Mar 31, 2015
We have audited the accompanying financial statements of Envair
Electrodyne Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the 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 standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial control system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Basis for qualified opinion
(a) Adequate provision for non recoverability has not been made for
receivables and advances remaining unrecovered and unconfirmed for a
long period of time. Although the management has not ascertained this
amount, the same may extend to Rs. 52 lakhs. Had this provision been
made, the loss for the year would have been higher by this extent and
consequently Shareholder Funds would have been lower by the same
amount.
(b) Provision for gratuity and leave encashment has been made on
accrual basis instead of on actuary valuation basis as is required by
AS 15, and the required disclosures have also not been made in the
Notes to Accounts. The effect of the same has not been ascertained.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph above, the
aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2015, and its 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 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.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014, except as described in
point (b) of the Basis for Qualified Opinion paragraph above.
(e) The matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, may have an adverse effect on the functioning of
the Company.
(f) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
(g) The qualification relating to the maintenance of accounts and other
matters connected therewith are as stated in the Basis for Qualified
Opinion paragraph above;
(i) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 16C (a) to
the financial statements;
ii. As informed to us, the Company did not have any long-term contracts
including derivative contracts for which there were any material
foreseeable losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in our above report of even date)
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, considering the nature of the Fixed Assets, the
same have been physically verified by the management at reasonable
intervals during the year as per the verification plan adopted by the
company, which, in our opinion, is reasonable having regard to the size
of the company and the nature of its assets. According to the
information and explanations given to us and the records produced to us
for our verification, the discrepancies noticed during such physical
verification were not material and the same have been properly dealt
with in the books of account.
2.
(a) The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stock and the book records.
3.
(a) The Company has not granted any loans, secured or unsecured, to
companies, firms and other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013, during the year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal control
system.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits.
6. As informed to us, the Central Government has not prescribed to the
company the maintaining cost records under Section 148 (1) of the
Companies Act, 2013.
7.
(a) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues with the appropriate authorities.
There were no amounts payable in respect of the statutory dues
outstanding, as at the Balance Sheet date for a period of more than six
months from the date they became payable.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, ESI, Sale Tax,
VAT, Income Tax, Customs duty, Wealth Tax, Service Tax, Excise Duty,
Cess and any other statutory dues were outstanding, as at the balance
sheet date for a period of more than six months from the date they
became payable, except property tax amounting to Rs. 6,00,000/-.
(b) According to the records of the Company, there are no dues of Sales
Tax, VAT, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess and
Service Tax which have not been deposited on account of any dispute.
(c) The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
8. As at the end of the financial year, the company's accumulated
losses exceed 50% of its net worth. The company has incurred cash
losses during the financial year covered by our audit but not during
the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
10. As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
11. During the year, Term Loans have not been raised by the company.
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our audit.
For M/S P G BHAGWAT
Chartered Accountants
Firm's Registration Number 101118W
Sanjay Athavale
Partner
Membership Number 83374
Pune:
Date: 27/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of Envair
Electrodyne Limited, 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 referred to in sub- section (3C) of section
211 of the Companies Act, 1956 Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances , but not for the purpose of
expressing an opinion on the effectiveness of the entity''s internal
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
(a) Adequate provision for non recoverability has not been made for
advances remaining unrecovered and unconfirmed for long period of time.
Although the management has not ascertained this amount, the same may
extend to Rs. 28.16 lakhs.
(b) Provision for gratuity & leave encashment had been made on accrual
basis instead of actuary valuation as it is required by AS 15, & the
required disclosure has not been made in the notes to accounts. The
effect of the same has not been ascertained.
Subject to the above, in our opinion and to the best of our information
and according to the explanations given to us, the financial statements
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956, except that
provision for gratuity & leave encashment had been made on accrual
basis instead of actuary valuation as it is required by AS 15, & the
required disclosure has not been made in the notes to accounts. The
effect of the same has not been ascertained.;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure Referred to in our report of even date
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
lb. All the assets have been physically verified by the management
during the year and there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
lc. During the year, the company has disposed off an asset, but which
has not affected the going concern assumption.
