Mar 31, 2015
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31ST MARCH, 2015, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we report
that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in subsection (3C) of Section 211 of the Companies
Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2015 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non-provision of depreciation and Note No.7 regarding
non-provision of gratuity and read together with other notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
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.
TULASEE BIO-ETHANOL LIMITED ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our report of even date)
[i] (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. (b) These fixed assets have been physically verified by the
management at reasonable intervals during the year and no material
discrepancies were noticed on such verification.
[ii] (a) As informed to us, the inventory has been physically verified
at reasonable intervals during the year by the management.
(b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
[iii] (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were
Rs.3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs.3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
[iv] 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 inventory and fixed assets and for the sale of goods. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
[v] (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of all contracts or arrangements that need
to be entered into the register maintained under section 301 of the
Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, there are
no transactions made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of each party
during the year except loan transactions as reported in clause (iii)
above.
[vi] The company has not accepted any deposits from the public during
the year. [vii] The company does not have an internal audit system.
[viii] As informed to us, maintenance of cost records has not been
prescribed by the Central Government u/s. 209(1)(d) of the Companies
Act,1956 in respect of the activities carried on by the company.
[ix] (a) In our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they became
payable.
(b) According to information and explanations given to us, there are no
dues of income tax, service tax, custom duty, wealth tax, cess which
have not been deposited on account of any dispute except demands of
excise duty for the years 1998-99 to 2000-01 aggregating to
Rs.25,31,99,278/- which have been disputed before the Custom Excise &
Service Tax Appellate Tribunal, Mumbai.
[x] The companyÂs accumulated losses as at 31st March, 2015 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year. [xi] According to the information
provided to us, the company has not borrowed funds from banks or
financial institutions or issued debentures. Accordingly, clause 4(xi)
of the Order is not applicable.
[xii] 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. Accordingly,
clause 4(xii) of the Order is not applicable.
[xiii] The company is not a chit fund or a nidhi/mutual benefit fund or
a society. Accordingly, clause 4(xiii) of the Order is not applicable.
[xiv] According to the information and explanations given to us, in our
opinion, the company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, clause 4(xiv) of the
Order is not applicable.
[xv] 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. Accordingly, clause 4(xv) of the Order is not
applicable
[xvi] As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
[xvii] According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment.
[xviii]According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the parties
covered in the register maintained u/s.301 of the Companies Act, 1956
during the year.
[xix] The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
[xx] The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
[xxi] 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.
Sd/-
For A. C. Jhaveri & Associates
Chartered Accountants
C.A. Amit C. Jhaveri
(Partner)
M. No. : 39525
Firm No. 137685W
Place : Mumbai
Date : 29-05-2015
Mar 31, 2014
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31ST MARCH, 2014, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company''s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we report
that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non-provision of depreciation and Note No.7 regarding
non-provision of gratuity and read together with other notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 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.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in Paragraph 3 of our report of even date)
[i] (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
were noticed on such verification.
[ii] (a) As informed to us, the inventory has been physically verified
at reasonable intervals during the year by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
[iii] (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered, in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were Rs.
3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs. 3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
[iv] 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
[v] (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of all contracts or arrangements that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party during the year except loan transactions as reported in
clause (iii) above.
[vi] The company has not accepted any deposits from the public during
the year.
[vii] The company does not have an internal audit system.[viii] As
informed to us, maintenance of cost records has not been prescribed by
the Central Government u/s. 209(1)(d) of the Companies Act,1956 in
respect of the activities carried on by the company.
[ix] (a) In our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable.
(b) According to information and explanations given to us, there are no
dues of income tax, service tax, custom duty, wealth tax, cess which
have not been deposited on account of any dispute except demands of
excise duty for the years 1998-99 to 2000-01 aggregating to Rs.
25,31,99,278/- which have been disputed before the Custom Excise &
Service Tax Appellate Tribunal, Mumbai.
[x] The company''s accumulated losses as at 31st March, 2014 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year.
[xi] According to the information provided to us, the company has not
borrowed funds from banks or financial institutions or issued
debentures. Accordingly, clause 4(xi) of the Order is not applicable.
[xii] 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. Accordingly,
clause 4(xii) of the Order is not applicable.
[xiii] The company is not a chit fund or a nidhi/mutual benefit fund or
a society. Accordingly, clause 4(xiii) of the Order is not applicable.
[xiv] According to the information and explanations given to us, in our
opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, clause
4(xiv) of the Order is not applicable.
[xv] 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. Accordingly, clause 4(xv) of the Order
is not applicable.
[xvi] As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
[xvii] According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment.
[xviii] According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the
parties covered in the register maintained u/s.301 of the Companies
Act, 1956 during the year.
[xix] The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
[xx] The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
[xxi] 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.
