Mar 31, 2015
We have audited the accompanying financial statements of M/S ADDI
INDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as
at March 31, 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies(Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company's directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act,2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
2. As required by section 143(3) of the Companies Act 2013, we report
that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and further proper returns adequate for the purpose of audit has
been received from the branches not visited by us;
c. The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. In our opinion there are no financial transactions or matters that
may have adverse effect on the functioning of the Company
f. On the basis of written representations received from the directors
as on March 31,2015 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31,2015
from being appointed as a director in terms of sub-section (2) of
section 164 of the Companies Act, 2013;
g. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. On the basis of written representation received from the management
of the Company, no litigation is pending against the Company's which
would impact its financial position.
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
ill. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 1 under the heading of "Report on other Legal
& Regulatory Requirements" of our report of even date)
RE: M/S ADDI INDUSTRIES LIMITED
i) (a) In the earlier years, the fixed assets register of the company
was misplaced and the company is still in the process of retrieval and
updating the fixed assets register. The same still needs to be updated
in line with the prescribed requirements.
(b) As explained to us, physical verification of major fixed assets has
been conducted by the management at appropriate intervals. In our
opinion, the program is reasonable having regard to the size of the
Company and the nature of the fixed assets. Further, in view of our
comments in para (a) above, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
ii) (a) On the basis of information and explanation provided by the
management, inventories have been physically verified by the management
during the year. In our opinion the frequency of physical verification
followed by the management is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
iii) According to the information and explanations given to us the
Company had not granted loan to any of the Company covered in the
register maintained under section 189 of the Companies Act, 2013,
Therefore, the provisions of clause 3(iii) (a) to (b) of the Companies
(Auditor's Report) Order, 2015 are not applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business. Further,
on the basis of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices, there is no continuing failure to correct the weaknesses in
the aforesaid internal control systems.
v) In our opinion and according to the information and explanation
given to us, since the company has not accepted any deposits therefore
the question of the compliance of any directives issued by the Reserve
Bank of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Companies Act and the rules framed there
under does not arise.
vi) There are no cost records prescribed by the Central Government
under sub section (1) of section 148 of the Companies Act 2013 for
operations carried on by the Company. Therefore, the provisions of
clause 3(vi) of the Companies (Auditor's Report) Order, 2015 are not
applicable to the company.
vii) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax and
other material statutory dues applicable to it. According to the
information and explanation given to us employees' state insurance,
wealth tax, custom duty, excise duty, value added tax, other cess etc.
are not applicable to the current operations of the company. Further no
undisputed amounts were payable in respect of income tax and other
statutory dues were outstanding, as at 31st March,2015 for a period of
more than six months from the date they became payable.
(b) According to the records of the Company examined by us and the
information and explanations given to us, the particulars of dues of
income tax and other statutory dues which have not been deposited on
account of any dispute, are as follows:
S. Name of the Statute Nature of Dues Amount (Rs.)
No.
1 ESI Act ESI 7,742,020
S. Name of the Statute Period to which Forum where the dispute
No. the amt.relates is pending
1 ESI Act During Civil court
1995-1996 to Ghaziabad
1998-1999
(c) On the basis of information and explanations given to us by the
management, no amount was required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
viii) The Company has accumulated losses as at 31st March, 2015 which
are less than fifty per cent of its net worth. During the financial
year 2014-15, the company has not incurred cash losses, whereas, in the
preceding year the company has incurred cash losses.
ix) There were no dues payable to any financial institution or bank or
debenture holders during the year. Therefore; the provisions of clause
3 (ix) of the Companies (Auditor's Report) Order, 2015 are not
applicable to the company.
x) On the basis of information and explanation provided, the Company
has not given guarantee for loans taken by other from the bank during
the year.
xi) The company has not taken any term loans during the year.
Therefore, the provisions of clause 3(xi) of the Companies (Auditor's
Report) Order, 2015 are not applicable to the company.
xii) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the management.