2a. The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
2b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
2c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3a. The company has not granted any loans to companies, firms and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
3b. The company has not taken any loans from companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, except unsecured loans from the following:
NAME OPENING RECEIVED PAID
BALANCE DURING DURING
AS ON THE YEAR THE YEAR
01.04.13 2013 - 14 2013 - 14
SHRIPAD MIRASHI Nil 23,50,000 23,50,000
ELVIN FURNITURE PVT.LTD. Nil 38,50,000 Nil
Name CLOSING BALANCE RATE OF INTEREST
AS ON 31.03.14
Shripad Mirashi Nil 12.50%
Elvin furniture Pvt Ltd 38,50,000 12.50%
3c. The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
3d. The payment of the principal amount and interest are also regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal control
system.
5a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
5b. In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of such
contracts or arrangements and exceeding the value of five lakh rupees
in respect of any party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
6 In our opinion and according to the information and
explanations given to us, the company has complied with the provisions
of Section 58A, 58Aa or any other relevant
provisions of the Act and the rules framed there under, with regard to
the deposits accepted from the public. As informed to us, no order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
7. The company does not have an internal audit system.
8. As informed to us, the Central Government has not prescribed to the
company, the maintenance of cost records under Section 209 (1) (d) of
the Companies Act, 1956
9a. According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise-duty, cess, service tax and other statutory dues
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of income tax, wealth
tax, sales tax, customs duty, excise duty, cess and service tax, or
other statutory dues were outstanding, as at the balance sheet date for
a period of more than six months from the date they became payable,
except Share Application Money Rs. 30,955/- ( required to be deposited
with the investor education protection fund ).
9b. According to the records of the company, there are no dues of sale
tax, income-tax, customs duty/wealth-tax, excise duty/cess and service
tax which have not been deposited on account of any dispute.
10. At the end of the financial year the company''s accumulated losses
do not exceed 50% of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds are
not applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from bank or financial institutions
16. The company has not raised term loan.
17. The funds raised on short-term basis have not been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. No money has been raised by debenture issues during the year
20. No money has been raised by public issues during the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P G BHAGWAT
Chartered Accountants
Firm''s Registration Number 101118W
Sanjay Athavale Partner
Membership Number 83374
Pune: 28.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Envair
Electrodyne Limited, 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 Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for ouraudit opinion.
Opinion
(a) Adequate provision for non recoverability has not been made for
debtors and other receivable amounts remaining unrecovered and
unconfirmed for long period of time. Although the management has not
ascertained this amount, the same mayextend to Rs. 28.16 lakhs.
(b) Provision for gratuity & leave encashment had been made on accrual
basis instead of actuary valuation as it is required by AS 15, & the
required disclosure has not been made in the notes to accounts. The
effect of the same has not been ascertained.
Subject to the above, in our opinion and to the best of our information
and according to the explanations given to us, the financial statements
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 oftheCompaniesAct, 1956, except
that provision for gratuity & leave encashment had been made on accrual
basis instead of actuary valuation as it is required by AS 15, & the
required disclosure has not been made in the notes to accounts. The
effect of the same has not been ascertained.;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure Referred to in paragraph 3 of our report of even date
1a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
1b. All the assets have been physically verified by the management
during the year and there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
1 c. During the year, the company has disposed off an asset, but which
has not affected the going concern assumption.
2a. The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
2b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
2c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3a. The company has not granted any loans to companies, firms and other
parties covered in the register maintained under section 301
oftheCompaniesAct, 1956 during the year.
3b. The company has not taken any loans from companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, except unsecured loans from the following:
NAME OPENING RECEIVED PAID CLOSING RATE OF
BALANCE DURING DURING BALANCE INTEREST
AS ON THE YEAR THE YEAR AS ON
01.04.12 2012-13 2012-13 31.03.13
SHRIPAD
MIRASHI 27,00,000 5,00,000 32,00,000 Nil 12.50%
DEEPANJALI
MIRASHI 6,00,000 1.00,000 7,00,000 Nil 12.50%
ELVIN
FURNITURE 1,16,25,000 64,00,000 1,80,25,000 Nil 12.50%
PVT.LTD.
