Mar 31, 2015
We have audited the accompanying financial statements of ADINATH
TEXTILES LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of the
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
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Audit Report) Order, 2015 ("the
order"), issued by central government of India in terms of
sub-section (11) of section 143 of the Companies act, 2013, we give in
Annexure a statement on the matters specified in paragraphs 3 and 4 of
the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164(2) of
the Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial statements as referred to in Note No. 27 to the financial
statements.
ii. The Company did not have any long-term contracts including
derivative contracts on which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the investor Education and Protection Fund by the Company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Adinath
Textiles Limited ('the Company') for the year ended 31 March 2015.
We report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of
its fixed assets by which fixed assets are verified in a phased manner
over a period of three years. In accordance with this programme,
certain fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to
the size of the Company and the nature of its assets.
(ii) (a) The inventory has been physically verified during the year,
by the management. In our opinion the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management, are reasonable & adequate in relation to the size of
the company & the nature of business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks &
the book records were not material.
(iii) (a) According to the information and explanations given to us
and on the basis of our examination of the books of account, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties listed in the register maintained under Section
189 of the Companies Act, 2013. Consequently, the provisions of
clauses iii (b) and iii (c) of paragraph 3 of the order are not
applicable to the Company.
(iv) In our opinio n and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regard to purchase of fixed assets and sale of services. The
activities of the Company do not involve purchase of inventory and the
sale of goods. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) In our opinion and according to the information and explanations
given to us, the company has not accepted deposit with the provisions
of sections 73 to 76 or any other relevant provisions of the Act. No
order has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any court or any other Tribunal.
Therefore, the provisions of clause (v) paragraph 3 of the Companies
(Auditor's Report) Order, 2015, are not applicable to the company.
(vi) As per information & explanation given by the management,
maintenance of cost records is not required to be maintained as
required as per Rule 3 of Companies (Cost Records and Audit) Amendment
Rules, 2014.
(vi i) (a) According to the information and explanations give n to us,
following are the undisputed amounts payable in respect of Statutory
dues including Provident Fund, Sales-tax, are in arrears as at 31
March 2015 for a period of more than six months from the date they
became payable.
Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
Interest on PF/ESI/ Sales Tax 1847720
(b) According to the information and explanations given to us, the
disputed statutory dues aggregating to Rs. 1500000/- that have not
been deposited on account of matters pending before the appellate
authorities in respect of custom duty and excise duty are as follows.
Sr. Forum where Nature Disputed
No. dispute is pending of Dues Amount (Rs.)
1. Commissioner Central Penalty 10,00,000**
Excise & Customs,
Chandigarh
** Note: However Rs. 500000/- has been deposited under protest.
(c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules
made there under.
(viii) In our opinion and according to the information and
explanations given to us, the Company does not have accumulated losses
at the end of the financial year and have not incurred cash losses in
the financial year and in the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(x) Based on our examination of documents and records and according to
the information and explanations given to us, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported
during the course of our audit.
For DASS KHANNA & Co.
Chartered Accountants
Firm's Reg. No. 000402N
Place : Ludhiana CA RAKESH SONI
Date : 28-05-2015 Partner
Membership No. 083142
Mar 31, 2014
We have audited the accompanying financial statements of Adinath
Textiles limited ("the Company"), which comprises the Balance sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 (the
"Act") read with the General Circular 15/2013 dated 13th September 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India: (i) in the case of the Balance Sheet, of the state of affairs of
the Company as at 31 March 2014; (ii) in the case of the Profit and
Loss Statement, of the profit for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, 1956 and sub-section
(11) of section 143 of the Companies Act, 2013, 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, Profit and Loss Statement and Cash Flow Statement
dealt with by this Report are in agreement with the books of account
and records;
d) In our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 read with the General Circular 15/2013 dated
13th September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956 and sub-section 164 of the
Companies Act, 2013.
