Mar 31, 2014
We have audited the accompanying financial statements of York Exports
Ltd, New Delhi ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting principles generally accepted in India, including 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material 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.
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 case of the Cash Flow
Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that:
3. 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;
4. 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;
5. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report - agreement with the books of
account;
6. In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
7. On the basis of written representations received from the directors
as on March 31, 2014, and taken on by the Board of Directors, none of
the directors is disqualified as on March 31, 2014, from being -ted as
a director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act,
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in Paragraph (1) UNDER THE HEADING OF "Reporting on Other
Legal and Regulatory Requirements of our report of even date]
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets ;
(b) As explained to us, the management has physically verified Fixed
Assets during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion , the company has not disposed off any substantial
part of its Fixed Assets so as to affect the going concern status of
the company ;
2. In respect of its Inventories:
(a) As explained to us, physical verification has been conducted by the
management at reasonable intervals in respect of inventories. In our
opinion, the frequency of verification is reasonable.
(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) The company is maintaining proper records of inventories. As
explained to us no discrepancies were noticed on verification between
the physical stocks and the book records.
3. In respect of Loans / Advances:
(a) The Company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
(b) The Company has taken unsecured loans from five parties covered in
the register maintained under Section 301 of the companies Act.1956,
The maximum amount involved during the year was Rs.2,15,38,318.00 and
the yearend balance was Rs.1,73,38,318.00.
(c) The loans are interest free and without any terms and conditions.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets, and with
regard to the sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
(a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rs.5 Lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
In our opinion and according to the information and explanations given
to us, the company has not accepted deposits from the public; within
the meaning of Section 58A and 58AA of the Act and rules framed there
under.
In our opinion, the company has an internal audit system commensurate
with the size and nature of the business;
We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rule 2011
prescribed by the central Government under Section 209(i) (d) of the
Companies Act, 1956 and we are of the opinion that prima facie the
prescribed cost records have been maintained are being reconciled with
the financial Statements for the year. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
In respect of Statutory Dues:
(a) According to the records of the company , the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident
Fund , Investor Education Protection Fund , Employees'' State Insurance
, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax ,
Cess , Custom Duty/Excise duty and other statutory dues , applicable to
it , with appropriate authorities .
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31ST March , 2014 for a period of more than six
months from the date of becoming payable
c) According to the records of the Company and information and
explanations given to us, there are no dues as at 31st.March,2014, in
respect of Wealth Tax , Custom Duty, Sales Tax, Excise Duty and Cess
which have not been deposited on account of any dispute.
There are no 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.
In our opinion and according to the information and explanations given
to us, the company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders
As explained to us, the company has not granted any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
In our opinion the company is not a Chit Fund or a Nidhi Mutual Benefit
Fund / Society. Therefore, clause 4(xiii) of the Companies Auditor
Report Order (2003) are not applicable to the company;
In our opinion, the company is not dealing in or trading in Shares,
Securities,
Debentures and other Investments. Accordingly, clause 4(xiv) of the
Companies (Auditor Report) Order, 2003 is not applicable to the
company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of overall examination of the Balance Sheet of the
Company term loans raised during the year have been applied for the
purposes for which they were raised.
17. The funds raised by the company on short terms basis have not been
used for long term investments, nor the funds raised on long term basis
have been used for short term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us , the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act , 1956 ;
19. On the basis of the records and documents examined by us , the
company has not issued any debentures during the year ;
20. The company has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us , no fraud on or by the company , has been noticed or
reported during the year that causes the financial statements to be
materially misstated .