3c. The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
3d. The payment of the principal amount and interest are also regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal control
system.
5a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained underthat section.
5b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of five lakh rupees in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6 In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Section
58A, 58AA or any other relevant provisions of the Act and the rules
framed there under, with regard to the deposits accepted from the
public. As informed to us, no order has been passed by Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
7. The company does not have an internal audit system.
8. As informed to us, the Central Government has not prescribed to the
company, the maintenance of cost records under Section 209 (1) (d) of
the Companies Act, 1956
9a. According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees'' state insurance, income- tax, sales-tax, wealth-tax, custom
duty, excised-duty, cess, service tax and other statutory dues
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, cess and service tax, or other
statutory dues were outstanding, as at the balance sheet date for a
period of more than six months from the date they became payable,
except Share Application Money Rs. 30,955/- (required to be deposited
with the investor education protection fund).
9b. According to the records of the company, there are no dues of sale
tax, income-tax, customs duty/wealth-tax, excise duty/cess and service
tax which have not been deposited on account of any dispute.
10. At the end of the financial year the company''s accumulated losses
do not exceed 50% of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds are
not applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from bankorfinancial institutions.
16. The company has not raised term loan.
17. The funds raised on short-term basis have not been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. No money has been raised by debenture issues during the year
20. No money has been raised by public issues during the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P.G.Bhagwat,
( FRN : 101118W)
Chartered Accountants,
(S.S.Athavale)
Partner
Membership No. 83374
Pune:29th May, 2013
Mar 31, 2012
1. We have audited the attached balance sheet of Envair Electrodyne
Limited, as at 31st March 2012, and also the profit and loss account
and the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, (as
amended by Companies (Auditor's Report) (Amendment) Order, 2004) issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. 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 and profit and loss account and the cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) Subject to clause (vi)(a) below, in our opinion, the balance sheet
and profit and loss account and the cash flow statement dealt with by
this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written 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 as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi)(a) Technical knowhow, which is an intangible asset, has been
included in fixed assets and depreciated @ 4.75% on SLM basis. This is
contrary to the requirements of AS-26, according to which the
intangible assets need to be amortized in not more than 10 years,
unless the 10 year life presumption is appropriately refuted with
reasons. The balance exceeding ten years is Rs. 3,45,633/-.
(b) Adequate provision for non recoverability has not been made for
debtors and other receivable amounts remaining unrecovered and
unconfirmed for long period of time. Although the management has not
ascertained this amount, the same may extend to Rs. 59.9 lakhs.
Subject to the above, 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 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.
Annexure Referred to in paragraph 3 of our report of even date
1a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
1b. All the assets have been physically verified by the management
during the year and there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
1c. During the year, the company has disposed off an asset, but which
has not affected the going concern assumption.
2a. The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
2b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
2c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3a. The company has not granted any loans to companies, firms and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
3b. The company has not taken any loans from companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, except unsecured loans from the following:
NAME OPENING RECEIVED PAID CLOSING
BALANCE DURING DURING BALANCE
AS ON THE YEAR THE YEAR AS ON
01.04.11 2011-12 2011-12 31.03.12
SHRIPAD
MIRASHI Nil 45,00,000 18,00,000 27,00,000
DEEPANJALI
MIRASHI 9,00,000 Nil 3,00,000 6,00,000
ELVIN
FURNITURE 1,00,00,000 18,50,000 2,25,000 1,16,25,000
PVT. LTD.
NAME RATE OF
INTEREST
SHRIPAD
MIRASHI 12.50%
DEEPANJALI
MIRASHI 12.50%
ELVIN
FURNITURE 12.50%
PVT. LTD.
3c. The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
3d. The payment of the principal amount and interest are also regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal control
system.
5a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
5b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of five lakh rupees in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Section
58A, 58AA or any other relevant provisions of the Act and the rules
framed there under, with regard to the deposits accepted from the
public. As informed to us, no order has been passed by Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
7. The company does not have an internal audit system.
8. As informed to us, the Central Government has not prescribed to the
company, the maintenance of cost records under Section 209 (1) (d) of
the Companies Act, 1956.
