Mar 31, 2018
Report on the Standalone ind AS Financial Statements
We have audited the accompanying standalone ind AS financial statements of ASI Industries Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act.
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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs (financial position) of the Company as at 31st March, 2018, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016 dated 30th May, 2017 and 28th May, 2016 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion on the standalone Ind AS financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorsâ Report) Order, 2016 (âthe orderâ) issued by the Government of India in terms of sub section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure-i a statement on the matters specified in the paragraph 3 and 4 of the said 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, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of accounts
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operative effectiveness of such controls, refer to our separate Report in Annexure -ii.
g) With respect to the other matters to be included in the Auditorsâ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has no pending litigation as on 31 st March, 2018 which would impact the financial position of the company.
ii. The Company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any on long term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.
Referred to in paragraph 1 of Report on other Legal and Regulatory Requirements of the independent Auditorsâ Report of even date to the members of AsI iNDUsTRiEs LIMITED (âthe Companyâ), on the financial statements for the year ended 31st March 2018,
(i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
b) The company has a procedure for physical verification of fixed assets at reasonable intervals and in accordance with that the fixed assets have been physically verified by the management during the year. This procedure is reasonable having regard to the size of the company and nature of its assets. No material discrepancies have been noticed on such verification.
c) According to the information & explanation given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of company.
(ii) a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.
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) On the basis of our examination of records of inventory, we are of the opinion that 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) As informed to us, the Company has not granted any loans, secured or unsecured except advances and payments for goods and services not in the nature of loans, to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013, during the year under audit.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, in respect of grant of loans, making investments and providing guarantees and securities.
(v) According to the information & explanation given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of clause (v) of Paragraph 3 of the order are not applicable to the company.
(vi) We have broadly reviewed the cost records maintained by the company pursuant to Companies (Cost records and Audit) Rules, 2014 prescribed by the Central Government under section 148(1) (d) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained. We have however not, made a detailed examination of cost records with a view to determine whether they are accurate or complete.
(vii) a) As per information and explanations given to us and the records of the company examined by us, in our opinion, undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Value Added Tax, GST, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues, to the extent applicable to it, have generally been regularly deposited with the appropriate authorities and there are no undisputed dues outstanding as on 31st March, 2018 for a period of more than six months from the date they became payable
b) According to the information and explanations given to us and necessary audit procedures performed by us, statutory dues which have not been deposited on account of any dispute, are as follows -:
name of the Statute |
nature of Dues |
amount (Rs. In lakhs) |
period to which the amount relates |
Forum where the dispute is pending |
Cess Matters |
Land Tax Royalty |
35.22 2.75 |
2006-2013 1990-91 to 1993-94 |
Revenue Dept. Mining Dept./ High Court |
According to the information and explanations given to us and the records of the company examined by us, there are no dues of Provident Fund, Income Tax, Sales Tax, Value Added Tax, GST, Service Tax, Custom Duty, Excise Duty which have not been deposited on account of any dispute.
(viii)According to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to financial institutions, banks and Government. The company did not have any outstanding debentures during the year.
(ix) The company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. Term Loans taken by the company have been utilised for the purposes for which they were obtained.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations given to us, the company has paid /provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause (xii) of paragraph 3 of the Order is not applicable.
(xiii)According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with the Sections 177 and 188 of the Companies Act, 2013, where applicable and details of transactions with the related parties have been disclosed in the Standalone Ind AS financial statements as required by applicable Accounting Standard.
(xiv)According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Therefore clause (xiv) of Paragraph 3 of the order is not applicable to the company.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, clause (xv) of Paragraph 3 of the order is not applicable to the company.