For NANDA & BHATIA
Chartered Accountants
(Firm Registration No. 004342N
(A.C. BHATIA)
Partner
M. No. 13791
Place: Ludhiana
Dated: 30th June, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of York Exports
Ltd, New Delhi ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting principles generally accepted in India, including 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material 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.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, we report that:
1. No. provision has been made for present value for future payments of
Gratuity under the payment of Gratuity Act,1972.This is contrary to
Accounting Standards (AS )-15 issued by ICAI
Subject to above, 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, of the Loss for
the year ended on that date; and
(c) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
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.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in Paragraph (1) UNDER THE HEADING OF "Reporting on
Other Legal and Regulatory
Requirements of our report of even date]
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets;
(b) As explained to us, the management has physically verified Fixed
Assets during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off any substantial
part of its Fixed Assets so as to affect the going concern status of
the company;
2. In respect of its Inventories:
(a) As explained to us, physical verification has been conducted by the
management at reasonable intervals in respect of inventories. In our
opinion, the frequency of verification is reasonable.
(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) The company is maintaining proper records of inventories. As
explained to us no discrepancies were noticed on verification between
the physical stocks and the book records.
3. In respect of Loans / Advances:
a) The Company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
b) The Company has taken loan from another company covered in the
register maintained under Section 301 of the companies Act.1956, The
maximum amount involved during the year was Rs.1,03,38,318.00 and the
year end balance was Rs.1,03,38,318.00.
c) The loan is without any terms and conditions.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets, and with
regard to the sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rs.5 Lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public;
within the meaning of Section 58A and 58AA of the Act and rules framed
there under. *
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of the business;
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rule 2011
prescribed by the central Government under Section 209(i) (d) of the
Companies Act, 1956 and one of the opinion that prima facie the
prescribed cost records have been maintained are being reconciled with
the financial Statements for the year. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. In respect of Statutory Dues:
(a) According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax,
Wealth Tax, Service Tax, Cess, Custom Duty/Excise duty and other
statutory dues, applicable to it, with appropriate authorities.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31 ST March, 2013 for a period of more than six
months from the date of becoming payable
(c) According to the records of the Company and information and
explanations given to us, there are no dues as at 31s''.March, 2013, in
respect of Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess
which have not been deposited on account of any dispute. In respect of
Income Tax dues deposited on account of dispute, the details of amount
involved and the forum where the dispute is pending are as under: -
Name of Statute Nature of Dues/
Period to Amount Involved Forum Where
dispute
which amount
relates is pending
Income Tax
Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High Court
1993-94
10. There are no 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. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The Company has not raised any loan from financial institution
or against debentures.
12. As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities
13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual
Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies
Auditor Report Order (2003) are not applicable to the company;
14. In our opinion, the company is not dealing in or trading in
Shares, Securities, Debentures and other Investments. Accordingly,
clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not
applicable to the company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of overall examination of the Balance Sheet of the
Company term loans raised during the year have been applied for the
purposes for which they were raised.
17. The funds raised by the company on short terms basis have not been
used for long term investments, nor the funds raised on long term basis
have been used for short term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956;
19. On the basis of the records and documents examined by us, the
company has not issued any debentures during the year;
20. The company has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company, has been noticed or
reported during the year that causes the financial statements to be
materially misstated.
For NANDA & BHATIA
Chartered Accountants
(Firm Registration No. 004342N
Place: Ludhiana (A.C. BHATIA)
Dated: 25.07.2013 Partner
M. No. 13791
Mar 31, 2012
1. We have audited the attached Balance Sheet of York Exports Limited,
New Delhi., as at 31 March, 2012, the Statement of Profit & Loss 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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management ,as well as evaluating the overall financial statement
presentation . We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies ( Auditor''s Report) Order,2003 issued
by the Central Government of India in the terms of section 227 (4A) of
the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us, 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 in paragraph 3
above, we report that :
(i) We have obtained all the information and explanations , which to
the best of our knowledge and belief were necessary for the purposes of
our audit;
(ii) In our opinion , proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion , the Balance Sheet, Statement of Profit & Loss 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; except Accounting Standards -15 regarding
Accounting for Retirement Benefits in the financial statements of
employers.
