Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Super Tannery Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31,2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein after referred to as âstandalone Ind AS financial statementsâ).
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Act, read with relevant Rules issued there under.
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 standalone Ind AS 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.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the 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 auditorâs 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 Companyâs 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 Companyâs 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 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 including Ind AS, of the state of affairs of the Company as at March 31, 2018 and its profit, total comprehensive income, cash flows and the change in equity for the year ended on that date.
Emphasis of Matter
Attention is drawn to Note no. 34 to the accompanying Ind As financial statements regarding restatement of financial statements of earlier periods pursuant to the scheme of Arrangement resulting in demerger of the Goat Tannery Business undertaking of the company with effect from the appointed date being April 01, 2017 as approved by the National Company Law Tribunal (NCLT) vide Order dated 27th December, 2017. Our opinion on the standalone Ind AS financial statement is not modified in respect of these matters.
Other Matters
The comparative financial information of the company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1 st April, 2016 included in these standalone Ind AS financial statements are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standard) Rules, 2006 as amended, audited by erstwhile statutory auditors whose report for the years ended 31 st March, 2016 and 31 st March, 2017 expressed an unmodified opinion on those standalone financial statements vide report dated May 30,2016 and May 30,2017 respectively, and have been restated to comply with Ind AS. The adjustments to those previously issued said financial information to comply with Ind AS have been audited by us.
Our opinion on the standalone Ind AS financial statement is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanations given to us, 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 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 (including other comprehensive income), the Cash Flow Statement and the statement of change in equity dealt with by this Report are in agreement with the relevant 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 relevant rules issued there under;
e. on the basis of the written representations received from the directors as of 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 Auditorâs 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 - Refer Note no. 33 to the standalone Ind AS financial statements;
ii. In our opinion and as per the information and explanations provided to us, the company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31,2018.
ANNEXURE ATO THE INDEPENDENT AUDITORSâ REPORT
(Referred to in paragraph 1 of our report of even date on the standalone Ind AS financial statements for the financial year ended March 31,2018 of Super Tannery Limited)
In terms of the information and explanations given to us and also on the basis of such checks as we considered appropriate, we state that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.
(b) All the fixed assets have not been physically verified by the management during the year but there is regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.
(c) The Company owns immovable properties. Certain immovable properties of erstwhile Super AgroTech Limited (SATL) acquired pursuant to the scheme of amalgamation sanctioned by Honâble High Court of Judicature at Allahabad, included in the books of the company remain in the name of SATL pending completion of the certain formalities. Further, to aforesaid certain land at Banthar, Unnao though used for the business purposes of the company is lying registered in the name of one of director of the company.
(ii) The inventories of the Company have been physically verified by the management at regular interval during the year. In our opinion, the frequency of verification is reasonable. As explained to us, the discrepancies noticed on verification were not material in relation to the operations of the Company.
(iii) The Company has not granted any loan, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 (the Act) excepting interest free unsecured demand loan granted in earlier years to two Wholly Owned Subsidiaries incorporated outside India.
(a) The terms and conditions of such loan/advance are, prima facie, not prejudicial to the companyâs interest.
(b) As the loans are in the nature of demand loan, no schedule of repayment of principal and payment of interest have been specified.
(c) There is no overdue in respect of such loans and interest thereon as no demand has been raised by the company.
(iv) The Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) In our opinion, the Company has not accepted any deposit during the year within the meaning of Section 73 to Section 76 of the Companies Act, 2013 (the Act) read with the Rules framed there under. Hence, paragraph 3(v) of the Order is not applicable.
(vi) Having regard to the nature of the Companyâs business/activities, the maintenance of cost records has not been specified by the Central Government under section 148(1) of the Act. Accordingly reporting under clause (vi) of paragraph 3 of the Order is not applicable.
(vii) (a) According to the books and records produced and examined by us, the Company is generally regular in depositing undisputed Statutory dues including Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Goods and Services Tax (GST), Cess and other material statutory dues as applicable with the appropriate authorities and no undisputed amount payable in respect of aforesaid statutory dues were outstanding as at March 31,2018 for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax and GST which have not been deposited on account of any dispute, except mentioned as below:
Name of the Statute |
Nature of dues |
Forum where dispute is pending |
Period to which amount relates |
Amount* (Rs. In Lacs) |
The Income Tax Act, 1961 |
Demand on assessment |
High Court, Allahabad |
A Y. 2007-08 |
30.54 |
Income Tax Appellate Tribunal, Lucknow Bench |
A.Y. 2014-15 |
12.50 |
||
Finance Act, 1994 |
Service Tax |
Asst. Commissioner Service Tax, Kanpur |
2014-15 |
3.80 |
* Demand net of amount paid under protest
(viiii) The company has not defaulted in repayment of loans or borrowings to a financial institution, bank, government or dues to debenture holders during the year.