Annexure to the Auditors'' Report The Annexure referred to in our report
to the members of Adinath Textiles Limited (''the Company'') for the year
ended 31 March 2014. We report that: (i) (a) The Company has maintained
proper records showing full particulars, including quantitative details
and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(c) Fixed assets disposed off during the year were not substantial, and
therefore, do not affect the going concern assumption.
(ii) (a) The inventory has been physically verified during the year, by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management, are reasonable & adequate in relation to the size of
the company & the nature of business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks & the
book records were not material.
(iii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) The Company has taken unsecured loans from companies, firms or
parties covered in the register maintained under section 301 of the
Act. There is only one party covered in the register maintained under
section 301 of the Act. The maximum amount involved during the year &
year end balance of loan is Rs. 3,05,620/- (c) In our opinion, the rate
of interest and other terms and conditions on which loans have been
taken by the company are not prima facie prejudicial to the interest of
company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
(v) (a) In our opinion and according to the information and
explanations given to us, we are of the opinion that particulars of the
contracts or arrangements, referred to in section 301 of the Act have
been entered in to the register maintained under section 301 of the
Companies Act, 1956 and Section 189 of the companies Act, 2013,
(b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Companies Act, 1956 and Section 189 of the Companies Act,
2013, does not exceeds five lacs rupees in a financial year therefore
requirement of reasonableness of transactions does not arises.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposit with the provisions
of sections 58A and 58AA or any other relevant provisions of the Act
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal. Therefore, the provisions of
clause 4(vi) of the Companies (Auditor ''s Report) Order, 2003, are not
applicable to the company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
(viii) As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956 and Section 128 read with Section 2(13) of the
Companies Act, 2013, we are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
not, however, carried out a detailed examination of the same.
(ix) (a) According to the information and explanations given to us,
following are the undisputed amounts payable in respect of Provident
Fund, Sales-tax, are in arrears as at 31 March 2014 for a period of
more than six months from the date they became payable.
Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
Intt. On PF/ESI/
Sales Tax 1342158
(b) According to the information and explanations given to us, the
disputed statutory dues aggregating to RS 1695001 /- that have not been
deposited on account of matters pending before the appellate
authorities in respect of custom duty and excise duty are as follows.
Sr. Forum where Nature Disputed
No. dispute is pending of Dues Amount (Rs.)
1. Commissioner Central Penalty 15,00,000**
Excise & Customs,
Chandigarh
** Note: However Rs. 500000/- has been deposited under protest.
(x) The Company has accumulated losses at the end of the financial year
which is not more than company''s Net Worth and has not incurred cash
losses in the financial year and in the immediately preceding financial
year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) Based on our examination of documents and records and according
to the information and explanations given to us, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/ mutual benefit
fund/ society.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) The Company has not raised any funds on short- term basis.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For DASS KHANNA & Co.
Chartered Accountants
Firm''s Reg. No. 000402N
Place : Ludhiana RAKESH SONI
Date : 26-05- 2014 Partner
Membership No. 083142
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Adinath
Textiles Limited (''the Company'') which comprise the balance sheet
as at 31st March 2013, the profit and loss statement and the cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the profit and loss statement, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw attention to note no. 16 to financial statements i.e. trade
receivables amounting to RS. 1,51,58,488.89/- (previous year -
1,51,58,488.89) on which provision has been made of Rs. 85,10,000/-
(previous year - 22,10,000) which are outstanding for more than three
years from the date they are due for payable.
The company didn''t appoints a Whole time Company Secretary as
required by section 383A of companies act,1956.
our opinion is not qualified in respect to this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order"), as amended, 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: We
further report :
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, Profit and Loss Statement 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 Statement and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
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 the Auditors'' Report
The Annexure referred to in our report to the members of Adinath
Textiles Limited (''the Company'') for the year ended 31st March
2013. We report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(c) Fixed assets disposed off during the year were not substantial, and
therefore, do not affect the going concern assumption.
