Mar 31, 2015
1. We have audited the accompanying financial statements of Fusion
Fittings (I) Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information Management's
Responsibility for the Financial Statements.
2. The management and Board of Directors of the Company are
responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 ('the act') with respect to the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the
Act, read with rule 7 of Companies (Accounts) Rules, 2014. This
responsibility includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; design, implementation and maintenance of adequate internal
financial controls, that are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
3 Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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.
4 An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements, that give a true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial controls
system over financial reporting and the operating effectiveness of such
controls An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company's management and Board of Directors, as
well as evaluating the overall presentation of the financial statements
5 We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:-
i) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31,2015;
ii) in case of the Statement of Profit and Loss, of the loss for the
year ended on that date
iii) in case of the Cash Flow Statement, of the cash flows for the year
ended on that date
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a. e have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014
e. On the basis of written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of Section 164(2) of the Act
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise
Annexure referred to in paragraph 7 Our Report of even date to the
members of M/s FUSION FITTINGS (I) LIMITED on the accounts of the
company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
(ii) The company had no Inventory.
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
(v) The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act.
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including Provident
Fund, , Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty and other material statutory dues,
as applicable, with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes;
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
(viii) The company had no accumulated losses as at 31.03.2015. The
company has incurred cash losses in the current financial year but not
in the immediately preceding financial year.
(ix) According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
(x) In our opinion and according to the information and explanation
given to us, the term and conditions on which the company has given
guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xi) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year.
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For K. K. JAIN & CO.
Chartered Accountants
Firm Registration No.002465N
(R.K. Mittal)
Place: Delhi Partner
Date: 02.09.2015 M. No.095459
Mar 31, 2014
We have audited the accompanying financial statements of Fusion
Fittings (I) Limited, ("the Company") which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information - and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of 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
sub- section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditor''s report
Annexure referred to the Auditors'' Report of even date to the Members
of Fusion Fittings (I) Limited for the year ended 31st March, 2014.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the company
and nature of its assets. No material discrepancies between the book
records and the physical inventory were noticed in respect of the
assets physically verified.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2 The company had no inventory.
3 The company has not granted nor taken any loans, secured or
unsecured, to/from any company, firm or other party covered in the
register maintained under section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5 (a) In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered in the
register maintained under section 301 of the Companies Act, 1956. (b)
In our opinion and according to the information and explanations given
to us, there are no transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956,
paragraph 4(v)(b) of the order is not applicable.
6 The Company has not accepted any deposits from the public to which
the provisions of Section 58A & Section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under
apply.
7 In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8 To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
main- tenance of cost records under Section 209(1) (d) of the Companies
Act, 1956.
9 (i) 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 have
been regularly deposited with the appropriate authorities. (ii)
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty and Cess were outstanding at
the year end for a period of more than six months from the date they
became payable. (iii) According to the record of the company and
information and explanation given to us, there were no disputed dues
outstanding as at 31s1 March, 2014 in respect of Sales Tax, Income Tax,
Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess.
10 The company has no accumulated losses as at 31s'' March 2014. The
company has not incurred cash losses during the year nor in the
immediately preceding financial year.
11 In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12 According to the information and explanations given to us, the
Company has not granted any loans and 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 and conditions on which the company has given
guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
16 The company has not raised any term loan during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we report that no funds raised on short-term basis have been
used for long term investments.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956, during the year.
19 No secured debenture were issued by the company. Therefore, no
securities have been created.
20 The company has not raised any money by a public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For K.K. Jain & Co.,
Chartered Accountants
Firm Registration No.: 002465N
Sd/-
(R. K. Mittal)
Place: Gurgaon Partner
Date: May 29, 2014 Membership No.: 095459
Mar 31, 2013
Report on the Financial statements
We have audited the accompanying fnancial statements of Fusion Fittings
(I) Limited, ("the Company") which comprise the Balance Sheet as at
March 31, 2013, the Statement of Proft and Loss and Cash Flow Statement
for the year then ended and a summary of signifcant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the fnancial 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 fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, fnancial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Proft and Loss, of the proft for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specifed 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 Proft 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 Proft and Loss and
Cash Flow Statement 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 March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualifed 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 notifcation as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditor''s report
Annexure referred to the Auditors'' Report of even date to the Members
of Fusion Fittings (I) Limited for the year ended 31st March, 2013.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fxed
assets.
