Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of VERITAS t INDIA LIMITED (âthe Companyâ), which comprise the Balance Sheet as on March 31, 2018, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to'' the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with Companies (Indian Accounting Standards ) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and âdesign, implementation and maintenance of adequate internal financial controls, that were operating effectively f*r ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the _ _ Act and the Rules made 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected, depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures th§t 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone tnd AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the standalone Ini AS 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 on March 31, 2018, and its profit (including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.
Our opinion is not modified in respect of these matters.
Other Matters ''
The financial statements of the Company for the year ended March 31, 2017 and March 31, 2016 prepared in accordance with the with the Companies (Accounting Standards) Rules, 2006 were audited by the predecessor auditor who has issued a report dated. June 06, 2017 and June 14,2016 on financial statements of the Company for the year ended March 31,2017 and March 31, 2016 respectively expressed an unmodified opinion, which have been relied upon by us.
We have audited di [Terences in the accounting principles adopted by the Company on transitionâ to the Ind AS tor the year ended March 31,2017 and March 31,2016.
Report on Other Legal and Regulatory Requirements .
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the - Central Government of India in terms of section 143(11) of the Act, we give in the Annexure I 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 purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the attached standalone Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act, read with the Companies (Indian Accounting Standard) Rules, 2015 as amended;
e) On the basis of the written representations received fromâthe directors of the Holding Company as on 11 st March, 2018 taken on record by the Board of Directors, none of the directors of the holding company is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f) With respect to the adequacy of the'' Internal Financial Controls with reference to Financial Statements, of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure II; and
With respect to the other matters to be included in the Auditorsâ Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our information and according to the explanations given to us:
. i.. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 29 to^the standalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts required to be ''transferred to the ~ Investor Education and Protection Fund by the Company
Annexure I - referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ of our report of even date
(i) (a) The Company has maintained proper records showing full particulars, including . quantitative details and situation of Property Plant and Equipment (fixed assets).
(b) The Property Plant and Equipment of the Company, are physically verified by the Management in a phased program of three to five years cycle. In our opinion, the programme is reasonable having regard to the size of the Company and the nature of its assets. In our opinion and as per the information given by the management, the discrepancies observed were not material and have been appropriately accounted in the books of account.
(c) According to the information and explanations given to us and based on verification of records, we report that the title deeds of immovable properties held as Property Plant and Equipment, are held in the name of the Company.
(ii) During the year, the inventories have been physically verified at reasonable intervals by the management. The discrepancies noticed on physical verification, as compared to the book records, were not material having regards to size and nature of operations and have been properly dealt with in the books of account.
(iii) The Company has hot granted loans, secured Or unsecured, to companies, firms, limited liability partnerships of other parties covered in the register maintained under section 189 of the Act. Hence, the question of reporting under sub-clauses (a), (b) & (c) of the clause 3(iii) of the Order does not arise. -
(iv) The Company has not granted any loans or provided any guarantees or security to the parties covered under section 185 of the Act. The Company has complied with the provisions of section 186 of the Act in respect of investments made or loans or guarantee or security provided to the parties covered under section 186 of the Act.
(v) The Company has hot accepted any deposits from the public, within the meaning of sections 73 to 76 of the Act and the rules framed there under. We are informed by theManagement that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this regard:
(vi) As informed to us, the maintenance of cost records has not been specified by the Central Government under sub section (I) of section 148of the Act, in respect of the activities carried out by the Company,
(vii) (a) According to the information and explanations given to us and according to the records of the Company examined by us, in our opinion, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-tax, Sales Tax, Service Tax, Goods & Service Tax, duty of Custom, duty of_Excise, Value Added Tax, Cess and any other statutory dues, wherever applicable.
According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as on March 31, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the particulars of statutory dues that have not been deposited on account of disputes are as under:
Statute |
Forum pending |
Period to which amount relates |
Amount (Rs) |
Sales Tax |
STO- Survey Branch |
AY 2008-09 |
159,534 |
Income Tax |
CIT (Appeal) |
AY 2014-15 |
156,27,240 |
(viii) According ''to the information and explanations given to us, the Company has hot defaulted in repayment of loans or borrowing to financial institutions, banks, government or dues to debenture holders.