(ix) The company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. In our opinion, the term loans have been applied for the purposes for which they were raised.
(x) Based on the audit procedures performed and according to the information and explanations given to us, no material fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion, the managerial remuneration paid or provided by the company is in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) The company is not a âNidhi Companyâ; hence paragraph 3(xii) the Order is not applicable.
(xiii) In our opinion, transactions with the related parties are in compliance with section 177 and 188 of Act where applicable and the details of such transactions have been disclosed in the Standalone Ind AS Financial Statements as required by the applicable accounting standards.
(xiv) The company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, paragraph 3(xiv) the Order is not applicable.
(xv) In our opinion, the company has not entered into any non-cash transactions with directors or persons connected with him. Hence, paragraph 3(xv) the Order is not applicable.
(xvi) In our opinion, the company is not required to be registered under Section 45 lAof the Reserve Bank of India Act, 1934.
ANNEXURE B TO THE AUDITORSâ REPORT
(Referred to in paragraph 2(f) of our report of even date on the standalone Ind AS financial statements for the financial year ended March 31,2018 of Super Tannery Limited)
Report on the Internal Financial Controls 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 Super Tannery Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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 (ICAI). 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 companyâs 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 Act.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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) 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 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.
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 auditorâs 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 companyâs 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, 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 Rajeev Prem & Associates,
Chartered Accountants
Firm Registration No. 008905C
Place: Kanpur (Rajeev Kapoor)
Date: May 30, 2018 Partner
M. No.077827
Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
Super Tannery 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
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
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.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements require that
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 auditors' judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal 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.
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
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 profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, and on the basis of such
checks of the books and records of the company as we considered
appropriate and according to information and explanations given to us,
we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 the written representations received from the
directors as on March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. With respect to the other matters to be included in the 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  Refer Note no. 39 to
the financial statements;
(ii) In our opinion and as per the information and explanations
provided to us, the company has not entered into any long term
contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable
losses; and
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date on the standalone
financial statements of Super Tannery Limited ("the Company") for the
year ended March 31, 2015]
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
(b) The fixed assets of the company are physically verified in a phased
manner, so as to cover all the fixed assets over a period of two years.
In our opinion, the frequency of physical verification of fixed assets
is reasonable, having regard to the size of the company and nature of
its assets. No material discrepancies between book records and the
physical inventory were noticed in respect of the assets verified
during the year.
(ii) (a) The inventories of the Company have been physically verified
by the management during the year except material lying with the third
parties.. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) On the basis of our examination of records of inventories, in our
opinion, the company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operation of the company.
(iii) (a) The Company has not granted any loan, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 189 of the Companies Act, 2013 except unsecured advances
to two wholly owned foreign subsidiaries granted in earlier years.
(b) No irregularity was notices during the year in respect of repayment
of principal amount.
(c) There is no amount overdue in respect of Loan granted to aforesaid
wholly owned foreign subsidiaries.
(iv) In our opinion, and according to information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services.
Further, during the course of our examination of the books and records
of the company, and according to the information and explanations given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposit from the public within
the meaning of Section 73 to Section 76 of the Companies Act, 2013 read
with the Rules framed there under.
(vi) In our opinion and according to information and explanations given
to us, the requirement of maintenance of cost records pursuant to
Companies Cost Records and Audit rules, 2014 specified by the Central
Government of India under sub-section (1) of the section 148 of the Act
are not applicable to the company for the year under review.
