Home  »  Company  »  York Exports Lim  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of York Exports Ltd.

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

Find IFSC