other Legal and Regulatory Requirements
1. as required by the Companies (auditor''s report) order, 2003 (the
order) issued by the Central Government in terms of section 227(4a) 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 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, the statement of profit and Loss, and the Cash
flow statement dealt with by this report are in agreement with the
books of account;
(d) In our opinion, the balance sheet, the statement of profit and Loss
and the Cash flow statement comply with the accounting standards
notifed under the act (which continue to be applicable in respect of
section 133 of the Companies act, 2013 in terms of General Circular
15/2013 dated september 13, 2013 of the Ministry of Corporate affairs);
(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 section 274(1) (g) of the act.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT RE: STANDARD INDUSTRIES
LIMITED (REFERRED TO IN PARAgRAPH 1 UNDER ''REPORT ON OTHER LEGAL
AND REGULATORY REQUIREMENTS'' SECTION OF OUR REPORT OF EVEN DATE)
(i) The nature of the Company''s business/ activities during the year
are such that clauses (xiii) and (xiv) of paragraph 4 of the order are
not applicable to the Company.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) all the assets have not been physically verifed by the management
during the year but there is a regular programme of verifcation which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. according to information and explanations
given to us, no material discrepancies were noticed on such
verifcation;
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventories:
(a) as explained to us, the inventories have been physically verifed
during the year by the management. In our opinion, the frequency of
verifcation is reasonable;
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation 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) In our opinion and according to information and explanations given
to us, the Company has maintained proper records of inventories and no
material discrepancies were noticed on physical verifcation.
(iv) according to information and explanations given to us, the Company
has neither granted nor taken any loans, secured or unsecured, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies act, 1956. Consequently,
requirements of clause (iii) of paragraph 4 of the order are not
applicable to the Company for the year.
(v) 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 with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. during the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system. There is no sale of services by the Company.
(vi) (a) according to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to section 301 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 contracts or
arrangements entered in the register maintained under section 301 of
the companies act, 1956 and exceeding the value of Rs. 5 lakhs in respect
of any party during the year have been made at prices which are prima
facie reasonable having regard to the prevailing market prices at the
relevant time.
(vii) according to the information and explanations given to us, the
Company has not accepted any deposits from the public.
(viii) In our opinion, the internal audit functions carried out during
the year by firm of Chartered accountants appointed by the management
have been commensurate with the size of the Company and nature of its
business.
(ix) We are informed that, during the year there were no production
activities carried out by the Company. hence, as per information and
explanation given to us the maintenance of prescribed cost records,
under section 209(1)(d) of the Companies act,1956 is not required.
(also refer note 25 (o) of financials statements).
(x) according to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident fund, Investor education and Protection fund,
employees'' state Insurance,
Income-tax, sales Tax, Wealth Tax, service Tax, Customs duty, excise
duty, Cess and other material statutory dues applicable to it with the
appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
fund, Investor education and Protection fund, employees'' state
Insurance, Income-tax, Value added Tax, Wealth Tax, service Tax,
Customs duty, excise duty, Cess and other material statutory dues in
arrears as at March 31, 2014 for a period of more than six months from
the date they became payable.
(c) d etails of dues of Income-tax, Value added Tax, Wealth Tax,
service Tax, Custom duty, excise duty and Cess which have not been
deposited as on March 31, 2014 on account of disputes are given below:
Name of Nature of Amount Period to Forum where
statute the dues (RS in which the dispute is
Lakhs) amount pending
relates
Income-Tax additional 154.41 Various Year Commissioner
act, 1961 Income-tax of Income-tax
demand/ (appeals)
Penalty
Central additional 106.93 Various Year Commissioner
of
excise act, excise duty Central
excise
1944 liability
Central additional 178.60 Various Year CesTaT
excise act, excise duty
1944 liability
Central additional 138.87 Various Year assistant
/deputy
excise act, excise duty Commis
sioner of
1944 liability Central
excise
Central additional 129.37 Various Year high
Court of
excise act, excise duty bombay
1944 liability
employees'' Claims for 13.73 Various Year regional
director
state Contractors'' of
employees''
Insurance Workers state
Insurance
act, 1948 Corporation
(xi) The Company has no accumulated losses as at the end of the year.
The Company has incurred cash losses in the current financial year
covered by our audit and in the immediately preceding financial year.