(vii) (a) According to the books and records produced and examined by
us, the Company is generally regular in depositing undisputed Statutory
dues including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
Added Tax, Cess and other material statutory dues as applicable with
the appropriate authorities and no undisputed amount payable in respect
of aforesaid statutory dues were outstanding as at March 31, 2015 for a
period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of
Customs, Duty of Excise, Value Added Tax and Cess which have not been
deposited on account of any dispute, except mentioned as below:
Name of the Nature of Forum where Period to which Amount
Statute Dues dispute is amount relates (Rs.)
pending
Income Tax Income CIT Appeals, A.Y. 2010-11 &,
Act, 1961 Tax & Kanpur A.Y. 2012-13 76,12,012
Interest
Income Tax Income ITAT, Lucknow A.Y. 2007-08 30,54,620
Act, 1961 Tax & Bench
Interest
(b) According to the information and explanations given to us, the
amount that required to be transferred to Investors Education and
Protection Fund during the year in accordance with the relevant
provisions of the Companies Act, 1956 and rules framed thereunder has
been transferred to such fund within time.
viii. The company does not have any accumulated losses as at the end of
the year and has not incurred cash losses during the financial year
covered by audit report and in the immediately preceding financial
year.
ix. 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, bank or
debenture holders during the year.
x. The Company has not given any guarantees for loans taken by others
from banks or financial institution.
xi. In our opinion, the term loans have been applied for the purposes
for which they were obtained.
xii. Based on the audit procedures performed 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 Kapoor Tandon & Co.,
Chartered Accountants
Firm Reg. No. 000952C
R.P. Gupta
Partner
Place : Kanpur Membership No. 070904
Date : 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of Super Tannery
Limited ("the Company"), which comprises the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act") (which continue to be applicable
in respect of Section 133 of the Companies Act, 2013 in terms of
General circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs) and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
Internal Control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of 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 13th September, 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 clause (g) of sub-section (1) of
Section 274 of the Act;
ANNEXURE TO THE AUDITORS REPORT
(This is the Annexure referred to in para 1 of our report of even date
on the Financial Statements for the year ended 31st March, 2014 of
Super Tannery Limited)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company are physically verified in a phased
manner, so as to cover all the fixed assets over a period of two years.
In our opinion, the frequency of physical verification of fixed assets
is reasonable, having regard to the size of the company and nature of
its assets. No material discrepancies between book records and the
physical inventory were noticed in respect of the assets verified
during the year.
(c) The fixed assets disposed of during the year, in our opinion, do
not constitute 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.
(ii) (a) The inventories of the company have been physically verified
by the management during the year except material lying with the third
parties. In our opinion, the frequency of such verification is
reasonable.
(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) On the basis of our examination of records of inventories, in our
opinion, the company has maintained proper records of inventories and
the discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operation of the company.
(iii) The company has neither granted nor taken any loans secured of
unsecured to the companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
(iv) In our opinion, and according to information and explanations
given to us, there is an adequate internal control system commensurate
with the size of company and nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services.
Further, during the course of our examination of the books and records
of the company, and according to the information and explanations given
to us, we have neither come across nor we have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control system.
(v) (a) In our opinion and according to the information and explanation
given to us, the transactions made in purchase of contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956, and exceeding Rs.5.00 Lacs during the year in
respect of each party have been entered into at the prices which are
reasonable having regard to prevailing market price as far as we could
ascertain on the basis of information and explanations given to us.
(vi) The company has not accepted any deposits from the public during
the year under audit within the meaning of Section 58A and 58AA of the
Companies Act, 1956 and rules framed there under.
(vii) In our opinion, and according to information and explanations
given to us, the company has an adequate internal audit system
commensurate with the size of the company and the nature of its
business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records under Section 209 (1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
records have been made and maintained. However, we have not made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
(ix) (a) The company has generally been regular in depositing
undisputed statutory dues including Provident Fund, Investor education
& Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues with appropriate authorities. Further, in
absence of notification from the Government in respect of Cess as per
the provisions of Section 441A of Companies Act, 1956, the same could
not be quantified/ deposited.
According to the information and explanations given to us, no
undisputed dues in respect of Income Tax, Sales Tax, Wealth Tax ,
Custom Duty, Excise Duty were outstanding as at 31st March, 2014 for a
period of more than six months from the date they became payable.
(b) Dues of Income Tax / Sales Tax / Wealth Tax/ Custom Duty / Excise
Duty / Cess which have not been paid on account of any dispute are as
under:
Name of the Nature of Forum where Period to which Amount
Statute Dues dispute is amount relates (Rs.)
pending
Income Tax Income CIT Appeals, A.Y. 2010-11 &,
Act Tax & Kanpur A.Y. 2011-12 78.29 Lacs
Interest
Income Tax Income ITAT, Lucknow A.Y. 2007-08 &,
Act Tax & Bench A.Y. 2009-10 32.90 Lacs
Interest
(x) The company has neither accumulated losses as at 31st March, 2014
nor incurred cash loss during the financial year ended on that date or
in the immediately preceding financial year.