(v) On the basis of written representations received from all the
Directors and as taken on record by the Board of Directors, none of the
Directors of the company is disqualified from being appointed as
Director of the company as on 31.03.2012 pursuant to the provisions of
clause (g) of Sub- section (i) of Section 274 of the Companies Act,
1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us , the said accounts , subject to non
provision of present value of future payment of Gratuity to employees,
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 in the case of:-
(a) the Balance Sheet, of the state of affairs of the company as at
31*. March ,2012 ;
(b) the Statement of Profit & Loss, of the Profit for the year ended On
that date;
(c) the Cash Flow Statement, of the cash flow of the company for the
year ended on that date.
ANNEXURE TO AUDITOR''S REPORT:
Referred to in Paragraph 3 of our report of even date for the year
ended 31st March, 2012
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets;
(b) As explained to us, the management has physically verified Fixed
Assets during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off any substantial
part of its Fixed Assets so as to affect the going concern status of
the company;
2. In respect of its Inventories:
(a) As explained to us, physical verification has been conducted by the
management at reasonable intervals in respect of inventories. In our
opinion, the frequency of verification is reasonable.
(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) The company is maintaining proper records of inventories. As
explained to us no discrepancies were noticed on verification between
the physical stocks and the book records.
3. In respect of Loans / Advances:
a) The Company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
b) The Company has taken loan from another company covered in the
register maintained under Section 301 of the companies Act.1956, The
maximum amount involved during the year was Rs.1,92,43,438.00 and the
year end balance was Rs. 98,08,651.00.
c) The loan is without any terms and conditions.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets, and with
regard to the sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under section 301 of the
Companies Act, 1356.
a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public;
within the meaning of Section 58A and 58AA of the Act, and rules framed
there under.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of the business;
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rule 2011
prescribed by the central Government under Section 209(i) (d) of the
Companies Act, 1956 and one of the opinion that prima facie the
prescribed cost records have been maintained are being reconciled with
the financial Statements for the year. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. In respect of Statutory Dues:
(a) According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax,
Wealth Tax, Service Tax, Cess, Custom Duty/Excise duty and other
statutory dues, applicable to it, with appropriate authorities.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31st March, 2012 for a period of more than six months
from the date of becoming payable
(c) According to the records of the Company and information and
explanations given to us, there are no dues as at 31st.March, 2012,in
respect of Wealth Tax, Custom Duty, Sales Tax, Excise Duty and Cess,
which have not been deposited on account of any dispute. In respect of
Income Tax dues deposited on account of dispute, the details of amount
involved and the forum where the dispute is pending are as under:-
Name of Statute Nature of Dues/
Period to Amount Involved Forum Where
dispute
which amount
relates is pending
Income Tax
Act, 1961 Income Tax Demand Rs. 33.12 Lacs Delhi High
Court
1993-94
10. There are no 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. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The Company has not raised any loan from financial institution
or against debentures.
12. As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities
13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual
Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies
Auditor Report Order (2003) are not applicable to the company;
14. In our opinion, the company is not dealing in or trading in
Shares, Securities, Debentures and other Investments. Accordingly,
clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not
applicable to the company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of overall examination of the Balance Sheet of the
Company term loans raised during the year have been applied for the
purposes for which they were raised.
17. The funds raised by the company on short terms basis have not been
used for long term investments, nor the funds raised on long term basis
have been used for short term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956;
19. On the basis of the records and documents examined by us, the
company has not issued any debentures during the year;
20. The company has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For NANDA & BHATIA
Chartered Accountants
(Firm Registration No. 004342N
Place: Ludhiana (A.C. BHATIA)
Dated: 25.07.2012 Partner
M. No. 13791
Mar 31, 2011
1. We have audited the attached Balance Sheet of York Exports Limited,
New Delhi., as at 31st March, 2011, the Profit & 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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in the terms of section 227 (4A) of
the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us, 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub - section (3C) of section 211 of the
Companies Act, 1956; except Accounting Standards -75 regarding
Accounting for Retirement Benefits in the financial statements of
employers.
