Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of M/s Cubex
Tubings Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 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 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 133oftheAct, read with rule 7 of Companies
(Accounts) Rules, 2014. This responsibility 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
whetherthe 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 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 paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by section 143(3) of the Act, we further 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 the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the
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.
Annexure referred to in paragraph 1 of Our Report of even date to the
members of Cubex Tubings Ltd on the accounts of the company for the
year ended 31st March, 2015 Under "Report on other Legal & Regulatory
Requirements"
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies between the book
records and physical inventory have been noticed on such verification.
ii. (a) The inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management is reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) In our opinion the Company is maintaining proper records of
inventory and as explained to us, no material discrepancies were
noticed on physical verification of stocks as compared to book records.
iii. The company has not granted any loans, 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 is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, no major weakness in the aforesaid internal
control system has been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. We have broadly verified the books of accounts and records
maintained by the company relating to the manufacture of copper and
copper alloy products pursuant to the order made by the Central
Government for maintenance of cost records under sub-section (1) of
Section 148 of the Act, 2013, and are of the opinion that, prima facie,
the prescribed accounts and records have been maintained. We have not,
however, made a detailed examination of the records with a view to
determine, whether they are accurate and complete.
vii. (a) In our opinion the company is regular in depositing the
undisputed statutory dues, including Provident Fund, Employees' State
Insurance, Income-tax, Sales Tax, Service Tax, Custom Duty, Excise Duty
and other material statutory dues, as applicable, with the appropriate
authorities in India;
There were no undisputed statutory dues in arrears as at 31st March
2015 for a period of more than 6 months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty and Excise Duty which have not been deposited on account of any
disputes.
(c) There are no amounts that are due 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 made there
under.
viii. The Company does not have accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
financial year covered by our audit and 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 repayment of dues to
financial institution/banks. The company has not issued any debentures.
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 bank or financial institutions. Accordingly, the provisions
of clause 3(x) of the Order are not applicable to the company.
xi. The company has not taken any term loan during the year.
Accordingly, the provisions of clause 3(xi) of the Order are not
applicable to the company.
xii. To the best of our knowledge and according to the information and
explanations given to us, no material fraud on or by the company has
been noticed or reported during the year.
For P. Murali & Co.,
Chartered Accountants
Firm Registration No 007257S
A.Krishna Rao
Partner
M.No. 020085
Place: Hyderabad
Date: 29-05-2015
Mar 31, 2014
We have audited the accompanying financial statements of Cubex Tubings
Limited "the Company", which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 19S6 ("the
Act") read with the General Circular 15/2013 dated 13th September
2013 issued by the Ministry of Corporate Affairs. 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 controls 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 opinion on the
effectiveness of 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 Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 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 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts,
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 19S6 ("the Act") read with the General Circular
IS/2013 dated 13th September 2013 issued by the Ministry of Corporate
Affairs.
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, 19S6.
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of
Fixed Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
III. (a) According to the information and explanations given to us the
company has not made any advances to the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the Clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under Section 301
prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms and other parties
listed in the register U/S 301 of the Companies Act, 19S6. Hence,
overdue Amount of more than rupees one Lac does not arise and the
clause is not Applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under section
301 is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 19S6 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A, S8AA or any other relevant
provisions of the Act and the rules framed there under does not arise
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. We have broadly verified the books of account and records
maintained by the Company relating to the manufacture of ''copper and
copper alloy products'' pursuant to the order made by the Central
Government for the maintenance of cost records under section 209(1)(d)
of the Companies act,19S6 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view for
determining whether they are accurate or complete, as the examination
of the records are to be made by a Cost Auditor.
IX. (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investors Education and
Protection Fund, Employee State Insurance, Income Tax, Sales Tax,
Service Tax, Custom Duty, Excise Duty and Cess and other applicable
statutory dues with the appropriate authorities during the year.
According to information and explanations given to us there are no
arrears of statutory dues as at 31st March, 2014 which were outstanding
for a period of more than 6 months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess which were not deposited on account of any
dispute.
X. The Company has been registered for a period of not less than S
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the company
has not defaulted in repayment of dues to financial Institutions or
Banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company .
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans during this financial year.
Hence the clause relating to utilization of Long Term Loans does not
arise.
