Mar 31, 2015
We have audited the accompanying financial statements of M/s TASHI
INDIA LIMITED (Company), which comprise the Balance Sheet as at March
31,2015, 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
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 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 of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 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 issued
by the Central Government of India in terms of section 143 of the Act,
we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said 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 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 31st March,2015 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.
(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.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on longterm contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 1 of our Report of even date for the year
ended 31st March, 2015.
(i) a) Proper records showing full particulars including quantitative
details and situation of fixed assets are being updated by the company.
b) As explained to us, all the fixed assets except machinery in stock
were physically verified during the year by the management at regular
intervals. According to the information and explanations given to us, no
material discrepancies were noticed on such verification.
(ii) a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
(iii) a) The company has granted unsecured loans to three companies and
a party covered in the register maintained under section 189 of the
Companies Act, 2013.
b) The payment of principal amounts and interest are regular as per
stipulations, wherever such stipulations exist.
c) As explained to us there is no overdue amount of Loans exceeding
Rupees one Lacs.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to sale of goods and services. During the course of audit, we have not
observed any continuing failure to correct major weakness, if any, in
internal control.
(v) The Company has not accepted any deposits from the public within
the meaning of Sections 73 to 76 or any other relevant provisions of
the Companies Act, 2013 and the rules framed there-under.
(vi) In view of the activities of the Company maintenance of cost
records under Section 148(1) of the Companies Act, 2013 is not
applicable.
(vii) In our opinion and according to the information and explanations
given to us:
a) The Company is generally regular in depositing undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and
other statutory dues, as applicable, with the appropriate authorities.
b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess except as details below, against which appeal
is preferred before the Deputy Commissioner of Sales Tax Appeal,
Nagpur.
Name of the Nature of Dues Amount Rs Period
Statute
Sales Tax Act, CST and VAT 360895/- FY-2005-2006
1956 & MVAT
Act, 2002.
Sales Tax Act, CST and VAT 884006/- FY-2006-2007
1956 & MVAT
Act, 2002.
Name of the Forum where
Statute dispute is
pending
Sales Tax Act, Commissioner
1956 & MVAT of Sales
Act, 2002. Tax(Appeal)
Sales Tax Act, Commissioner
1956 & MVAT of Sales
Act, 2002. Tax(Appeal)
c) There is no such requirement of transfer of amount to investor
education and Protection fund.
(viii) There are no accumulated losses at the end of the financial
year. The Company has not incurred any cash loss in the financial year
under review and also in the preceding financial year.
(ix) The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions.
(xi) According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
(xii) According to the information and explanations given to us and to
the best of our knowledge and belief, no fraud on or by the Company has
been noticed or reported during the year.
For B.CHHAWCHHARIA & CO.
Chartered Accountants
Place: Nagpur Firm Registration No. 305123E
Dated: 28th May, 2015 Sanjay Agarwal
Partner
Membership No-066580
Mar 31, 2014
We have audited the accompanying financial statements of M/s TASHI
INDIA LIMITED (Company), which comprise 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. 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 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 Profit and Loss Account, 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 said 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 and 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 and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT FOR THE YEAR ENDED 31ST MARCH, 2014
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed substantial part of its fixed
assets during the year.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. (a) The Company has granted unsecured loans to three companies
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was 714.21 Lacs
and the year-end balance of loan granted to these companies was 623.44
Lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been given to companies and parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are, prima facie, not prejudicial to the interest of the
company.
(c ) In our opinion and according to the information and explanation
given to us, the parties are regular in payment of principal amount and
interest thereon.
(d) As explained to us, there is no overdue amount of loans exceeding
Rupees One Lacs.
(e) The Company has obtained unsecured loan from three Companies,
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was 519.80 lacs
and the year-end balance of loan taken from these Companies was 328.27
Lacs.
(f) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been taken from such companies listed in
the register maintained under section 301 of the Companies Act, 1956
are, prima facie, not prejudicial to the interest of the Company.
(g) Repayment schedules have not been stipulated in case of loans or
advances in the nature of loans taken, but payment of interest to
parties, where applicable, is regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regards to purchases of inventory and with regard to the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 are being updated in the register required to
be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, the transactions that were made in pursuance of contracts
or arrangements that need to be entered into the register maintained in
pursuance of Section 301 of the Companies Act, 1956 and aggregating
during the year to 5,00,000/- or more, in respect of each party, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us and on
the basis of records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues,
including Provident Fund, Investor Education Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable
to it.
