Mar 31, 2014
We have audited the attached Balance Sheet of Towa Sokki Limited, as at
31st March, 2014 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 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 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 that :
1. As required by the Companies (Auditor''s Report) Order, 2003,
issued by the Central Goverment of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above, we report that :
a) We have obtained all the information and explanations which to the
best of our knowedge and belief were necessary for the purposes of
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 the
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account ;
d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors
and taken on record by the Company, we report that none of the director
is disqualified as on Balance Sheet date from being appointed as a
Director in terms of Section 274 (1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Significant
Accounting Policies (refer Notes to the Accounts) give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014 and
ii) In the case of the Profit and Loss Account, of the loss for the
year ended on that date.
iii) In the case of the Cash Flow Statment of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT (Referred to in paragraph 1 of our
report of even date)
1. (i) The Company has maintained proper records showing full
particulars incluing Quantitative details and situation of its fixed
assets.
(ii) As explained to us, the fixed assets have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable and having regard to the size of the Company
and nature of its assets and on the basis of the explanations received,
no material discrepancies were noticed on such physical verification
and the same has been appropriately dealt with.
2. (i) During the year, inventory has been physically verified by the
management at a reasonable interval.
(ii) In our opinion and according to the information and explanations
given to us, the procedures of physical verification/confirmation of
inventory followed by the management are reasonable and adequate in
relation to the size of the Copany and nature of its business.
(iii) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the record of
inventory the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have beenproperly dealt with
in the books of account.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
Register Maintained under Section 301 of the Companies Act, 1956 and
accordingly sub clause (a) to (g) of clause (iii) of paragraph 4 of the
order 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 nature of its business
with regards to purchase inventories and fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (i) Based on the information and explanations given to us, the
transactions pertaining to contracts and arrangements that need to be
entered into a register in persuance of section 301 of the Companies
Act, 1956 have been so entered.
(ii) According to information and explanations given to us, there are
no transactions of purchase and sale of goods, materials and services
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 500000/- or more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost records under 209-(1) (d) of the Companies Act,
1956 for any of the products of the Company.
9. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
been generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Gujarat VAT, Wealth Tax,
Custom Duty, Excise Duty, Cess and any other dues during the year with
the appropriate authorities. As at 31st March 2014, there are no
undisputed dues payable for a period of more than six months from the
date they become payable.
(b) According to the information and explanations given to us, there
are no amounts in respect of income tax, customs duty, wealth tax, cess
that have not been deposited with the appropriate authorities on
account of any dispute.
10. The Company has an accumulated business losses.
11. Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to bank during the year.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund / nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in shares, securities,
debentures or other interments and hence, the requirements of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. 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.
16. In our opinion, the working capital loan has been applied for the
purpose for which it was raised.
17. According to information & explanations given to us & on the basis
of our over all examination of the Cash Flow statement, the funds
raised on short term and long term basis have not been used for
long-term investments and short-term investments respectively.
18. The company has, during the year, issued Equity Shares on
preferential allotment basis to parties and companies covered in the
register maintained under Section 301 of the Companies Act, 1956
19. The Company did not have outstanding debentures during the year.
Accordingly, no securities have been created.
20. The Company has not raised any money by way of 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 year.
For BHAVAN PATEL & CO.
CHARTERED ACCOUNTANTS
(Firm Registration No. : 101362W)
Place : Mumbai B. H. PATEL
Proprietor
Date : 26-05-2014 (Membership No. 36103)
Mar 31, 2013
We have audited the attached Balance Sheet of Towa Sokki Limited, as at
31st March, 2013 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 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 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 openion.
We report that:
1. As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Goverment of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowedge and belief were necessary for the purposes of
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 the
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors
and taken on record by the Company, we report that none of the director
is disqualified as on Balance Sheet date from being appointed as a
Director in terms of Section 274 (1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Significant
Accounting Policies and Notes to Financial Statements give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st
March, 2013; and ii) In the case of the Profit and Loss Account, of the
loss for the year ended on that date. iii) In the case of the Cash
Flow Statment of cash flow for the year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 1 of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars induing Quantitative details and situation of its fixed
assets.