(xii) The Company did not have any borrowings from banks or financial
institutions or in the form of debentures.
(xiii) In our opinion, and according to the information and
explanations given to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiv) according to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) according to information and explanations given to us, the Company
has not taken term loans during the year.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term basis have, prima
facie, not been used during the year for long-term investment.
(xvii) 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.
(xviii) according to the information and explanations given to us, the
Company has not issued any debentures during the year.
(xix) according to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year.
(xx) according to the information and explanations given to us, no
fraud by the Company and no material fraud on the Company has been
noticed or reported during the year.
for deloitte haskins & sells LLP
Chartered Accountants
(firm''s registration no.: 117366W/W-100018)
a. b. Jani
Partner
Membership no.:46488
Mumbai,
Dated: May 13, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of standard
Industries Limited (the Company), which comprise the balance sheet as
at March 31, 2013, the statement of Proft and Loss and the Cash flow
statement for the year then ended, and a summary of the signifcant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
fnancial statements that give a true and fair view of the fnancial
position, fnancial performance and cash fows of the Company in
accordance with the accounting standards referred to in section 211(3C)
of the Companies act, 1956 (the act) 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 fnancial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement. an audit involves performing procedures to
obtain audit evidence about the amounts and the disclosures in the
fnancial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the fnancial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers the internal
control relevant to the Company''s preparation and fair presentation of
the fnancial 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 the accounting
policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of
the fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 fnancial 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 statement of Proft and Loss, of the loss of the
Company for the year ended on that date; and
(c) in the case of the Cash flow statement, of the cash fows of the
Company for the year ended on that date.
Emphasis of Matter
We draw attention to note no. 25(n) forming part of the financial
statements, regarding recognition of revenue, in the previous year, of
Rs. 403.80 lakhs on transfer of Transferable development rights (Tdr) on
a piece of land owned by the Company on the basis of a Memorandum of
understanding entered into by the Company with one of its subsidiary,
pending receipt of development rights Certifcate (drC), the title
document for the Tdr, by the Company and endorsement thereo fn the name
of the said subsidiary. our audit report on the fnancial statements for
the year ended March 31, 2012 was modifed accordingly. The Company is
still in the process of obtaining the drC and has during the year,
further extended the Mou up to november 30, 2013, as detailed in the
said note. our opinion is not qualifed in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. as required by the Companies (auditor''s report) order, 2003(the
order) issued by the Central Government in terms of section 227(4a) of
the act, we give in the annexure a statement on the matters specifed 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 purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far asappears from our examination of those
books;
(c) The balance sheet, the statement of Proft and Loss, and the Cash
flow statement dealt with by this report are in agreement with the
books of account;
(d) In our opinion, the balance sheet, the statement of Proft and Loss,
and the Cash flow statement comply with the accounting standards
referred to in section 211(3C) of the act;
(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 disqualifed as on March 31, 2013 from being
appointed as a director in terms of section 274(1) (g) of the act.
(i) The nature of the Company''s business/ activities during the year
are such that clauses (xiii) and (xiv) of paragraph 4 of the order are
not applicable to the Company.
(ii) In respect of its fxed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fxed assets.
(b) all the assets have not been physically verifed by the management
during the year but there is a regular programme of verifcation which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. no material discrepancies were noticed on
such verifcation;.
(c) The Company has not disposed off a substantial part of fxed assets
during the year.
(iii) In respect of its inventories:
(a) The inventories have been physically verifed during the year by the
management. In our opinion, the frequency of verifcation is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation 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) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories.
The discrepancies noticed on verifcation between the physical stocks
and book records were not material.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, frms or other parties covered in the
register maintained under section 301 of the Companies act, 1956.
Consequently, requirements of clause (iii) of paragraph 4 of the order
are not applicable to the Company for the year.
(v) 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 with regard
to purchases of inventory, fxed assets and with regard to the sale of
goods and services. during the course of our audit, we have not
observed any continuing failure to correct major weaknesses in such
internal control system.
(vi) (a) according to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to section 301 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 contracts or
arrangements entered in the register maintained under section 301 of
the companies act, 1956 and exceeding the value of rs. 5 lakhs in
respect of any party during the year have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time.
(vii) The Company has not accepted any deposits from the public.
