Mar 31, 2015
We have audited the accompanying financial statements of Atlas
Jewellery India Limited ("the Company"), which comprises the Balance
Sheet as at 31st March, 2015, 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 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with rule 7 of 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; design, implementation and maintenance of
adequate internal financial controls, that are operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March, 2015, its profit/ loss 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 section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 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
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 aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors
as on March 31, 2015, and 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 other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
The annexure referred to in our Independent Auditor's Report to the
members of Atlas Jewellery India Limited ('the company')
on the standalone financial statements for the year ended 31st March,
2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of our
audit, we report that:
(i) In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars,
including a quantitative details and situation of fixed assets;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
verification;
(ii) In respect of its inventories:
(a) The Inventories of the Company have been physically verified by the
management at reasonable intervals during the year;
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business;
(c) The Company has maintained proper records of inventory. The
discrepancies between physical stocks and the book stocks, which have
been properly dealt with, were not material.
(iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to purchase of inventory and fixed assets and also for the sale
of goods and services. During the course of our audit we have not
observed any major weaknesses in internal control system.
(v) The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Companies Act, 2013 for the trading
activities carried out by the company.
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, 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 Custom, Duty of Excise, Value Added Tax, Cess and
other material statutory dues, as applicable, with the appropriate
authorities;
According to the information and explanations given to us, the
undisputed amounts payable in respect of Income Tax were outstanding,
as at 31st March, 2015 for a period of more than six months from the
date of becoming payable for Rs 5,56,120/-(AY 2010-11- Rs 416100 and AY
2012-13 - 140020) ;
(b) According to the information and explanations given to us, there
are no material dues of sales tax or wealth tax or service tax or duty
of customs or duty of excise or value added tax or cess which have not
been deposited with the appropriate authorities on account of any
dispute.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
(viii) The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit and in the
immediately preceding financial year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks.
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
instance of fraud on or by the Company has been noticed or reported
during the course of our audit.
For A. KAY. MEHRA & CO.
Chartered Accountants
(Registration No. 050004C)
Sd/-
DEEPAK SUNEJA
Partner
Membership No. 501957
Place : Kochi, Kerala
Date: May 30, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Atlas
Jewellery India Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013 and in accordance with the accounting principles generally
accepted in India. 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 the
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 the 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 the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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 Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act;
(e) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013.
(f) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
THE ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF
ATLAS JEWELLERY INDIA LIMITED (''THE COMPANY'') FOR THE YEAR ENDED 31ST
MARCH, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
i) In respect of its fixed assets:
(a) The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets on the
basis of available information;
(b) As explained to us, all the fixed assets of the Company have been
physically verified by the management during the year in phased
periodical manner, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies were noticed on such physical verification;
(c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
ii) In respect of its inventories:
(a) The Inventories of the Company have been physically verified by the
management at reasonable intervals during the year;
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business;
(c) The Company has maintained proper records of inventory. The
discrepancies between physical stocks and the book stocks, which have
been properly dealt with, were not material.
iii) In respect of Loans
(a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register u/s 301 of
the Companies Act, 1956;
(b) The Company has taken unsecured Loan from company covered in the
register u/s 301 of the Companies Act, 1956. Details are given in Note
No. 23 to the Financial Statements.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
major weaknesses in internal control system.
v) In respect of transactions covered under section 301 of the
Companies Act, 1956:
(a) In our opinion, the particulars of contracts or arrangements,
referred to in Section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section; and.
(b) In our opinion, the transactions made in pursuance of such
contracts or arrangements have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi) As per information given to us, the Company has not accepted
deposits within the meaning of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956.
vii) The Company does not has an Internal Audit System.
viii) We are of the opinion that, prima facie, the cost records &
accounts prescribed by the Central Government u/s 209 (1)(d) of the
Companies Act, 1956 have been maintained. We have not, however, carried
out any detailed examination of such accounts and records.
ix) In respect of statutory dues:
(a) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including provident fund, Investor
Education and Protection Fund, Employee''s State Insurance, Income-tax,
Vat, Wealth Tax, Service tax, Custom Duty, Excise Duty, Cess and other
Statutory dues with the appropriate authorities;
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding, as at 31st March, 2014 for a period of more than six
months from the date of becoming payable;
x) The Company has accumulated losses of Rs. 1, 09, 95,160.01 as on
31st March 2014 . Company has not incurred any cash losses during the
financial year ended on 31st March 2014 but incurred cash losses of Rs.
2, 85,127.97 in the immediately preceding financial year.
xi) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks.
xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
xiii) In our opinion, the company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, the clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the Company.
xiv) As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of paragraph IV (xiv)
of the Companies (Auditor''s Report) Order, 2003 does not apply.
xv) In our opinion, the Company has not given any guarantees for loans
taken by others from banks or financial institutions.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term investments.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s 301 of the Companies Act, 1956.
xix) According to the information and explanations given to us the
Company has not issued any debentures during the period covered by our
audit report.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) In our opinion, no fraud on or by the Company has been noticed or
reported during the period covered by our audit report.