(xi) According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any bank during the
year. There are no dues to any financial institution or debenture
holder.
(xii) According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) According to the information and explanation given to us, the
provisions of any special statute as applicable to chit fund, nidhi,
mutual benefit fund/societies are not applicable to the company.
(xiv) In our opinion and according to the information and explanation
given to us, the company is not a dealer / trader in share, securities,
debentures and other investments.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institution.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
(xvii) Based on the information and the explanations given to us and on
the basis of over all review of the Financial Statements of the
company, in our opinion funds raised for short term purposes have,
prima facie, not been used for long term requirements.
(xviii) The company has not made any preferential allotment of shares
to any parties covered in the register maintained under Section 301 of
the Companies Act, 1956.
(xix) According to the information and explanations given to us the
company has not issued any Debentures, during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) 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 Kapoor Tandon & Co.,
Chartered Accountants
Firm Reg. No. 000952C
R.P. Gupta
Partner
Place : Kanpur Membership No. 070904
Date : 29.05.2014
Mar 31, 2012
We have audited the attached Balance Sheet of SUPER TANNERY LIMITED as
at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of the books and
records of the company as we considered appropriate and according to
information and explanation given to us during the course of our audit,
we annex hereto a statement on the matters specified in paragraph 4 and
5 of the said Order.
3. Furtherto our comments in the annexure referred to in paragraph 2
above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the company
c. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
applicable Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956;
e. On the basis of written representations received from the Directors
and taken on records by the Board of Directors, we report that none of
the directors is disqualified as on 31.03.2012 from being appointed as
a Director in terms of Section 274(1 )(g) of the Companies Act, 1956;
f. In the absence of the Notification by the Central Government of
India, the Cess payable under Section 441A of the Companies Act, 1956
has not been paid, in absence of the Notification, the amount of Cess
not so paid, could not be ascertained.
g. In our opinion and to the best of our information and according to
the explanations given to us he said accounts read together with the
Notes thereon, give the information required by the companies Act, 1956
in the manner so required and give a true arid fair view in conformity
with the accounting principles generally accepted in India:
i. in the case of Balance Sheet of the state of affairs of Company as
at 31st March, 2012;
ii. in the case of Statement of Profit and Loss of the profit for the
year ended on that date.
iii. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 2 of Auditors' Report of even date on the
financial Statement of Super
TanneryLimitedfortheyearended31stMach,2012. .
(i) (a) The company is maintaining proper records showing full
particulars including quantitative
details and situation of fixed assets.
(b) The fixed assets of the company are physically verified in a phased
manner, so as to cover all the fixed assets over a period of two years.
In our opinion, the frequency of physical verification of fixed assets
is reasonable, having regard to the size of the company and nature of
its assets. No material discrepancies between book records and the
physical inventory were noticed in respect of the assets verified
during the year.
(c) The fixed assets disposed of during the year, in our opinion, do
not constitute 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.
(ii) (a) The inventory of the company has been physically verified by
the management during the
year except material lying with the third parties. In our opinion, the
frequency of such verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operation of the company.
(iii) (a) The company has not granted any loans secured of unsecured to
the companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956 excepting interest free unsecured loan to its
Subsidiary, Maximum amount involved and yearend balance of such loan
was Rs.200.81 Lacs.
(b) Other terms and conditions of such loans are, prima facie, not
prejudicial to the interest of the company.
(c) As regards repayment of above loans are concerned, no terms of
repayment have been stipulated.
(d) The company has not taken any loans secured or unsecured from the
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
(iv) In our opinion, and according to information and explanations
given to us, there is an adequate internal control system commensurate
with the size of company and nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services.
Further, during the course of our examination of the books and records
of the company, and according to the information and explanations given
to us, We have neither come across nor we have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control system.
(v) (a) In our opinion and according to the information and explanation
given to us, the transactions
made in purchase of contracts or arrangements that needed to be entered
in the register maintained under Section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956, and exceeding Rs.5.00 Lacs during the year in
respect of each party have been entered into at the prices which are
reasonable having regard to prevailing market price as far as we could
ascertain on the basis of information and explanations given to us.