(b) As explained to us, the fxed assets have been physically verifed by
the management during the year in a phased periodical manner, which in
our opinion is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies between the book
records and the physical inventory were noticed in respect of the
assets physically verifed.
(c) In our opinion, the company has not disposed off substantial part
of fxed assets during the year and the going concern status of the
Company is not affected.
2 The Company had no inventory.
3 The Company has not granted nor taken any loans, secured or
unsecured, to/from any company, frm or other party covered in the
register maintained under section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fxed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5 (a) In our opinion and according to the information and explanations
given to us, there are no transaction that need to be entered in the
register maintained under section 301 of the Companies Act, 1956. (b)
In our opinion and according to the information and explanations given
to us, there are no transactions that need to be entered into register
maintained under section 301 of the Companies Act,1956, paragraph
4(v)(b) of the order is not applicable.
6 The Company has not accepted any deposits from the public to which
the provisions of Section 58A & Section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under
apply.
7 In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8 To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records under Section 209(1)
(d) of the Companies Act, 1956.
9 (i) 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 have
been regularly deposited with the appropriate authorities.
(ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty and Cess were outstanding at
the year end for a period of more than six months from the date they
became payable.
(iii) According to the record of the Company and information and
explanation given to us, there were no disputed dues outstanding as at
31st March, 2013 in respect of Sales Tax, Income Tax, Custom Duty,
Wealth Tax, Service Tax, Excise Duty and Cess.
10 The company has no accumulated losses as at 31st March 2013. The
company has not incurred cash losses during the year nor in the
immediately preceding fnancial year.
11 In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to
fnancial institutions, bank or debenture holders.
12 According to the information and explanations given to us, the
Company has not granted any loans and 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
beneft 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 and conditions on which the company has given
guarantees for loans taken by others from banks or fnancial
institutions are not prejudicial to the interest of the company.
16 The company has not raised any term loan during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
Company, we report that no funds raised on short-term basis have been
used for long term investments.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956, during the year.
19 No secured debenture were issued by the Company. Therefore, no
securities have been created.
20 The company has not raised any money by a public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For K.K. Jain & Co.
Chartered Accountants
Firm Registration No.: 002465N
Sd/-
(R. K. mittal)
Place : Gurgaon Partner
Date : May 16, 2013 Membership No.: 095459
Mar 31, 2012
1. We have audited the attached Balance Sheet of Fusion Fittings (I)
Limited (Ãthe CompanyÃ) as at 31ST March, 2012 together with the
Statement of Profit and Loss 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 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 the 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
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, we give 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:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by lawthave
been kept by the Company, so far as appears from our examination of the
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 t>f Profit and Loss 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;
e) On the basis of the 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.
I) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and the Statement of
Profit and Loss read with the Schedules and Notes 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 3151 March, 2012;
ii) in the case of the Statement of Profit and Loss, 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 to the Auditors' report
Annexure referred to in paragraph (3) of the Auditors'
Report of even date to the Members of Fusion Fittings
(I) Limited for the year ended 31st March, 2012.
1 (a) The Company has maintained proper
records showing full particulars including quantitative details and
situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year.in a phased periodical manner, which
in our opinion is reasonable having regard to thie size of the Company
and nature of its assets. No material discrepancies between the book
records and the physical inventory were noticed in respect of the
assets physically verified.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2 The Company had no inventory.