(ii) (a) The inventory has been physically verified during the year, by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventories followed by
the management,are reasonable& adequatein relation to the sizeof the
company & the nature of business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks & the
book records ,were not material.
(iii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) The Company has taken unsecured loans from companies, firms or
parties covered in the register maintained under section 301 of the
Act. There is only one party covered in the register maintained under
section 301 of the Act. The maximum amount involved during the year &
yearend balance of loan is Rs. 3,05,620/-
(c) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken by the company are not prima facie
prejudicial to the interest of company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
(v)(a) In our opinion and according to the information and explanations
given to us, we are of the opinion that particulars of the contracts or
arrangements referred to in section 301 of the Act have been entered in
to the register maintained under section 301 of the Companies Act.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposit with the provisions
of sections 58A and 58AA or any other relevant provisions of the Act
and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
(viii) As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
(ix) (a) According to the information and explanations given to us,
following are the undisputed amounts payable in respect of Provident
Fund, Sales-tax, are in arrears as at 31 March 2013 for a period of
more than six months from the date they became payable.
Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
Intt. On PF/ESI/ Sale Tax 1342158
(b) According to the information and explanations given to us, the
disputed statutory dues aggregating to RS 1695001 /- that have not been
deposited on account of matters pending before the appellate
authorities in respect of custom duty and excise duty are as follows.
Sr. Forum where Nature Disputed
No. dispute is pending of Dues Amount (Rs.)
Commissioner Central
1. Excise Customs, Penalty 15,00,000
Chandigarh
** Note: However Rs. 500000/- has been deposited under protest
(x) The Company has accumulated losses at the end of the financial year
which is not more than company''s Net Worth and has not incurred cash
losses in the financial year and in the immediately preceding financial
year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(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.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/ mutual benefit
fund/ society.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) The Company has not raised any funds on short-term basis.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For DASS KHANNA & Co.
Chartered Accountants
Firm''s Reg. No. 000402N
Place : Ludhiana (RAKESH SONI)
Date : 29-05-2013 Partner
Membership No.: 083142
Mar 31, 2012
A) We have audited the attached Balance Sheet of ADINATH TEXTILES
LIMITED, as at 31st March, 2012,Statement of Profit and Loss & 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.
b) 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.
c) As required by The Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of The Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
d) Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary forthe purposes of
our audit;
(ii) 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. Though the net worth of the company has become negative
(also refer to note no. 26 of notes to accounts) and the company have
been declared as a Sick by BIFR and the draft rehabilitation package,
as submitted through SBI (OA), is pending before the Honb'le BIFR.
(iii) The Balance Sheet and Profit and Loss Statement dealt with by
this report, are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit & Loss Statement
dealt with by this report, comply with the accounting standards
referred to in sub-section (3C) of the section of The Companies Act,
1956.
(v) On the basis of written representation received from directors on
31st march 2012 and taken on record by the board of directors, we
report that none of the directors is disqualified as on 31 * March 2012
from being appointed as a director in term of clause (g) of sub section
(1) of sec 274 of Companies Act, 1956.
(vi) We report that:-
1. We are unable to express our opinion regarding realization of trade
receivables amounting RS 12948488.89/- (previous year -15426957) which
are due for more than three years. However in the opinion of the
management the said amount is recoverable, hence no provision has been
made against the same.
2. Company is not having any whole time Company Secretary.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with the
significant Accounting Policies & Notes thereon, 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 31" March, 2012; and
b) In the case of Profit and Loss statement of the Profit for the
period ended on that date.
c) I n the case of Cash Flow Statement of the Cash Rows for the period
ended on that date.
(REFERRED TO IN PARAGRAPH (3) OF OUR REPORT EVEN DATE ON THE STATEMENT
OF ACCOUNTS FOR ADINATH TEXTILES LIMITED AS AT AND FOR THE YEAR ENDED
31ST MARCH, 2012.) (i) (a) The company has maintained proper records
showing full particulars including quantitative details and situation
of fixed; assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification,
which, in our opinion, is reasonable, having regard to the size of the
company and the nature of its business. No material discrepancies were
noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets
which could effect it's going concern.