(v) On the basis of written representations received from all the
Directors and as taken on record by the Board of Directors, none of the
Directors of the company is disqualified from being appointed as
Director of the company as on 31.03.2011 pursuant to the provisions of
clause (g) of Sub- section (i) of Section 274 of the Companies Act,
1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts, read together with
significant accounting policies and subject to note no. (iv) regarding
non provision of accrued liability of gratuity and together with other
notes thereon (Schedule P) give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India ;
(a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st. March, 2011;
(b) in the case of the Profit & Loss Account, of the Profit for the
year ended on that date;
(c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
Referred to in paragraph 3 of our report of even date for the year
ended 31st March, 2011
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets,
(b) As explained to us the management has physically verified Fixed
Assets the year which in our opinion is reasonable having regard to the
size of the company and the nature of its assets No mattering
discrepancies were noticed on such verification.
(c) In our opinion the company has not disposed off any sustainable part
of its Fixed Assets so as to affect the going concern status of the
company.
2. In respect of its inventories;
(a) As explained to us physical verification has been conducted by the
management at reasonable intervals respect of inventories in our opinion
the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
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) The company is maintaining proper records of inventories As
explanation to us no discrepancies was noticed on verification between
the physical stocks and the book records.
3. In respect of Loss/ Advances:
a) The company has not granted during the year any loan secured or
unsecured to companies firms other parties covered in the register
maintained under section 301 of the Act.
b) The company has taken loan from another company covered in the
register maintained under section of the companies Act, 1956 The
maximum amount involved during the year was Rs, 1,85,00,000,00 and year
end balance was Rs, 92,43,438,00.
c) The loan is without any terms and conditions.
4. In our opinion and according to the information and explanation given
to us there are adequate inter control procedures commensurate with
the size of the company and the nature of its business with to purchase
of inventory fixed assets and with regard to the sale of goods During
the course of our we have not observed any major weakness in internal
control.
5. In respect of transactions covered under section 301 of the
companies Act, 1956.
a) In our opinion and according to information and explanations given
to us the transaction that needed be entered in the register maintained
under section 301 of the companies Act, 1956 been so entered.
b) In our opinion and according to information and explanations given
to us the transactions made pursuance of contracts or arrangements
entered in the register maintained of any been made at princes which
reasonable having regard to prevailing market prices at the relevant
time.
6. In our opinion and according to the information and explanation
given to us the company has accepted deposits from the public within
the meaning of section 58A and 58AA of the Act and framed there under.
7. In our opinion the company has an internal audit system
commensurate with the size and nature business:
8. According to the information and explanations given to us central
Government has not prescribe the maintenance of cost records under
section 209 (i) (d) of the companies Act, 1956:
9. In respect of statutory Dues:
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable
(c) According to the records of the Company and information and
explanations given to us, there are no dues as at 31st.March, 2011,in
respect of Income Tax, Wealth Tax. Custom Duty, Sales Tax, Excise Duty
and Cess which have not been deposited on account of any dispute. In
respect of Income Tax dues deposited on account of dispute, the details
of amount involved and the forum where the dispute is pending are as
under:-
Name of Statute Nature of Dues/
Period to Amount Involved Forum Where
which amount
relates dispute is
pending
Income Tax
Act, 1961 Income Tax
Demand Rs. 33.12 Lacs Delhi High
Court
1993-94
10. There are no 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. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The Company has not raised any loan from financial institution
or against debentures.
12. As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities
13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual
Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies
Auditor Report Order (2003) are not applicable to the company;
14. In our opinion, the company is not dealing in or trading in
Shares, Securities, Debentures and other Investments. Accordingly,
clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not
applicable to the company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of overall examination of the Balance Sheet of the
Company term loans raised during the year have been applied for the
purposes for which they were raised.
17. The funds raised by the company on short terms basis have not been
used for long term investments, nor the funds raised on long term basis
have been used for short term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956;
19. On the basis of the records and documents examined by us, the
company has not issued any debentures during the year;
20. The company has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company, has been noticed or
reported during the year that causes the financial statements to be
materially misstated.