(xvi)According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
annexure - ii To THE iNDEpENDENT AUDITORsâ report
(REFERRED TO IN PARAGRAPH 2(f) under âReport on Other Legal and Regulatory Requirementsâ in the independent Auditorsâ Report of even date to the members of ASI INDUSTRIES LIMITED for the year ended on 31st March, 2018)
Report on the internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of ASi INDUSTRIES LIMITED (âthe Companyâ), as of 31st March, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India (the âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit conducted in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal Financial Controls. Those standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsâ judgement, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the companyâs internal financial control system over financial reporting.
Meaning of internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
inherent Limitations of internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note.
For S.C. Bandi & Co.
Chartered Accountants
(FRN: 130850W)
(S.C. Bandi)
Place: Mumbai Proprietor
Date: 26th May, 2018 Mem. No. - 16932
Mar 31, 2016
To the Members of
Associated Stone Industries (Kotah) Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Associated Stone Industries (Kotah) Limited
(''the Company''), which comprise the balance sheet as at 31 March 2016, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure -Aâ, a statement on the matters specified in the paragraph 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 standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on 31 March 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure - Bâ; and
(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. there were no pending litigation which would impact the financial position of the Company;
ii. the Company did not have any long term contract including derivative contract for which there were any material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE - A TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 1 of Report on other Legal and Regulatory Requirements of the Independent Auditors'' Report of even date to the members of Associated Stone Industries (Kotah) Limited on the financial statements for the year ended 31 March 2016,
(i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
b) The Company has a procedure for physical verification of fixed assets at reasonable intervals and in accordance with that the fixed assets have been physically verified by the management during the year. This procedure is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies have been noticed on such verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) a) The physical verification of inventory has been conducted at reasonable intervals by the management during the year.
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) On the basis of our examination of records of inventory, we are of the opinion that 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) As informed to us, the Company has not granted any loans, secured or unsecured except advances and payments for goods and services not in the nature of loans, to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013, during the year under audit.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
(v) The Company has not accepted any deposits from the public within the meaning of Sections 73 and 74 of the Act and the rules framed there under to the extent notified.
(vi) We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Government of India, the maintenance of cost records has been specified under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
(vii) (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 regular in depositing the undisputed statutory dues, including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of cess and dues of income tax as at 31 March 2016 which have not been deposited on account of a dispute, are as follows:
Name of the statute |
Nature of dues |
Amount (Rs. in Lacs) |
Period to which the amount relates |
Forum where dispute pending |
Cess Matters |
Land Tax Royalty |
35.22 2.75 |
2006-2013 1977-78,199091, 199293,1993-94 |
DIG Registration & Stamp Mining Dept./ High Court |
Income Tax |
Income Tax Demand |
6.48 |
2007-08 |
CIT(Appeal) |
According to the information and explanations given to us and the records of the Company examined by us, there are no dues of duty of sales tax, wealth tax, service tax or customs duty, excise duty or value added tax which have not been deposited on account of any dispute.
(viii) The Company has not defaulted in repayment of loans or borrowing to a financial institutions, banks, Government or dues to debenture holders.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year, the term loan raised during the year have been applied for the purpose for which they were obtained.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Associated Stone Industries (Kotah) Limited (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For B. L. Ajmera & Co.
Chartered Accountants
(FRN: 001100C)
(Venkatesan Chandra mouli)
Place: Mumbai Partner
Date: 28 May, 2016 Mem. No. 010054
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Associated Stone Industries (Kotah) Ltd. ('the Company'), which
comprise the balance sheet as at 31st March 2015, the statement of
profit and loss and the cash flow statement for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation of these standalone
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India ,of the state of affairs of the Company as
at 31 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 (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. There were no pending litigation which would impact the financial
position of the Company.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Referred to in paragraph 1 of Report on other Legal and Regulatory
Requirements of the Independent Auditors' Report of even date to the
members of Associated Stone Industries (Kotah) Limited on the financial
statements for the year ended 31 March 2015.
(i) a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Company has a procedure for physical verification of fixed
assets at reasonable intervals and in accordance with that the fixed
assets have been physically verified by the management during the year.