(ii) (a) The inventory has been physically verified during theyear. by
the management. In purr opinion, the frequency of verification 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records, were not material. (iii) (a) The company has not
granted loans, secured or unsecured to companies, firms or other
related covered in the register maintained under section 301 of the
Act.
(b) The company has not taken loans from the parties covered in the
register maintained under section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls. (v) According to the information and
explanations given to us, we are of the opinion that there was no
contracts or arrangements that need to be entered in to the register
maintained under section 301 of the Companies Act. (vi) In our opinion
and according to the information and explanations given to us, the
company has not accepted deposit with the provisions of sections 58Aand
58AAor any other relevant provisions of the Act and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
court orany other Tribunal.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the accounts & records maintained by
the company in pursuant to the rule made by the Central Government for
maintenance of cost records under section 209(1) of the companies Act,
1956. We are of the opinion that prima facie the prescribed accounts
and records have been made & maintained.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed, However company is irregular in depositing
sales tax. The extent of arrear outstanding as at 31ð March 2011 for a
period of more than six month from the date they become payable are as
under-
Nature of Dues Amount in (Rs.)
Sales Tax 22,77,956
Entry Tax 37,798
Intt. on PF/ESI / Sale Tax 13,42,158
(b) According the records of the company, the disputed statutory dues
aggregating to Rs. 16,95,001/- that have not been deposited on account
of matters pending before the appellate authorities in respect of
custom duty and excise duty are as follow
(x) In our opinion, the company has accumulated losses more than its
net worth.
(xi) In our opinion and according to the information and explanations
given to us, there is not default w.r.t. to debenture holders.
(xii) Vfe are of the opinion that the company has not granted loans
and advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi
/mutual benefit fund/ society.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investment.
(xv) In our opinion, and according to the information and explanations
given to us the company has not given guarantees for bans taken by
others from banks or financial institutions.
(xvi) During the year company has not raised any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to a parties
covered in the register maintained under section 301 of the Act which
arenot prejudicial to the interest of the company.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) According to the information and explanations given to us, the
company has not raised money by public issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or re ported during the
course of our audit.
FOR DASS KHANNA & CO.
CHARTERED ACCOUNTANTS
Registration No.000402N
PLACE :LUDMANA (RAKESHSONI)
DATED: 30-08-2012 PARTNER
M.NO. 083142
Mar 31, 2010
A) We have audited the attached balance sheet of ADINATH TEXTILES
LIMITED, as at 31st March, 2010, the profit and loss account and also
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.
b) 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 disclosure 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.
c) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
d) Further to our comments in the Annexure referred to 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 account as required by law
have been kept by the company as 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 account. Though the net worth of the company has become
negative (also refer to Note no. 9 of Annexure-M), and the company have
been declared as a Sick by BIFR and the draft rehabilitation package,
as submitted through SBI (OA), is pending before the Honble BIFR.
(iv) 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; (v) On the basis of written representation
received from directors on 31 March,2010 and taken on record by the
board of directors ,we report that none of the directors is
disqualified as on 31 March,2010 from being appointed as a director in
terms of clause (g) of sub section (1) of section 274 of Companies
Act,1956. (vi) We report that:-
1. We are unable to express our opinion regarding realization of
sundry debtors amounting Rs.12102399/- (Previous year Rs.12216509/-)
which are due for more than three years. However in the opinion of the
management the said amounts is recoverable, hence no provision has been
made against the same.
2. Company is not having any whole time Company Secretary.
We further report:
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts subject to above and read
together with notes on accounts as per Annexure M there on 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 and loss account, 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.