(vi) The company has not accepted any deposits from the public during
the year under audit within the meaning of Section 58Aand 58AAof the
Companies Act, 1956 and rules framed there under.
(vii) In our opinion, and according to information and explanations
given to us, the company has an adequate internal audit system
commensurate with the size of the company and the nature of its
business.
(viii) We have broadly reviewed the books of account maintained by the
company relating to the manufacture of 'footwear' pursuant to the order
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956 and are of the
opinion that prima facie the prescribed records have been made and
maintained. However, we have not made a detailed examination of the
records with a view to determine whether they are accurate or complete.
To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records for any other products of the company.
(ix) (a) The company has generally been regular in depositing
undisputed statutory dues including
Provident Fund, Investor education & Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, Cess and other material statutory dues with appropriate
authorities. Further, in absence of notification from the Government in
respect of Cess as per the provisions of Section 441A of Companies Act,
1956, the same could not be quantified/ deposited.
According to the information and explanations given to us, no
undisputed dues in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty were outstanding as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
(b) Dues of Income Tax / Sales Tax / Wealth Tax/ Custom Duty / Excise
Duty / Cess which have not been paid on account of any dispute are as
under:
Name
of the Nature of Forum where
dispute Period to
which Amount (Rs.)
Structure Dues is pending amount
relates
Income
Tax Act Income Tax& CIT Appeals,
Kanpur A.Y.
2007-08 & 43,37,722
Interest A.Y.2009-10
(x) The company does not have accumulated losses as at 31st March, 2012
and has not incurred cash loss during the financial year ended on that
date or in the immediately preceding financial year.
(xi) According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any bank during the
year. There are no dues to any financial institution or debenture
holder.
(xii) According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) According to the information and explanation given to us, the
provisions of any special statute as applicable to chit fund, nidhi,
mutual benefit fund/societies are not applicable to the company.
(xiv) In our opinion and according to the information and explanation
given to us, the company is not a dealer/trader in share, securities,
debentures and other investments.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institution.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
(xvii) Based on the information and the explanations given to us and on
the basis of overall review of the Financial Statements of the company,
in our opinion funds raised for short term purposes have, prima facie,
not been used for long term requirements.
(xviii) The company has not made any preferential allotment of shares
to any parties covered in the under Section 301 of the Companies Act,
1956.
(xix) According to the information and explanations given to us the
company has not issued any Debentures, during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) 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 KAPOOR TANDON & CO.,
Chartered Accountants
Firm Registration NO.000952C
Partner
Place : Kanpur (R. P. GUPTA)
Date : 30.05.2012 Membership No.:070904
Mar 31, 2010
We have audited the attached Balance Sheet of SUPER TANNERY LIMITED as
at 31st March, 2010, the Profit and Loss Account and the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from 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 acoounting principles used and significant estimates made
by the managements, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonalbe basis for our opinion.
2 As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act 1956 and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
information and explanation given to us, we annex hereto a statement on
the matters specifiec in paragraph 4 and 5 of the said Order.
3. . Further to our comments in the annexure referred to in paragraph
2 above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books account as required by law have been
kept by the company so far as appear from
our examination of these books;
c. The Balance Sheet, Profit & LossAccount and Cash Flow Statement
dealt with by this report are in agreement " with the books account;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956.
e. On the basis of written representations received from the Directors
and taken on records by the Board of Directors , we report that none of
the directors disqualified as on 31.03.2010 from being appointed as a
Director in terms of Section 274(1) (g) of the Companies Act, 1956;
f. In the absence of the Notification by the Central Government of
India, the Cess payable under Section 441A of the Companies Act, 1956
has not been paid, in absence of the Notification, the amount of Cess
not so paid, could not be ascertained.
g. In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
Notes thereon, give the information required by the companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India;
i. in the case of Balance Sheet of the state of affairs of Company as
at 31st March, 2010.
ii. in the case of Profit and Loss Account of the Profit for the year
ended on that date.
iii. in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 2 of our report of even date on the financial
statements of Super Tannery Limited for the year ended 31st March,
2010).
ii. (a) The company has maintained proper records to show full
particulars including quantitative details and situation of all fixed
assets.
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable-intervals, having regard to the size of he
company and the nature of fixed assets. No discrepancies between the
book records and the physical inventory were noticed.