(b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess except as details below, against which appeal
is preferred before the Deputy Commissioner of Sales Tax, Appeal,
Nagpur.
Name of the Nature of Dues Amount Period Forum where
Statuteis (In Rs.) disputepending
Sales Tax CST and VAT 360895/- FY Commissioner of
Act, 1956 2005-2006 Sales Tax
(Appeals)
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi / mutual benefit
fund/society.
14. According to the information and explanations given to us the
company is not dealing in shares, securities and other investments. The
shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For B.CHHAWCHHARIA & CO.
Chartered Accountants
Sanjay Agarwal
Place : Nagpur Partner
Dated : 24th May, 2014. Firm Registration No. 305123E
Membership No. 66580
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/ s TASHI
INDIA LIMITED (Company), which comprise the Balance Sheet as at March
31, 2013, 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. 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 give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013 ;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on 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 said 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 and 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 and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed substantial part of its fixed
assets during the year.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable. However, there is no inventory at the close
of the year.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. (a) The Company has granted unsecured loans to four companies
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 641.93
Lacs and the year-end balance of loan granted to these companies was Rs.
575.18 Lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been given to companies and parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are, prima facie, not prejudicial to the interest of the
company.
(c ) In our opinion and according to the information and explanation
given to us, the parties are regular in payment of principal amount and
interest thereon.
(d) As explained to us, there is no overdue amount of loans exceeding
Rupees One Lacs.
(e) The Company has obtained unsecured loan from three Companies,
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 481.72
lacs and the year-end balance of loan taken from these Companies was f
348.37 Lacs.
(f) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been taken from such company listed m the
register maintained under section 301 of the Companies Act, 1956 are,
prima facie, not prejudicial to the interest of the Company.
(g) Repayment schedules have not been stipulated in case of loans or
advances in the nature of loans taken, but payment of interest to
parties, where applicable, is regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regards to purchases of inventory and with regard to the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. Based upon the audit procedures, performed and according to the
information and explanations given to us, there are no transactions
that need to be entered into the register maintained in pursuance of
section 301 of the Companies Act, 1956. Accordingly sub-clause (b) of
para 4 (v) is not applicable.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us and
on the basis of records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues,
including Provident Fund, Investor Education Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable
to it.
(b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess except as details below, against which appeal
is preferred before the Income Tax Authorities._
Name of the Nature of Dues Amount Period Forum where
Statute (In Rs. dispute is
pending
Income Tax Income Tax 71,745 Asst. Year Commissioner of
Act, 1961 2008-09 & Income Tax
2009-10 (Appeals)
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi / mutual benefit
iund/society.
14. According to the information and explanations given to us the
company is not dealing in shares, securities and other investments. The
shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.CHHAWCHHARIA & CO.
Chartered Accountants
Sanjay Agarwal
Place : Nagpur Partner
Dated : 28th May, 2013. Firm Registration No. 305123E
Membership No. 66580
Mar 31, 2012
We have audited the attached Balance Sheet of Tashi India Limited as on
31st March. 2012 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and the Cash Flow
Statement the year ended on that date, which we have signed under
reference to this report. 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 have 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 include
assessing the accounting principles used and significant estimates made
by the management, as well a evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion and we report that:
1. 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, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of Our
audit.
b) In our opinion, a proper book of account as required by law has been
kept by the Company so far as appears from our examination of books.
c) The Balance sheet and the profit and Loss Account and Cash flow
Statements dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the Accounting Standards referred to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable and
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31st March, 2012 from
being appointed as Directors in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account 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 case of the Balance Sheet, of the state of the Company's affairs
as at 31st March, 2012 and,
II. In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
III. In the case of Cash Flow Statements of the Cash Flows for the
year ended on that date
ANNEXURE TO THE AUDITORS' REPORT FOR THE YEAR ENDED 31sT MARCH, 2012
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed substantial part of its fixed
assets during the year.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. (a) The Company has granted unsecured loans to four companies covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. 738,64 Lacs
and the year-end balance of loan granted to these companies was Rs.
641.93 Lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been given to companies and parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are prima facie, not prejudicial to the interest of the
company.
(c) In our opinion and according to the information and explanation
given to us, the parties are regular in payment of principal amount and
interest thereon.
(d) As explained to us, there is no overdue amount of loans exceeding
Rupee One Lacs.