(ix) The Company has not raised money by way of Initial Public Offer or Further Public Offer (including debt instruments). According to the information and explanations given to us and on the basis of the records examined by us, the Company has prima facie applied the term loan for the purpose for which it was obtained.
(x) During the course of our examination of the hooks and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to-the information and explanations given to us,no instances of fraud by the Company â or on the Company by its officers and employees have Been noticed or reported during the year.
(xi) According to information and explanations given to us managerial remuneration is paid in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act. â
(xii) The Company, is not a chit fund or a ntdhi company. Hence, the question of reporting under clause 3(xii) of the Order does not arise.
(xiii) According to the information and explanations given to us, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 as applicable and the details of such transactions have been disclosed in the Ind AS Financial Statements as required by the applicable Indian Accounting Standards.
(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him covered under the provisions of section 192 of the Act.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For M. P Chitale & Co.
Chartered Accountants
Firm Registration No.: 101851W
Sd/-
Ashutosh Pednekar
Partner
Membership No. 041037
Place: Mumbai
Dated: June 12,2018
Mar 31, 2016
To the Members of VERITAS (INDIA) LIMITED Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of VERITAS (INDIA) LIMITED ("the Company") which comprises the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, the 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 the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these 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 report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 March 31, 2016, and its Profit and its Cash Flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order"), as amended, 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" 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 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 account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid 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 March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
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 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 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.
Referred to in paragraph 1 under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended March 31, 2016, we report that:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of immovable properties are held in the name of the company.
2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) According to the information and explanations given to us, the Company has granted unsecured loans to six wholly owned subsidiaries covered under section 189 of the Act.
(a) The terms and conditions on which loan has been granted to the borrower Company covered under Section 189 of the Act is not, prima facie, prejudicial to the interest of the Company.
(b) The principal amount is repayable within two years from the date of receipt of such loan. The borrower has been regular in paying interest on loan.
(c) There is no overdue amount of more than 90 days in respect of loan granted to the party listed in the register maintained under section 189 of the Act.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the
Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us, the following dues of Income Tax and Sales Tax / Value Added Tax have not been deposited by the Company on account of disputes.
Name of the Statute |
Nature of dues |
Amount (In Rs.) |
Period to which the amount relates |
Forum where dispute is pending |
|
Income Tax Act, 1961 |
Income Tax and Interest |
1,89,56,550 {refer note 1} |
A.Y. 2012 |
2011- |
C.I.T (Appeals) |
MVAT Act, 2002 |
Sales Tax, Interest and Penalty |
2,09,534 |
A.Y. 2010 |
2009- |
Sales Tax Officer (STO) |
Note-1: Net of amounts paid under appeal. |
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has made preferential allotment of equity shares during the year under review and has complied with all the requirements of section 42 of the Companies Act, 2013.
(a) The amounts so raised have been used for the purposes for which the funds were raised by the Company.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
For Shabbir & Rita Associates L.L.P.
Chartered Accountants
Firm Registration No: 109420W
Sd/-
Shabbir S Bagasrawala
(Partner)
Membership No - 039865
Place: Mumbai
Date: 24/05/2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of
VERITAS India Limited ("the Company"}, which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and the 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 the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITORS' 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 report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material 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 financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
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 the Company's director as well as
evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 March 31, 2015, and its profit and its cash flows for the year ended
on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order 2015 ("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
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid 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 the written representations received from the
directors as on March 31, 2015, 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
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending Taxation
litigations on its financial position in its financial statements as
referred to in Note 24 to the financial statements.
(ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required onion-term contracts including derivative contracts.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the investor Education and Protection Fund by the
Company.
