Mar 31, 2015
We have audited the accompanying standalone financial statements of
Vallabh Poly-Plast International Limited, ("the Company") which
comprise the Balance Sheet as at March 31, 2015, and the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of financial position, financial performance and
cash flows of the Company in accordance with the Accounting Principles
generally accepted in India, including the Accounting Standards
specified under section 133 of the Act read with Rule 7 of the
Companies (Accounts) rules 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the Act
for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities, selection and application of
appropriate accounting policies, making judgments and estimates that
are reasonable and prudent and design, implementation and maintenance
of adequate internal financial control, that were operating effectively
for ensuring the accuracy and completeness of the accounting records
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation of the financial statements that give a true and
fair view in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
whether the company has in place an adequate internal financial control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the afore said standalone financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2015 and its profit and its
cash flows for the year ended on that date.
Emphasis of Matters
As stated in note No. 5, there are outstanding balances of advances to
suppliers, debtors and custom deposit which are outstanding for a long
time and if not realized, the profit would be reduced by
Rs.12,89,942/-.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 3 and 4 of the Order,
to the extent applicable.
2) As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion, proper books of accounts as required by law, have
been kept by the Company so far as it appears from our examination of
such books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors
as on 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March 2015 from being
appointed as a director in terms of section 164 (2) of the Act; and
f. the company has adequate internal financial control and in our
opinion the same is operating effectively.
g. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has no pending litigation which has to be disclosed.
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
investor education and protection fund by the company.
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015 in terms of the Companies (Auditor's Report)
Order, 2015 ("the Order") issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we report that :
I. As the company does not own any fixed assets, clause (i) of Para 3
is not applicable.
II. As the company does not have any inventory, clause (ii) of Para 3
is not applicable.
III. The company has not granted any loan, secured or unsecured to any
companies, firms or other parties covered in the register maintained
u/s 189 of the Companies Act, 2013.
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 with regard to purchase of inventory, fixed assets and also
with regards to sale of goods/providing services.
V. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit within the
meaning of Section 73 to 76 of the Companies Act, 2013, and the rules
framed thereunder.
VI. As per the information and explanation given to us, the Central
Government has not prescribed the maintenance of cost record u/s 148(1)
of the Act.
VII. a) According to the information and explanations given to us,
there were no undisputed statutory demands payable at the year end in
respect of Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth-tax, Service-tax, Duty of Customs, Duty of Excise,
Value added Tax, Cess and any other statutory dues outstanding for more
than six months from the date they became payable.
b) According to the information and explanations given to us, and as
per the books and records examined by us, there are no disputed
statutory dues payables by the company.
c) As per the information and explanation given to us, there were no
amounts which were required to be transferred to the investor education
and protection fund by the company in accordance with the relevant
provisions of the Companies Act, 1956 and Rules made thereunder.
VIII. The company has been registered for a period of not less than
five years and its accumulated losses at the end of financial year
31.03.2015 are not less than 50% of its net worth and it has incurred
cash losses during the financial year under audit and in the
immediately preceding financial year.
IX. According to the information and explanations given to us, the
company does not have any outstanding dues to financial institutions,
bank or debenture holders.
X. According to the information and explanations given to us, the
company has not given any guarantee for loan taken by others from Banks
or Financial Institutions.
XI. The Company has not raised any term loan during the year.
XII. According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our audit.
For RAMESH CHATURVEDI & Co.
Chartered Accountants
Firm Regn. No.113621W
(Ramesh Chaturvedi)
Proprietor
M. No.044886
Place : Mumbai
Date : 27th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Vallabh
Poly-Plast International Limited, ("the Company") which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a reasonable basis for our opinion. In our
opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the 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 Statement of Profit and Loss, of the loss for
the year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we give in
the Annexure a statement on the matters specified in paragraph 4 and 5
of the Order.
2) As required by section 227(3) of the Companies Act, 1956 we report
that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of accounts as required by law, have
been kept by the Company so far as it appears from our examination of
such books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit & Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e. the advance to suppliers, debtors and custom deposits, as stated in
note 5 are outstanding since very long and if not realized, the profit
would be reduced by Rs. 12,89,942/-;
f. 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.
g. since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of section 227(4-A) of the
Companies Act, 1956 and referred to in our Report of even date:
1. As the company does not own any fixed assets, clause (i) of Para 4
is not applicable.
2. As the company does not have any inventory, clause (ii) of Para 4 is
not applicable.
3. The company has not granted or taken any loan, secured or unsecured
to/from any companies, firms or other parties specified in the register
maintained u/s 301 of the Companies Act. However, the company has taken
a loan of Rs.24 lacs from one of its shareholders, terms and conditions
of which are not prejudicial to the interest of the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and also
with regards to sale of goods/providing services.
5. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements that need to be entered in the register maintained
under section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lacs in respect of any party during the year.
6. The Company has not accepted any deposits within the meaning of
section 58-A and 58AA of the Companies Act, 1956 and rules framed there
under, wherever applicable they have complied with it.
7. The company has an efficient internal audit system commensurate with
its size and nature of its business.