(e) The Company has obtained unsecured loan from three Companies,
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 835.64
lacs and the year-end balance of loan taken from these Companies was
Rs. 474.86 Lacs.
(f) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been taken from such company listed in
the register maintained under section 301 of the Companies Act, 1956
are prima facie, not prejudicial to the interest of the Company.
(g) Repayment schedules have not been stipulated in case of loans or
advances in the nature of loans taken, but payment of interest to
parties, where applicable, is regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regards to purchases of inventory and with regard to the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. Based upon the audit procedures, performed and according to the
information and explanations given to us, there are no transactions
that need to be entered into the register maintained in pursuance of
section 301 of the Companies Act, 1956.
Accordingly sub-clause (b) of para 4 (v) is not applicable.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us and
on the basis of records of the Company, the company is regular in
depositing with appropriate authorities undisputed statutory due
including Provident Fund, Investor Education Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable
to it.
(b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax,
Excise Duty and Cess except as details below, against which appeal is
preferred before the Income Tax Authorities.
Name of the Nature of Amount Period Forum where
Statute Dues in Lakh dispute is
pending
Income Tax Income Tax 11.65 Asst. Year Commissioner
Act, 1961 2007-08 to of Income Tax
2009-10 (Appeals)
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
Institutions of Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi/mutual benefit fund
society.
14. According to the information and explanations given to us the
company is not dealing in shares, securities and other investment. The
shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us. no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B. CHHAWCHHARIA & CO.
SANJAY AGARWAL
PARTNER
Chartered Accountants
Firm Registration No. 305123E
Membership No. 66580
Place: Nagpur
Dated: 23rd August, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of Tashi India Limited as on
31 st March, 2010 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and the Cash Flow
Statement for the year ended on that date, which we have signed under
reference to this report. 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 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.
2. As required by the Manufacturing and other Companies (Auditors
Report) Order, 2003 and the Companies (Auditors Report) (Amendment)
Order, 2004 issued under the Companies Act, 1956, and on the basis of
the such checks as we consider appropriate we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
1. 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 purpose of our
audit.
b) In our opinion, a proper book of account as required by law has been
kept by the Company so far as appears from our examination of books.
c) The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the Accounting Standards referred to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable and
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 3 1st March, 2010 from
being appointed as Directors in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account 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 case of the Balance Sheet, of the state of the Companys affairs
as at 31st March, 2010 and,
II. In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
III. In the case of Cash Flow Statements of the Cash Flows for the
year ended on that date
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH, 2010
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) During the year, in our opinion, a substantial part of fixed assets
has not been disposed off by the Company.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly sub-clauses (b), (c), (d), (f) and (g) of para 4 (iii) are
not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regards to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5, Based upon the audit procedures, performed and according to the
information and explanations given to us, there are no transactions
that need to be entered into the register maintained in pursuance of
section 301 of the Companies Act, 1956.
Accordingly sub-clause (b) of para 4 (v) is not applicable.
6, The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us and
on the basis of records of the Company,, the Company is regular in
depositing with appropriate authorities undisputed statutory dues,
including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise-Duty, Cess and other statutory dues applicable
to it.
(b) According to the information and explanation given to us, there are
no dues of Sales tax, Income tax, Customs duty. Service Tax, Wealth
tax, Excise duty and Cess which have not been deposited on account of
any dispute.
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi / mutual benefit
fund/society.
14. According to the information and explanations given to us the
company is not dealing in shares, securities and other investments. The
shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For BANKIM V. SHAH
Chartered Accountants
(BANKIM SHAH)
Proprietor
Membership No.31800
NAGPUR
Dated: 04.09.2010
Mar 31, 2009
We have audited the attached Balance Sheet of Tashi India Limited as on
31st March, 2009 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and the Cash Flow
Statement for the year ended on that date, which we have signed under
reference to this report. 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 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.
2. As required by the Manufacturing and other Companies (Auditors
Report) Order, 2003 and the Companies (Auditors Report) (Amendment)
Order, 2004 issued under the Companies Act, 1956, and on the basis of
the such checks as we consider appropriate we enclose in the Annexure a
statement on the matters specified 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 purpose of our
audit.
b) In our opinion, proper books of account as required by law has been
kept by the Company so far as appears from our examination of books.
c) The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the Accounting Standards referred to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable and
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31" March, 2009 from being
appointed as Directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account 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:
g) In case of the Balance Sheet, of the state of the Companys affairs
as at 31st March, 2009 and, h) In the case of the Profit and Loss
Account, of the Profit of the Company for the year ended on that date.
i) In the case of Cash Flow Statements of the Cash Flows for the year
ended on that date
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED 31st MARCH,2009
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) During the year, in our opinion, a substantial part of fixed assets
has not been disposed off by the Company.