For A. KAY. MEHRA & CO.
Chartered Accountants
(Registration No. 050004C)
Sd/-
DEEPAK SUNEJA
Partner
M.No: 501957
Place: DELHI
Dated: 28.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Gee El
Wollens Limited ("the Company"), which comprise the Balance
Sheet as at 31st March , 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the 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 the 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 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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.
1. 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 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, except in the case of Company''s Foreign Branches where we
have relied on the report of the Branch Auditors;
(c) The Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act;
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
The Annexure referred to in our Report of even date to the members of
Atlas Jewellery India Limited (''the company'') for the year ended 31st
March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its Fixed Assets
a) The Company is under process of compilation of fixed assets register
to show full particulars including quantitative details and situation
of its fixed assets.
b) The fixed assets of the company have been physically verified during
the year by the management and no material discrepancies between the
book records, so maintained and the physical verification have been
noticed.
c) In our opinion, a substantial part of fixed assets have not been
disposed off during the year.
2. In respect of its Inventories
As explained to us, there is no stock of raw material, semi finished
goods or finished goods with the company. Hence this clause is not
applicable.
3. In respect of Loans, Secured or Unsecured, granted or taken by the
company to/from companies, firms, and other parties covered in the
register maintained u/s 301 of the Companies Act, 1956.
a) The Company has not granted any secured or unsecured loans to any
parties covered in the register maintained u/s 301 of Companies Act,
1956.
b) The Company has not taken any loan, secured or unsecured from
companies, firms or other parties covered in the register u/s 301 of
the Companies Act, 1956)
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
fixed assets and for the sale of goods and service. In our opinion and
according to the information and explanations given to us, there is no
continuing failure to correct major weaknesses in the aforesaid
internal control system.
5. In respect of transactions covered u/s 301 of the Companies Act,
1956
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
maintained under 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, the transaction of services made in pursuance of contracts
or arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five Lacs in
respect of any party, during the year have been made at prices which
are reasonable having regard to the prevailing market prices for such
goods, materials or services or the prices at which the transactions
for similar goods or services have been made with other parties.
6. The company has not accepted any deposits from public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not applicable to the company.
7. The company has self-supporting internal audit system commensurate
with its size and the nature of its business.
8. As explained to us the Central Government has not prescribed for
maintenance of cost records under section 209(i)(d) of the Companies
Act, 1956 for any of the products of the company.
9. In respect of Statutory Dues:
a) The Company is by and large regular in depositing with appropriate
authorities statutory dues including Provident Fund, Investor Education
& Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax,
Cess and other material statutory dues applicable to it.
b) However, there is no undisputed statutory demand pending for more
than six months.
10. The company has got accumulated losses of more than fifty percent
of its net worth on 31.03.2013. Further, the company has incurred any
cash losses of Rs 2, 87,697.31 in the financial year ended on that
date.
11. According to the information and explanations given to us the
company has not taken any loan from any financial institution or bank
and it has not issued any debentures, therefore this clause is not
applicable to the company.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a Chit Fund, Nidhi or mutual benefit Society,
Hence the requirements of clause 4(xii) of the order is not applicable
to the Company.
14. As the company is not dealing or trading in shares, securities,
debentures and other investments, the provision of paragraph IV (xiv)
of the Companies (Auditor''s Report) Order, 2003 does not apply.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
17. According to the information and explanations given to us, no
funds raised on short-term basis have been used for long-term
investment or vice versa.
18. According to the information and explanations given to us the
company has made no preferential allotment of shares to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.
19. The company has not issued any debentures. Hence the requirements
of clause 4(xix) of the order are not applicable to the Company.
20. As explained to us, the company has not raised any funds by way of
public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For A. KAY MEHRA & CO.
Chartered Accountants
Firm Regn No. 050004C
Sd/-
DEEPAK SUNEJA
Partner
M No.501957
Place: New Delhi
Dated: 28.05.2013
Mar 31, 2010
We have audited the attached Balance Sheet of M/s GEE EL WOOLLENS LTD.,
as at 31st March 2010 and also Profit & Loss Account & 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require us to plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion and report that:
1. As required by the Companies (Auditors Report) Order 2003 as
amended by Companies (Auditors Report Amendment) order 2004 issued by
the Central Government of India, in terms of sub section (4A) of
section 227 the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
2. Further to our comments in the Annexure referred above, We report
that:
a) The Balance of Debtors, Creditors and Loans and Advances are
outstanding for Long time. Moreover, the balances as appearing in the
Balance Sheet are subject to confirmation.
