Mar 31, 2015
We have audited the accompanying financial statements of VASUNDHARA
RASAYANS LIMITED, ("the company") which comprise the Balance Sheet as
at March 31,2015, the Statement of Profit and Loss for the year then
ended, Cash Flow Statement and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the finanical position, financial performance and cash
flows of the Company accordance with 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 responsibilities also includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding of assets of the Company and for preventing and
detecting frauds and other irregularities; making judgements and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevent to the preparation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on whether the Company has in place an
adequate internal financial controls 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 management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
c) in the case of the Cash Flow Statement, of its cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order''), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2 As required by section 143(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c ) the Balance Sheet, and the 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e ) on the basis of written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Companies
Act, 2013.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014::
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
(iii) there are no amounts that are due to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Audit Report to the members
of VASUNDHARA RASAYANS LIMITED on the financial statement for the year
ended 31st March, 2015, we report that :
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In respect of Fixed Assets :
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No. material discrepancies were noticed on such
physical verification.
(ii) In respect of Inventories :
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of company and the nature of its business.
(c) The company has maintained proper records of inventories. As per
the information and explanation given to us no material discrepancies
were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
(vi) We have broadly reviewed the cost records maintaned by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148(1)(d) of the
Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determining whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and
records examined by us, the company is generally depositing with
appropriate authorities undisputed statutory dues including provident
fund, investors education and protection fund, employees'' state
insurance, income tax, sales tax, service tax, custom duty, excise
duty, cess and other statutory dues wherever applicable. According to
the information and explanations given to us, no undisputed arrears of
statutory dues were outstanding as at 31st March, 2015 for a period of
more than six months from the date they became payable;
(b) According to the records of the Company, there are no amounts that
are due to be transferred to the investor Education and Protection Fund
in accordance with the relevant provisions of the Companies Act, 1956
(1 of 1956) and rules made thereunder.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred any cash losses in the current
and immediately preceding financial year.
(ix) 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 company has not defaulted in repayment of dues to any
Finanacial Institution or Bank.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken, by its holding
company, fellow subsidiaries, associates and others from bank or
fiancial institution.
(xi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xii) In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
For AGARWAL GUPTA NOKARI &
RUSTAGI ASSOCIATES
Chartered Accountants
Firm Reg. No-310041E
Bhai Chandra Khaitan
(Partner)
Membership No. 017387
Place : Kolkata
Dated : 15th day of July, 2015
Mar 31, 2014
We have audited the accompanying financial statements of VASUNDHARA
RASAYANS LIMITED, 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''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
Accounting Standards notified under the Act read with General Circular
15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act,2013 and in accordance
with the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2 As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received;
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 and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Act read with General Circular 15/2013 dated 13th
September,2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act,2013.
e ) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f ) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of VASUNDHARA RASAYANS LIMITED on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the Company has a system of verifying all its
major fixed assets over a period of three years . The fixed assets so
scheduled for verification during this year have been physically
verified by the management. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of account.
(c) During the year the Company has not disposed off any
substantial/major part of fixed assets, which may affect the going
concern status of the company.
(ii) (a) As per the information furnished the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of company and the nature of its business.
(c) The company is maintaining proper records of inventory. In our
opinion discrepancies noticed on physical verification were not
material in relation to the operation of the company and the same have
been properly dealt with in the books of account.
(iii) (a) The Company had taken loan from one party covered in the
register maintained under Section 301 of the Companies Act,1956. The
maximum amount involved during the year was Rs 394.5/- Lacs and the
year end balance of loan taken from such parties was Rs 235/- Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from the parties listed in the register
maintained under Section 301 of the Companies Act,1956 are not, prima
facie, prejudicial to the interest of the Company.
c) The Company had not given any loan to party covered in the register
maintained under Section 301 of the Companies Act,1956.
(d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans had been given to the parties listed in the register
maintained under Section 301 of the Companies Act,1956 are not, prima
facie, prejudicial to the interest of the Company.
(e) In respect of loans given, repayment of the principal amount is as
stipulated and payment of interest have been regular.
(f) There is no overdue amount of loans taken / given from / to parties
listed in the register maintained under Section 301 of the Companies
Act,1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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 and
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) 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, sub clause (a) & (b) of clause of the Companies(Auditors
Report) order 2003 are not applicable since no contracts or
arrangements referred to in Section 301 of the Companies Act,1956 have
been entered into by the company during the year.
(vi) The Company has not accepted any deposit from the Public within
the meaning of Section 58A and 58AA of the companies Act,1956.
(vii) In our opinion, the internal audit functions carried out during
the year by a M/s. S.B KABRA & CO. appointed by the management have
been commensurate with the size of the company and the nature of its
business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1) of the Companies Act,
1956 in respect of all its product and are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
(ix) (a) According to the information and explanations given to us and
records examined by us, the company is generally depositing with
appropriate authorities undisputed statutory dues including provident
fund , investors education and protection fund, employees'' state
insurance, income tax, sales tax , service tax, custom duty, excise
duty, cess and other statutory dues wherever applicable. According to
the information and explanations given to us , no undisputed arrears of
statutory dues were outstanding as at 31st March,2014 for a period of
more than six months from the date they became payable;
(b) According to the information and explanations given to us, no
undisputed amounts were payable in respect of Income tax, sales tax,
custom duty and cess , as at 31st March, 2014 for a period of more than
six months from the date they became payable ;
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) 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 company has not defaulted in repayment of dues to any
Financial Institution or Bank.