For S. R. Dinodia & Co. LLP
Chartered Accountants
Regn. No. 001478N/N500005
SANDEEP DINODIA
Place : New Delhi Partner
Date : 30.05.2015 M. No. 083689
Mar 31, 2014
1. Report on Financial Statements
We have audited the accompanying financial statements of M/S ADDI
INDUSTRIES LIMITED, ("the Company"), which comprise the Balance Sheet
as at 31st March, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act 1956 ("the
Act") read with the General Circular No. 15/2013 dated 13th September
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act 2013. 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.
3. Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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
entity''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
5. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Companies Act 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
(b) In the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
6. 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.
Further, 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 notified under
the Companies Act 1956 read with the General Circular No. 15/2013 dated
13th September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act 2013;
e) On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 6 of our audit report of even date)
RE: M/S ADDI INDUSTRIES LIMITED
i) (a) In the earlier years, the fixed assets register of the company
was misplaced and the company is still in the process of retrieval and
updating the fixed assets register. The same still needs to be updated
in line with the prescribed requirements.
(b) As explained to us, physical verification of major fixed assets has
been conducted by the management at appropriate intervals. In our
opinion, the program is reasonable having regard to the size of the
Company and the nature of the fixed assets Further, in view of our
comments in para (a) above, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
(c) During the year, the company has not disposed off substantial part
of fixed assets. Therefore the provisions of clause 4(i)(c) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
ii) (a) On the basis of information and explanation provided by the
management, Inventories have been physically verified by the management
during the year. However there is no inventory as at the end of the
financial year. In our opinion, frequency of verification is
reasonable.
(b) In our opinion, frequency and the procedures of physical
verification of inventory followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business.
(c) In our opinion, the company is maintaining the proper records of
inventory. We have been explained that discrepancies noticed on
physical verification as compared to book records were not material and
the same have been properly dealt with in the books of account.
iii) According to the information and explanations given to us, the
company had not granted unsecured loans to the companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly, paragraphs
4(iii) (a), (b), (c) and (d) of the Companies (Auditor''s Report) Order
2003 are not applicable.
According to the information and explanations given to us, the company
had not taken unsecured loans from the companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year. Accordingly, paragraphs 4(iii)
(e), (f) and (g) of the Companies (Auditor''s Report) Order 2003 are not
applicable.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventory, fixed assets, sales of goods. According
to the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations given to us, we are of opinion that the
particulars of contracts or arrangements that need to be entered into a
register maintained under section 301 of the Companies Act, 1956 are
being so entered.
(b) In our opinion and according to explanation given to us,
transactions made in pursuance of contracts and arrangements entered in
the register maintained under Section 301 in respect of any party
during the year have been made at prices which are reasonable having
regard to the prevalent market prices at the relevant time.
vi) The Company has not accepted any deposits during the year from the
public as defined in section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii) According to the information and explanations given to us, we are
of the opinion that the company is maintaining the cost records as
required in accordance with the rules made by the Central Government
for the maintenance of cost records under section 209 (1) (d) of the
Companies Act,1956.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the Company
is generally regular in depositing with appropriate authorities the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State insurance, income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues as applicable to it. There was no undisputed
amount outstanding at the year-end for a period more than six months
from the date they become payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of sales
tax, income tax, custom duty, wealth tax, service tax, excise duty and
cess, which have not been deposited on account of any dispute, are as
follows:
S. Name of Nature of Amount Period to Forum where
No. the Statute Dues (Rs.) which the the dispute
amt. relates is pending
1 ESI Act ESI 7,742,020 During Civil court
1995-1996 to Ghaziabad
1998-1999
x) The Company has accumulated losses as at 31st March, 2014 which are
less than fifty per cent of its net worth. During the financial year
2013-14, the company has incurred cash losses. whereas, in the
preceding year the company has not incurred any cash loss.
xi) On the basis of information and explanation provided by the
management and test checked by us, the Company has not made any default
in the repayment of dues to the banks. The Company has not availed any
loan from the debenture holders & financial institution.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
xiii) In our opinion considering the nature of activities carried on by
the company during the year, the provision of any special statue
applicable to chit fund /nidhi / mutual benefit fund/societies are not
applicable to it.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv On the basis of information and explanation provided, the Company
has not given guarantee for loans taken by other from the bank during
the year.