3 The Company has nither granted nor taken any loans, secured or
unsecured, to/from any Company, firm or other party covered in the
register maintained under section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5 (a) According to the information and
explanations given to us, we are of the opinion, that the transactions
that needed to be entered into the register maintained under section
301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to' the' information and
explanations given to us, the transactions made in pursuance of
contracts or arrangement entered in the register maintained under
section 301 of the Companies Act,1956 exceeding the value of Rupees
five lakhs in respect of any party during the year have been made at
prices, which are reasonable having regard to the prevailing market
prices at the relevant time.
6 The Company has not accepted any deposits from the public to which
the provisions of section 58A & section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under
apply.
7 The Company did not have any internal audit system.
8 To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 (i) 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 have been regularly deposited with the appropriate
authorities.
(ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty and Cess were outstanding at
the year end for a period of more than six months from the date they
became payable.
(iii) According to the record of the Company and information and
explanation given to us, there were no disputed dues outstanding as at
31st March, 2012 in respect of Sales Tax, Income Tax, Custom Duty,
Wealth Tax, Service Tax, Excise Duty and Cess.
10 The Company has no accumulated losses as at 31st March 2012. The
Company has not incurred cash losses during the year nor in the
immediately preceding financial year.
11 : In our opinion and according to the information
and explanation given to us, the Company hpç; not defaulted in
repayment of dues to financial institutions, bank or debenture holder.
12 According to the information and explanations given to us, the
Company has not granted any loans and 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 and conditions on which the Company has given
guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
16 The Company has not raised any term loan during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Row Statement of the
Company, we report that no funds raised on short- term basis have been
used for long term investments.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956, during the year.
19 No secured debenture were issued by the Company. Therefore, no
securities have been created.
20 The Company has not raised any money by a public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For K. K. Jain & Co.,
Chartered Accountants
Firm Registration
No.002465N
Sd/-
Place: Gurgaon (R. K. Mittal)
Date : 28 May 2012 Partner
M.No.95459
Mar 31, 2011
1. We have audited the attached Balance Sheet of Fusion Fittings
(India ) Ltd as at 31st March, 2011 together with 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 issued
by the central Government of India in terms of sub-section (4A) of
section 227 of the companies Act, 1956, we give 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:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company, so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and 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 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;
e) On the basis of the 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.
f) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and the Profit & Loss
Account read with the Schedules and Notes 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 31st March, 2011;
ii) in the case of the Profit and 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 to the Auditor's report
Annexure referred to in paragraph (3) of the Auditor's Report of even
date to the Members of Fusion Fittings (India) Ltd for the year ended
31st March, 2011.
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the company
and nature of its assets. No material discrepancies between the book
records and the physical inventory were noticed in respect of the
assets physically verified.
(c) In our opinion, the company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
company is not affected.
2 The company had no inventory.
3 The company has not granted or taken any loans, secured or unsecured,
to any company, firm or other party covered in the register maintained
under section 301 of the companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5 (a) According to the information and explanations given to us, we are
of the opinion, that the transactions that needed to be entered into
the register maintained under section 301 of the companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
companies Act,1956 exceeding the value of Rupees five lakhs in respect
of any party during the year have been made at prices, which are
reasonable having regard to the prevailing market prices at the
relevant time.
6 The company has not accepted any deposits from the public to which
the provisions of Section 58A & Section 58AA or any other relevant
provisions of the companies Act, 1956 and the Rules framed there under
apply.
7 The Company did not have any internal audit system.
8 To the best of our knowledge and according to the information and
explanations given to us, the central Government has not prescribed the
maintenance of cost records under Section 209(1) (d) of the companies
Act, 1956.
9 (i) 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 have
been regularly deposited with the appropriate authorities.
(ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth
Tax, Service Tax, custom Duty, Excise Duty and cess were outstanding at
the year end for a period of more than six months from the date they
became payable.
(iii) According to the record of the company and information and
explanation given to us, there were no disputed dues outstanding as at
31st March, 2011 in respect of Sales Tax, Income Tax, custom Duty,
Wealth Tax, Service Tax, Excise Duty and cess.
10 The company has no accumulated losses as at 31st March 2011. The
company has not incurred cash losses during the year nor in the
immediately preceding financial year.