This procedure is reasonable having regard to the size of the Company
and nature of its assets. No material discrepancies have been noticed
on such verification.
(ii) a) The physical verification of inventory has been conducted at
reasonable intervals by the management during the year.
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) On the basis of our examination of records of inventory, we are of
the opinion that 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) As informed to us, the Company has not granted any loans, secured
or unsecured except advances and payments for goods and services not in
the nature of loans, to companies, firms or other parties listed in the
register maintained under section 189 of the Companies Act, 2013,
during the year under audit.
(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 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
control system.
(v) The Company has not accepted any deposits from the public within
the meaning of Sections 73 and 74 of the Act and the rules framed there
under to the extent notified.
(vi) We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Government of India, the maintenance of cost records has been specified
under sub-section (1) of Section 148 of the Act, and are of the opinion
that, prima facie, the prescribed accounts and records have been made
and maintained. We have not, however, made a detailed examination of
the records with a view to determine whether they are accurate or
complete.
(vii) (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 regular in depositing the undisputed statutory dues, including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax , cess and other material statutory dues, as applicable, with the
appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of cess and dues
of income tax as at 31st March 2015 which have not been deposited on
account of a dispute , are as follows.
Name Nature of Amount Period to which
of the dues (Rs. in lacs) the amount
statute relates
Cess Land Tax 35.22 2006-2013
Matters
Royalty 2.75 1977-78,1990-
91,1992- 93,1993-94
Income Income Tax 6.48 2007-08
Tax Demand
Name of the Statute Forum where dispute pending
Cess Matters DIG Registration & Stamp
Mining Dept./High Court
Income Tax CIT(Appeal)
According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of duty of
sales tax, wealth tax , service tax or Customs duty , excise duty or
value added tax which have not been deposited on account of any
dispute.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the Investors
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 ( 1 of 1956) and rules there
under has been transferred to such fund within time.
(viii) The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayments to financial
institutions, banks or debenture/ bond holders.
(x) According to the information and explanations given to us, the
Company has not given any guarantees for the loans taken by others from
banks or financial institutions during the year.
(xi) In our opinion, and according to the information and explanations
given to us, the term loans have been applied, on an overall basis, for
the purposes for which they were obtained.
(xii) According to the information and explanations given to us and
based on the audit procedures performed by us, no fraud on or by the
Company has been noticed or reported during the course of our audit
For B. L. Ajmera & Co.
Chartered Accountants
(FRN: 001100C)
Place: Mumbai (C. Venkatesan)
Dated: 30th May, 2015 Partner
Mem. No.010054
Mar 31, 2014
We have audited the accompanying financial statements of Associated
Stone Industries (Kotah) Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flow of the Company in accordance with
the accounting principles generally accepted in India including
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, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement 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 flow for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1) In respect of its Fixed Assets:
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets of the Company are physically verified by the
management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and nature of its assets.
Pursuant to such programme, a physical verification was carried out
during the year and this revealed no material discrepancies.
c) During the year, the Company has not disposed off substantial part
of fixed assets and the going concern status of the Company is not
affected.
2) In respect of its inventories:
a) The inventory lying at all location except in transit and third
parties 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 nature of its business.
c) On the basis of our examination of the records we are of the opinion
that the Company is maintaining proper records of inventory. Physical
inventory of traded items are not maintained as the traded goods are
directly delivered to the customers.
d) The discrepancies noticed on physical verification were not material
and the same have been properly dealt with in the books of accounts.
3) According to the information and explanations given to us, the
Company has not granted or taken any loans, secured/ unsecured to/from
Companies, Firm or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for the sale of
goods.
During the course of our audit, no major weakness has been noticed in
the internal controls.