(xii) According to the information and explanations given to us, and
based on the documents and records produced to us , the company has not
granted loans and advances on the basis of securities by way of pledge
of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi /mutual benefit
fund / societies ;
(xiv) In respect of dealing / trading in securities and other
investment, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The securities have been held by the Company, in its own name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken, by its holding
company, fellow subsidiaries, associates and others, from bank or
financial institution.
(xvi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long term
investment and no long term funds have been used to finance short term
assets.
(xviii)The Company has not made any preferential allotment of shares to
parties of companies covered in the register maintained under section
301 of the companies Act,1956.
(xix) According to the information and explanations given to us, during
the period covered by our Audit report, the company has not issued any
debentures during the year. Therefore, the provisions of clause 4(xix)
of the Companies (Auditor''s Report) Order,2003 are not applicable to
the company.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed by us for expressing
our opinion on these financial statements and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For AGARWAL GUPTA NOKARI &
RUSTAGI ASSOCIATES
Chartered Accountants
Firm Reg. No-310041E
B. C. KHAITAN
(Partner)
Membership No.17387
12, Waterloo Street, Kolkata - 700 069
Dated this 22nd day of August 2014
Mar 31, 2013
We have audited the accompanying financial statements of
VASUNDHARARASAYANS LIMITED, which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information. Management''s
Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 "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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disciosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error, in making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) fn the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Row Statement, of the cash flows for the
year ended on that date,
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order'') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2 As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received
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 and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given lo us during the course of our
audit, we report that: (i) (a) The Company has maintained proper
records showing full particulars including quantitative details and
situation of fixed assets.
(b) As explained to us, the Company has a system of verifying all its
major fixed assets over a period of three years. The fixed assets so
scheduled for verification during this year have been physically
verified by the management. The discrepancies noticed on such
verification were not materia! and have been properly dealt with in the
books of account.
(c) During the year the Company has not disposed off any
substantial/major part of fixed assets, which may affect the going
concern status of the company.
(ii) (a) As per the information furnished the inventories have been
physically verified during the year by the management. In our opinion,
having regard to the nature and location of stock, the frequency of the
physical verification is reasonable,
(b) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of company and the nature of its business,
(c) The company is maintaining proper records of inventory. In our
opinion discrepancies noticed on physical verification were not
material in relation to the operation of the company and the same have
been properly dealt with in the books of account.
(iii) (a) The Company had taken loan from parties covered in the
register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs 333.5/- Lacs and the
year end balance of loan taken from such parties was Rs 328.5 /- Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been taken from the parties listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
c) The Company had not given any loan to party covered in the register
maintained under Section 301 of the Companies Act, 1956,
d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans had been given to the parties listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
e) In respect of loans given, repayment of the principal amount is as
stipulated and payment of interest have been regular.
f) There is no overdue amount of loans taken / given from / to parties
listed in the register maintained under Section 301 of the Companies
Act 1356
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control systems 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 and
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system M 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, sub clause {a} & (b) of clause of the
Ccmpanies(Auditors Report) order 2003 are not applicable since no
contracts or arrangements referred to in Section 301 of the Companies
Act 1956 have been entered into by the company during the year.
(vi) The Company has not accepted any deposit from the Public within
the meaninq of faection 56A and 5 8AA of the companies Act 1956.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1) of the Companies Act,
1956 in respect of all its product and are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete. Ox) (a) According to the information and explanations given
to us and records examined by us, the company is generally depositing
with appropriate authorities undisputed statutory dues including
provident fund , investors education and protection fund employees''
state insurance, income tax, sales tax , service tax custom duty excise
duty, cess and other statutory dues wherever applicable. According to
the information and explanations given to us , no undisputed arrears of
statutory dues were outstanding as at 31 st March,2013 for a period of
more than six months from the date they became payable; (b) According
to the information and explanations given to us, no undisputed amounts
were payable in respect of Income tax. sales tax, custom duty and cess
as at 31 st March, 2013 for a period of more than six months from the
date they became payable;
(x) The Company has no accumulated losses at the end of the financial
year and it has | not incurred any cash losses in the current and
immediately preceding financial year.
(xi) 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 company has not defaulted in repayment of dues to any
Finanacial Institution or Bank
(xii) According to the information and explanations given to us, and
based on the documents and records produced to us , the company has not
granted loans and advances on the basis of securities by way of pledge
of shares, debentures and other securities
(xii) In our opinion and according to the information and explanations
given to us the nature '' of activities of the company does not attract
any special statute applicable to chit fund and nidhi /mutual benefit
fund / societies ;
(xiv) In respect of dealing / trading in securities and other
investment, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The securities have been held by the Company, in its own name. (xv)
According to the information and explanations given to us, the company
has not given any guarantee for loans taken, by its holding company,
fellow subsidiaries, associates and others, from bank or financial
institution,
(xvi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long term
investment and no long term funds have been used to finance short term
assets.
(xviii) The Company has not made any preferential allotment of shares
to parties of companies covered in the register maintained under
section 301 of the companies Act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by our Audit report, the company has not issued any
debentures during the year.
Therefore, the provisions of clause 4(xix) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed by us for expressing
our opinion on these financial statements and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For AGARWAL GUPTA NOKARI &
RUSTAGI ASSOCIATES
Chartered Accountants
FRN No;310041E
B. C. KHAITAN
(Partner)
Membership No. 17337
12, Waterloo Street, Koikata - 700069
Dated, this 24th day of August, 2013