(viii) In our opinion, the internal audit functions carried out during
the year by frm of Chartered accountants appointed by the management
have been commensurate with the size of the Company and nature of its
business.
(ix) We are informed that, during the year there were no production
activities carried out by the Company. hence, as per information and
explanation given to us the maintenance of prescribed cost records,
under section 209(1)(d) of the Companies act,1956 is not required.
(also refer note 25 (p) of financials statements)
(x) according to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident fund, Investor education and Protection fund,
employees'' state Insurance, Income-tax, Value added Tax, Wealth Tax,
Customs duty, excise duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
fund, Investor education and Protection fund, employees'' state
Insurance, Income-tax, Value added Tax, Wealth Tax, Customs duty,
excise duty, Cess and other material statutory dues in arrears as at
March 31, 2013 for a period of more than six months from the date they
became payable.
(xi) The Company has no accumulated losses as at the end of the year.
The Company has incurred cash losses in the current fnancial year
covered by our audit and in the immediately preceding fnancial year.
(xii) The Company did not have any borrowings from banks or fnancial
institutions or in the form of debentures.
(xiii) In our opinion, and according to the information and
explanations given to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiv) according to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or fnancial institutions.
(xv) according to information and explanations given to us, the Company
has not taken term loans during the year.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination of the balance sheet of the
Company, we report that funds raised on short-term basis have not been
used during the year for long- term investment.
(xvii) 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.
(xviii) according to the information and explanations given to us the
Company has not issued any debentures during the year.
(xix) The Company has not raised any money by way of public issues
during the year.
(xx) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
for deloitte haskins & sells
Chartered accountants
(registration no. 117366W)
a. b. Jani
Partner
Membership no. 46488
Mumbai,
Dated : May 21, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Standard Industries
Limited ("the Company") as at 31st March, 2012, the Statement of Profit
and Loss and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, 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 Section 211(3C) of the Companies
Act, 1956, except for recognition of revenue on transfer of
Transferable Development Rights on the basis of a Memorandum of
Understanding, as detailed in Note 25(q) to the financial statements.
(v) Attention is invited to the Note 25(q) to the financial statements
regarding accounting for consideration amounting to Rs. 403.80 lakhs on
transfer of Transferable Development Rights (TDR) on a piece of land
owned by the Company on the basis of a Memorandum of Understanding
entered into by the Company with one of its subsidiary, pending receipt
of Development Rights Certificate (DRC), the said title document for
the TDR, by the Company and endorsement thereof in the name of
Subsidiary as detailed in the said note. Had this accounting not been
done, the Revenue from Operations and Trade Receivables would have been
lower and the loss for the year would be higher by the like amount.
5. Subject to our observations in paragraph 4(v) above, in our opinion
and to the best of our information, and according to the explanations
given to us, the said accounts give the information required by the
Companies Act, 1956, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of 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, of the loss for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
6. On the basis of written representations received from the directors
as on 31st March, 2012 taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of Section 274(1)(g)
of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT RE: STANDARD INDUSTRIES LIMITED
(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)
(i) The nature of the Company's activities are such that clauses (xiii)
and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company for the year.
(ii) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets;
(b) The fixed assets have been physically verified by the management
during the year. We are informed that no material discrepancies were
noticed by the management on such verification;
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) (a) The inventories have 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 inventories. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
Consequently, requirements of clauses (iii) of paragraph 4 of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company for the year.
(v) 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 with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in such
internal control system.
(vi) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to Section 301 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 contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in
respect of any party during the year have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time.
(vii) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A and 58AA or any other relevant provisions of the Companies Act,
1956 and the Rules framed there under with regard to deposits accepted
from the public. We are informed that no Order has been passed by the
Company Law Board or Reserve Bank of India or any Court or any other
Tribunal.
(viii) In our opinion, the internal audit functions carried out during
the year by firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
(ix) We are informed that, during the year there were no production
activities carried out by the Company. Hence, as per information and
explanation given to us the prescribed cost ,'ecords, under Section
209(1)(d) of the Companies Act,1956 with regard to the relevant product
of the Company have not been maintained. (Also refer Note 25(s) of
Financials Statements).