(REFERRED TO IN PARAGRAPHGRAPH (3) OF OUR REPORT EVEN DATE ON THE
STATEMENT OF ACCOUNTS FOR ADINATH TEXTILES LIMITED AS AT AND FOR THE
YEAR ENDED 31st MARCH, 2010.) (i) (a) The company has maintained proper
records showing full particulars including quantitative details and
situation of fixed assets.
(b) AH the assets have not been physically verified by the management
during the year but there is a regular programme of verification 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) During the year, the company has not disposed off a major part of
the plant and machinery, which affected the going concern status of the
company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification 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) The company is maintaining proper records of inventory. No
discrepancies noticed on verification between the physical stocks and
the book records.
(iii) (a) The company had taken loan from 3 parties listed in the
register maintained under section 301 of the Companies Act,1956.The
maximum amount involved during the year was Rs.80.55 lacs and the year
end balance of loans taken was Rs.33.06 lacs. The company has not
granted loans secured or unsecured to the parties listed in the
register maintained under section 301 of the Companies Act, 1956.
(b) In our opinion , the rate of interest and other terms and
conditions on which loans have been taken from parties listed in the
register maintained under section 301 of the companies Act , 1956 are
not , prima facie, prejudicial to the interests of the company.
(c) The company is regular in repaying the principal amounts as
stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course, of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls. (v) According to the information and
explanations given to us, we are of the opinion that there was no
contract or arrangements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposited from public
during the year within the meaning of section 58A, 58AA or any other
provisions of the Act and the Companies Act, 1956 and the ruled framed
there under.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed, However company is irregular in depositing
sales tax, House Tax .The extent of arrear outstanding as at 31ð March
2010 for a period of more than six month from the date they become
payable are as under-
Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
Intt. on PF/ESI /SaleTax 1342158
(a) According the records of the company, the disputed statutory dues
aggregating to Rs. 16,95,001 /- that have not been deposited on account
of matters pending before the appellate authorities in respect of
custom duty and excise duty are as follow:
Forum where dispute is pending Nature of Dues Disputed
Amount (Rs.)
Adl. Commissioner of Customs Duty, Interest & 1.95.001
Penalty
Commissioner Central Excise & Penalty 15.00.000**
Customs, Chandigarh
* * Note: However Rs. 500000/- has been deposited under protest.
(x) The accumulated losses of the company are more than of its
networth.
(xi) In our opinion and according to the information and explanations
given to us, there is no default w.r.t to debenture holders.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a Nidhi /Mutual benefit fund/
society.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investment.
(xv) According to the information and explanations given to us the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) During the year company has not raised any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us,
during the year company has not made preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) According to the information and explanations given to us, the
company has not issued any debentures during the year under audit.
(xx) The company has not raised any money by way of public issue during
the year.
(xxi) 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 course of our audit.
FOR DASS KHANNA &. Co.,
CHARTED ACCOUNTANTS
PLACE: LUDHIANA (RAKESHSONI)
DATED: 14-08-10 PARTNER
M.NO. 83142
Mar 31, 2009
A) We have audited the attached balance sheet of ADINATH TEXTILES
LIMITED, as at 31st March, 2009, the profit and loss account and also
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
b) We conducted our audit in accordance with the auditing standards
generally accepted in India, Those Standards requre that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material m statement. An audit
inciudes examining, on a test basis, evidence supporting he amount;
and disclosure 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 thai our audit provides a reasonable basis for
our opinion
c) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act. 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
d) Further to our comments in the Annexure referred to 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 account as required by law
have been kept by the company as 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
account. Though the net worth of the company has become negative (also
refer to Note no. 9 of Annexuie-M), and the company have been declared
as a Sick by 8IFR and the draft rehabilitation package, as submitted
through SBI (OA), is pending before the Honble BIFR
(iv) 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; (v) On the basis of written representation
received from directors on 31 March,2009 and taken on record by the
board of directors ,we report that none of the directors is
disqualified as on 31 March,2009 from being appointed as a director in
terms of clause (g) of sub section (1) of section 2 74 of Companies
Act, 1956, (vi) We report that;-
1 We are unable to express our opinion regarding realization of sundry
debtors amounting Rs,12216509/-
(Previous year Rs 12594322/-) which are due for more than three years.
