Jun 30, 2015
We have audited the accompanying standalone financial statements of
FEDDERS LLOYD CORPORATION LIMITED ("the Company") which comprise the
Balance Sheet as at 30 June 2015, the Statement of Profit and Loss
Account and the Cash Flow Statement for the year 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 matter stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation & presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial control, 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
misstatements, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provision of the Act and 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 the ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditors' judgment, including the assessment of
the risk 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 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 the effectiveness of the
Company's internal control. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of the information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 30 June 2015 and its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' 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 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 it appears from our examination of those
books.
c) The Balance Sheet, the statement of Profit & Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards under Section 133 of the Act, read with
the Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 30 June 2015 taken on record by the Board of Directors, none of
the directors is disqualified as on 30 June 2015 from being appointed
as a director in terms of Section 164(2) of the Act; and
f) With respect to the other matters to be included in the Auditors'
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 explanation gives to us:
i) The financial statement have disclosed the impact of pending
litigations on the financial position of the Company as referred to in
note no 38.
ii) The Company has long-term derivative contracts (interest rate swap)
for which there were no 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.
Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date of Fedders Lloyd
Corporation Limited for the year ended 30 June 2015
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of the Fixed
Assets.
b) Fixed Assets have been physically verified by the management during
the year.
In our opinion the frequency of such verification is reasonable having
regard to the size of the Company and the nature of its fixed assets.
No material discrepancies were noticed on such physical verification.
2. a) The inventory has been physically verified during the year by
the management at reasonable intervals.
b) The procedures of the physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of the Business.
c) The Company is maintaining proper records of the inventory. The
discrepancies noticed on physical stocks and the book records were not
material.
3. a) The Company has given loans to wholly owned subsidiary Fedders
Lloyd Trading FZE AED 11.27 lacs (equivalen to INR 1.51 Crores).
b) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule in the
loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the
Order is not applicable to the Company in respect of repayment of the
principal amount.
c) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the bodies corporate listed in the register
maintained under section 189 of the Act.
4. 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
purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit we have not observed
any continuing failure to correct major weakness in the internal
controls system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit, in terms of the directive issued
by the Reserve Bank of India and the provisions of the Section 73 to 76
or any other relevant provisions of the Companies Act and the rules
framed there under.
6. We have broadly reviewed the cost records maintained by the Company
prescribed by the Central Government under Section 148(1) of the
Companies Act, 2013 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
7. a) According to the records of the Company, the Company is regular
in depositing undisputed Statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Duty of Excise, valued added tax cess and any other statutory dues
with the appropriate authorities, however there is some delay in
depositing Govt. dues due to financial difficulties. According to the
information and explanations given to us, no undisputed amounts payable
in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Service
Tax, Excise Duty and Cess were outstanding, at the financial reporting
period ending on 30 June 2015 for a period of more than six months from
the date they became payable.
b) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provision of the
Companies Act, 1956 (1 of 1956) and rules thereunder has been
transferred to such fund within time.
8. The Company does not have accumulated Losses at the end of the
financial year. The Company has not incurred any cash loss during the
financial year covered by our audit and the immediate preceding
financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues of financial institutions, banks and
debenture holders.
10. In our opinion and according to the information and explanation
given to us, the terms & conditions of the guarantees given by the
Company for loan taken by the subsidiary Companies from bank are prima
facie not prejudicial to the interest of the company.
11. In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
12. As per information and explanation given to us no fraud on or by
the Company has been noticed or reported during the course of our
Audit.
For Suresh C. Mathur & Co.
Chartered Accountants
(Firm Registration No. 000891N)
BRIJESH C. MATHUR
Place : New Delhi PARTNER
Date : 13 August 2015 Membership No. 083540
Jun 30, 2014
We have audited the accompanying financial statements of FEDDERS LLOYD
CORPORATION LIMITED ("the Company") which comprise the Balance Sheet
as at June 30, 2014, the Statement of Profit and Loss Account and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatements, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the ICAI. Those Standards
require that we comply with the ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk 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 Company''s
internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Other Matters
Pursuant to notification of Schedule II of the Companies Act, 2013 with
effect from April 01, 2014, depreciation for the year ended June 30,
2014 has been provided on the estimated economic useful lifes of fixed
assets as prescribed in Schedule II of the Companies Act, 2013.
Opinion
In our opinion and to the best of the information and according to the
explanations given to us, give the information required by the Act in
the manner so required and give true and fair view in conformity with
the accounting principles generally accepted in India.
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at June 30, 2014.