11 In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, bank or debenture holder.
12 According to the information and explanations given to us, the
company has not granted any loans and 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 and conditions on which the company has given
guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
16 The company has not raised any term loan during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet and cash Flow Statement of the
company, we report that no funds raised on short-term basis have been
used for long term investments.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies Act, 1956, during the year.
19 No secured debenture were issued by the company. Therefore, no
securities have been created.
20 The company has not raised any money by a public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For K. K. Jain & Co.
chartered Accountants
Firm Registration No. 002465N
Sd/-
(R. K. Mittal)
Partner M. No. 95459
Place : Delhi
Date : 28 May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Fusion Fittings
(India) Ltd as at 31st March, 2010 together with 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 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 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 the 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we give 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:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit ;
b) In our opinion, proper books of accounts as required by law have
been kept by the company, so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and 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 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;
e) On the basis of the written representations received from the
directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed 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 Balance Sheet and the Profit & Loss
Account read with the Schedules and Notes 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 31st March, 2010;
ii) in the case of the Profit and 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 to the Auditors report
Annexure referred to in paragraph (3) of the Auditors Report of even
date to the Members of Fusion Fittings (India) Ltd for the year ended
31st March, 2010.
1 (a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the company
and nature of its assets. No material discrepancies between the book
records and the physical inventory were noticed in respect of the
assets physically verified.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2 The company had no inventory.
3 (a) The company has not granted any loans, secured
or unsecured, to any company, firm or other party covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) The company has taken unsecured, interest free loan from one
company covered in the register maintained under section 301 of the
Companies Act, 1956. The aggregate amount of loans taken at year end
and aggregate maximum outstanding balance at any time during the year
amounted to Rs. NIL and Rs.20,41,242.64 respectively.
(c) In our opinion and according to information and explanations given
to us the terms and conditions of interest free loan obtained are not
prima facie prejudicial to the interest of the company.
(d) In respect of loan taken by the company the interest payment and
principal amount repayable are regular.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5 (a) According to the information and explanations
given to us, we are of the opinion, that the transactions that needed
to be entered into the register maintained under section 301 of the
Companies Act, 1956 have been so entered. (b) In our opinion and
according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangement entered in
the register maintained under section 301 of the Companies Act,1956
exceeding the value of Rupees five lakhs in respect of any party during
the year have been made at prices, which are reasonable having regard
to the prevailing market prices at the relevant time.
6 The Company has not accepted any deposits from the public to which
the provisions of Section 58A & Section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under
apply.
7 The Company did not have any internal audit system.
8 To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956.
9 (i) 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 have been regularly deposited with the appropriate
authorities.
(ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty and Cess were outstanding at
the year end for a period of more than six months from the date they
became payable.
(iii) According to the record of the company and information and
explanation given to us, there were no disputed dues outstanding as at
31st March, 2010 in respect of Sales Tax, Income Tax, Custom Duty,
Wealth Tax, Service Tax, Excise Duty and Cess.
10 The company has no accumulated losses as at 31st March 2010. The
company has not incurred cash losses during the year nor in the
immediately preceding financial year.
11 In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions, bank or debenture holder.
12 According to the information and explanations given to us, the
Company has not granted any loans and 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 chitfund 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 term and conditions on which the company has given
guarantees for loans taken by others (subsidiary upto 30.03.2010) from
banks or financial institutions are not prejudicial to the interest of
the company.
16 The company has not raised any term loan during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet and Cash Flow Statement of the
company, we report that no funds raised on short-term basis have been
used for long term investments.
18 The company has not made any preferential allotment of shares to
parties or companies covered inthe register maintained under section
301 of the Companies Act, 1956, during the year.
19 No secured debenture were issued by the company. Therefore, no
securities have been created.
20 The company has not raised any money by a public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For K.K.Jain & Co.
Chartered Accountants
Sd/-
Place: Delhi (R. K. Mittal)
Date : May 26,2010 Partner
M. No. 95459
FRN: 002465N
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