XVII. According to the information and explanations given to us, during
the year company has taken working capital loan. Company has not
utilized the same for long term purpose.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 19S6 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by public issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
Firm Registration No: 0072S7S
P.Murali Mohana Rao
Partner
Place : Hyderabad Membership No: 023412
Date : 30-05-2014
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of Cubex Tubings
Limited "the Company", which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements:
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 ActÂ). 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 controls 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, 2013;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) 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 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts,
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
III. (a) According to the information and explanations given to us the
company has not made any advances to the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the Clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under Section 301
prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms and other parties
listed in the register U/S 301 of the Companies Act, 1956. Hence,
overdue Amount of more than rupees one Lac does not arise and the
clause is not Applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under section
301 is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. We have broadly verified the books of account and records
maintained by the Company relating to the manufacture of copper and
copper alloy products pursuant to the order made by the Central
Government for the maintenance of cost records under section 209(1)(d)
of the Companies act,1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view for
determining whether they are accurate or complete, as the examination
of the records are to be made by a Cost Auditor.
IX. (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investors Education and Protection Fund,
Employee State Insurance, Income Tax, Sales Tax, Service Tax, Custom
Duty, Excise Duty and Cess and other applicable statutory dues with the
appropriate authorities during the year. According to information and
explanations given to us there are no arrears of statutory dues as at
31st March, 2013 which were outstanding for a period of more than 6
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess which were not deposited on account of any
dispute.
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the company
has not defaulted in repayment of dues to financial Institutions or
Banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company .
XVI. According to the information and explanations given to us, the
company has not obtained any Term Loans during this financial year.
Hence the clause of Long Term Loans does not arise.
XVII.According to the information and explanations given to us, no
funds has been raised by the Company on short term basis. Hence the
clause of short term funds being used for long term investments does
not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by public issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
Firm Registration No:007257S
PLACE : HYDERABAD P. MURALI
MOHANA RAO
DATE : 30-05-2013 PARTNER
MEMBERSHIP NO. 023412
Mar 31, 2012
We have audited the attached Balance Sheet of CUBEX TUBINGS LIMITED as
at 31st March, 2012 and also the Profit & Loss Account for the period
ended on the date annexed thereto and the cash flow statement for the
period ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditor's Report) order 2003 and as
amended by the Companies (Auditor's Report) (Amendment) order 2004,
issued by the Central Government of India in terms ofthe sub-section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books ;
(iii) The Balance Sheet & Profit & Loss Account and Cash flow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account and Cash
flow Statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31st March , 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March , 2012 from being appointed Director in terms of clause(g)
of sub-section(l) of section 274 of the Companies Act,1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the period ended
on that date;
ANNEXURE TO THE AUDITORS' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
III. (a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable. ,
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lack does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control
V. (a) In our opinion and according to the information and explanation
given to us, the contracts or arrangements referred to in section 301
of the Companies Act, 1956 have been made by the company in respect of
the financial year, are entered in register U/s 301 of the Companies
Act, 1956 does not arise.
(b)According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AAor any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. We have broadly verified the books of account and records
maintained by the Company relating to the manufacture of Copper and
Copper Alloy Products pursuant to the order made by the Central
Government for the maintenance of cost records under section 209(1)(d)
of the Companies act,1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determining whether they are accurate or complete, as the examination
of the records are to be made by a Cost Auditor.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Excise Duty, Income Tax, Cess and any other statutory dues
with the appropriate authorities and at the last of the financial year
there were no amounts outstanding which were due for more than 6 months
from the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Excise Duty,
Income Tax, Cess and any other statutory dues as at the end of the
period, for a period more than six months from the date they became
payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year but has incurred cash losses in the immediately
preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institute or Banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise
XVI. According to the information and explanations given to us, the
Company has not obtained any Term Loans during this Financial Year.
Hence the clause of Term Loans does not arise.
XVII.According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII.According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX.According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year; hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI.According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year under
audit.