The Annexure referred to in our independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended March 31, 2015, we report that:
(i) In respect of its fixed assets:
[a) The Company has maintained proper records showing fuii particulars
including quantitative details and situation of fixed assets.
(b) The Fixed Assets have been physically verified by the management at
reasonable intervals which in our opinion, is reasonable having regards
to the size of the Company. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of Accounts.
(ii) In respect of its inventories:
{a} As explained to us, the inventories were physically verified during
the period by the Management at reasonable intervals.
{b} In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
[cf in our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) In respect of loans, secured or unsecured, granted by the Company
to Companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013:
(a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the Register maintained
under section 189 of the Companies Act, 2013. Therefore, the provisions
of sub clauses {a) & (b) of clause 4(iii) of the Order are not
applicable to the Company.
(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 nature of its business
with regard to purchases of inventory, 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 during the course of the Audit.
(v) The Company has not accepted any deposit from the public.
(vi) The Central Government has not prescribed maintenance of Cost
Records under section 148(1) of the Companies Act, 2013, for any of the
activities carried out by the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were in arrears
as at March 31, 2015 for a period of more than six month from the date
they became payable.
(b) According to information and explanations given to us, the
following dues of income Tax and Sales Tax / Value Added Tax have not
been deposited by the Company on account of disputes;
Name of the Nature of dues Amount Period to Forum
Statute (in Rs,) which the where
amount dispute is
relates pending
Income Tax Income fax and 15,94,86,510 A,Y, 2010- CLT
Act, 1961 Interest {refer note} 2011 (Appeals)
Income Tax Income Tax and 2,88,56,550 A,Y, 2011- CLT
Act, 1961 interest {refer note} 2012 (Appeals)
Income Tax Income Tax and 10,88,885 Various Assessing
Act, 1961 Interest Years Officer
Income Tax TDS, interest 51,770 Various Assessing
Act, 1961 and Penalty Years Officer (TDS
Cell)
MVAT Act, Sales Tax, 2,09,534 A.YÂ 2009- Sales Tax
2002 Interest and] 2010 Officer (STO)
Penalty
Note-1: Net of amounts poid under appeal,
(c) According to information and explanations given to us, there is no
such amounts which were required 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 there
under.
(viii) The Company does not have any accumulated losses as at the end
of the financial year and has not incurred cash losses during the
current financial year and in the immediately preceding financial year,
(ix) Based on our audit procedures and on the basis of information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions and banks,
(x) The Company has given guarantee / stand by letter of credit to bank
for loans taken by its wholly owned subsidiary from bank. In our
opinion and according to the information and explanations given to us,
the terms and conditions are not prejudicial to the interest of the
Company.
(xi) The Company has not availed any Term Loan during the period from
banks or financial institutions during the year. Accordingly, the
provisions of clause 4(xi} of the order are not applicable to the
Company,
(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 Shabbir S Bagasrawala
Chartered Accountants
Sd/-
ShabbtrS Bagasrawala
Place: Mumbai (Proprietor]
Date: 30/05/2015 Membership No- 039B65
Mar 31, 2014
We have audited the accompanying financial statements of VERITAS
(INDIA) 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 ended March 31, 2014 annexed thereto, and a summary of
significant accounting policies and other explanatory information.
The Company''s 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 notified under the Companies
Act, 1956 ("the Act") read with the 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.
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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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.
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. ''
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;
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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the 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.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in the paragraph 1 of our report of even date to the
Members of VERITAS (INDIA)
LIMITED on the accounts for the period ended March 31, 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:
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the management at
reasonable intervals which in our opinion, is reasonable having regards
to the size of the Company. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of Accounts.
c) In our opinion and according to the information and explanations
given to us, the Company has not made any disposal of fixed assets
during the period and the going concern status of the Company is not
affected.