However in the opinion of the management the said amounts is
recoverable, hence no provision has been made against the same,
2. Company is not having any whole time Company Secretary.
We further report;
In our opinion and to the best of our intormaton and according to the
explanations given to us, the aid accounts subject to above read
together with notes on accounts as per Annexure M there on give the
inforrnation 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 31 st March, 2009
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in case of the cash flow statement, of the cash flows tor the year
ended on that date
(REFERRED TO IN PARAGRAPHGRAPH (3) OF OUR REPORT EVEN DATE ON THE
STATEMENT OF ACCOUNTS FOR ADINATH TEXTILES LIMITED AS AT AND FOR THE
YEAR ENDED 31" MARCH, 2009)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification 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) During the year, the company has not disposed off a major part of
the plant and machinery, which affected the going concern status of the
company.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification 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) The company is maintaining proper records of inventory. No
discrepancies noticed on verification between the physical stocks and
the book records.
(iii) (a) The company had taken loan from 6 parties listed in the
register maintained under section 301 of the Companies Act, 1956.The
maximum amount involved during the year was Rs.163.97 lacs and the year
end balance of loans taken was Rs. 49.56 lacs. The company has not
granted loans secured or unsecured to the parties listed in the
register maintained under section 301 of the Companies Act, 1956.
(b) In our opinion .the rate of interest and other terms and conditions
on which loans have been taken from parties listed in the register
maintained under section 301 of the companies Act, 1956 are not, prima
facie, prejudicial to the interests of the company.
(c) The company is regular in repaying the principal amounts as
stipulated.
(d) The company had not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act (iv) In our opinion and according to the
information and explanations given to us, there are adequate internal
control procedures commensurate with the size of the company and the
nature of its business with regard to purchases of inventory, fixed
assets and with regard to the sale of goods and services. During the
course, of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) According to the information and explanations give to us, we are of
the opinion that there was no contract or arrangements that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposited from public
during the year within the meaning of section 58A, 58AA or any other
provisions of the Act and the Companies Act, 1956 and the ruled framed
there under.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix)(a) The company is regular in depositing with appropriate
authorities undisputed, However company is irregular in depositing
sales tax, House Tax The extent of arrear outstanding as at 31st March
2009 for a period of more than six month from the date they become
payable are as under-
Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
ESI 70621
Inlt. on PF/ESI / Sale Tax 1342158
(b) According the records of the company, the disputed statutory dues
aggregating to Rs. 16,95,001/- that have not been deposited on account
of matters pending before the appellate authorities in respect of
custom duty and excise duty are as follow:
Forum where dispute is
pending Nature of Dues Disputed
Amount (Rs)
Adl. Commissioner of Customs Duty, Interest & .
Penalty 1.95.001
Commissioner Central
Excise & Penalty 15,00,000**
Customs, Chandigarh
**Note : However Rs. 5,00,000/- has been deposited under protest
(x) The accumulated losses of the company are more than of its net
worth.
(xi) In our opinion and according to the information and explanations
given to us, there is no default w.r.t to debenture holders.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a Nidhi / Mutual benefit fund
/ society.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investment.
(xv) According to the information and explanations given to us the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) During the year company has not raised any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information and explanations given to us,
during the year company has not made preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act
(xix) According to the information and explanations given to us, the
company has not issued any debentures during the year under audit.
(xx) The company has not raised any money by way of public issue during
the year.
(xxi) 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 course of our audit.
FOR DASS KHANNA & CO
CHARTERED ACCOUNTANTS
PLACE LUDHIANA (RAKESHSONI)
DATED: 21-08-09 PARTNER
M.NO. 83147
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