8. We are informed that the Central Government has not prescribed the
maintenance of cost record u/s 209(1)(d) of the Companies Act, 1956 for
any of its products.
9. a) According to the information and explanations given to us, there
were no undisputed statutory demands payable at the year end in respect
of Income-tax, PF, ESIC, service-tax and/or any other undisputed
statutory dues outstanding for more than six months from the date they
became payable.
b) According to the information and explanations given to us, and as
per the books and records examined by us, there are no disputed
statutory dues payable by the company.
10. As on 31st March, 2014, the company had a accumulated loss of Rs.
3,97,84,455 (P.Y. 3,94,24,770), Share Capital of Rs. 4,19,59,000 and
Capital Reserves of Rs. 2,18,809. Hence, we state that :
a) the accumulated losses at the end of the financial year are more
than 50% of its net worth; and
b) the Company has made cash loss during the financial year under audit
and has earned cash profit in the immediately preceding financial year.
11. As per the information and explanations given to us, during the
year the company has not defaulted in repayment of any dues either to a
financial institution or bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the company is not a chit fund or a nidhi or mutual benefit
fund/society. Accordingly, the provisions of clause 4(xiii) of the
order are not applicable to the company.
14. According to information and explanations given to us, the company
is not dealing in or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4(xiv) of the
order are not applicable to the company.
15. On the basis of records examined by us and information provided by
the management, we are of the opinion that the company has not given
guarantees for loans taken by others from banks or financial
institutions and therefore, the provisions of clause (xv) are not
applicable to the company.
16. According to the information and explanations given to us, the
company has neither applied nor received any term loan during the year.
17. In our opinion and according to information and explanations given
to us, and on an overall examination of the balance sheet of the
company, we report that no funds raised on short term basis have been
used for long term investment.
18. The company has not made any preferential allotment of shares
during the year to parties and/or companies covered in the register
maintained u/s 301 and/or to companies under the same management as
defined u/s.370 (1-B) of the Act.
19. The company has not issued any debentures during the year.
Therefore provisions of clause 4(xix) of the order are not applicable
to the company.
20. The company has not raised any money from the public in recent
years, hence the question of disclosure of end usage does not arise.
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 RAMESH CHATURVEDI & Co.
Chartered Accountants
Firm Regn. No.113621W
(Ramesh Chaturvedi)
Place : Mumbai Proprietor
Date : 28th May, 2014 M. No. 044886
Mar 31, 2011
We have audited the attached Balance Sheet of VALLABH POLY-PLAST
INTERNATIONAL LTD. Mumbai as at 31 st March, 2011, the Profit & Loss
Account and also the Cash Flow Statement of the company for the year
ended on Jhat date annexed thereto. These financial statements are the
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4-A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
3. Further to our comments stated in paragraph 1& 2, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of the
books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit & Loss account and Cash
Flow Statement dealt with byjtjjis report, comply with the mandatory
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956.
(e) The advance to suppliers, debtors and custom deposits, as stated in
note B-5 and B-6 of schedule G are outstanding since very long and if
not realized, the loss for the current year would have been more by
Rs.14,84,459/-.
(f) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors 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.
(g) In our opinion and to the best of our information and according to
the explanations given to>us< the said accounts together with the notes
thereon give the information required by the Companies Act, 1956 in the
mahnwvsas required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
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 Profit & Loss Account of the loss for the year
ended on that date.
iii. In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
1. As the Company does not own any fixed assets, clause (i) of Para 4
is not applicable.
2. As the Company does not have any inventory, clause (ii) of Para 4
is not applicable.
3. The company has not granted or taken any loan, secured or
unsecured, to or from any company specified in the register maintained
u/s.301 of the Companies Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed Assets and also
with regards to sale of goods/providing services.
5. a) In our opinion and according to the information and explanations
given to us, the transaction that need to be entered in a register in
pursuance of section 301 of the Companies Act, 1956 have been entered.
b) In our opinion and 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 lacs in
respect of any party during the year.
6. The company has not accepted any deposits within the meaning of
section 58-A and 58AA of the Companies Act, 1956 and rules framed there
under, wherever applicable they have complied with it.
7. In our opinion, the company does not have an internal audit system
commensurate with the size and nature of its business.
8. We are informed that the Central Government has not prescribed the
maintenance of cost record under Section 209 (1) (d) of the Companies
Act, 1956 for any of its products.
9. a) According to the information and explanations given, there were
no undisputed demands payable in respect of Income-tax, PF, ESIC,
service-tax and other undisputed statutory dues outstanding for more
than six months from the date they became payable at the year end.
b) According to the information and explanations given to us, and as
per the books and records examined by us, there are no disputed
statutory dues payable by the company.
10. As on 31st March 2011, the Company had a accumulated loss of
Rs.3,94,84,733/-, Share Capital of Rs.4,19,59,000/- and Capital
Reserves of Rs.2,18'809/-. Hence, we state that:
(a) the accumulated losses at the end of the financial year are more
than 50% of its net worth; and
(b) the Company has made cash loss during the financial year under
audit and cash profit in the financial year immediately preceding year
covered under audit.