9a. According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess, service tax and other statutory dues
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, cess and service tax, or other
statutory dues were outstanding, as at the balance sheet date for a
period of more than six months from the date they became payable,
except Share Application Money Rs. 30,955/- (required to be deposited
with the investor education protection fund).
9b. According to the records of the company, there are no dues of sale
tax, income-tax, customs duty/wealth-tax, excise duty/cess and service
tax which have not been deposited on account of any dispute.
10. At the end of the financial year the company's accumulated losses
do not exceed 50% of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds are
not applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The company has not raised term loan.
17. The funds raised on short-term basis have not been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. No money has been raised by debenture issues during the year
20. No money has been raised by public issues during the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P. G. Bhagwat,
(FRN: 101118W)
Chartered Accountants
(S. S. Athavale)
Partner
Membership No. 83374
Pune:- 8th June, 2012
Mar 31, 2011
1. We have audited the attached balance sheet of Envair Electrodyne
Limited, as at 31st March 2011, and also the profit and loss account
and the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, (as
amended by Companies (Auditor's Report) (Amendment) Order, 2004) issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. 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 and profit and loss account and the cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) Subject to clause (vi)(a) below, in our opinion, the balance sheet
and profit and loss account and the cash flow statement dealt with by
this Report comply with the accounting standards referred to in
sub-section
(3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written 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 as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(Vi) (a), Technical knowhow, which is an intangible asset, has been
included in fixed assets and depreciated @ 4.75% on SLM basis. This is
contrary to the requirements of AS-26, according to which the
intangible assets need to be amortized in not more than 10 years,
unless the 10 year life presumption is appropriately refuted with
reasons. The balance exceeding ten years is Rs. 4,58,859/-.
(b) Adequate provision for non recoverability has not been made for
debtors and other receivable amounts remaining unrecovered and
unconfirmed for long period of time. Although the management has not
ascertained this amount, the same may extend to Rs.61.56 lakhs.
Subject to the above, 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 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.
Annexure Referred to in paragraph 3 of our report of even date
1a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
1b. All the assets have been physically verified by the management
during the year and there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
1c. During the year, the company has disposed off an asset, but which
has not affected the going concern assumption.
2a. The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
2b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
2c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3a. The company has not granted any loans to companies, firms and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
3b. The company has not taken any loans from companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, except unsecured loans from the following:
NAME OPENING RECEIVED PAID CLOSING RATE OF
BALANCE DURING DURING BALANCE INTEREST
AS ON THE YEAR THE YEAR AS ON
01.04.10 2010-11 2010-11 31.03.11
SHRIPAD
MIRASHI 17,50,000 3,00,000 20,50,000 Nil 12.50%
DEEPAN
JALI
MIRASHI 15,00,000 Nil 6,00,000 9,00,000 12.50%
ELVIN
FURNI
TURE 1,30,00,000 Nil 30,00,000 1,00,00,000 12.50%
PVT.LTD.
3c. The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
3d. The payment of the principal amount and interest are also regular.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal control
system.
5a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
5b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of five lakh rupees in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6 In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of Section
58A, 58AA or any other relevant provisions of the Act and the rules
framed there under, with regard to the deposits accepted from the
public. As informed to us, no order has been passed by Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
7. The company does not have an internal audit system.
8. As informed to us, the Central Government has not prescribed to the
company, the maintenance of cost records under Section 209 (1) (d) of
the Companies Act, 1956
9a. According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excised-duty, cess, service tax and other statutory dues
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, cess and service tax, or other
statutory dues were outstanding, as at the balance sheet date for a
period of more than six months from the date they became payable,
except Share Application Money Rs. 30,955/- ( required to be deposited
with the investor education protection fund).
9b. According to the records of the company, there are no dues of sale
tax, income-tax, customs duty/wealth-tax, excise duty/cess and service
tax which have not been deposited on account of any dispute.
10. At the end of the financial year the company's accumulated losses
do not exceed 50% of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds are
not applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The company has not raised term loan.
