Mar 31, 2015
We have audited the accompanying standalone financial statements of
SYNCOM HEALTHCARE LIMITED, which comprise the Balance Sheet as at 31st
March 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
is in accordance with the accounting principles generally accepted in
India including, Accounting Standards specified in 133 of the Act read
with Rule 7 of the Companies (Account) Rules 2014. This responsibility
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 deducting the fraud and other irregularities;
selection and application of appropriate accounting policies; making
judgement and estimates that are reasonable and prudent: and design,
implementation and maintenance of internal control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and matter
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 in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements hereto 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 and subject to the note :
(a) In the case of the Balance Sheet, of the statement of affairs of
the Company as at 31st March 2015;
(b) In the case of the Statement of Profit and Loss, of the Loss 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, 2015 ('the
Order') issued by the Central Government of India in terms of sub-
section (11) of section 142 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable.
2. As required by section 143(3) of the Act, 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 purpose 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 comply with the Accounting Standards specified
in 133 of the Act read with Rule 7 of the Companies (Account) Rules
2014.
v. On the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of section 164(2) of the Act, and.
vi. With respect to the other matters to be included in the Auditor's
report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rule, 2014, in our opinion o the best of our information and
according to the explanations given to us:
a. The company has disclosed the impact of the pending
disputes/litigations in its financial statements - Refer Note No. 26 to
the financial Statements.
b. The company was not required to make provision for any material
foreseeable losses on long term contracts or including derivative
contracts.
c. There was no requirement of transferring amounts to the Investors
Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORTS
(Referred point (1) of our report on Other Legal and Regulatory
Requirements of even date) With reference to the Annexure referred in
our report of even date to the members of Syncom Healthcare Limited for
the year ending 31st March 2015, we report that in our opinion and to
the best of our information and explanations furnished to us and the
books and records examined by us in the normal course of Audit:
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. Controls regarding electronic form of records for fixed asset
register are sufficient for the company to secure it from unauthorized
access.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2015 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) The Company has not undertaken disposal of a substantial part of
fixed assets of the Company during the year.
2. (a) As explained to us, the inventories were physically verified
during the year by management at periodic intervals. In our opinion
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 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 inventory.
The discrepancies noticed between physical stock and book stock during
periodic physical verification of stock by the management, were given
effect in the Books of accounts.
3. The company has not granted loans to any Firm or Companies covered
in the register maintained under Section 189 of the Companies Act 2013.
4. In our opinion and according to explanation given to us there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods. During the course of audit
we have not observed any major weaknesses in internal controls.
5. During the year, the company has not accepted any deposits from
public, because of which there is no need to comply with the
provisions of section 73 to 76 or any other relevant provision and
rules made there under of companies act 2013 and also the directives
issued by the Reserve Bank of India. No Order on this matter has been
passed by Company law board or National Company law tribunal or reserve
bank of India or any other tribunal which has to be compiled by the
company.
6. The maintenance of cost records has been prescribed by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013 and the company has also appointed Cost Auditor for financial year
2014-15. We have broadly reviewed the accounts and records of the
Company in this connection and are of the opinion, that prima facie,
the prescribed accounts and records have been made and maintained.
However, we are neither required to carryout nor have carried out any
detailed examination of such Accounts and records.
7. According to information and explanations given to us in respect of
statutory dues:
(1) the company is generally 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 and other material statutory dues
applicable to it, except as liabilities detailed in note -27 of the
Notes to Accounts, which were outstanding for more than six months as
on year end.
(2) According to information and explanations given to us and records
of company examined by us, there are no dues of sales tax, wealth tax
and excise duty which are outstanding as at 31st March 2015, which have
not been deposited on account of any dispute. The particulars of various
statutory dues as at 31st March 2015, which have not been accounted for
and not deposited on account of disputed Liability are as follows.
S. No. Statute Nature of Amount of
Dues Tax Demand
1. Income Tax Act 1961 Income Tax Demand Rs. 8,45,268/-
A.Y. 2005-06
2. Income Tax Act 1961 Income Tax Rs. 1,24,250/-
A.Y. 2011-12
3 Sales Tax Act Sales Tax Demand Rs. 12,08,922/-
for A.Y. 2012-13
4. Sales Tax MVAT Rs. 17,78,293/-
Demand for
A.Y. 2011-12
S. No. Statute Amount Paid Unipaid
against Demand Amount
1. Income Tax Act 1961 Rs- 4,36,600/- is
deposited against this Rs. 4,08,668/
in previous years.