(ii) As explained to us, the fixed assets have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable and having regard to the size of the Company
and nature of its assets and on the basis of the explanations received,
no material discrepancies were noticed on such physical verification
and the same has been appropriately dealt with.
2. (i) During the year, inventory has been physically verified by the
management at a reasonable interval.
(ii) In our opinion and according to the information and explanations
given to us, the procedures of physical verification/confirmation of
inventory followed by the management are reasonable and adequate in
relation to the size of the Copany and nature of its business.
(iii) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the record of
inventory the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have beenproperly dealt with
in the books of account.
3. The Company has not granted any loans to companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
(i) The Company has taken unsecured loans, from companies, firms or
other parties from Directors & Relatives amounting to Rs. 400336/-
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(ii) In our opinion, the rate of interest and other terms and
conditions of such loans are prima facie not prejudicial to the
interest of the Company.
(iii) The payment of the interest and principal in respect of loans
taken from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, is regular.
(iv) There are no overdue amounts of more than Rupees one lakh in
respect of loan taken.
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 nature of its business
with regards to purchase inventories and fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (i) Based on the information and explanations given to us, the
transactions pertaining to contracts and arrangements that need to be
entered into a register in persuance of section 301 of the Companies
Act, 1956 have been so entered.
(ii) According to information and explanations given to us, there are
no transactions of purchase and sale of goods, materials and services
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 500000/- or more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost records under 209-(1) (d) of the Companies Act,
1956 for any of the products of the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Gujarat VAT, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other dues during the year with the
appropriate authorities. As at 31st March 2013, there are no undisputed
dues payable for a period of more than six months from the date they
become payable. (b) According to the information and explanations
given to us, there are no amounts in respect of income tax, customs
duty, wealth tax, cess that have not been deposited with the
appropriate authorities on account of any dispute.
10. The Company has an accumulated business losses.
11. Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to bank during the year.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund / nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in shares, securities,
debentures or other interments and hence, the requirements of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. 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.
16. In our opinion, the working capital loan has been applied for the
purpose for which it was raised.
17. According to information & explanations given to us & on the basis
of our over all examination of the Cash Flow statement, the funds
raised on short term and long term basis have not been used for
long-term investments and short-term investments respectively.
18. 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. The Company did not have outstanding debentures during the year.
Accordingly, no securities have been created.
20. The Company has not raised any money by way of 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
year.
For BHAVAN PATEL & CO.
CHARTERED ACCOUNTANTS
Date: 22-05-2013 (Firm Registration
No. : 101362W)
B. H. PATEL
Proprietor
(Membership No. 36103)
Mar 31, 2012
We have audited the attached Balance Sheet of Towa Sokki Limited, as at
31st March, 2012 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 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 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 openion.
We report that :
1. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Goverment of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowedge and
belief were necessary for the purposes of 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 the
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors
and taken on record by the Company, we report that none of the director
is disqualified as on Balance Sheet date from being appointed as a
Director in terms of Section 274 (1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Significant
Accounting Policies and Notes to Financial Statements give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
iii) In the case of the Cash Flow Statment of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars induing
Quantitative details and situation of its fixed assets.
(ii) As explained to us, the fixed assets have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable and having regard to the size of the Company
and nature of its assets and on the basis of the explanations received,
no material discrepancies were noticed on such physical verification
and the same has been appropriately dealt with.
2. (i) During the year, inventory has been physically verified by the
management at a reasonable interval.
(ii) In our opinion and according to the information and explanations
given to us, the procedures of physical verification/confirmation of
inventory followed by the management are reasonable and adequate in
relation to the size of the Copany and nature of its business.
(iii) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the record of
inventory the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3. The Company has not granted any loans to companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
(i) The Company has taken unsecured loans, from companies, firms or
other parties from Directors & Relatives amounting to Rs. 106120/-
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(ii) In our opinion, the rate of interest and other terms and
conditions of such loans are prima facie not prejudicial to the
interest of the Company.
(iii) The payment of the interest and principal in respect of loans
taken from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, is regular.