2. In respect of its Inventories:
a) As explained to us, the inventories were physically verified during
the period by the Management at reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) in our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act,1956,
according to the information and explanations given to us:
a) The Company has, during the year, not granted any loans, secured or
unsecured, to companies, firms or other parties covered in the Register
maintained under Section 301 of the Companies Act, 1956. Therefore, the
provisions of sub clauses (a) to (d) of clause 4(iii) of the Order are
not applicable to the Company.
b) The Company has, during the year, not taken any loans, secured or
unsecured from companies, firms or other covered in the Register
maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraph 4{iii) (f) and (g) of the Order are not applicable to 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 Companyand nature of its business
with regard to purchases of inventory, 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 systems:
5. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register in pursuance of section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the period, have been made at prices which are reasonable
having regard to the prices at which the transactions for similar
goods/ services have been made with other parties.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Act and the rules
frame there under.
7. In our opinion the internal audit functions carried out during the
period was commensurate with the size of the company and nature of its
business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the activities carried out by the Company.
9. According to the information and explanations given to us, in
respect of statutory and other dues:
a) The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees'' State Insurance, Income Tax,
Sales Tax, Profession Tax, Customs Duty and other material statutory
dues applicable to it with the appropriate authorities.
b) There were no undisputed amounts payable in respect of aforesaid
dues, in arrears as at March 31, 2014 for a period of more than six
months from the date they became payable.
c) According to the information and explanations given to us and the
records of the Company examined by us, there are no undisputed dues in
respect of Provident Fund, Employees''
State Insurance, Sales Tax, Profession Tax and Customs Duty which have
not been deposited. The following are the particulars of Income tax
dues not deposited by the Company on account of disputes:
Name of the Nature of the Amount* Period to Forum where
Statute Dues (Rs in crores) which the dispute is
amount
relates pending
Income Tax
Act, Income Tax 23.95 2009-10 Commissioner
1961 (Appeals)
Income Tax Act, Income Tax 3.61 2010-11 Commissioner
1961 (Appeals)
*Amount as per demand orders including interest and penalty wherever
indicated in the order.
10. The Company has no accumulated losses as at the end of the
financial period. The Company has not incurred cash losses during the
current financial period.
11. Based on our audit procedures and on the basis of information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions and banks.
12. According to information and explanations given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities and hence, the
question of maintenance of adequate records for this purpose does not
arises.
13. In our opinion and according to information and explanations given
to us, the company is not a chit fund / nidhi / mutual benefit fund or
society. Therefore the provisions of clause (xiii) of paragraph 4 of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. The company has given guarantee for loans taken by subsidiary from
banks or financial institutions during the year. According to the
information and explanations give to us, we are of the opinion that the
terms and conditions thereof are not prima facie prejudicial to the
interest of the Company.
15. The company has given guarantee for loans taken by subsidiary from
banks or financial institutions during the year. According to the
information and explanations give to us, we are of the opinion that the
terms and conditions thereof are not prima facie prejudicial to the
interest of the Company.
16. The Company has not taken any Term Loan during the period from
banks or financial institutions during the period. Accordingly, the
provisions of clause 4(xvi) of the order are not applicable to the
Company.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we are of the
opinion that there are no funds raised on short- term basis that 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 of the
Companies Act, 1956 during the year.
19. According to the information and explanation given to us and
records examined by us, the company has not issued any debentures;
therefore clause (xix) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
20. The company has not raised any monies by way of public issues
during the period.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the period.
FOR SHABBIR S. BAGASRAWALA
CHARTERED ACCOUNTANTS
Sd/-
Place: Mumbai PROPRIETOR
Date: 30/05/2014. Membership No-039865
Mar 31, 2013
We have audited the accompanying financial statements of VERITAS
(INDIA) LIMITED, which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profit and Loss and Cash Flow Statement for the
period ended March 31, 2013 annexed thereto, 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 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.
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 basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of 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.
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
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 to us during the course of our
audit, we report that:
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the management at
reasonable intervals which in our opinion, is reasonable having regards
to the size of the Company. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of Accounts.
c) In our opinion and according to the information and explanations
given to us, the Company has not made any disposal of fixed assets
during the period and the going concern status of the Company is not
affected. .