2. Income Tax Act 1961 Nil Rs. 1,24,250/-
3 Sales Tax Act Nil Rs. 12,08,922/-
4. Sales Tax Nil Rs.17,78,293/-
S. No. Statute Forum in which
it is Pending
1. Income Tax Act 1961 CIT (Appeals)
CIT (Appeals)
2. Income Tax Act 1961 CIT (Appeals)
3 Sales Tax Act DY Comm.
CT, Indore
4. Sales Tax Dy Comm.
Appeals,
Mumbai
(3) According to information and explanations given to us and records
of company examined by us, the company was not required to transfer any
amount to investor education and protection fund in accordance with the
relevant provisions of the companies act 1956 (1 of 1956) and rules
made thereunder.
8. Based on final accounts for the year under report, the company does
not have any accumulated losses.
9. In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
11. In our opinion, the term loans have been applied for the purpose
for which they were raised.
12. To the best of our knowledge and belief and as per the information
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Firm Regn. 011524C
Manish Mittal
Place : Indore Partner
Date : 30/05/2015 M .No. 079452
Mar 31, 2014
We have audited the accompanying financial statements of SYNCOM
HEALTHCARE LIMITED, which comprise the Balance Sheet as at 31st March
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
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 is in accordance
with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ) read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013 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.
Auditor's 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 financial statements hereto 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 statement of affairs of
the Company as at 31st March 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 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:
i. 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
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 comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
subject to the Note 1(B) (i)(l) of notes to the accounts.
v. On the basis of written representations received from the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (l) of
section 274 of the Companies Act, 1956.
vi. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 44lA of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORTS
(Referred point (1) of our report on Other Legal and Regulatory
Requirements of even date)
With reference to the Annexure referred in our report of even date to
the members of Syncom Healthcare Limited for the year ending 31st March
2014, we report that in our opinion and to the best of our information
and explanations furnished to us and the books and records examined
by us in the normal course of Audit:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
Controls regarding electronic form of records for fixed asset register
are sufficient for the company to secure it from unauthorized access.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2014 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) The Company has not undertaken disposal of a substantial part of
fixed assets of the Company during the year.
(ii) (a) As explained to us, the inventories were physically verified
during the year by management at periodic intervals. In our opinion
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 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 inventory.
The effect of discrepancies noticed between physical stock and book
stock during periodic physical verification of stock by the management
has been given in Books of accounts as on 31/03/2014.
(iii) The Company has not granted or taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act 1956.
(iv) In our opinion and according to explanation given to us there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods. During the course of audit
we have not observed any major weaknesses in internal controls.
(v) Based on the audit procedures applied by us and according to
information and explanations given to us, there were no transactions /
contract or arrangement which have been entered into with parties who
are covered under section 301 of the Companies Act, 1956 during the
year.
(vi) During the year, the company has not accepted any deposits from
public, which fall within the purview of section 58A or 58AA of the
Companies Act 1956 and the rules framed there under. There have been no
proceedings before Company Law Board in this matter nor has any order
been passed.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(viii) The maintenance of cost records has been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956 and has appointed Cost Auditor for financial
year 2013-14. We have broadly reviewed the accounts and records of the
Company in this connection and are of the opinion, that prima facie,
the prescribed accounts and records have been made and maintained.
However, we are neither required to carryout nor have carried out any
detailed examination of such Accounts and records.
(ix) According to information and explanations given to us in respect
of statutory dues:
(1) the company is generally 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 and other material statutory dues
applicable to it, except the liabilities detailed in note -27 of the
Notes to Accounts, which were neither provided nor paid and are overdue
for more than six months.
(2) According to information and explanations given to us and records
of company examined by us, there are no dues of sales tax, wealth tax
and excise duty as at 31st March 2014, which have not been deposited on
account of any dispute. The particulars of various statutory dues as at
31st March 2014, which have not been deposited on account of a dispute
and appeal has been filed are as follows:
S. Statute Nature of Amount of
No. Dues Tax Demand
1. Income Tax Act 1961 Income Tax Demand Rs. 845268
A.Y. 2005-06
2. Income Tax Act 1961 Income Tax Rs. 11631020/-
Demand
A.Y. 2011-12
S. Amount Paid Unipaid Forum in which
No. against Demand Amount it is Pending
1. Rs. 408668 is Rs. 408668 CIT (Appeals)
deposited against
this in previous
years.