11. As per the information and explanations given to us, during the
year the company has not defaulted in repayment of any dues either to a
financial institution or bank or debenture holder.
12. There are no loans or advances given on the basis of security or
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us the company is not attracted by any provision of any special
status applicable to chit fund or a nidhi/mutual benefit fund/society.
14. In our opinion and according to information and explanations given
to us, the company is not dealing or trading in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions and therefore the provisions of clause (xv)
are not applicable to the company.
16. According to the information and explanations given to us, the
company has neither applied nor received any term loan during the year.
17. In our opinion and according to information and explanations given
to us , and on an overall examination of the balance sheet of the
company, we report that no fund raised on short term basis have been
used for long term investment.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained u/s.301 and/or
to companies under the same management as defined u/s.370 (1-B) of the
Act.
19. The company has not issued any debentures, hence the question of
creating any securities does not arise.
20. The company has not made any public issue during the year, hence
the disclosure of end usage does not arise.
21. In our opinion and according to information and explanations given
to us, there was no fraud on or by the company noticed or reported
during the year.
For RAMESH CHATURVEDI & CO.
Chartered Accountants
Firm Regn. No. 113621W
Place : Mumbai. (Ramesh Chaturvedi)
Date :30th May, 2011 Proprietor
M. No.044886
Mar 31, 2010
We have audited the attached Balance Sheet of VALLABH POLY-PLAST
INTERNATIONAL LTD. Mumbai as at 31st March, 2010, the Profit & Loss
Account and also the Cash Flow Statement of the company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4-A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
3. Further to our comments stated in paragraph 1& 2, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the . purpose of
our audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of the
books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit & Loss account and Cash
Flow Statement dealt with by this report, comply with the mandatory
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956.
(e) The advance to suppliers, debtors and custom deposits, as stated in
note B-4, B-5 and B-6 of schedule G are outstanding since very long and
if not realized, the loss for the current year would have been more by
Rs.16,03,735/-.
(f) On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors 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.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
i. In the case of the Balance Sheet, of the state of affairs of the
company as at 31s" March, 2010, and
ii. In the case of Profit & Loss Account of the loss for the year
ended on that date.
iii. In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
1. As the Company does not own any fixed assets, clause (i) of Para 4
is not applicable.
2. As the Company does not have any inventory, clause (ii) of Para 4
is not applicable.
3. The company has not granted or taken any loan, secured or
unsecured, to or from any company specified in the register maintained
u/s.301 of the Companies Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed Assets and also
with regards to sale of goods/providing services.
5. a) In our opinion and according to the information and explanations
given to us, the transaction that need to be entered in a
register in pursuance of section 301 of the Companies Act, 1956 have
been entered.
b) In our opinion and 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 lacs in
respect of any party during the year.
6. The company has not accepted any deposits within the meaning of
section 58-A and 58AA of the Companies Act, 1956 and rules framed there
under, wherever applicable they have complied with it.
7. In our opinion, the company does not have an internal audit system
commensurate with the size and nature of its business.
8. We are informed that the Central Government has not prescribed the
maintenance of cost record under Section 209 (1) (d) of the Companies
Act, 1956 for any of its products.
9. a) According to the information and explanations given, there were
no undisputed demands payable in respect of Income-tax,
PF, ESIC, service-tax and other undisputed statutory dues outstanding
for more than six months from the date they became payable at the year
end.
b) According to the information and explanations given to us, and as
per the books and records examined by us, there are no disputed
statutory dues payable by the company.
10. As on 31st March 2010, the Company had a accumulated loss of
Rs.3,93,01,081/-, Share Capital of Rs.4,19,59,000/- and Capital
Reserves of Rs.2,18,809/-. Hence, we state that:
(a) the accumulated losses at the end of the financial year are more
than 50% of its net worth; and
(b) the Company has made cash loss during the financial year under
audit and cash profit in the financial year immediately preceding year
covered under audit.
11. As per the information and explanations given to us, during the
year the company has not defaulted in repayment of any dues either to a
financial institution or bank or debenture holder.
12. There are no loans or advances given on the basis of security or
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us the company is not attracted by any provision of any special
status applicable to chit fund or a nidhi/mutual benefit fund/society.
14. In our opinion and according to information and explanations given
to us, the company is not dealing or trading in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions and therefore the. provisions of clause (xv)
are not applicable to the company.
16. According to the information and explanations given to us, the
company has neither applied nor received any term loan during the year.
17. In our opinion and according to information and explanations given
to us , and on an overall examination of the balance sheet of the
company, we report that no fund raised on short term basis have been
used for long term investment.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained u/s.301 and/or
to companies under the same management as defined u/s.370 (1-B) of the
Act.
19. The company has not issued any debentures, hence the question of
creating any securities does not arise.
20. The company has not made any public issue during the year, hence
the disclosure of end usage does not arise.
21. In our opinion and according to information and explanations given
to us, there was no fraud on or by the company noticed or reported
during the year.
For RAMESH CHATURVEDI & CO.
Chartered Accountants
Place : Mumbai. (Ramesh Chaturvedi)
Date : 27,h May, 2010 Proprietor
M. No.044886
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