xvi) On the basis of information and explanation given to us, the
company has not raised any term loan during the year, therefore, the
provision of clause 4(xvi) of the Companies (Auditor Report) Order,
2003 are not applicable to the company
xvii) On the basis of information and explanation given to us and an
overall examination of the balance sheet, short term funds raised were
not utilized for long term investments. The said loans were repaid
during the year covered under our audit.
xviii) According to information and explanation given to us, during the
year, the Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) During the year covered by our audit report, the company has not
issued any debentures.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, during the year we have neither come
across any instance of fraud on or by the Company nor have we been
informed of such case by the management.
For S. R. Dinodia & Co.
Chartered Accountants
Regn. No. 001478N/N500005
SANDEEP DINODIA
Place : New Delhi Partner
Date : May 26, 2014 M. No. 083689
Mar 31, 2013
1. We have audited the accompanying financial statements of M/S ADDI
INDUSTRIES LIMITED, ("the Company"), which comprise the Balance Sheet
as at 31st March, 2013, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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
5. 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 31st March 2013;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
6. 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.
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 31st March 2013 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31s1 March 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
i) (a) In the earlier years, the fixed assets register of the company
was misplaced and the company was in the process of retrieval of
relevant information. During the year the Company has provided us the
fixed assets register. However the same still needs to be updated in
line with the prescribed requirements.
(b) As explained to us, physical verification of major fixed assets has
been conducted by the management at appropriate intervals. In our
opinion, the program is reasonable having regard to the size of the
Company and the nature of the fixed assets. Further, in view of our
comments in para (a) above, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
(c) During the year, the company has disposed off substantial part of
its fixed assets. However based on the information and explanation
given to us, we are of the opinion that this will not affect the going
concern status of the company.
ii) (a) On the basis of information and explanation provided by the
management, Inventories have been physically verified by the management
during the year. In our opinion, frequency of verification is
reasonable.
(b) In our opinion, frequency and the procedures of physical
verification of inventory followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business.
(c) In our opinion, the company is maintaining the proper records of
inventory except in the case of finished goods. We have been explained
that discrepancies noticed on physical verification as compared to book
records were not material and the same have been properly dealt with in
the books of account. Further, in the case of finished goods, in the
absence of proper records, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
iii) According to the information and explanations given to us, the
company had not granted unsecured loans to the companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly, paragraphs
4(iii) (a), (b), (c) and (d) of the Companies (Auditor''s Report) Order
2003 are not applicable.
According to the information and explanations given to us, the company
had not taken unsecured loans from the companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year. Accordingly, paragraphs 4(iii)
(e), (f) and (g) of the Companies (Auditor''s Report) Order 2003 are not
applicable.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventory, fixed assets, sales of goods. According
to the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations given to us, we are of opinion that the
particulars of contracts or arrangements that need to be entered into a
register maintained under section 301 of the Companies Act, 1956 are
being so entered.
(b) In our opinion and according to explanation given to us,
transactions made in pursuance of contracts and arrangements entered in
the register maintained under Section 301 in respect of any party
during the year have been made at prices which are reasonable having
regard to the prevalent market prices at the relevant time.
vi) The Company has not accepted any deposits during the year from the
public as defined in section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii) According to the information and explanations given to us, we are
of the opinion that the company does not maintain the cost records as
required in accordance with the rules made by the Central Government
for the maintenance of cost records under section 209 (1) (d) of the
Companies Act,1956.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the Company
is generally regular in depositing with appropriate authorities the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State insurance, income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues as applicable to it. There was no undisputed
amount outstanding at the year-end for a period more than six months
from the date they become payable
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of sales
tax, income tax, custom duty, wealth tax, service tax, excise duty and
cess, which have not been deposited on account of any dispute, are as
follows:
S.