2. Nil Rs.11631020/- CIT (Appeals)
(x) In our opinion, the company does not have accumulated losses.
However it has incurred cash losses in the financial year covered by
our audit but not in the immediately preceding financial year.
(xi) In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
(xii) As per the management, the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, the company is not a Chit funds, Nidhis, or
Mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the accounts under report.
(xiv) The company is not dealing in or trading in shares, securities,
debentures, or other investments. The only investments in shares which
are outstanding as on 31st March 2014 are as investment of surplus
funds of the company. The outstanding shares held and owned by the
company as on 31st March 2014 are held in the own name of company.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) No debentures have been issued during the year.
(xx) The management has disclosed the end use of the money raised by
public issues in its annual accounts and the same had been verified by
us.
(xxi) To the best of our knowledge and belief and as per the
information given to us, no fraud on or by the company has been noticed
or reported during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Firm Regn. 011524C
Manish Mittal
Place : Indore Partner
Date : 30/05/2014 M .No. 079452
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SYNCOM
HEALTHCARE LIMITED, which comprise the Balance Sheet as at 31st March
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility forthe 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 is in accordance
with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. 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.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements hereto 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 statement of affairs of
the Company as at 31st March 2013;
(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 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:
i We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe purpose of
ouraudit
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 comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 subject to
the Note 1 (B) (i) (1) of notes to the accounts.
v On the basis of written representations received from the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
vi Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORTS
(Referred point (1) of our report on Other Legal and Regulatory
Requirements of even date)
With reference to the Annexure referred in our report of even date to
the members of Syncom Healthcare Limited for the year ending 31st March
2013, we report that in our opinion and to the best of our information
and explanations furnished to us and the books and records examined by
us in the normal course of Audit:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. Controls regarding electronic form of records for fixed asset
register are sufficient for the company to secure it from unauthorized
access.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2013 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) The Company has not undertaken disposal of a substantial part of
fixed assets of the Company during the year.
(ii) (a) As explained to us, the inventories were physically verified
during the year by management at periodic intervals. In our opinion
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 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 inventory.
The discrepancies noticed between physical stock and book stock during
periodic physical verification of stock by the management were not
material having regard to the size of operations of the company.
Consequently no effect of discrepancies has been given in Books of
accounts.
(iii) The Company has not granted or taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act 1956.
(iv) In our opinion and according to explanation given to us there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods. During the course of audit
we have not observed any major weaknesses in internal controls.
(v) Based on the audit procedures applied by us and according to
information and explanations given to us, there were no transactions
/contract or arrangement which have been entered into with parties who
are covered under section 301 of the Companies Act, 1956 during the
year.
(vi) During the year, the company has not accepted any deposits from
public, which fall within the purview of section 58A or 58AA of the
Companies Act 1956 and the rules framed there under. There have been
no proceedings before Company Law Board in this matter nor has any
order been passed.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(viii) The maintenance of cost records has been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956 and has appointed Cost Auditor for financial
year 2012-13. We have broadly reviewed the accounts and records of the
Company in this connection and are of the opinion, that prima facie,
the prescribed accounts and records have been made and maintained.
However, we are neither required to carryout nor have carried out any
detailed examination of such Accounts and records.
(ix) According to information and explanations given to us in respect
of statutory dues:
(1) the company is 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 and other material statutory dues
applicable to it, except as stated as under
(a) The company has made certain labour payments for its Dehradoon
plant through unregistered labour contractors and the liability of
provident fund on the same has not been determined and thus remains
unpaid. The liability as and when determined shall include unpaid
liability for the year under report and also for previous years.
(b) There is a deficit in the professional tax on employees paid by the
company to the extent of Rs. 17138. No Provision for payment of the
shortfall has been made in the books of account.
(d) The company has not paid any interest on late deduction of TDS
Which is estimated for an amount of Rs.8238 and which has not been
provided for in books of account as on the reporting date.
(2) According to information and explanations given to us and records
of company examined by us, there are no dues of sales tax, wealth tax
and excise duty which are outstanding as at 31st March 2013, which have
not been deposited on account of any dispute. The particulars of
various statutory dues as at 31st March 2013, which have not been
deposited on account of a dispute are as follows.
(x) In our opinion, the company has no accumulated losses and has not
incurred cash losses in the financial year covered by our audit and in
the immediately preceding financial year.
(xi) In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
(xii) As per the management, the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, the company is not a Chit funds, Nidhis, or
Mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the accounts under report.