5) In respect of contracts or agreements referred to in section 301 of
the Companies Act, 1956:
a) On the basis of representation made by the management and scrutiny
of books of accounts carried out by us, the information that need to be
entered in the Register in pursuance of Section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions during the year exceeding the value of five
lakh rupees in respect of any party which required to be entered in the
register u/s 301 of Companies Act, 1956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6) In our opinion and according to the information and explanations
given to us the Company has compiled with the directives issued by the
Reserve Bank of India and the provision of Section 58A and 58AA of the
Act and the Companies (Acceptance of Deposit) Rules, 1975 with regard
to the deposits accepted from the public. As per information and
explanations given to us, no order under the aforesaid sections has
been passed by the Company Law Board on the Company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) In our opinion the company has maintained Cost records prescribed
under Section 209 (1) (d) of the Act.
9) In respect of statutory dues:
a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection fund, employees'' state
insurance, income-tax, wealth tax, sales tax, customs duty, excise duty
and other material statutory dues as applicable, have been regularly
deposited by the Company during the year with the appropriate
authorities.
b) As at March 31, 2014, according to the records of the Company and
the information and explanations given to us, the following are the
particulars of disputed dues (provided/contingent liability, as
appropriate) on account of sales-tax, income-tax, custom duty,
wealth-tax, service tax, excise duty and cess matters that have not
been deposited on account of a dispute.
Name of the Nature Amount Period to which Forum where
statute of the (Rs. in the amount dispute is
dues Lacs) relates pending
Sales Tax Act Entry Tax 242.77 January 2007 High Court
to March 2013
Cess Matters Land Tax 234.53 2006 to 2013 DIG Registration
& Stamps /
High Court
Royalty 8.61 1977-78,1990-91, Mining Dept.
1992-93,1993-94 High Court
Income Tax Income Tax 6.48 2007-08 CIT (Appeal)
Demand
10) The Company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated loss.
11) The Company has not defaulted in repayment of dues to financial
Institution / Bank / Debenture holders.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company is not a chit fund, nidhi or mutual benefit fund /
society.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution, the terms & conditions, whereof,
in our opinion, are prima facie prejudicial to the interest of the
Company
16) According to the information and explanation given to us, term
loans availed by the Company were prima facie, applied during the year
for the purposes for which the loans were obtained.
17) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have prima facie, been not used
during the year for long term investment and vice versa.
18) The Company has not made any issue of shares during the year.
19) The Company has not issued debenture during the year.
20) The Company has not made any public issue during the year.
21) During the year a fraud on the Company by third party has been
noticed, in the nature of fraudulent sale of land amounting to Rs 17.10
Lacs to the Company by third party.
For B. L. Ajmera & Co.
Chartered Accountants
(FRN:001100C)
Place: Mumbai (C. Venkatesan)
Dated: 9th May, 2014 Partner
Membership No.010054
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Associated
Stone Industries (Kotah) Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, the Statement of Profit and Loss
and Cash Flow Statement for the year 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 flow of the Company in accordance with
the accounting principles generally accepted in India including
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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 201 3;
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 flow for the
year ended on that date.
Report on Other Leoal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
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 AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1) In respect of its fixed assets:
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets of the Company are physically verified by the
management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and nature of its assets.
Pursuant to such programme, a physical verification was carried out
during the year and this revealed no material discrepancies.
c) During the year, the Company has not disposed off substantial part
of fixed assets and the going concern status of the Company is not
affected.
2) In respect of its inventories:
a) The inventory lying at all location except in transit and third
parties 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 nature of its business.
c) On the basis of our examination of the records we are of the opinion
that the Company is maintaining proper records of inventory. Physical
inventory of traded items are not maintained as the traded goods are
directly delivered to the customers.
d) The discrepancies noticed on physical verification were not material
and the same have been properly dealt with in the books of accounts.