No. Name of
the Statute Nature of Amount Period to Forum where
Dues (Rs.) which the the dispute
amt. relates is pending
1 ESI Act ESI 7,742,020 During Civil court
1995-1996 to Ghaziabad
1998-1999
x) The Company has accumulated losses as at 31a March, 2013 which are
less than fifty per cent of its net worth. The company has not incurred
cash losses during the financial year, however has incurred cash losses
in the immediately preceding financial year.
xi) On the basis of information and explanation provided by the
management and test checked by us, the Company has not made any default
in the repayment of dues to the banks. The Company has not availed any
loan from the debenture holders
& financial institution.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
xiii) In our opinion considering the nature of activities carried on by
the company during the year, the provision of any special statue
applicable to chit fund /nidhi/mutual benefit fund/societies are not
applicable to it.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv) On the basis of information and explanation provided, the Company
has not given guarantee for loans taken by other from the bank during
the year.
xvi) The company has not obtained any term loan during the current
financial year.
xvii) According to the information and explanation given to us and on
overall examination of the balance sheet, we report that the company
had temporarily used certain funds raised on short term basis for long
term investment. The company had taken the overdraft against fixed
deposits with banks amounting to Rs. 15,000,000 which was utilized for
giving a capital advance towards acquisition of property at a future
date. However subsequently during the year itself, the said loan was
repaid by the company.
xviii) According to information and explanation given to us, during the
year, the Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) During the year covered by our audit report, the company has not
issued any debentures.
xx) The Company has not raised any money by public issues during the
year.
xxi) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, during the year we have neither come
across any instance of fraud on or by the Company nor have we been
informed of such case by the management.
For S. R. Dinodia & Co.
Chartered Accountants
Regn. No. 01478N
SANDEEP DINODIA
Place : New Delhi Partner
Date : May 23, 2013 M. No. 083689
Mar 31, 2010
We have audited the attached Balance sheet of M/S ADDI INDUSTRIES
LIMITED, as at 31st March 2010, the Profit & Loss Account for the year
ended on that date and the Cash Flow Statement for the year ended on
that date both 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 {as amended
by the Companies (Auditors Report) (Amendment) Order, 2004} issued by
the Central Government of India, in terms of Sub Section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said order.
Further to our comments in the annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 Companys Balance sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as director in term of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii) in the case of the Profit & Loss Account, of the Profit for the
year ended on that date; and
iii) in the case of cash flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our
audit report of even date)
i) (a) The Company is in the process of maintaining fixed asset
register showing full particulars including quantitative details and
situation of fixed assets. As explained to us, records pertaining to
earlier years have been misplaced and work is in progress to retrieve
the relevant information.
(b) As explained to us, physical verification of major fixed assets has
been conducted by the management at appropriate intervals. In our
opinion, the program is reasonable having regard to the size of the
Company and the nature of the fixed assets
Further, in view of the above, the discrepancies, if any, between the
book records and the physical verification has not been ascertained.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
ii) (a) On the basis of information and explanation provided by the
management, Inventories have been physically verified by the management
during the year. In our opinion, frequency of verification is
reasonable.
(b) In our opinion, frequency and the procedures of physical
verification of inventory followed by the management are reason- able
and adequate in relation to the size of the Company and the nature of
its business.
(c) In our opinion, the company is maintaining the proper records of
inventory except in the case of finished goods. We have been explained
that discrepancies noticed on physical verification as compared to book
records were not material and the same have been properly dealt with in
the books of account. Further, in the case of finished goods, in the
absence of proper records, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
iii) According to the information and explanations given to us, the
company had not granted unsecured loans to the companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly, paragraphs 4(iii)
(a), (b), (c) and (d) of the Companies (AuditorÃs Report) Order 2003
are not applicable.
According to the information and explanations given to us, the company
had not taken unsecured loans from the companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year. Accordingly, paragraphs 4(iii)
(e), (f) and (g) of the Companies (AuditorÃs Report) Order 2003 are not
applicable.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commen- surate
with the size of the Company and the nature of its business with regard
to the purchase of inventory, fixed assets, sales of goods. According
to the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations given to us, we are of opinion that the
particulars of contracts or arrangements that need to be entered into a
register maintained under section 301 of the Companies Act, 1956 are
being so entered.