(xiv) The company is not dealing in or trading in shares, securities,
debentures, or other investments. The only investments in shares which
are outstanding as on 31st March 2013 are as investment of surplus
funds of the company. The outstanding shares held and owned by the
company as on 31st March 2013 are held in the own name of company.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) No debentures have been issued during the year.
(xx) The management has disclosed the end use of the money raised by
public issues in its annual accounts and the same had been verified by
us.
(xxi) To the best of our knowledge and belief and as per the
information given to us, no fraud on or by the company has been noticed
or reported during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Firm Regn. 011524C
Manish Mittal
Partner
M .No. 079452
Indore, 30/05/2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/S SYNCOM HEALTHCARE
LIMITED as at 31st March, 2012 and also the Profit and Loss Account 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government in terms of sub-section (4A) of section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further and subject to our comments in the Annexure referred to 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 as far as appears from our examination of
those books.
Hi. The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of account;
iv. 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 sub- section (3C) of section 211 of
the Companies Act, 1956 subject to the Note (A) (i) (1) and (2) of the
Notes to the Account;
On the basis of written representations received from the directors, as
on 31st March, 2011, and 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 clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and according to the
explanations given to us, the accounts read with 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:
a. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012; and
b. in the case of Profit and Loss Account, of the Profit for the year
ended on that date; and
c. in the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORTS (Referred to in Paragraph
(3) of our report of even date)
With reference to the Annexure referred to in paragraph 3 of our report
of even date to the members of M/s Syncom Healthcare Limited for the
year ending 31st March 2012, we report that in our opinion and to the
best of our information and explanations furnished to us and the books
and records examined by us in the normal course of Audit:
(I) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2012 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) The Company has not undertaken disposal of a substantial part of
fixed Assets of the Company during the year.
(ii) (a) As explained to us, the inventories were physically verified
during the year by the management at periodic 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 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 inventory.
The discrepancies noticed between physical stock and book stock during
periodic physical verification of stock by the management were not
material having regard to the size of operations of the company and
have been properly dealt with in Books of accounts.
(iii) (a) The Company has granted loan to a company registered and
based in Dubai which is wholly owned subsidiary of the company during
the year of which Rs. 1023520831 was outstanding as on 31/03/12. No
interest has been charged on the above, however since the company is a
100% subsidiary of the company the same are not considered as
prejudicial to the interest of the company.
(b) The company has not taken any loans, secured or unsecured to or
from companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act 1956.
(iv) In our opinion and according to explanation given to us there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods. During the course of audit
we have not observed any major weakness in internal control.
(v ) Based on the audit procedures applied by us and according to
information and explanations given to us, there were no transactions
/contract or arrangement which have been entered into with parties who
are covered under section 301 of the Companies Act, 1956 during the
year.
(vi) During the year, the company has not accepted any deposits from
public, which fall within the purview of section 58Aor 58AAof the
Companies Act 1956 and the rules framed there under. Also there have
been no proceedings before Company Law Board in this matter nor has any
order been passed.
(vii) In our opinion the company has a formal Internal Audit system
commensurate with its size and the nature of its business.
(viii) The maintenance of cost records has been prescribed by the
Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956. The
Company has appointed Cost Auditor and no report has been received from
the agency till the date of this report.
(ix) According to information and explanations given to us, the company
is 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 and other material statutory dues applicable to it, except as
stated as under:
(a) The company has made certain labour payments for its Dehradoon
plant through unregistered labour contractors and the liability of
provident fund on the same has not been determined and thus remains
unpaid. The liability as and when determined shall have unpaid
liability for the year under report and also for previous years.
(b) According to information and explanations given to us, no
undisputed amounts payable except stated as above in respect of the
statutory dues were outstanding as at 31st March 2012 for a period of
more than 6 months from the date they became payable.
(c) According to the information and explanation given to us, there are
no dues of income tax, sales tax, wealth tax, service tax, customs duty
and excise duty which have not been deposited on account of any
dispute.
(d) The company has short deducted and paid Professional Tax from the
salary of employees to the extent of Rs. 27396.
(x) The company has no accumulated losses and has not incurred cash
losses in the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
(xii) As per the management, the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) The Provisions of any special statute applicable to Chit funds,
Nidhis or Mutual benefit funds/Societies are not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures, or other investments. The only investments in shares which
are outstanding as on 31/3/2012 are as investment of surplus funds of
the company. The outstanding shares held and owned by the company as on
31/3/2012 are held in the own name of company.