(iv) There are no overdue amounts of more than Rupees one lakh in
respect of loan taken.
4. In our opinion, and according to the information and explanations
given to us, there are ad equate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to purchase inventories and fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (i) Based on the information and explanations given to us, the
transactions pertaining to contracts and arrangements that need to be
entered into a register in persuance of section 301 of the Companies
Act, 1956 have been so entered.
(ii) According to information and explanations given to us, there are
no transactions of purchase and sale of goods, materials and services
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 500000/- or more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost records under 209-(1) (d) of the Companies Act,
1956 for any of the products of the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other dues during the year with the
appropriate authorities. As at 31st March 2012, there are no undisputed
dues payable for a period of more than six months from the date they
become payable. (b) According to the information and explanations
given to us, there are no amounts in respect of income tax, customs
duty, wealth tax, cess that have not been deposited with the
appropriate authorities on account of any dispute.
10. The Company has an accumulated business losses and capital losses.
However has earned a profit in the current financial year.
11. Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to bank during the year.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund / nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in shares, securities,
debentures or other interments and hence, the requirements of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
15. 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.
16. In our opinion, the working capital loan has been applied for the
purpose for which it was raised.
17. According to information & explanations given to us & on the basis
of our over all examination of the Cash Flow statement, the funds
raised on short term and long term basis have not been used for
long-term investments and short-term investments respectively.
18. 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. The Company did not have outstanding debentures during the year.
Accordingly, no securities have been created.
20. The Company has not raised any money by way of 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
year.
Place : Mumbai For BHAVAN PATEL & co.
Date : 26-05-2012 CHARTERED ACCOUNTANTS
(Firm Registration No. : 101362W)
B. H. PATEL
Proprietor
(Membership No. 36103)
Mar 31, 2011
We have audited the attached Balance Sheet of Towa Sokki Limited, as at
31st March, 2011 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 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.
We report that :
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 Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of
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 the
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors
and taken on record by the Company, we report that none of the director
is disqualified, as on the Balance Sheet date, from being appointed as
a Director in terms of Section 274 (1)(g) of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Significant
Accounting Policies (Schedule 19) and Notes to Accounts (Schedule 20)
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011; and
ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
iii) In the case of the Cash Flow Statement of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars including Quantitative details and situation of its fixed
assets.
(ii) As explained to us, the fixed assets have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable and having regard to the size of the Company
and nature of its assets and on the basis of the explanations received,
no material discrepancies were noticed on such physical verification
and the same has been appropriately dealt with.
2. (i) During the year, inventory has been physically verified by the
management at a reasonable interval.
(ii) In our opinion and according to the information and explanations
given to us, the procedures of physical verification/confirmation of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(iii) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the record of
inventory the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3. The Company has not granted any loans to companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
(i) The Company has taken unsecured loans, from companies, firms or
other parties from Directors & Relatives amounting to Rs. 106120/-
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(ii) In our opinion, the rate of interest and other terms and
conditions of such loans are prima facie not prejudicial to the
interest of the Company.
(iii) The payment of the interest and principal in respect of loans
taken from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, is regular.
(iv) There are no overdue amounts of more than Rupees one lakh in
respect of loan taken.
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 nature of its business
with regards to purchase inventories and fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (i) Based on the information and explanations given to us, the
transactions pertaining to contracts and arrangements that need to be
entered into a register in pursuance of section 301 of the Companies
Act, 1956 have been so entered.
(ii) According to information and explanations given to us, there are
no transactions of purchase and sale of goods, materials and services
made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 500000/- or more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost records under 209-(1) (d) of the Companies Act,
1956 for any of the products of the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other dues during the year with the
appropriate authorities. As at 31st March 2011, there are no undisputed
dues payable for a period of more than six months from the date they
become payable. (b) According to the information and explanations
given to us, there are no amounts in respect of income tax, customs
duty, wealth tax, cess that have not been deposited with the
appropriate authorities on account of any dispute.
10. The Company has an accumulated business losses and capital losses.
However the Company has earned a profit in the current financial year.
11. Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to bank during the year.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund / nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in shares, securities,
debentures or other interments and hence, the requirements of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
15. 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.