3) According to the information and explanations given to us, the
Company has not granted or taken any loans, secured / unsecured to /
from Companies, Firm or other parties covered in the Register
maintained under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5) In respect of contracts or agreements referred to in section 301 of
the Companies Act, 1956:
a) On the basis of representation made by the management and scrutiny
of books of accounts carried out by us, the information that need to be
entered in the Register in pursuance of Section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions during the year exceeding the value of five
lakh rupees in respect of any party which required to be entered in the
register u/s 301 of Companies Act, 1 956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6) In our opinion and according to the information and explanations
given to us the Company has compiled with the directives issued by the
Reserve Bank of India and the provision of Section 58A and 58AA of the
Act and the Companies (Acceptance of Deposit) Rules, 1975 with regard
to the deposits accepted from the public. As per information and
explanations given to us, no order under the aforesaid sections has
been passed by the Company Law Board on the Company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) In our opinion the company has maintained Cost records prescribed
under Section 209 (1) (d) of the Act.
9) In respect of statutory dues:
a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection fund, employees'' state
insurance, income-tax, wealth tax, sales tax, customs duty, excise duty
and other material statutory dues as applicable, have been regularly
deposited by the Company during the year with the appropriate
authorities.
b) As at March 31, 2013, according to the records of the Company and
the information and explanations given to us, the following are the
particulars of disputed dues (provided / contingent liability, as
appropriate) on account of sales-tax, income-tax, custom duty,
wealth-tax, service tax, excise duty and cess matters that have not
been deposited on account of a dispute -
Name of the Nature Amount
statute of the (Rs. /
dues Lacs)
Sales Tax Act Entry Tax 302.33
Cess Matters Land Tax 234.53
Royalty 8.61
Name Period to which Forum where
the amount dispute is
relates pending
Sales Tax Act January 2007 High Court
to March 2013
Sales Tax Act 2006 to 2013 DIG Registration &
Stamps / High Court
1977-78,
1990-91, Mining Dept.
1992-93, High Court
1993-94
10) The Company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated loss.
11) The Company has not defaulted in repayment of dues to financial
Institution / Bank / Debenture holders.
1 2) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company is not a chit fund, nidhi of mutual benefit fund /
society.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
1 5) The Company has not given any guarantee for loans taken by others
from banks or financial institution, the terms & conditions, whereof,
in our opinion, are prima facie prejudicial to the interest of the
Company
16) According to the information and explanation given to us, term
loans availed by the Company were prima facie, applied during the year
for the purposes for which the loans were obtained.
17) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have prima facie, been not used
during the year for long term investment and vice versa.
18) The Company has not made any issue of shares during the year.
19) The Company has not issued debenture during the year.
20) The Company has not made any public issue during the year.
21) Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the course of audit.
For B. L. Ajmera & Co.
Chartered Accountants
(FRN:001100C)
Place: Mumbai (C. Venkatesan)
Dated: 27th May, 2013 Partner
Membership No.010054
Mar 31, 2012
We have audited the attached Balance Sheet of ASSOCIATED STONE
INDUSTRIES (KOTAH) LTD. as at March 31st, 2012 and also Profit and Loss
Account and Cash Flow statement of the Company 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.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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.
2. As required by the Companies (Auditors' Report) Order, 2003
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 of India (the Act) and on the basis of such
checks as we considered appropriate and according to the information
and explanations given to us, we set out in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 Accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books.
(c) The Balance Sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet , Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section 3C of section 211 of
the Companies Act, 1956, to the extent applicable.
(e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2012 from
being appointed as director in terms 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 together with the notes
there on and attached there to give in the prescribed manner the
information required by the Act and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
ii. In case of the Profit & Loss Account, of the profit of the Company
for the year ended on that date and:
iii. In the case of the Cash Flow statements, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
[Referred to in paragraph 2 of the auditors' report of even date to
the members of The Associated Stone Industries (Kotah) Ltd.
on the accounts for the year ended 31st March, 2012.]
1) a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets of the Company are physically verified by the
management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and nature of its assets.
Pursuant to such programme, a physical verification was carried out
during the year and this revealed no material discrepancies.
c) During the year, the Company has not disposed off substantial part
of fixed assets.