17. The funds raised on short-term basis have not been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. No money has been raised by debenture issues during the year
20. No money has been raised by public issues during the year. 21
Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P.GBhagwat, ( FRN : 101118W)
Chartered Accountants,
(S.S.Athavale)
Partner
Membership No. 83374
Pune: 25th June, 2011
Mar 31, 2010
1. We have audited the attached balance sheet of Envair Electrodyne
Limited, as at 31st March 2010, and also the profit and loss account
and the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. 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 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.
4. 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 and profit and loss account and the cash flow
statement dealt with by this report are in agreement with the books of
account ;
(iv) Subject to clause (vi)(a) below, in our opinion, the balance sheet
and profit and loss account and the cash flow statement dealt with by
this report comply with the accounting standards referred to in sub-
section (3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that noneof the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) (a),Technical knowhow, which is an intangible asset, has been
included in fixed assets and depreciated @ 4.75% on SLM basis. This is
contrary to the requirements of AS-26, according to which the
intangible assets need to be amortized in not more than 10 years,
unless the 10 year life presumption is appropriately refuted with
reasons. The balance exceeding ten years is Rs.5,72,083/-.
(b) Adequate provision for non recoverability has not been made for
debtors and other receivable amounts remaining unrecovered and
unconfirmed for long period of time. Although the management has not
ascertained this amount, the same may extend to Rs.76.67 lakhs.
Subject to the above, 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 2010;
(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.
Annexure Referred to in paragraph 3 of our report of even date
1a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
1b. All the assets have been physically verified by the management
during the year and there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
1c. During the year, the company has disposed off an asset, but which
has not affected the going concern assumption.
2a. The inventory has been physically verified during the year by the
management, which, is in our opinion, at reasonable intervals.
2b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
2c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies were noticed on verification
between the physical stocks and the book records.
3a. The company has not granted any loans to companies, firms and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
3b. The company has not taken any loans from companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, except unsecured loans from the following:
NAME OPENING RECEIVED PAID CLOSING RATE OF
BALANCE DURING DURING BALANCE INTEREST
AS ON THE YEAR THE YEAR AS ON
01.04.09 2009 - 10 2009 - 10 31.03.10
SHRIPAD
MIRASHI 17,50,000 Nil Nil 17,50,000 12.50%
DEEPANJALI
MIRASHI Nil 1500,000 Nil 1500,000 12.50%
ELVIN
FURNITURE 1,30,00,000 Nil Nil 1,30,00,000 12.50%
PVT.LTD.
3c. The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
3d. The payment of the principal amount and interest are also regular.
4. In our opinion and according to the information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the company and the nature of
its business with regard to purchases of inventory, fixed assets and
with regard to the sale of goods and services. During the course of
our audit, no major weakness has been noticed in the internal control
system.
5a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements referred to
in section 301 of the Act have been entered in the register required to
be maintained under that section.
5b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of five lakh rupees in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6 In our opinion and according to the information and
explanations given to us, the company has complied with the provisions
of Section 58A, 58AA or any other relevant provisions of the Act and
the rules framed there under, with regard to the deposits accepted from
the public. As informed to us, no order has been passed by Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
7. The company does not have an internal audit system.
8. As informed to us, the Central Government has not prescribed to the
company, the maintenance of cost records under Section 209 (1) (d) of
the Companies Act, 1956
9a. According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
employees state insurance, income- tax, sales-tax, wealth-tax, custom
duty, excised-duty, cess, service tax and other statutory dues
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, cess and service tax, or other
statutory dues were outstanding, as at the balance sheet date for a
period of more than six months from the date they became payable,
except Share Application Money Rs. 30,955/- ( required to be deposited
with the investor education protection fund ).
9b. According to the records of the company, there are no dues of sale
tax, income-tax, customs duty/wealth-tax, excise duty/cess and service
tax which have not been deposited on account of any dispute.
10. At the end of the financial year the companys accumulated losses
do not exceed 50% of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds are
not applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The company has not raised term loan.
17. The funds raised on short-term basis have not been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. No money has been raised by debenture issues during the year
20. No money has been raised by public issues during the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M/S P.G.Bhagwat,(FRN : 101118W)
Chartered Accountants,
(S.S.Athavale)
Partner
Pune: - 31st May, 2010 Membership No. 83374