(b) In our opinion and according to explanation given to us,
transactions made in pursuance of contracts and arrangements entered in
the register maintained under Section 301 in respect of any party
during the year have been made at prices which are reasonable having
regard to the prevalent market prices at the relevant time.
vi) The Company has not accepted any deposits during the year from the
public as defined in section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii) According to the information and explanations given to us, the
central government has not prescribed cost records under clause (d) of
sub- section (1) of section 209 of the Companies Act for the product
manufactured by the Company.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the Company
is generally regular in depositing with appropriate authorities the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State insurance, income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues as applicable to it. There was no undisputed
amount out- standing at the year-end for a period more than six months
from the date they become payable except income tax amounting to Rs.
24,988 outstanding for a period more than six months as at 31st March,
2010.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of sales
tax, income tax, custom duty, wealth tax, service tax, excise duty and
cess, which have not been deposited on account of any dispute, are as
follows:
S. No. Name of
the Statute Nature of Amount Period to Forum where
Dues (Rs.) which the the dispute
is
amt.
relates pending
1 ESI Act ESI 7,742,020 During Civil court
1995-1996
to Ghaziabad
1998-1999
2 Trade Tax
Act Entry tax 89,311 2000-2001 Trade tax
tribunal
Ghaziabad
x) The Company has accumulated losses as at 31st March, 2010. The
company has not incurred cash losses during the financial year and also
in the immediately preceding financial year.
xi) On the basis of information and explanation provided by the
management and test checked by us, the Company has not made any default
in the repayment of dues to the banks. The Company has not availed any
loan from the debenture holders & financial institution.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
xiii) In our opinion considering the nature of activities carried on by
the company during the year, the provision of any special statue
applicable to chit fund / nidhi / mutual benefit fund/societies are not
applicable to it.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
xv) On the basis of information and explanation provided, the Company
has not given guarantee for loans taken by other from the bank during
the year.
xvi) The term loan was applied for the purposes for which the loan was
obtained.
xvii) On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments by
the Company.
xviii) According to information and explanation given to us, during the
year, the Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) During the period covered by our audit report, the company has not
issued any debentures.
xx) The Company has not raised any money by public issues during the
year.
xxi) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, during the year we have neither come
across any instance of fraud on or by the Company nor have we been
informed of such case by the management.
For S. R. DinodiaI & Co.
Chartered Accountants
Regn. No. 01478N
Sandeep Dinodia
Place : New Delhi Partner
Date : September 4, 2010 M. No. 083689
Mar 31, 2009
We have audited the attached Balance sheet of M/S ADDI INDUSTRIES
LIMITED, as at 31st March 2009, the Profit & Loss Account for the year
ended on that date and the Cash Flow Statement for the year ended on
that date both annexed thereto. These financial statements are the
responsibility of the CompanyÃs Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (AuditorÃs Report) Order, 2003 {as amended
by the Companies (AuditorÃs Report) (Amendment) Order, 2004} issued by
the Central Government of India, in terms of Sub Section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said order.
Further to our comments in the annexure referred to above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 CompanyÃs Balance sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors
as on 31st March, 2009 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2009 from being appointed as director in term of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
ii) in the case of the Profit & Loss Account, of the Profit for the
year ended on that date; and
iii) in the case of cash flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORSÃ REPORT (Referred to in paragraph 3 of our
audit report of even date)
i) (a) The Company is in the process of maintaining fixed asset
register showing full particulars including quantitative details and
situation of fixed assets. As explained to us, records pertaining to
earlier years have been misplaced and work is in progress to retrieve
the relevant information.
(b) As explained to us, physical verification of major fixed assets has
been conducted by the management at appropriate intervals. In our
opinion, the program is reasonable having regard to the size of the
Company and the nature of the fixed assets
Further, in view of the above, the discrepancies, if any, between the
book records and the physical verification has not been ascertained.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets has been disposed off
by the Company during the year.
ii) (a) On the basis of information and explanation provided by the
management, Inventories have been physically verified by the management
during the year. In our opinion, frequency of verification is
reasonable.