2. (a) As explained to us, the fixed assets were physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act,1956.
Accordingly sub-clauses (b), (c), (d), (0 and (g) of para 4 (iii) are
not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regards to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5. Based upon the audit procedures, performed and according to the
information and explanations given to us, there are no transactions
that need to be entered into the register maintained in pursuance of
Section 301 of the Companies Act, 1956.
Sub-clause (b) of para 4 (v) is not applicable.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules,1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act,1956.
9. (a) According to the information and explanations given to us and
on the basis of records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues,
including Provident Fund, Investor Education Protection Fund,
EmployeesState Insurance, Income-Tax, Sales Tax, Service Tax, Wealth
Tax,Custom Duty, Excise-Duty, Cess and other statutory dues applicable
to it.
(b) According to the information and explanation given to us, the
disputed statutory dues aggregating to Rs 28.46 lacs, the have not been
deposited on account of matters pending before appropriate authority is
as under.
Name of the Nature of Dues Amount Period Forum where dispute
Statue in
Lakh is pending
Income Tax Act, Income Tax 28.46 A.Y Commissioner of
1961 2006-07 Income Tax (Appeals)
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
11. The Company has not taken any loans from any Financial
Institutions or Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
14. As per the information and explanations given to us, the Company
is not dealing or trading in shares, securities, debentures and other
investment. The shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained
under?section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Looking to the natutre of activities being carried on, at present, by
the Company and also considering the nature of matters referred to the
various claues of the Companies (Auditors Report) Order, 2003, and the
Companies (Auditor;s Report) (Amendment) Order 2004, Clauses (ii) of
paragraph 4 of the aforesaid order is in our opinion, not applicable to
the Company.
For BANKIMV. SHAH
Chartered Accountants
NAGPUR (BANKIM SHAH)
Dated: 04.09.2009 Proprietor.
Membership No. 31800
Mar 31, 2004
We have audited the attached Balance Sheet of Tashi India Limited as on
31 st March, 2004 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto and the Cash Flow
Statement for the year ended on that date, which we have signed under
reference to this report. These financial statements are the
responsibility of Companys mangement. 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. We report as follows:
1. As required by the Manufacturing and other Companies (Auditors
Report) Order, 2003 issued under the Companies Act, 1956, and on the
basis of the such checks as we consider appropriate we enclose in the
Annexure a statement on the matters specified in paragraph 4 and 5 of
the said Order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
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 has been
kept by the Company so far, as appears from our examination of books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by with this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the Accounting Standards reffered to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable and
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31st March, 2004 from
being appointed as Directors in terms of clause (g) of Sub-Section (1)
of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said account together with the notes
thereon and in particular note 1 of Schedule 8 regarding non-provision
of dimunition in the value of investments give the information required
and give a true and fair view, in conformity with the accounting
principles generally accepted in India:
I. In case of the Balance Sheet, of the state of the Companys affairs
as at 31 st March, 2004 and,
II. In the case of the Profit & Loss Account, of the Profit of the
Company 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
(Refered to in Paragraph 1 of our report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c) During the year, in our opinion, a substantial part of fixed assets
has not been disposed off by the Company.
2. a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) According to the information and explanations given to us, in our
opinion, the procedures for 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) According to the information and explanations given to us, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material, having regard to the size of the
operations of the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly sub-clauses (b), (c) and (d) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of the
business with regards to purchases of inventory, fixed assets and with
regard to the sale of goods. During the Course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5. Based upon the audit procedures, performed and according to the
information and explanations given to us, there are no transactions
that need to be entered into the register maintained in pursuance of
Section 301 of the Companies Act, 1956.
Sub-clause (b) is not applicable.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
9. a) According to the information and explanations given to us and on
the basis of records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues,
including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues applicable to it.
b) According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty
and Cess which has not been deposited on account of any dispute.
10. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceing financial year.
11. The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi/mutual benefit fund /
society.