(xv) The company has not given any guarantee for loans taken by others
from bankor financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of theAct.
(xix) No debentures have been issued during the year.
(xx) The management has disclosed the end use of the money raised by
public issues in its annual accounts and the same had been verified by
us.
(xxi) To the best of our knowledge and belief and as per the
information given to us, no fraud on or by the company has been noticed
or reported during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Firm Regn. No. 011524C
Manish Mittal
(Partner)
M .No. 079452
Indore, 30/05/2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/S SYNCOM HEALTHCARE
LIMITED as at 31st March, 2010 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the CompanyÃs management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (AuditorÃs Report) Order, 2003 issued by
the Central Government in terms of sub-section (4A) of section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further and subject to our comments in the Annexure referred to 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, Profit and Loss Account and Cash flow
statement dealt with by this report are in agreement with the books of
account;
iv. 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 sub-section (3C) of section 211 of
the Companies Act, 1956 subject to the Note (A) (i) (1) and (2) of the
Notes to the Account;
On the basis of written representations received from the directors, as
on 31st March, 2010, and 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 clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and according to the
explanations given to us, the accounts read with 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:
a. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2010; and
b. in the case of Profit and Loss Account, of the Profit for the year
ended on that date ; and
c. in the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORTS (Referred to in Paragraph (3) of our
report of even date) With reference to the Annexure referred to in
paragraph 3 of our report of even date to the members of M/s Syncom
Healthcare Limited for the year ending 31st March 2010, we report that
in our opinion and to the best of our information and explanations
furnished to us and the books and records examined by us in the normal
course of Audit:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2010 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification..
(c) The Company has not undertaken disposal of a substantial part of
fixed Assets of the Company during the year.
(ii) (a) As explained to us, the inventories were physically verified
during the year by the management at periodic 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 are reasonable and adequate in relation to
the size of the Company and the nature of its business.0
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of inventory.
The discrepancies noticed on between physical stock and book stock
during periodic physical verification of stock by the management were
not material having regard to the size of operations of the company and
have been properly dealt with in Books of accounts.
(iii) The Company has not granted or taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act 1956. As the
Company has neither granted nor taken any loans, secured or unsecured,
to or from parties listed in the register maintained under Section 301
of the Companies Act, 1956
(iv) In our opinion and according to explanation given to us there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods. During the course of audit
we have not observed any major weaknesses in internal control.
(v) Based on the audit procedures applied by us and according to
information and explanations given to us, there were no transactions
/contract or arrangement which have been entered into with parties who
are covered under section 301 of the Companies Act, 1956 during the
year.
(vi) During the year, the company has not accepted any deposits from
public, which fall within the purview of section 58A or 58AA of the
Companies Act 1956 and the rules framed there under. Also there have
been no proceedings before Company Law Board in this matter nor has any
order been passed.
(vii) In our opinion the company has a formal internal Audit system
commensurate with its size and the nature of its business.
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) According to information and explanations given to us, the company
is regular in depositing undisputed statutory dues including provident
fund, investor education protection fund, employeesà state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty and other material statutory dues applicable to it, except as
stated as under
(b) The company has made certain labour payments for its Dehradun plant
through unregistered labour contractors and the liability of provident
fund on the same has not been determined and thus remains unpaid. The
company has also not paid the advance income taxes in the first three
quarters and overall advance tax paid was short by Rs.32.09 Lacs as on
31/03/2010.
(c) According to information and explanations given to us, no
undisputed amounts payable except stated as above in respect of the
statutory dues were outstanding as at 31st March 2010 for a period of
more than 6 months from the date they became payable.
(d) According to the information and explanation given to us, there are
no dues of income tax, sales tax, wealth tax, service tax, customs duty
and excise duty which have not been deposited on account of any
dispute.
(x) The company has no accumulated losses and has not incurred cash
losses in the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any
debentures during the year and nor had outstanding debentures from
previous year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Provisions of any special statute applicable to Chit funds,
Nidhis or Mutual benefit funds/Societies are not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures, or other investments. The only investments in shares which
are outstanding as on 31/3/2010 are as investment of surplus funds of
the company. The outstanding shares held and owned by the company as on
31/3/2010 are held in the own name of company.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) No debentures have been issued during the year.
(xx) The management has disclosed on the end use of money raised by
public issues and the same has been verified by us.