b) We have obtained all the information and explanation, which to the
best of our knowledge were necessary for the purpose of Audit.
c) In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of those books &
records.
d) The Balance Sheet and the Profit & Loss Account dealt & Cash Flow
Statement with by this report are in agreement with the books of
account.
e) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the applicable accounting standards
referred to in sub section (3C) of Section 211 of the Companies Act,
1956 subject to Accounting Policy 1(a) of Note to Accounts attached
herewith.
f) On the basis of written representation received from the Directors
as on 31st March 2010 and taken on record by the board of Directors, we
report that that none of the Directors is disqualified as on 31st March
2010 from being appointed in terms of clause (g) of sub section (1) of
Companies Act, 1956.
3. In our opinion and according to the information and according to
the explanation given to us, the said accounts give true and fair view
as required by the Companies Act, 1956 in the manners so required and
give a true and fair view in conformity with the Accounting principles
generally accepted in India except point no.2(a) of the preceding
paragraph.:- i) In the case of the Balance Sheet, of the state of the
companys affairs as at 31st March, 2010 ii) In the case of the Profit
& Loss Account, of the Profit for the year ended on that date and iii)
in cash of Cash Flow Statement, of the Cash Flows.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE
SHAREHOLDERS OF GEE EL WOOLLENS LTD ON THE ACCOUNTS FOR THE YEAR ENDED
ON 31ST MARCH 2010.
1. In respect of its Fixed Assets
a) The Company is under process of compilation of fixed assets register
to show full particulars including quantitative details and situation
of its fixed assets.
b) The fixed assets of the company have been physically verified during
the year by the management and no material discrepancies between the
book records, so maintained and the physical verification have been
noticed.
c) In our opinion, a substantial part of fixed assets have not been
disposed off during the year.
2. In respect of its Inventories
As explained to us, there is no stock of raw material, semi finished
goods or finished goods with the company. Hence this clause is not
applicable.
3. In respect of Loans, Secured or Unsecured, granted or taken by the
company to/from companies, firms, and other parties covered in the
register maintained u/s 301 of the Companies Act, 1956.
(a) The Company has granted unsecured loans of Rs 1,41,15,094.90 to
three parties covered in the register maintained u/s 301 of Companies
Act, 1956.
(b) The terms and conditions of the loan given are not prima-facie
prejudicial to the interest of the company.
(c) Company has not taken any secured or unsecured loan from parties
covered in the register maintained u/s 301 of the Companies Act, 1956.
4. In our opinion, and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
fixed assets and for the sale of goods and service. In our opinion and
according to the information and explanations given to us, there is no
continuing failure to correct major weaknesses in the aforesaid
internal control system.
5. In respect of transactions covered u/s 301 of the Companies Act,
1956
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the Register
maintained under 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, the transaction of services made in pursuance of contracts
or arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five Lacs in
respect of any party, during the year have been made at prices which
are reasonable having regard to the prevailing market prices for such
goods, materials or services or the prices at which the transactions
for similar goods or services have been made with other parties.
6. The company has not accepted any deposits from public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not applicable to the company.
7. The company has self-supporting internal audit system commensurate
with its size and the nature of its business.
8. As explained to us the Central Government has not prescribed for
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 for any of the products of the company.
9. In respect of Statutory Dues:
a) The Company is by and large regular in depositing with appropriate
authorities statutory dues including Provident Fund, Investor Education
& Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Cess and other material statutory dues applicable to it.
b) However, there is no undisputed statutory demand pending for more
than six months.
10. The company has got accumulated losses of more than fifty percent
of its net worth on 31.03.2010. Further, the company has not incurred
any cash losses in the financial year ended on that date or in the
immediately preceding financial year.
11. According to the information and explanations given to us the
company has not taken any loan from any financial institution or bank
and it has not issued any debentures, therefore this clause is not
applicable to the company.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a Chit Fund, Nidhi or mutual benefit Society,
Hence the requirements of clause 4(xii) of the order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the company is not dealing/trading in shares, securities,
debentures and other securities.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. As per information and explanations given to us, the company has
not obtained any term loans during the year.
17. According to the information and explanations given to us, no funds
raised on short-term basis have been used for long-term investment or
vice versa.
18. According to the information and explanations given to us the
company has made no preferential allotment of shares to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.
19. The company has not issued any debentures. Hence the requirements
of clause 4(xix) of the order are not applicable to the Company.
20. As explained to us, the company has not raised any funds by way of
public issue during the year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
For PRAKASH K. PRAKASH
Chartered Accountants
Firm Regn No. 000415N
Sd/-
PRAKASH K. GUPTA
Place :New Delhi Partner
Dated :02.09.2010 M No. 080320
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