14. According to the information and explanations given to us in
respect of its activity in dealing in shares, securities and other
investments, the Company has maintained proper records of the
transactions and contracts and timely entries have been made therein,
and also the shares and securities have been held in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examintion of the Balance Sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment and vice versa.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For BANKIM V. SHAH
Chartered Accountants
BANKIM SHAH
Proprietor
Membership No. 31800
Place : NAGPUR
Dated : 24.08.2004
Mar 31, 2002
We have audited the attached Balance Sheet of Tashi India Limited as on
31st March, 2002 and also the Profit and Loss Account of the Company
for the year ended on that date annexed thereto. These financial
statements are the responsibility of Companys mangement. 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
assesing the accounting principle 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. We report as under:
1. As required by the Manufacturing and other Companies (Auditors
Report) Order, 1988 issued under the Companies Act, 1956, and on the
basis of the such checks as we consider appropriate we enclose in the
Annexure a statement on the matters specified in paragraph 4 and 5 of
the said Order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
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 has been
kept by the Company so far as appears from our examination of books.
c) The Balance Sheet and the Profit and Loss Account dealt by with this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the Accounting Standards reffered to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable and
e) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on 31 st March, 2002 from
being appointed as Directors in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said account together with the notes
thereon and in particular note 1 of Schedule 9 regarding non-provision
of diminution in value of investments and note 3 in respect of leasing
business where the income/asset is not accounted as recommended under
the guidance note issued by the Institute of Chartered Accountant of
India, give the information required and give a true and fair view:
I. In case of the Balance Sheet, of the state of the Companys affairs
as at 31st March, 2002 and,
II. In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date. ouau
ANNEXURE TO THE AUTHORS REPORT
Annexure reffered to in paragraph 1 of our report of even date on the
accounts of TASHI INDIA LIMITED for the year ended on 31 st March,
2002.
1. The Company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation thereof.
The management during the year has physically verified the fixed assets
of the Company and as informed to us, no signifi- cant discrepancies
were noticed on such verification.
2. The fixed assets of the Company have not been revalued during the
year.
3. Physical verification have been conducted by the mangement at
reasonable intervals in respect of stocks. As informed to us, no
discrepancies have been noticed on such physical verification between
physical stocks and book records. The procedures fol- lowed by the
management for such physical verification are, in our opinion,
reasonable and adequate in relation to the size of Company and the
nature of its business. On the basis of our examination, we are
satisfied that the valuation of these stocks, is fair and proper and in
accordance with the normally accepted accounting principles.
4. The company has not taken loans from companies, firms and/or other
parties listed in the registers maintained under Section 301 of the
Companies Act, 1956. we are informed that there are no Companies under
the same management.
5. The Company has not granted unsecured loans to the parties listed
in the registers maintained under Section 301 of the Companies Act,
1956. We are informed that there are no companies under the same
management.
6. The parties to whom loans or advances in the nature of loans have
been given by the Company are repaying the principal amount regularly
were stipulated and are also regular in payment of interest.
7. 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 the nature of its business for the
purchase of stores, raw materials including components, plant and
machinery, equipment and other assets and for the sales of goods.
8. There are no transactions of purchase of goods and materials and
sale of goods, materials and services made by the Company and in
pursuance of contracts or arrangements as reffered to in Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 50, 000/- or
more in respect of each party.
9. The Company has not accepted any deposits from the public.
10. The Company has no formal system of Internal Audit. However, in
our opinion, considering the size and the nature of its business and
personal supervision by Directors the same is consider to be adequate
and commensurate with its size and nature of its business.
11. As informed to us provisions of Provident Funds and Employees
State Insurance Act are not applicable to the Company.
12. According to the information and explanations given to us and the
books and records examined by the us, there are no undisputed amounts,
payable in respect of Income Tax, Sales Tax, Custom Duty and Excise
Duty outstanding as at 31 st March, 2002 for a period exceeding six
months from the date they become payable.
13. There are no personal expenses debited to the Profit & Loss
Account.
14. There were no damaged goods in respect of the trading activity of
the Company.
15. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
16. The Provision of any special statue in respects of Chit Fund,
Nidhi or Mutual Benifit Society were not applicable to the Company.
17. Shares and Debentures are held by the Company in its own name.
18. The nature of the Companies activities is such that in our opinion
clauses (xiv), (xvi), (xx) of Para 4A of the aforesaid order are not
applicabe to the Company for the year under review.
For BANKIM V. SHAH
Chartered Accountants
BANKIM SHAH
Proprieter
Place: NAGPUR
Dated: 17. 08. 2002