(c) The Company has not disposed aff any substantial part of its Fixed
assets during the year so as to affect its going concern-status.
iii. (a) The inventory of the company has been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical veri fication of inventories
folio wed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The company is maintained proper records of inventory. The
discrepancies noticed on verification between physical inventories and
book records and were not material in relation to the operations of the
company and the same have been properly dealt with in the books of
accounts.
iv. The Company has granted interest bearing unsecured loan to a
company listed in the register maintained under Section 301 of the
Companies Act, 1956. No terms and conditions for repayment of the loan
are stipulated. Hence there is no overdue amount of such loan. The
maximum amount outstanding at any time during the year and the balance
at the end of the year was Rs. 200.81 lacs. The loan is not prima facie
pre-judicial to the interest of the company. Excepting-this, the
company has not granted/taken any loans to/from parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraph (iii) (b), (c) and (d) of the Order-are not applicable.
iiv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and- nature of its business
for the purchase of inventory, fixed assets and for the sale.of goods,
Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have been informed of any instance of major weanesses in the
aforesaid internal control procedures.
v. (a) In our opinion and according to the information and explanations
given to us, all the transactions that need to be entered into the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
(b).ln our opinion and according to the information and explanations
given to us, these transactions have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from thepublic
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
vii. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
viii. To the best our knowledge and according to the information and
explanations given to us, the Central Govt, has not prescribed the
maintenance of cost records under Section 209(1) (d) of the Companies
Act,1956 for any of the products of the company excepting leather
footwear, for which in our opinion, prima facie, the prescribed
accounts and records have been maintained and are being made up. We are
not required to and, accordingly, have not made a detailed examination
of the records.
ix. (a) According to the information and explanations given to us and
books and records produced and examined by us, in our opinion, the
generally regular in depositing undisputed Statutory dues including
Provident Fund, Investors Education and Protection Fund, Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty,Excise Duty, Cess (excepting Cess under Section 441A of the
Companies Act 1956) and othermaterial Statutory dues as applicable
with the appropriate authorities, According to the information and
explanations given to us. no undisputed amount payable in respect of
income Tax, Wealth Tax, Custom Duty and Excise Duty were outstanding at
the end of the year for a period of more than six months from the date
they become payable.
(b) As at 31st March, 2010, according to the records of the company,
and the information and explanations given to us, the following are the
particulars of-dues on account of Sales Tax, Income Tax, Custom Duty,
Wealth Tax, Excise Duty and Cess matters that have not been deposited
on account of any dispute,
Period to
Name of Nature of Amount which Forum where
The Statute dues (Rs. in
lacs) relates pending
Sales Tax Laws Entry Tax Not
Ascerta
inable F.Y. 2004-05 (a)High Court,
Allahabad
F.Y. 2005-06 (For and on behalf
of leather
F.Y. 20C7-08 industries of Kanpur,
U.R Leather
Industries Associat
ion has filed writ
petition challenging
the constitutional
validity of the
U.R Tax on Entry of
Goods Act, 2000)
(b) High Court,
Allahabad (For and
on behalf of Leather
Industries of Kanpur
U.R Leather Industires
Association
has filed writ
petition
challenging the
constitutional
validity of the U.R
Tax on Entry of
-goods into the local
area ordinance 2007
being U.R Ordinance
number 35 of 2007
promulgated by the
Governor of U.P
x. The company does not have accumulated losses as at the end of the
financial year and it has not incurred any cash tosses in the current
and immediately preceding financial years.
xi. 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, bank or
debenture holders.
xii. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii. In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund/societies.
xiv. In our opinion and according to the information and explanations
given to us, the company is not dealer or trader in securities.
xv. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institution.
xvi. In our opinion and according to the information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
xvii. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment and vice versa.
xviii. The company has not made any preferential allotment of shares
to parties and company covered in the register " maintained under
Section 301 of the companies Act, 1956 during the year.
xix. The company has not issued any debentures during the year.
xx. The company has not raised any money by public issue during the
year.
xxi. Based on the audit procedures performed and according to the
information and explanations given to us, no fraud on by the company
has been noticed or reported during the year.
For KAPOOR TANDON & Co.,
Chartered Accountants
Registration No. 000952C
(R.P. GUPTA)
Place : Kanpur Partner
Date ; 29.05.2010 Membership No.; 070904