Sd/-
A. C. JHAVERI & ASSOCIATES
Place : Mumbai Chartered Accountant
Date: 18-08-2014 M. No.: 39525
Mar 31, 2013
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31 ST MARCH, 2013, the Profit and Loss Account
and also the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non-provision of depreciation and Note No.7 regarding non-
provision of gratuity and read together with other notes thereon give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 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.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in Paragraph 3 of our report of even date) *
[i] (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
were noticed on such verification. [ii] (a) As informed to us, the
inventory has been physically verified at reasonable intervals during
the year by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
[iii] (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were
Rs.3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs.3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
[iv] 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
[v] (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of all contracts or arrangements that
need to be entered into the register maintained under section 301 of
the CompaniesAct, 1956 have been so entered.
(b) According to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party during the year except loan transactions as reported in
clause (iii) above. [vi] The company has not accepted any deposits
from the public during the year. [vii] The company does not have an
internal audit system.
[viii] As informed to us, maintenance of cost records has not been
prescribed by the Central Government u/s. 209(1 )(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
[ix] (a) In our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable.
(b) According to information and explanations given to us, there are no
dues of income tax,
- service tax, custom duty, wealth tax, cess which have not been
deposited on account of any dispute except demands of excise duty for
the years 1998-99 to 2000-01 aggregating to Rs.25,31,99,278/- which
have been disputed before the Custom Excise & Service Tax Appellate
Tribunal, Mumbai.
[x] The company''s accumulated losses as at 31st March, 2013 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year.
(xi] According to the information provided to us, the company has not
borrowed funds from banks or financial institutions or issued
debentures. Accordingly, clause 4(xi) of the Order is not applicable.
[xii] 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. Accordingly,
clause 4(xii) of the Order is not applicable. [xiii] The company is
not a chit fund or a nidhi/mutual benefit fund or a society.
Accordingly, clause
4(xiii) of the Order is not applicable. [xiv] According to the.
information and explanations given to us, in our opinion, the company
is not dealing in or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of the Order is not
applicable.
[xv] 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. Accordingly, clause 4(xv) of the Order
is not applicable.
[xvi] As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
[xvii] According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment.
[xviii] According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the
parties covered in the register maintained u/s.301 of the Companies
Act, 1956 during the year.
[xix] The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
[xx] The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
[xxi] 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.
Sd/-
A. C. JHAVERI & CO.
Place : Mumbai Chartered Accountant
Date: 02-09-2013 M. No.: 39525
Mar 31, 2012
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31ST MARCH, 2012, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non- provision of depreciation and Note No.7 regarding
non-provision of gratuity and read together with other notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
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. prepared and complied from relevant books
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
were noticed on such verification.
(ii) (a) As informed to us, the inventory has been physically verified
at reasonable intervals during the year by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
(iii) (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were Rs.
3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs. 3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
(iv) 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed
any- continuing failure to correct major weaknesses in internal
controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of all contracts or arrangements that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party during the year except loan transactions as reported in
clause (iii) above.
(vi) The company has not accepted any deposits from the public during
the year.
(vii) The company does not have an internal audit system.
(viii) As informed to us, maintenance of cost records has not been
prescribed by the Central Government u/s. 209(1)(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
(ix) (a) In our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable.
(b) According to information and explanations given to us, there are no
dues of income tax, service tax, custom duty, wealth tax, cess which
have not been deposited on account of any dispute except demands of
excise duty for the years 1998-99 to 2000-01 aggregating to Rs.
25,31,99,278/- which have been disputed before the Custom Excise &
Service Tax Appellate Tribunal, Mumbai.
(x) The company's accumulated losses as at 31st March, 2012 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year.
(xi) According to the information provided to us, the company has not
borrowed funds from banks or financial institutions or issued
debentures. Accordingly, clause 4(xi} of the Order is not applicable.
(xii) 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. Accordingly,
clause 4(xii) of the Order is not applicable.
(xiii) The company is not a chit fund or a nidhi/mutual benefit fund or
a society. Accordingly, clause 4(xiii) of the Order is not applicable.
(xiv) According to the information and explanations given to us, in our
opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, clause
4(xiv) of the Order is not applicable.
(xv) 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. Accordingly, clause 4(xv) of the
Order is not applicable.
(xvi) As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment
(xviii)According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the
parties covered in the register maintained u/s.301 of the Companies
Act, 1956 during the year.
(xix) The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
(xx) The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the cost
of our audit.
For A. C. JHAVERI & CO.
Proprietor
A.C. JHAVERI & CO.
Chartered Accountant
M.No.: 39525
Place : Mumbai
Date : 22-05-2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31ST MARCH, 2011, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2011 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non-provision of depreciation and Note No.7 regarding
non-provision of gratuity and read together with other notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
[i] (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
were noticed on such verification.
[ii] (a) As informed to us, the inventory has been physically verified
at reasonable intervals during the year by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
[iii] (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were
Rs.3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs.3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
[iv] 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
[v] (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of all contracts or arrangements that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party during the year except loan transactions as reported in
clause (iii) above.
[vi] The company has not accepted any deposits from the public during
the year.
[vii] The company does not have an internal audit system.
[viii] As informed to us, maintenance of cost records has not been
prescribed by the Central Government u/s. 209(l)(d) of the Companies
Act,1956 in respect of the activities carried on by the company.
[ix] (a) In our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable.