For NANDA & BHATIA
Chartered Accountants
(Firm Registration No. 004342N
Place: Ludhiana
(AC- BHATIA)
Dated: 15.07.2011 Partner
M. No. 13791
Mar 31, 2010
1. We have audited the attached Balance Sheet of York Exports Limited,
New Delhi., as at 31st March, 2010, the Profit & 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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in the terms of section 227(4A) of
the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us, 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss account and Cash Flow
Statement dealt with by this report are in agreement. with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section(3C) of section 211 of the
Companies Act, 1956; except Accounting Standards -15
(v) On the basis of written representations received from all the
Directors and as taken on record by the Board of Directors, none of the
Directors of the company is disqualified from being appointed as
Director of the company as on 31.03.2010 pursuant to the provisions of
clause (g) of Sub- section (i) of Section 274 of the Companies Act,
1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts, read together with
significant accounting policies and subject to note no. (iv) regarding
non provision of accrued liability of gratuity and together with other
notes thereon (Schedule P) give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India;
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2010;
(b) In the case of the Profit & Loss Account, of the profit for the
year ended on that date;
(c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
ANNEXURE TO AUDITOR''S REPORT
Referred to in Paragraph 3 of our report of even date for the year
ended 31st March, 2010
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets;
(b) As explained to us, the management has physically verified Fixed
Assets during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off any substantial
part of its Fixed Assets so as to affect the going concern status of
the company;
2. In respect of its Inventories:
(a) As explained to us, physical verification has been conducted by the
management at reasonable intervals in respect of inventories. In our
opinion, the frequency of verification is reasonable.
(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) The company is maintaining proper records of inventories. As
explained to us no discrepancies were noticed on verification between
the physical stocks and the book records.
3. In respect of Loans / Advances:
a) The Company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets, and with
regard to the sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public;
within the meaning of Section 58A and 58AA of the Act and rules framed
there under.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of the business;
8. According to the information and explanations given to us, the
Central Government has not prescribed for the maintenance of cost
records under section 209(i)(d) of the Companies Act, 1956;
9. In respect of Statutory Dues:
(a) According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Value added tax,
Wealth Tax, Service tax, Cess, Custom Duty/Excise duty and other
statutory dues, applicable to it, with appropriate authorities.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of becoming payable.
(c) According the the records of the Company and information and
explanations given to us, there are no dues as at 31st March, 2010,in
respect of Income Tax, Wealth Tax, Custom Duty, Sales Tax, Excise Duty
and Cess, which have not been deposited on account of any dispute. In
respect of Income Tax dues deposited on account of dispute, the details
of amount involved and the forum where the dispute is pending are as
under:-
Name of Statute Nature of Dues/
Period to Amount Involved Forum Where
which amount
relates dispute is
pending
Income Tax
Act, 1961 Income Tax
Demand Rs. 33.12 Lacs Delhi High Court
1993-94
10. There are no 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. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The Company has not raised any loan from financial institution
or against debentures.
12. As explained to-us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual
Benefit Fund / Society Therefore clause 4(xm) of the Companies Auditor
Report Order (2003) is not applicable to the company;
14. In our opinion, the company is not dealing in or trading in
Shares, Securities, Debentures and other Investments. Accordingly,
clause 4(xiv) of the Companies (Auditor Report) Order 2003 is not
applicable to the company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of overall examination of the Balance Sheet of the
Company term loans raised during the year have been applied for the
purposes for which they were raised.