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) 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 it appears from our examination of those
books.
c) The Balance Sheet, the statement of Profit & 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, the statement of Profit & Loss
and the Cash Flow Statement comply with Accounting Standards notified
under the Companies Act, 1956 read with the General Circular 15/2013
dated September 13, 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013.
e) On the basis of written representations received from the directors
as on June 30, 2014 taken on record by the Board of Directors, none of
the directors is disqualified as on June 30, 2014 from being appointed
as a director in terms of Section 274(1)(g) of the Act.
Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date of Fedders Lloyd
Corporation Limited for the year ended June 30, 2014
On the basis of such checks as we considered appropriate and in terms
on the information and explanations given to us, we state that:
1.1 The Company has maintained records showing full particulars
including quantitative details and situation of the Fixed Assets.
1.2 A substantial portion of the Fixed Assets has been physically
verified by the management during the year. In our opinion the
frequency of verification is reasonable having regard to the size of
the Company and nature of its assets. No material discrepancies were
noticed on such physical verification.
1.3 According to the information and explanation given to us and in our
opinion that the disposal of the fixed assets has not affected the
going concern status of the Company.
2. The inventory has been physically verified during the year by the
management and in our opinion the frequency of verification is
reasonable. According to the information and explanations given to us,
in our opinion, the procedures of physical verification of stock
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. The Company is
maintaining proper records of inventory. The discrepancies noticed on
physical verification of stocks as compared to the book records were
not material and have been properly dealt with in the books of account.
3. According to the informations given to us the Company has not taken
any loans, secured or unsecured from Companies, firms or other parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956. The Company has given a loan to its Foreign Subsidiary
Company.
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 controls.
5. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts of
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakh 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. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clauses (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has internal audit system, commensurate
with the size of the Company and the nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
its maintenance of cost records u/s 209(1)(d) of the Companies Act,
1956 and are of the opinion that prime-facie, the prescribed accounts
and records have been maintained. However, we have not made a detailed
examination of the records.
9. According to the records of the Company and information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities during the year.
10. The Company does not have accumulated Losses at the end of the
financial year and has not incurred any cash loss during the financial
year covered by our audit and the immediate preceding financial year.
11. According to the records examined by us and the information and
explanation given to us, the company has not defaulted in repayment of
dues of financial institution or bank of debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans or advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
15. In our opinion and according to the information and explanation
given to us, the term & conditions of the guarantees given by the
Company for loan taken by the associates companies from bank are prime
facie not prejudicial to the interest of the Company.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term,
investment and no long- term funds have been used to finance short term
assets.
17. According to the Cash Flow Statement and records examined by us
and according to the information and explanations given to us, on
overall basis, fund raised on short-term basis have, prima facie, not
been used during the year for long- term investment and vice versa.
18 The Company has not raised any moneys by way of issue of debentures.
19. 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 during the year.
20. The Company has not raised any money during the year way of public
issue.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Suresh C. Mathur & Co.
Chartered Accountants
(Firm Registration No. 000891N)
(BRIJESH C. MATHUR)
Place : New Delhi PARTNER
Date : August 27, 2014 Membership No. 083540
Jun 30, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of FEDDERS LLOYD
CORPORATION LIMITED (''''the Company'''') which comprise the Balance Sheet
as at June 30, 2013, the Statement of Profit and Loss Account and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 (''the Act''). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material mis-statements,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the ICAI. Those Standards
require that we comply with the ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material mis-statements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk of material mis-statement 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 Company''s
internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of the information and according to the
explanations given to us, the said account read with Note No. 3C to
notes to accounts in the aforesaid financial statements give the
information required by the Act in the manner so required and give true
and fair view in conformity with the accounting principles generally
accepted in India.
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at June 30, 2013.
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) 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 it appears from our examination of those
books.
c) The Balance Sheet, the statement of Profit & 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, the statement of Profit & Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
e) On the basis of written representations received from the directors
as on June 30, 2013 taken on record by the Board of Directors, none of
the directors is disqualified as on June 30, 2013 from being appointed
as a director in terms of Section 274(1)(g) of the Act.
Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date of Fedders Loyd
Corporation Limited for the year ended June 30, 2013
On the basis of such checks as we considered appropriate and in terms
on the information and explanations given to us, we state that:
1.1 The company has maintained records showing full particulars
including quantitative details and situation of the Fixed Assets.
1.2 A substantial portion of the Fixed Assets has been physically
verified by the management during the year. In our opinion the
frequency of verification is reasonable having regard to the size of
the company and nature of its assets. No material discrepancies were
noticed on such physical verification.
1.3 According to the information and explanations given to us and in
our opinion that the disposal of the fixed assets has not affected the
going concern status of the company.