2) a) The inventory lying at all location except in transit and third
parties 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 nature of its business.
c) On the basis of our examination of the records we are of the opinion
that the Company is maintaining proper records of inventory.
d) The discrepancies noticed on physical verification were not material
and the same have been properly dealt with in the books of accounts.
3) According to the information and explanations given to us, the
Company has not granted or taken any loans, secured/ unsecured to/from
Companies, Firm or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for the sale of
goods.
During the course of our audit, no major weakness has been noticed in
the internal controls.
5) a) On the basis of representation made by the management and
scrutiny of books of accounts carried out by us, the information that
need to be entered in the Register in pursuance of Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions during the year exceeding the value of five
lakh rupees in respect of any party which required to be entered in the
register u/s 301 of Companies Act, 1956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6) In our opinion and according to the information and explanations
given to us the Company has compiled with the directives issued by the
Reserve Bank of India and the provision of Section 58A and 58AA of the
Act and the Companies (Acceptance of Deposit) Rules, 1975 with regard
to the deposits accepted from the public. As per information and
explanations given to us, no order under the aforesaid sections has
been passed by the Company Law Board on the Company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) Rule for maintenance of cost records prescribed under Section 209
(1) (d) of the Act is not applicable to the Company.
9) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection fund, employees' state
insurance, income-tax, wealth tax, sales tax, customs duty, excise duty
and other material statutory dues as applicable, have been regularly
deposited by the Company during the year with the appropriate
authorities.
b) As at March 31, 2012, according to the records of the Company and
the information and explanations given to us, the following are the
particulars of disputed dues (provided/contingent liability, as
appropriate) on account of sales-tax, income-tax, custom duty,
wealth-tax, service tax, excise duty and cess matters that have not
been deposited on account of a dispute-
Name of the Nature Amount Period to which Forum where
statute of the (Rs the amount dispute is
dues Lacs.) relates pending
The Income Lease 19.02 1951 to 1962 High Court
Tax Act, 1961 Payment
Sales Tax Act Entry Tax 339.47 January 2007 High Court
to March 2012
Cess Matters Land Tax 229.73 2006 to 2012 DIG Registration
& Stamps/High
Court
Royalty 8.61 1977-78, Mining Dept/
1990-91, High Court
1992-93,
1993-94
10) The Company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated loss.
11) The Company has not defaulted in repayment of dues to financial
Institution / Bank / Debenture holders.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company is not a chit fund, nidhi of mutual benefit fund /
society.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution, the terms & conditions, whereof,
in our opinion, are prima facie prejudicial to the interest of the
Company
16) According to the information and explanation given to us, term
loans availed by the Company were prima facie, applied during the year
for the purposes for which the loans were obtained.
17) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have prima facie, been not used
during the year for long term investment and vice versa.
18) The Company has not made any issue of shares during the year.
19) The Company has not issued debenture during the year.
20) The Company has not made any public issue during the year.
21) Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the course of audit.
for B.L.Ajmera & Co.
Chartered Accountants
(FRN: 001100C)
Place: Jaipur
Dated: 31st May, 2012 Sd/-
(C. Venkatesan)
Partner
Membership No.010054
Mar 31, 2011
We have audited the attached Balance Sheet of ASSOCIATED STONE
INDUSTRIES (KOTAH) LTD. as at March 31st 2011 and also Profit and Loss
Account and Cash Flow statement of the Company 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.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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.
2. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 of India (the Act) and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us, we set out in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 Accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts;
(d) In our opinion the Balance Sheet , Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section 3C of section 211 of
the Companies Act, 1956, to the extent applicable;
(e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2011 from
being appointed as director in terms 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 together with the notes
there on and attached there to give in the prescribed manner the
information required by the Act and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i. In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011;
ii. In case of the Profit & Loss Account, of the profit of the Company
for the year ended on that date and;
iii. In the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
[Referred to in paragraph 2 of the auditors' report of even date to the
members of The Associated Stone Industries (Kotah) Ltd. on the accounts
for the year ended 31st March 2011.]