2. In respect of its Inventories:
a) As explained to us, the inventories were physically verified during
the period by the Management at reasonable intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956. Therefore, the
provisions of sub clauses (a) to (d) of clause 4(iii) of the Order are
not applicable to the Company.
(i) The Company has taken interest free unsecured loan of
Rs.47,84,000/- (P.Y.Rs.5,77,58,000/-) from a party covered in the
register maintained under section 301 of the Companies Act, 1956.
In respect of the said loan, the maximum amount outstanding at any time
during the year was Rs.50,59,390/- {P.Y. Rs.5,77,30,800/-) and
the year-end balance is Rs.NIL (P.Y.Rs.3,59,390/-).
(ii) The terms and conditions of such loan are, in our opinion, prima
facie not prejudicial to the interest of the Company.
(iii) The Company is regular in payment of loan as per the terms and
conditions of such loan.
(iv) There is no overdue amount of such loan taken from aforesaid
party.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company. and nature of its business
with regard to purchases of inventory, 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 systems:
5. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register in pursuance of section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the period, have been made at prices which are reasonable
having regard to the prices at which the transactions for similar
goods/ services have been made with other parties.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Act and the rules
frame there under.
7. In our opinion the internal audit functions carried out during the
period was commensurate with the size of the company and nature of its
business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the activities carried out by the Company.
9. According to the information and explanations given to us in
respect of statutory and other dues:
a) The Company during the period has been generally regular in
depositing with the appropriate authorities undisputed statutory dues,
Income Tax, Maharashtra Value Added Tax, Profession Tax etc and other
material statutory dues.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31 March 2013 for the of six month.
10. The Company has no accumulated losses as at the end of the
financial period. The Company has not incurred cash losses during the
current financial period. -
11. Based on our audit procedures and on the basis of information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions and banks.
12. According to information and explanations given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities and hence, the
question of maintenance of adequate records for this purpose does not
arises.
13. In our opinion and according to information and explanations given
to us, the company is not a chit fund / nidhi / mutual benefit fund or
society. Therefore the provisions of clause (xiii) of paragraph 4 of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the Company.
14. In our opinion, and according to the information and explanations
give to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the order are not applicable to the
Company. ,
15. In our opinion, and according to the information and explanations
give to us the company has not given guarantee for loans taken by
Others from banks or financial institutions during the year.
16. The Company has not availed any Term Loan during the period from
banks or financial institutions during the period. Accordingly, the
provisions of clause 4(xvi) of the order are not applicable to the
Company.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we are of
the opinion that there are no funds raised on short-term basis that
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 of the
Companies Act, 1956 during the year.
19. According to the information and explanation given to us and
records examined by us, the company has not issued any debentures;
therefore clause (xix) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
20. The company has not raised any monies by way of public issues
during the period.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the period.
FOR SHABBIR S. BAGASRAWALA
CHARTERED ACCOUNTANTS
Sd/~
SHABBIR S. BAGASRAWALA
(PROPRIETOR)
Membership No - 039865
Place: Mumbai
Date: 30/05/2013
Mar 31, 2012
2. 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 test basis, evidence supporting the amounts and
disclosures m 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 (Auditors' Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act 1956 we enclose tn the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order,
4. Further to our comments in the Annexure referred to above, we
report that:
a) We have obtained all the information and explanations, which to the
best of our Knowledge and belief were necessary for the purposes of 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> T,ifh k aSnCS Sh?età Statement of and Loss and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) Flow 'statpmonfh rt Statement of Profit a"d Loss Account and Cash
Flow Statement deal with by this report comply with the accounting
standards
referred to in sub section (3C) of Section 211 of the Companies Act,
1956;
e) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March,
2012 from being appointed as a director in terms of Section 274(1 )(g)
of the Companies Act, 1956; .