2. The inventory has been physically verified during the year by the
management and in our opinion the frequency of verification is
reasonable. According to the information and explanations given to us,
in our opinion, the procedures of physical verification of stock
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. The Company is
maintaining proper records of inventory. The discrepancies noticed on
physical verification of stocks as compared to the book records were
not material and have been properly dealt with in the books of account.
3. According to the informations given to us the Company has not taken
any loans, secured or unsecured from Companies, firms, or other parties
listed in the Register maintained under section 301 of the Companies
Act, 1956. The Company has given a loan to its Foreign Subsidiary
Company.
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 controls.
5. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts of
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of rupees five lakh 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. The Company has not accepted any deposits from the public therefore
the provision of Section 58A and 58AA of the Companies Act, 1956 are
not applicable to the company.
7. In our opinion, the Company has internal audit system, commensurate
with the size of the Company and the nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
its maintenance of cost records u/s 209(1) (d) of the Companies Act
1956 and are of the opinion that prime-facie, the prescribed accounts
and records have been maintained. However, we have not made a detailed
examination of the records.
9. According to the records of the company and information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities during the year.
10. The company does not have accumulated Losses at the end of the
financial year and has not incurred any cash loss during the financial
year covered by our audit and the immediate preceding financial year.
11. According to the records examined by us and the information and
explanations given to us, the company has not defaulted in repayment of
dues of financial institution or bank or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans or advances on the basis of security by way of pledge of
shares, debentures and other securities
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. The Company has not given guarantee according to the information
and explanation given to us, the term & conditions of the guarantees
given by the Company for loan taken by the associate companies from
bank are prime facie not prejudicial to the interest of the Company.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term,
investment and no long-term funds have been used to finance short term
assets.
17. According to the Cash Flow Statement and records examined by us
and according to the information and explanations given to us, on
overall basis, fund raised on short-term basis have, prima facie, not
been used during the year for long-term investment and vice versa.
18 The Company has not raised any moneys by way of issue of debentures.
19. 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 during the year.
20. The Company has not raised any money during the year way of public
issue.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Suresh C. Mathur & Co.
Chartered Accountants
(Firm Registration No. 000891N)
(BRIJESH C. MATHUR)
Dated: November 11, 2013 Partner
Place: New Delhi Membership No. 083540
Jun 30, 2011
We have audited the attached Balance Sheet of FEDDERS LLOYD CORPORATION
LIMITED as at 30th June 2011 and also the Profit & 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.
1. 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 from any 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government 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.
3. Further to our comments in the Annexure referred to in the
Paragraph 2 above we report that -
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of 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, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 30th June, 2011, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 30th June,
2011 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies in Schedule "P" and notes appearing
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India.
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2011;
ii) in the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE, 2011 OF FEDDERS
LLOYD CORPORATION LIMITED
On the basis of such checks as we considered appropriate and in terms
on the information and explanations given to us, we state that
1.1 The company has maintained records showing full particulars
including quantitative details and situation of the Fixed Assets.
1.2 A substantial portion of the Fixed Assets have been physically
verified by the management during the year. In our opinion the
frequency of verification is reasonable having regard to the size of
the company and nature of its assets. No material discrepancies were
noticed on such physical verification.
1.3 According to the information and explanation given to us and in our
opinion that the disposal of the fixed assets has not affected the
going concern status of the company.
2. The inventory has been physically verified during the year by the
management and in our opinion the frequency of verification is
reasonable. According to the information and explanations given to us,
in our opinion, the procedures of physical verification of stock
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. The Company is
maintaining proper records of inventory. The discrepancies noticed on
physical verification of stocks as compared to the book records were
not material and have been properly dealt with in the books of account.
3. According to the information's given to us the Company has not
taken any loans, secured or unsecured from Companies, firms, or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
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 controls.
5. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts of
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakh 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. The Company has not accepted any deposits from the public therefore
the provision of Section 58A and 58AA of the Companies Act, 1956 are
not applicable to the company.
7. In our opinion, the Company has internal audit system, commensurate
with the size of the Company and the nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
its maintenance of cost records u/s 209(1) (d) of the Companies Act,
1956 and are of the opinion that prime-facie, the prescribed accounts
and records have been maintained. However, we have not made a detailed
examination of the records.
9. According to the records of the company and information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities during the year.
10. The company does not have accumulated Losses at the end of the
financial year and has not incurred any cash loss during the financial
year covered by our audit and the immediate preceding financial year.