(x) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Value Added Tax, Wealth Tax,
Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income-tax, Value Added Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess and other material statutory dues in arrears as at 31st
March, 2012 for the year of more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are cases of non- deposit of disputed dues aggregating to 7 553.77
lakhs (Rs. 106.93 lakhs pending before Commissioner of Central excise, 7
178.60 lakhs pending before the CESTAT, Rs. 138.87 lakhs pending before
Assistant/ Deputy Commissioner of Central excise, Rs. 129.37 lakhs
pending before Bombay High Court) and 7 19.22 lakhs pending before
Regional Director of Employees' State Insurance Corporation except for
these, there are no other cases of non-deposit with appropriate
authorities of disputed dues in respect of Employees' State Insurance,
Income-tax, Value Added Tax, Wealth Tax, Custom Duty, Excise Duty and
Cess.
(xi) The Company has no accumulated losses as at the end of the year.
The Company has incurred cash losses in the current financial year
including immediately preceding financial year.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks, financial institutions and debenture holders.
(xiii) According to the information and explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not taken term loans during the year.
Hence, clause (xvi) of paragraph 4 of the Companies (Auditor's Report)
Order, 2003 is not applicable to the company.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xvii) 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.
(xviii) According to the information and explanations given to us the
Company has not issued any debentures during the year.
(xix) The Company has not raised any money by way of public issues
during the year.
(xx) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Deloitte Haskins & Sells
Chartered Accountants
(Registration No. 117366W)
A. B. Jani
Partner
Membership No. 46488
Mumbai,
Dated : 24th April, 2012
Mar 31, 2010
1. We have audited the attached Balance sheet of Standard Industries
Limited ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both 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 the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in section 211 (3C) of the Companies Act, 1956;
(e) In our opinion and to the best of our information, and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of 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 for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(f) On the basis of written representations received from the directors
as on 31st March, 2010 taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of section 274(1 )(g)
of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS REPORT Re: STANDARD INDUSTRIES LIMITED
REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
(i) The nature of the Companys activities are such that clauses (xiii)
and (xiv) of paragraph 4 of the Companies (Auditors Report) Order,
2003 are not applicable to the Company for the year.
(ii) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets;
(b) The fixed assets have been physically verified by the management
during the year. We are informed that no material discrepancies were
noticed by the management on such verification;
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) (a) The inventories have 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 inventories. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956;
Consequently, requirements of clauses (iii) of paragraph 4 of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company for the year.
(v) 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 with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in such
internal control system.
(vi) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to Section 301 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 contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in
respect of any party during the year have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time.
(vii) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A and 58AA or any other relevant provisions of the Companies Act,
1956 and the Rules framed there under with regard to deposits accepted
from the public. We are informed that no Order has been passed by the
Company Law Board or Reserve Bank of India or any Court or any other
Tribunal.
(viii) In our opinion, the internal audit functions carried out during
the year by firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
(ix) We are informed that, during the year there were no production
activities at Companys textile and chemical division. Hence, as per
information and explanation given to us the prescribed cost records,
under section 209(1 )(d) of the Companies Act, 1956 with regard to the
relevant product of the Company have not been maintained. (Refer Note B
19 of schedule 16).
(x) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Value Added Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues in arrears as at 31st March, 2010 for the year
of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are cases of non- deposit of disputed dues aggregating to Rs. 347.25
lakhs (Rs. 106.93 lakhs pending before Commissioner of Central excise,
Rs. 101.45 lakhs pending before the CESTAT, Rs. 138.87 lakhs pending
before Assistant/ Deputy Commissioner of Central excise) except for
these, there are no other cases of non-deposit with appropriate
authorities of disputed dues in respect of Income tax, Excise duty,
Custom duty, Sales tax, Wealth tax, Service tax and Cess.
(xi) The Company has no accumulated losses as at the end of the year
and it has not incurred cash losses in the current year and in the
immediately preceding financial period.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks, financial institutions and debenture holders.
(xiii) According to the information and explanation given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not taken term loans during the year.
Hence, clause (xvi) of paragraph 4 of the Companies (Auditors Report)
Order, 2003 is not applicable to the company.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xvii) 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.
(xviii) According to the information and explanations given to us the
Company has not issued any debentures during the year.
(xix) The Company has not raised any money by way of public issues
during the year.
(xx) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Deloitte Haskins & Sells
Chartered Accountants
(Registration No. 117366W)
A B Jani
Partner
Membership No. 46488
Mumbai,
Dated : 26th May, 2010