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, 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 31st March, 2012;
ii) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
the Paragraph 3 of our report of even date to the Members of VERITAS
(INDIA) LIMITED on the accounts for the year ended 31st March, 2012.)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. ...
b) The Fixed Assets have been physically verified by the management at
reasonable intervals which in our opinion, is reasonable having regards
to the size of the company. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of Accounts,
c) In our opinion and according to the information and explanations
given to us the , Company has not made any substantial disposal of
fixed assets during the year and
the going concern status of the Company is not affected.
2. In respect of inventories:
a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals. " '
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physicai verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account,
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from
Companies, firms or other parties covered in the register maintained
under Section 301 of
the Companies Act,1956'.
a) The company has not granted any loans, secured or unsecured, to
companies, firms or other Parties listed In the Register maintained
under Section 301 of the Companies Act, 1953. As the Company has not
granted any loans, secured or unsecured, to parties listed in the
Register maintained under Section 301 of the Companies Act, 1956,
paragraph (iii)(b), (c) and (d) of the Order, are not applicable.
b) The Company has taken interest free unsecured loan of
Rs.5,77,58,000/- during the year from a director. In respect of the
said loans, the maximum amount outstanding at any time during the year
was Rs.5,77,30,800/- and the year-end balance is Rs.3,59,390/-
(P.Y.Rs.6,97,800/-).
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, 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 systems:
5. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register in pursuance of section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year, have been made at prices which are reasonable
having regard to the prices at which the transactions for similar
goods/ services have been made with other parties.
6. in our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Act and the rules
frame there under.
7. In our opinion the internal audit functions carried out during the
year was commensurate with the size of the company and nature of its
business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section
209 (1) (d) of the Companies Act, 1956 in respect of the activities
carried out by the Company.
9Ã dues:fdin310 thS inf0rmati0n and exPlanations given to us in
respect of statutory and other
a) The Company during the year have been generally regular in
depositing with the appropriate authorities undisputed statutory dues,
including Provident Fund Employees State Insurance Income Tax, Value
Added Tax, Central Sales TaxÃ
- Sory duXes VIC8 m DUtyà EXðiSe ðUtyà CeSS and other materia'
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31 March 2012 for the period of six month.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during
the current financial year and in the immediately preceding financial
year.
11. Based on our audit procedures and on the basis of information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions and banks.
12. According to information and explanations given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities and hence, the
question of maintenance of adequate records for this purpose does not
arrives,
13. In our opinion and according to information and explanations given
to us, the company is
not a chit fund / mdhi / mutual benefit fund or society. Therefore the
provisions of clause
(xm) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are
not applicable to the Company.
14. In our opinion, and according to the information and explanations
give to us the Company is not a dealer or trader in shares, securities,
debentures and other investments Accordingly, the provisions of clause
4(xiv) of the order are not applicable to the
15. The company has given guarantee for loans taken by Others from
banks or financiai institutions during the year. According to the
information and explanations give to us, we are of the opinion that the
terms and conditions thereof are not prima facie prejudicial to the
interest of the Company,
16. To the best of our knowledge and belief and according to the
information and explanations given to us in our opinion, term loans
availed by the company were, prima facie, applied by the company during
the year for the purpose for which the loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we are of
the opinion that there are no funds raised on short-term basis that
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 of the
Companies Act, 1956 during the year.
19. According to the information and explanation given to us and
records examined by us, the company has not issued any debentures;
therefore clause (xix) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
20. The company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For SHABBIR S BAGASRAWALA
CHARTERED ACCOUNTANTS
Sd/-
(habbir S Bagasrawaia)
Proprietor
Membership No - 39865
Place: Mumbai
Dated: 27th August, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of VERITAS (INDIA)
LIMITED as at 31st March, 2011, the Profit and Loss Account and 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 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 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 overa) financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3 As required by the Companies (Auditors' Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order,
4. Further to our comments in the Annexure referred to above, we
report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and 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;
e) On the basis of written representations received from the Directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March,
2011 from being appointed as a Director in terms of Section 274(1)(g)
of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, 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 31s1 March, 2011;
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
iii) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in the paragraph 3 of our report of even date to the
Members of VERITAS (INDIA) LIMITED on the accounts for the year ended
31st March, 2011.)