17. The funds raised by the company on short terms basis have not been
used for long-term investments nor the funds raised on long-term basis
have been used for short-term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956;
19. On the basis of the records and documents examined by us, the
company has not issued any debentures during the year;
20. The company-has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For NANDA & BHATIA
Chartered Accountants
(Firm Registration No. 004342N
Place: Ludhiana
Dated: 14.07.2010 (A.C.BHATIA)
Partner
M. No. 13791
Mar 31, 2009
1. We have audited the attached Balance Sheet of York Exports Limited,
New Delhi, as at 31st March, 2009, the Profit & Loss account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the 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 the terms of section 227 (4A) of
the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to information and explanation
given to us, 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 in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub - section (3C) of section 211 of the
Companies Act, 1956; except Accounting Standards -15
(v) On the basis of written representations received from all the
Directors and as taken on record by the Board of Directors, none of the
Directors of the company is disqualified from being appointed as
Director of the company as on 31.03.2009 pursuant to the provisions of
clause (g) of Sub- section (i) of Section 274 of the Companies Act,
1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
significant accounting policies and subject to note no. (iv) regarding
non provision of accrued liability of gratuity and together with other
notes thereon (Schedule P) give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India ;
(a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st. March, 2009;
(b) in the case of the Profit & Loss account, of the Profit for the
year ended on that date;
(c) in the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our report
of even date for the year ended 31st March, 2009
1. In respect of Fixed Assets:
(a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets;
(b) As explained to us, the management has physically verified Fixed
Assets during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) In our opinion, the company has not disposed off any substantial
part of its Fixed Assets so as to affect the going concern status of
the company;
2. In respect of its Inventories:
(a) As explained to us, physical verification has been conducted by the
management at reasonable intervals in respect of inventories. In our
opinion, the frequency of verification is reasonable.
(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) The company is maintaining proper records of inventories. As
explained to us no discrepancies were noticed on verification between
the physical stocks and the book records.
3. In respect of Loans / Advances:
a) The Company has not granted during the year any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets, and with
regard to the sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. In our opinion and according to the informstion and explanations
given to us, the company has not accepted deposits from the public;
within the meaning of Section 58A and 58AA of the Act and rules framed
thereunder.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of the business;
8. According to the information and explanations given to us, the
Central Government has not prescribed for the maintenance of cost
records under section 209(i) (d) of the Companies Act, 1956;
9. In respect of Statutory Dues:
(a) According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Value added tax,
Wealth Tax, Service tax, Cess, Custom Duty/Excise duty and other
statutory dues, applicable to it, with appropriate authorities.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at 31st March, 2009 for a period of more than six months
from the date of becoming payable
(c) According to the records of the Company and information and
explanations given to us, there are no dues as at 31st March 2009, in
respect of Income Tax, Wealth Tax, Custom Duty, Sales Tax, Excise Duty
and Cess which have not been.deposited on account of any dispute. In
respect of Income Tax dues deposited on account of dispute, the details
of amount involved and the forum where the dispute is pending are as
under: -
Name of Statute Nature of Dues / Period Amount Forum Where
to which amount relates Involved dispute is
pending
Income Tax Act, Income Tax Demand Rs. 33.12 Delhi High
Lacs Court
1961 1993-94
10. There are no accumulated losses as at the end of the financial
year. The company has not incurred cash losses during the
currentfinancialyearand hi thfe immediately preceding financial year.
11. In our opinion and according to the inforrnatipn and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The Company has not raised any loan from financial institution
or against debentures.
12. As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
13. In our opinion, the company is not a Chit Fund or a Nidhi Mutual
Benefit Fund / Society. Therefore, clause 4(xiii) of the Companies
Auditor Report Order (2003) are not applicable to the company;
14. In our opinion, the company is not dealing in or trading in
Shares, Securities, Debentures and other Investments. Accordingly,
clause 4(xiv) of the Companies (Auditor Report) Order, 2003 is not
applicable to the company.
15. As per the records of the Company and as per information and
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. On the basis of the records examined by us and the information and
explanations given to us, the company has not obtained term loans
during the year.
17. The funds raised by the company on short terms basis have not been
used for long term investments, nor the funds raised on long term basis
have been used for short term investments, as it appears from the
examination of the records of the company.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956;
19. On the basis of the records and documents examined by us, the
company has not issued any debentures during the year;
20. The company has not raised any money by Public Issue, during the
year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
misstated:
For NANDA & BHATIA
Chartered Accountants
Place: Ludhiana (A.C. BHATIA)
Dated: 25.08.2009 Partner