(b) In our opinion, frequency and the procedures of physical
verification of inventory followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business.
(c) In our opinion, the company is maintaining the proper records of
inventory except in the case of finished goods. We have been explained
that discrepancies noticed on physical verification as compared to book
records were not material and the same have been properly dealt with in
the books of account. Further, in the case of finished goods, in the
absence of proper records, the discrepancies, if any, between the book
records and the physical verification has not been ascertained.
iii) According to the information and explanations given to us, the
company had not granted unsecured loans to the companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly, paragraphs
4(iii) (a), (b), (c) and (d) of the Companies (AuditorÃs Report) Order
2003 are not applicable.
(e) During the year, the company had taken unsecured loans from one
party covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs. 50,00,000/- and the year end balance of the loans taken by the
company is Rs. NIL.
(f) The rate of interest and other terms and conditions of unsecured
loan taken by the company are prima facie not prejudicial to the
interest of the company.
(g) The aforesaid loan is repayable at demand. During the year, the
company had repaid the principle and interest accordingly.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventory, fixed assets, sales of goods. According
to the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control systems.
v) (a) Based on the audit procedures applied by us and according to the
information and explanations given to us, we are of opinion that the
particulars of contracts or arrangements that need to be entered into a
register maintained under section 301 of the Companies Act, 1956 are
being so entered. (b) In our opinion and according to explanation
given to us, transactions made in pursuance of contracts and
arrangements entered in the register maintained under Section 301 in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevalent market prices at the relevant
time.
vi) The Company has not accepted any deposits during the year from the
public as defined in section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii) According to the information and explanations given to us, the
central government has not prescribed cost records under clause (d) of
sub- section (1) of section 209 of the Companies Act for the product
manufactured by the Company .
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the Company
is generally regular in depositing with appropriate authorities the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employeesà State insurance, income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues as applicable to it. There was no undisputed
amount outstanding at the year-end for a period more than six months
from the date they become payable except income tax amounting to Rs.
24,988 outstanding for a period more than six months as at 31st March,
2009.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of sales
tax, income tax, custom duty, wealth tax, service tax, excise duty and
cess, which have not been deposited on account of any dispute, are as
follows:
S.
No. Name of the Statute Nature of Amount Period to Forum where
Dues (Rs.) which the the dispute is
amt. relates pending
1 ESI Act ESI 7,742,020 During Civil court
1995-1996 to Ghaziabad
1998-1999
2 Trade Tax Act Entry tax 89,311 2000-2001 Trade tax
tribunal
Ghaziabad
x) The Company has accumulated losses as at 31st March, 2009. The
company has not incurred cash losses during the financial year and also
in the immediately preceding financial year.
xi) On the basis of information and explanation provided by the
management and test checked by us, the Company has not made any default
in the repayment of dues to the banks. The Company has not availed any
loan from the debenture holders & financial institution.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
xiii) In our opinion considering the nature of activities carried on by
the company during the year, the provision of any special statue
applicable to chit fund / nidhi / mutual benefit fund/societies are not
applicable to it.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (AuditorÃs Report) Order, 2003 are not
applicable to the company.
xv) On the basis of information and explanation provided, the Company
has not given guarantee for loans taken by other from the bank during
the year.
xvi) The term loan was applied for the purposes for which the loan was
obtained.
xvii) On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments by
the Company.
xviii) According to information and explanation given to us, during the
year, the Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) During the period covered by our audit report, the company has not
issued any debentures.
xx) The Company has not raised any money by public issues during the
year.
xxi) During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India, during the year we have neither come
across any instance of fraud on or by the Company nor have we been
informed of such case by the management.
For S. R. Dinodia & Co.,
Chartered Accountants
(Sandeep Dinodia)
Place :New Delhi Parnter
Date :03.09.2009 M. No. 083689
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