1. in respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the management at
reasonable intervals which in our opinion, is reasonable having regards
to the size of the company. The discrepancies noticed on such
verification were not material and have been properly dealt with in the
books of Accounts.
c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year and the going concern status of the Company is
not affected.
2. In respect of inventories:
a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956. As the Company has not
granted any loans, secured or unsecured, to parties listed in the
Register maintained under Section 301 of the Companies Act, 1956,
paragraph (iii)(b), (c) and (d) of the Order, are not applicable.
b) The Company has taken interest free unsecured loan during the year
from directors. fn respect of the said loans, the maximum amount
outstanding at any time during the year was Rs.99,65,800/- and the
year-end balance is Rs.6,97,800/-
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, 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 systems:
5. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register in pursuance of section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year, have been made at prices which are reasonable
having regard to the prices at which the transactions for similar
goods/ services have been made with other parties.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Act and the rules
frame there under.
7. In our opinion the internal audit functions carried out during the
year was commensurate with the size of the company and nature of its
business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the activities carried out by the Company.
9. According to the information and explanations given to us in
respect of statutory and other dues:
a) The Company during the year has been generally regular in depositing
with the appropriate authorities undisputed statutory dues, including
Provident Fund, Employees State Insurance, income Tax, Value Added Tax,
Central Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,
Cess and other material statutory dues.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31 March 2011 for the period of six months
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during
the current financial year and in the immediately preceding financial
year.
11. Based on our audit procedures and on the basis of information and
explanations given by management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions and banks.
12. According to information and explanations given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities and hence, the
question of maintenance of adequate records for this purpose does not
arise.
13. In our opinion and according to information and explanations given
to us, the company is not a chit fund / nidhi / mutual benefit fund or
society. Therefore the provisions of clause (xiii) of paragraph 4 of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, and according to the information and explanations
give to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments Accordingly, the
provisions of clause 4{xiv) of the order are not applicable to the
Company.
15. The Company has given guarantee for loans taken by Subsidiary
Company from banks during the year. According to the information and
explanations give to us, we are of the opinion that the terms and
conditions thereof are not prima facie prejudicial to the interest of
the Company.
16. To the best of our knowledge and belief and according to the
information and explanations given to us in our opinion, term loans
availed by the company were, prima facie, applied by the company during
the year for the purpose for which the loans were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
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 of the
Companies Act, 1956 during the year.
19. According to the information and explanation given to us and
records examined by us, the Company has not issued any debentures;
therefore clause (xix) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For SHABBIR S BAGASRAWALA
CHARTERED ACCOUNTANTS
Sd/-
(Shabbir S Bagasrawala)
Proprietor
Membership No - 39865
Place: Mumbai
Dated: 30thay, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Veritas (India)
limited, as at 31st March 2010 and the related Profit and Loss Account
and the Cash Flow Statement for the year ended on that date annexed
thereto, which we have signed under reference to this report. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express our 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 (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 (the Act) and on the basis of such checks of the
books & records of the Company as we considered appropriate and
according to the information and explanation given to us, we Annex
hereto a statement on the matters specified in paragraph 4 and 5 of the
said order.
4. Further to our comments in annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company as far as appears from our examination of those
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable accounting standards referred to in sub-
section (3C) of section 211 of the Act.
e) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the notes thereon / attached thereto and the Schedule of
Significant Accounting Policies given in the prescribed manner the
information required by the Companies Act and give a true and fair view
in conformity with the Accounting principles generally accepted in
India.
I. In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
II. In case of the Profit and Loss Account, of the profit for the year
ended on that date; and
III. In case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. 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 are disqualified as on 31st March, 2010 from
being appointed as Director in terms of clause (g) of sub section (1)
of section 274 of the Act.