1) a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets of the Company are physically verified by the
management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and nature of its assets.
Pursuant to such programme, a physical verification was carried out
during the year and this revealed no material discrepancies.
c) During the year, the Company has not disposed off substantial part
of fixed assets.
2) a) The inventory lying at all location except in transit and third
parties 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 nature of its business.
c) On the basis of our examination of the records we are of the opinion
that the Company is maintaining proper records of inventory.
d) The discrepancies noticed on physical verification were not material
and the same have been properly dealt with in the books of accounts.
3) According to the information and explanations given to us, the
Company has not granted or taken any loans, secured/ unsecured to/from
Companies, Firm or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5) a) On the basis of representation made by the
management and scrutiny of books of accounts carried out by us, the
information that need to be entered in the Register in pursuance of
Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions during the year exceeding the value of five
lakh rupees in respect of any party which required to be entered in the
register u/s 301 of Companies Act, 1956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6) In our opinion and according to the information and explanations
given to us the Company has compiled with the directives issued by the
Reserve Bank of India and the provision of Section 58A and 58AA of the
Act and the Companies (Acceptance of Deposit) Rules, 1957 with regard
to the deposits accepted from the public. As per information and
explanations given to us, no order under the aforesaid sections has
been passed by the Company Law Board on the Company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) Rule for maintenance of cost records prescribed under Section 209
(1) (d) of the Act is not applicable to the Company.
9) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection fund, employees' state
insurance, income-tax, wealth tax, sales tax, customs duty, excise duty
and other material statutory dues as applicable, have been regularly
deposited by the Company during the year with the appropriate
authorities.
b) As at March 31, 2011, according to the records of the Company and
the information and explanations given to us, the following are the
particulars of disputed dues (provided/contingent liability, as
appropriate) on account of sales-tax, income-tax, custom duty,
wealth-tax, service tax, excise duty and cess matters that have not
been deposited on account of a dispute-
Name of the Nature of Amount Period to which Forum where
Statute the dues (Rs./Lacs.) the amount relates dispute is
pending
The Income Lease
Tax Act, 1961 Payment 19.02 1951 to 1962 High Court
Sales Tax Act Entry Tax 295.15 January 2007 to High Court
March 2011
Cess Matters Land Tax 224.95 2006 to 2011 DIG
Registratio
-n &Stamps/
High Court
Royalty 8.61 1977-78,1990-91, Mining Dep/
1992-93, 1993-94 High Court
10) The Company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated loss.
11) The Company has not defaulted in repayment of dues to financial
Institution / Bank / Debenture holders.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company is not a chit fund, nidhi of mutual benefit fund /
society.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution, the terms & conditions, whereof,
in our opinion, are prima facie prejudicial to the interest of the
Company
16) According to the information and explanation given to us, term
loans availed by the Company were prima facie, applied during the year
for the purposes for which the loans were obtained.
17) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have prima facie, been not used
during the year for long term investment and vice versa.
18) The Company has not made any issue of shares during the year.
19) The Company has not issued debenture during the year.
20) The Company has not made any public issue during the year.
21) Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the course of audit.
For B.L.Ajmera & Co.
Chartered Accountants
(FRN: 001100C)
(C. Venkatesan)
Partner
Membership No.010054
Place: Mumbai
Dated: 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of ASSOCIATED STONE
INDUSTRIES (KOTAH) LTD. as at March 31 st, 2010 and also Profit and
Loss Account and Cash Flow statement of the Company 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.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 of India (the Act) and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us, we set out in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 Accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books.
(c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section 3C of section 211 of
the Companies Act, 1956, to the extent applicable.