(b) According lo information and explanations given to us, there are no
dues of income tax, service tax, custom duty, wealth tax, sales tax,
cess which have not been deposited on account of any dispute except
demands of excise duty for the years 1998-99 to 2000-01 aggregating to
Rs.25,31,99,278/- which have been disputed before the Custom Excise &
Service Tax Appellate Tribunal, Mumbai.
[x] The company's accumulated losses as at 31st March, 2011 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year.
[xi] According to the information provided to us, the company has not
borrowed funds from banks or financial institutions or issued
debentures. Accordingly, clause 4(xi) of the Order is not
applicable.
[xii] 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. Accordingly,
clause 4(xii) of the Order is not applicable.
[xiii] The company is not a chit fund or a nidhi/mutual benefit fund or
a society. Accordingly, clause 4(xiii) of the Order is not applicable.
[xiv] According to the information and explanations given to us, in our
opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, clause
4(xiv) of the Order is not applicable.
[xv] 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. Accordingly, clause 4(xv) of the
Order is not applicable.
[xvi] As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
[xvii] According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment.
[xviii] According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the
parties covered in the register maintained u/s.301 of the Companies
Act, 1956 during the year.
[xix] The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
[xx] The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
[xxi] 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.
Sd/-
Mulraj D.Gala
Place : Mumbai Chartered Accountant
Date : 30-05-2011 M. No.: 41206
Mar 31, 2010
1. We have audited the attached Balance Sheet of TULASEE BIO-ETHANOL
LIMITED, MUMBAI as at 31ST MAKCH, 2010, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that:
i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
hi) the Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report axe in agreement with the books of account;
iv) in our opinion, die Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
v) on the basis of written representations received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.6
regarding non-provision of depreciation and Note No.7 regarding
non-provision of gratuity and read together with other notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
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.
ANNEXLFRE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our report of even dote)
[i] (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
were noticed on such verification.
[ii] (a) As informed to us, the inventory has been physically verified
at reasonable intervals during the year by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion, the company is main taming proper records of
inventory. The discrepancies noticed on verification between physical
stock and book records were not material.
[iii] (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.30'1 of the Companies Act, 1956.
(b) The Company has taken interest free unsecured loans from three
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The year end balance of such loans were
Rs.3,65,16,353/- and the maximum balance outstanding at any time during
the year of such loans were Rs.3,65,16,353/-.
(c) In our opinion, the other terms and conditions of such loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(d) The terms of payment of principal amount of such loans were not
stipulated and hence no comments regarding regularity of payment of
principal amount.
[iv] 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
[v] (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the particulars of all contracts or arrangements that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party during the year except loan transactions as reported in
clause (iii) above.
[vi] Tire company has not accepted any deposits from the public during
the year.
[vii] The company does not have an internal audit system.
[viii] As informed to us, maintenance of cost records has not been
prescribed by the Central Government u/s. 209(l)(d) of the Companies
Act,1956 in respect of the activities carried on by the company.
[ix] (a) hi our opinion and according to the information and
explanations given to us, the company has generally been regular in
depositing with the appropriate authorities the undisputed statutory
dues applicable to it and there were no arrears of outstanding
undisputed statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable.
(b) According to information and explanations given to us, there are no
dues of income tax, service tax, custom duty, wealth tax, cess which
have not been deposited on account of any dispute except sales tax
demands for the years 2000-2001 & 2001-02 aggregating to
Rs.20,90,52,770/- which have been disputed before the Joint
Commissioner of Sales Tax, Appeals VIII, Thane and demands of excise
duty for the years 1998-99 to 2000-01 aggregating to Rs.25,31,99,278/-
which have been disputed before the Custom Excise & Service Tax
Appellate Tribunal, Mumbai.
[x] The company's accumulated losses as at 31st March, 2010 are not
less than fifty percent of its net worth. The company has incurred cash
losses during the financial year ended on that date and also in the
immediately preceding financial year.
[xi] According to the information provided to us, the company has not
borrowed funds from banks or financial institutions or issued
debentures. Accordingly, clause 4(xi) of the Order is not applicable.
[xii] 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. Accordingly,
clause 4(xii) of the Order is not applicable.
[xiii] The company is not a chit fund or a nidhi/mutual benefit fund or
a society. Accordingly, clause 4(xiii) of the Order is not applicable.
[xiv] According to the information and explanations given to us, in our
opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, clause
4(xiv) of the Order is not applicable.
[xv] 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. Accordingly, clause 4(xv) of the
Order is not applicable.
[xvi] As informed to us, the company has not obtained any term loans
during the year. Accordingly, clause 4(xvi) of the Order is not
applicable.
[xvii] According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, in our
opinion, the funds raised on short term basis have not been used for
long term investment.
[xviii]According to the information and explanation given to us, the
company has not made any preferential allotment of shares to the
parties covered in the register maintained u/s.301 of the Companies
Act, 1956 during the year.
[xix] The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
[xx] The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable.
[xxi] 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.
Mulraj D.Gala
Place : Mumbai Chartered Accountant
Date : 18-08-2010 M. No.: 41206