Annexure to the Auditors Report (Referred to in paragraph 3 of our
report of even date)
i) The Nature of the Companys business/activities during the year is
such that clauses (xiii) and (xiv) of paragraph 4 of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company for
the year under date, which is specifically reported herein.
ii) In respect of its 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, the Fixed Assets are being physically verified
at reasonable intervals, which in our opinion is reasonable having
regard to the size of the Company and nature of its assets. According
to the information and explanation given to us no material
discrepancies were noticed on such verification.
iii) In respect of its Inventories:
a) As explained to us, inventories were physically verified during the
year by the management at reasonable intervals.
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 were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
iv) In respect of loans, secured or unsecured, granted or taken by the
Company to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956, to
the best of our knowledge and according to the information and
explanations given to us:
a) The Company has taken loan from parties covered in register u/s 301
and the year end balance is Rs 435,000/- (P.Y. Rs 38,921,500/-)
b) In our opinion, the rate of interest & other terms & conditions of
such loans is prima facie not prejudicial to the interest of the
Company.
c) The payment of principal amount & interest (if any) during the year
have been regular as per stipulations.
d) There are no overdue amounts of more than Rs. 100,000/- in respect
of loan taken by the company.
v) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
for the purchase of goods, fixed assets and for the sale of goods and
services. Further based on our examination and according to the
information & explanation given to us we have neither come across nor
have been refereed of any major weakness in the internal control.
vi) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that needed to
be entered into the register have been so entered.
b) According to the information and explanations given to us, the
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vii) In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from the public as
per section 58A and 58AA of the Companies Act, 1956.
viii) In our opinion, the internal audit functions carried out during
the year by the Companys internal audit department have been
commensurate with the size and the nature of its business.
ix) According to information and explanation given to us, the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub section (1) of section 209 of the
Companies Act, 1956.
x) According to the information and explanations given to us, in
respect of statutory and other dues:
a) The Company has been regular in depositing undisputed statutory
dues, including, Sales Tax, Custom Duty, Cess and any other statutory
dues applicable to the Company with the appropriate authorities during
the year. The outstanding Income tax dues of various Assessments year
is Rs 148,753/-as at date.
b) There are no undisputed statutory dues outstanding as on 31st March
2010, for the period of more than six months, from the date of becoming
payable. Except as stated in clause x (a) of the report.
xi) According to the information and explanations given to us, the
Company has no accumulated losses, as at 31st March, 2010 and the
Company has not incurred cash losses in the immediate preceding
financial year.
xii) According to the records of the Company examined by us and the
information and explanation given to us, we are of the opinion that the
Company has not defaulted in the repayment of dues of financial
institutions and banks.
xiii) The provision of any special statute applicable to the chit
fund/nidhi/mutual benefit fund /societies is not applicable to the
Company.
xiv) In our opinion and according to the information and explanation
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 Companies (Auditors Report) Order,
2003 are not applicable to the company.
xv) According to information and explanations given to us, the Company
has not granted any loan and advances on the basis of security by way
of pledge of shares, debentures and other securities.
xvi) In our opinion and according to information and explanations given
to us, no guarantees have been given by the Company for loans taken by
others from banks or financial Institutions.
xvii) According to cash flow statements and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application,
xviii) The Company has made preferential allotment of 950,000 equity
shares to two parties covered in the register maintained under section
301 of the Companies Act 1956.
xix) According to information and explanations given to us, the Company
has not issued any debentures and hence clause xix is not applicable.
xx) The Company has raised money during the year and on the basis of
examination and according to the information & explanation given to us,
we are of the opinion that the said funds have been utilized for
financing the working capital requirement of the Company and its
subsidiary.
xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practice in India and to the best of our knowledge and belief
and according to the information and explanation given to us, we have
neither come across any material fraud on or by the Company was noticed
or reported during the year nor have we been informed of any such cases
by the management.
Place: Mumbai For Shabbir S Bagasrawala
Date: 7th July, 2010 Chartered Accountants
Sd/-
Proprietor
M.No. 39865