(xxi) To the best of our knowledge and belief and as per the
information given to us, no fraud on or by the company has been noticed
or reported during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Manish Mittal
(Partner)
M .No. 079452
Firm Regn. 011524C
Indore, June 28, 2010
Mar 31, 2009
We have audited the attached Balance Sheet of M/S SYNCOM HEALTHCARE
LIMITED as at 31st March, 2009 and also the Profit and Loss Account 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government in terms of sub-section (4A) of section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
Further and subject to our comments in the Annexure referred to 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, Profit and Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of account
(and with the audited returns from the branches);
iv. 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 sub-section (3C) of section 211 of the
Companies Act, 1956 subject to the Note (A) (i) (1) and (2) of the
Notes to the Account;
On the basis of written representations received from the directors, as
on 31st March, 2009, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2009
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;ln our
opinion and to the best of our information and according to the
explanations given to us, the accounts read with 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:
a. in the case of the Balance Sheet, of the state of affairs of the
company as at 31 st March, 2009; and
b. in the case of Profit and Loss Account, of the Profit for the year
ended on that date; and
c. in the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORTS
(Referred to in Paragraph (3) of our report of even date)
With reference to the Annexure referred to in paragraph 3 of our report
of even date to the members of M/s Syncom Healthcare Limited for the
year ending 31st March 2009, we report that in our opinion and to the
best of our information and explanations furnished to us and the books
and records examined by us in the normal course of Audit:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2009 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) No disposal of a substantial part of Fixed Assets of the Company
has taken place during the year.
(ii) (a) As explained to us, the inventories were physically verified
during the year by the management. In the case of materials lying with
third parties, certificates confirming stocks have been received in
respect of a substantial portion of the stocks held.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of inventory. We
have not physically verified the stock. The discrepancies noticed on
between physical stock and book stock during periodic physical
verification of stock by the management were not material having regard
to the size of operations of the company and have been properly dealt
with in Books of accounts.
(iii) The Company has not granted or taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act 1956. As the
Company has neither granted nor taken any loans, secured or unsecured,
to or from parties listed in the register maintained under Section 301
of the Companies Act, 1956, paragraphs 4 (iii) (b), (c), (d), (f) and
(g) of CARO are not applicable.
(iv) In our opinion and according to explanation given to us there is
adequate internal control procedure 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 audit
we have not observed any major weaknesses in internal control.
(v) Based on the audit procedures applied by us and according to
information and explanations given to us, there were no transactions
/contract or arrangement have been entered into with parties who are
covered under section 301 of the Companies Act, 1956 during the year.
(vi) During the year, the company has not accepted any deposits from
public, which fall within the purview of section 58Aor58AAof the
Companies Act, 1956 and the rules framed there under. Also there have
been no proceedings before Company Law Board in this matter nor has any
order been passed.
(vii) In our opinion the company has a formal internal Audit system
commensurate with its size and the nature of its business.
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) According to information and explanations given to us, the company
is regular in depositing undisputed statutory dues and there were no
undisputed statutory dues payable in respect of Income Tax, sales Tax,
Wealth Tax, Provident fund, Service tax, Employees State Insurance Act,
Excise Duty. The companys business is of such a nature that it has
never till date entailed or accrued any liability under Custom Duty,
Cess Further, according to information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March 2009 for a period of more than 6 months
from the date they became payable.
(x) The company has no accumulated losses and has not incurred cash
losses in the financial year covered by our audit and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Provisions of any special statute applicable to Chit funds,
Nidhis or Mutual benefit funds/Societies are not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures, or other investments. The only investments in shares which
are outstanding as on 31/3/2009 are as investment of surplus funds of
the company. The outstanding shares held and owned by the company as on
31/3/2009 are held in the own name of company.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) In our opinion, the term loans raised during the year were
applied for the purpose for which they were raised.
(xvii) According to the cash flow statement and records examined by us
and on the basis of information and explanations given to us, on an
overall basis, funds raised on short-term basis have, prima- facie, not
been used for long-term investments and vice versa.
(xviii)The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) No debentures have been issued during the year.
(xx) Since the company has not raised any money from Public issue, this
clause is not applicable.
(xxi) To the best of our knowledge and belief and as per the
information given to us, no fraud on or by the company has been noticed
or reported during the year.
For M/s Sanjay Mehta & Associates
Chartered Accountants
Manish Mittal
Partner
Place: Indore
Dated: 8th June 2009