For P.MURALI & CO
CHARTERED ACCOUNTANTS
; FRN: 007257S
PLACE : HYDERABAD P.MURALI MOHANARAO
DATE : 30.08.2012 . PARTNER
MEMBERSHIPNO.23412
Mar 31, 2011
We have audited the attached Balance Sheet of. CUBEX TUBINGS LIMITED as
at 31st March , 2011 and also the Profit & Loss Account for the period
ended on the date annexed thereto and the cash flow statement for the
period ended on that date. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditor's Report) order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books ;
(iii) The Balance Sheet & Profit & Loss Account and Cashflow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account and
Cashflow Statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March , 2011 and taken on record by the Board of
Directors,we report that none of the Directors is disqualified as on
31st March , 2011 from being appointed Director in terms of clause(g)
of sub-section(l) of section 274 of the Companies Act,1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March , 2011;
(b) In the case of the Profit & Loss Account, of the Loss for the
period ended on that date; And
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date ;
ANNEXURE TO THE AUDITORS' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the yaear
and in our opinion, the frequency of verifications is reasonable
(b) Inour opinion, the procedures of the physical verification of
inventory followed by the Management Are reasonable and adequate in
relation of the size of the Company and the nature of its business.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 oftheCompaniesAct, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control
V. (a) In our opinion and according to the information and explanation
given to us, the contracts or arrangements referred to in section 301
of the Companies Act, 1956 have been made by the company in respect of
the financial year, are entered in register U/s 301 of the Companies
Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
thy clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A.58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any otherTribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIM. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(I) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Excise Duty, Income Tax, Cess and any other statuatory dues
with the appropriate authorities and at the last of the financial year
there were no amounts outstanding which were due for more than 6 months
from the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Excise Duty,
Income Tax, Cess and any other statuatory dues as at the end of the
period, for a period more than six months from the date they became
payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year but has incurred cash losses in the immediately
preceeding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institute or Banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities,Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise
XVI. According to the information and explanations given to us, the
Term Loans were applied by the Company for the purpose for which the
loans were obtained.
XVII.According to the information and explanations given to us, no
funds are raised by the Company on short- term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and henoe the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us.the company
has not raised money by way of public issues during the year.hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
ForP.MURALI&CO.,
CHARTERED ACCOUNTANTS
FRN:007257S
PLACE : HYDERABAD (M.V. JOSHI)
DATE : 30.08.2011 PARTNER
MEMEBRESHIPN0.24784
Mar 31, 2010
We have audited the attached Balance Sheet of. CUBEX TUBINGS LIMITED as
at 31 st March, 2010 and also the Profit & Loss Account for the period
ended on the date an nexed thereto and the cash flow statement for the
period ended on that date. These financial statements are the
responsibility of the Companys ManagementOur responsibility is to
expressan opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India.Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditors Report) order 2003 and as
amended by the Companies (Auditors Report)(Amendment) rder 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
(ii) Inouropinion.properbooksofaccountas required by law have been kept
by the company so far as appears from our examination of those books ;
(iii) The Balance Sheet & Profits Loss Account and Cashflow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion at the Balance Sheet & Profit & Loss Account and
Cash flow Statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31 st March, 2010 and taken on record by the Board of
Directors,we report that none of the Directors is disqualified as on
31st March , 2010 from being appointed Director in terms of clause(g)
of sub-section(1) of section 274 of the Companies Act,1956;
(vi) Inouropinionandtothebestofourinformationandaccordingtothe
explanations given to us, thesaid accounts give the information
required bythe Companies Act,1956,in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2010;
(b) In the case of the Profit & Loss Account, of the Loss for the
period ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date;
ANNEXURE TO THE AUDITORSREPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation
of Fixed Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) TheCompany has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the yaear
and in our opinion, the frequency of verifications is reasonable.
(b) Inour opinion, the procedures of the physical verification of
inventory followed by the Management. Are reasonable and adequate in
relation of the size of the Company and the nature of its business.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies,Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, the contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been made by
the company in respect of the financial year, are entered in register
U/s 301 of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arragements made by the company, the applicability of
the clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bankof India or any Court or any otherTribunal has not been received by
the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(I) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statuatory dues including
PF, ESI, Excise Duty, IncomeTax, Cess and any
other statuatory dues with the appropriate authorities and at the last
of the financial year there were no amounts outstanding which were due
for more than 6 months from the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Excise Duty,
IncomeTax, Cess and any other statuatory dues as at the end of the
period, for a period more than six months from the date they became
payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year but has incurred cash losses in the immediately
preceeding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institute or Banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
byway of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities,Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditors Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
Term Loans were applied by the Company for the purpose for which the
loans were obtained.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII.According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whetherthe
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding thecreation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us.the company
has not raised money by way of public issues during the year,hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI&CO.,
CHARTERED ACCOUNTANTS
FRN:007257S
PLACE : HYDERABAD (M.V.JOSHI)
DATE : 31.05.2010 PARTNER
MEMBERSHIP N0.24784
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article