(e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2010 from
being appointed as director in terms of clause (g) of sub section (1)
of Section 274 of the 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 together with the notes
there on and attached there to give in the prescribed manner the
information required by the Act and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i. In the case of Balance Sheet, of the state of affairs of the Company
as at 31 st March, 2010
ii. In case of the Profit & Loss Account, of the profit of the Company
for the year ended on that date and:
iii. In the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
[Referred to in paragraph 2 of the auditors report of even date to the
members of The Associated Stone Industries (Kotah) Ltd. on the accounts
for the year ended 31 st March 2010.]
1) a) The Company is maintaining proper records
showing full particulars including quantitative details and situation
of fixed assets.
b) The fixed assets of the Company are physically verified by the
management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and nature of its assets.
Pursuant to such programme, a physical verification was carried out
during the year and this revealed no material discrepancies.
c) During the year, the Company has not disposed off substantial part
of fixed assets.
2) a) The inventory lying at all location except in transit
and third parties 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 nature of its business.
c) On the basis of our examination of the records we are of the opinion
that the Company is maintaining proper records of inventory.
d) The discrepancies noticed on physical verification were not material
and the same have been properly dealt with in the books of accounts.
3) According to the information and explanations given to us, the
Company has not granted or taken any loans, secured/unsecured to/from
Companies, Firm or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5) a) On the basis of representation made by the management and
scrutiny of books of accounts carried out by us, the information that
need to be entered in the Register in pursuance of Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions during the year exceeding the value of five
lakh rupees in respect of any party which required to be entered in the
register u/s 301 of Companies Act, 1956 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6) In our opinion and according to the information and explanations
given to us the Company has compiled with the directives issued by the
Reserve Bank of India and the provision of Section 58A and 58AA of the
Act and the Companies (Acceptance of Deposit) Rules, 1957 with regard
to the deposits accepted from the public. As per information and
explanations given to us, no order under the aforesaid sections has
been passed by the Company Law Board on the Company.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) Rule for maintenance of cost records prescribed under Section 209
(1) (d) of the Act is not applicable to the Company.
9) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection fund, employees state
insurance, income-tax, wealth tax, sales tax, customs duty, excise duty
and other material statutory dues as applicable, have been regularly
deposited by the Company during the year with the appropriate
authorities.
b) As at March 31, 2010, according to the records of the Company and
the information and explanations given to us, the following are the
particulars of disputed dues (provided/contingent liability, as
appropriate) on account of sales-tax, income-tax, custom duty,
wealth-tax, service tax, excise duty and cess matters that have not
been deposited on account of a dispute-
Name of the Nature of Amount Period to which the Forum where
statute the dues (Rs/ Lacs.) amount relates dispute is
pending
The Income Lease
Tax Act, 1961 Payment 19.02 1951 to 1962 High Court
Sales Tax Act Entry Tax 281.30 January 2007 to High Court
March 2010
Cess Matters Land Tax 198.13 2006 to 2010 DIG Registration &
Stamps/High Court
Royalty 8.61 1977-78,1990-91, Mining Dept / High
1992-93, 1993-94 Court
10) The Company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated loss.
11) The Company has not defaulted in repayment of dues to financial
Institution / Bank / Debenture holders.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company is not a chit fund, nidhi of mutual benefit fund /
society.
14) The Company is not dealing or trading in shares, securities,
debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution, the terms & conditions, whereof,
in our opinion, are prima facie prejudicial to the interest of the
Company
16) According to the information and explanation given to us, term
loans availed by the Company were prima facie, applied during the
year for the purposes for which the loans were obtained.
17) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have prima facie, been not used
during the year for long term investment and vice versa.
18) The Company has not made any issue of shares during the year.
19) The Company has not issued debenture during the year.
20) The Company has not made any public issue during the year.
21) Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the course of audit.
For B.L.Ajmera & Co.
Chartered Accountants
Place: Mumbai Dated: 15th May,2010
(Sanjeev Mathur)
Partner Membership No.75325