16. In our opinion, the working capital loan has been applied for the
purpose for which it was raised.
17. According to information & explanations given to us & on the basis
of our over all examination of the Cash Flow statement, the funds
raised on short term and long term basis have not been used for
long-term investments and short-term investments respectively.
18. 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. The Company did not have outstanding debentures during the year.
Accordingly, no securities have been created.
20. The Company has not raised any money by way of 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 year.
For BHAVAN PATEL & CO.
PLACE : MUMBAI CHARTERED ACCOUNTANTS
DATE : 27th May, 2011 B. H. PATEL
PROPRIETOR
Mar 31, 2010
We have audited the attached Balance Sheet of Towa Sokki Limited, as at
31st March, 2010 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 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 openion.
We report that:
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 Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowedge and belief were necessary for the purposes of
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 the
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the directors
and taken on record by the Company, we report that none of the director
is disqualified, as on the Balance Sheet date, from being appointed as
a Director in terms of Section 274 (1)(g) of the Companies Act, 1956.
f) In our opinioii and to the best of our information and according to
the explanations given to us, the said accounts read with Significant
Accounting Policies (Schedule - 19) and Notes to Accounts (Schedule -
20) give the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
iii) In the case of the Cash Flow Statment of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars includuing Quantitative details and situation of its fixed
assets.
(ii) As explained to us, the fixed assets have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable and having regard to the size of the Company
and nature of its assets and on the basis of the explanations received,
no material discrepancies were noticed on such physical verification
and the same has been appropriately dealt with.
2. (i) During the year, inventory has been physically verified by the
management at a reasonable interval.
(ii) In our opinion and according to the information and explanations
given to us, the procedures of physical verification/confirmation of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(iii) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the record of
Inventory the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3. The Company has not granted any loans to companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
(i) The Company has taken unsecured loans, from companies, firms or
other parties from Directors & Relatives amounting to Rs. 106120/-
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(ii) In our opinion, the rate of interest and other terms and
conditions of such loans are prima facie not prejudicial to the
interest of the Company.
(iii) The payment of the interest and principal in respect of loans
taken from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956, is regular.
(iv) There are no overdue amounts of more than Rupees one
lakh in respect of loan taken.
4. In our opinion, and according to the information and explanations
given to us, there are ad equate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to purchase inventories and fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (i) Based on the information and explanations given to us, the
transactions pertaining to contracts and arrangements that need to be
entered into a register in persuance of section 301 of the Companies
Act, 1956 have been so entered.
(ii) According to information and explanations given to us, there are
no transactions of purchase and sale of goods, materials and services
made in pursuance of contracts or arrangements entered in the register
maintained under sectionJB01 of the Companies Act, 1956 aggregating
during the year to Rs. 500000/- or more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of cost records under 209-(1) (d) of the Companies Act,
1956 for any of the products of the Company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Cus torn
Duty, Excise Duty, Cess and any other dues during the year with the
appropriate au thorities. As at 31st March 2010, there are no
undisputed dues payable for a period of more than six months from the
date they become payable.
(b) According to the information and explanations given to us, there
are no amounts in respect of income tax, customs duty, wealth tax, cess
that have not been deposited with the appropriate authorities on
account of any dispute.
10. The Company carry's accumulated losses and capital losses but has
earned a profit in the current financial year.
11. Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to bank during the year
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
13. The Company is not a chit fund / nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in shares, securities,
debentures or other interments and hence, the requirements of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
15. 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.
16. In our opinion, the working capital loan has been applied for the
purpose for which it was raised
17. According to information & explanations given to us & on the basis
of our over all examination of the Cash Flow statement, the funds
raised on short term and long term basis have not been used for
long-term investments and short-term investments respectively
18. 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. The Company did not have outstanding debentures during the year.
Accordingly, no securities have been created.
20. The Company has not raised any money by way of 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
year.
For BHAVAN PATEL & CO.
CHARTERED ACCOUNTANTS
B. H. PATEL
PROPRIETOR
PLACE : MUMBAI
DATE : 21st May 2010