11. According to the records examined by us and the information and
explanation given to us, the company has not defaulted in repayment of
dues of financial institution or bank of debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans or advances on the basis of security by way of pledge of
shares, debentures and other securities
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of Clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
15. In our opinion and according to the information and explanation
given to us, the term & conditions of the guarantees given by the
Company for loan taken by the associates companies from bank are prime
facie not prejudicial to the interest of the Company.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term,
investment and no long-term funds have been used to finance short term
assets.
17. According to the Cash Flow Statement and records examined by us
and according to the information and explanations given to us, on
overall basis, fund raised on short-term basis have, prima facie, not
been used during the year for long-term investment and vice versa.
18. The Company has not raised any moneys by way of issue of
debentures.
19. 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 during the year.
20. The Company has not raised any money during the year by the way of
public issue.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Suresh C. Mathur & Co.
Chartered Accountants
(BRIJESH C. MATHUR)
Partner
Place : New Delhi Membership No. 083540
Dated : December 1, 2011 (Firm Registration No. 000891N)
Jun 30, 2009
We have audited the attached Balance Sheet of FEDDERS LLOYD CORPORATION
LIMITED as at 30th June, 2009 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.
1. 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 from any material mis-statement. 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government 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.
3. Further to our comments in the Annexure referred to in the
Paragraph 2 above we report that -
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of 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, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 30th June, 2009, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 30th June,
2009 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies in Schedule "P" and notes appearing
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India.
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2009;
ii) in the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 30Ã JUNE, 2009 OF FEDDERS LLOYD
CORPORATION LIMITED
On the basis of such checks as we considered appropriate and in terms
on the information and explanations given to us, we state that
1.1 The Company has maintained records showing full particulars
including quantitative details and situation of the Fixed Assets.
1.2 A substantial portion of the Fixed Assets have been physically
verified by the management during the year. In our opinion the
frequency of verification is reasonable having regard to the size of
the Company and nature of its assets. No material discrepancies were
noticed on such physical verification.
1.3 According to the information and explanation given to us and in our
opinion that the disposal of the fixed assets has not affected the
going concern status of the Company.
2. The inventory has been physically verified during the year by the
management and in our opinion the frequency of verification is
reasonable. According to the information and explanations given to us,
in our opinion, the procedures of physical verification of stock
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. The Company is
maintaining proper records of inventory. The discrepancies noticed on
physical verification of stocks as compared to the book records were
not material and have been properly dealt with in the books of account.
3. According to the informations given to us, the Company has not
taken any loans, secured or unsecured from Companies, firms, or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedure 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 controls.
5. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts of
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakh 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. The Company has not accepted any deposits from the public therefore
the provision of Section 58A and 58AA of the Companies Act, 1956 are
not applicable to the company.
7. In our opinion, the Company has internal audit system, commensurate
with the size of the Company and the nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
its maintenance of cost records u/s 209(1) (d) of the Companies Act,
1956 and are of the opinion that prime-facie, the prescribed accounts
and records have been maintained. However, we have not made a detailed
examination of the records.
9. (a) According to the records of the Company and information and
explanations given to us, the Company
has been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income-tax, Fringe Benefit-tax, Sales-tax, Wealth-tax,
Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues
with the appropriate authorities during the year.
9. (b) According to the information and explanation given to us and
the record of the Company examined by us, the particulars of dues of
excise duty as at 30th June, 2009 which have not been deposited on
account of dispute.
Name of Dues Period of dispute Amount Forum where the
Relates to dispute is pending
Excise duty 2006-07 3.34 Lacs Excise Tribunal
New Delhi
10. The Company does not have accumulated Losses at the end of the
financial year and has not incurred any cash loss during the financial
year covered by our audit and the immediate preceding financial year.
11. According to the records examined by us and the information and
explanation given to us, the company has not defaulted in repayment of
dues of financial institution or bank or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans or advances on the basis of security by way of pledge of
shares, debentures and other securities
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of Clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
15. In our opinion and according to the information and explanation
given to us, the terms & conditions of the guarantees given by the
Company for loan taken by the associate companies from bank are prime
facie not prejudicial to the interest of the Company.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment and no long-term funds have been used to finance short term
assets.
17. According to the Cash Flow Statement and records examined by us
and according to the information and explanations given to us, on
overall basis, fund raised on short-term basis have, prima facie, not
been used during the year for long-term investment and vice versa.
18 The Company has not raised any moneys by way of issue of debentures.
19. 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 during the year.
20. The Company has not raised any money during the year by way of
public issue.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Suresh C. Mathur & Co.
Chartered Accountants
Place : New Delhi Brijesh C. Mathur
Dated : November 20, 2009 Partner
M.No. : 83540