Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of GANGA PAPERS INDIA LIMITED (the âCompanyâ), which comprises the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as âFinancial Statementsâ).
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Financial Statements that give a true and fair view of the Financial Position, Financial Performance, Cash Flows and the Statement of Changes in Equity of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Financial Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit of the Financial Statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, its profit, its cash flows and the Statement of Changes in Equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government ofIndia in terms of sub-section (11) ofsection 143 ofthe Act, we give in the âAnnexure-A,â a statement on the matters specified in the paragraph 3 and 4 of the Order.
2. As required by Section 143(3) ofthe Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified u/s. 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure-Bâ to this report; and
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 29 to the financial statements;
(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
(iii) No amount was required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure-A to the Independent Auditorsâ Report
The Annexure-A referred to in Paragraph 1 under the heading of âReport on Other Legal and Regulatory Requirementsâ of our report to the members of GANGA PAPERS INDIA LIMITED (the âCompanyâ) for the year ended 31st March, 2018. We report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased periodical manner which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Therefore, the provisions of clause 3(v) of the Order are not applicable to the Company and hence not commented upon.
(vi) We have broadly reviewed the books of account and records maintained by the Company relating to the products of the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Companies Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.
(vii) In respect of Statutory dues:
(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Goods and Service Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Goods and Service Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material dues of Income Tax, Goods and Service Tax, Service Tax, Duty of Customs, Duty of Excise which have not been deposited with the appropriate authorities on account of any dispute. However, according to the information and explanations given to us, the following dues of Sales Tax and Value Added Tax have not been deposited by the Company on account of disputes:
Name of the Statute |
Nature of Dues |
Amount |
Period to which the amount relates |
Forum where dispute is pending |
MVAT Act, 2002 |
Value Added Tax |
1,25,61,104 |
From Financial year 1993-94 to Financial year 2003-04 |
Joint Commissioner (Appeals) and BIFR |
CST Act, 1956 |
Sales Tax |
61,57,523 |
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to financial institution, bank, Government or dues to debenture holders. However, the Company has outstanding liability of Deferred Sales Tax at Rs.5,83,35,891 as on 31st March, 2018.
(ix) According to the information and explanations given by the management, the Company has not raised any money by way of initial public offer/ further public offer and debt instruments during the year. Monies raised by way of term loan have been applied by the Company for the purposes for which they were raised.
(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us, the managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given to us, transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the Company and hence not commented upon.
(xv) According to the information and explanations given to us, the Company has not entered into any noncash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
Annexure-B to the Independent Auditorsâ Report
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of subsection 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Ganga Papers India Limited (âthe Companyâ) as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
An audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Achal Srivastava & Co.
Chartered Accountants
Firmâs Registration No.013385C
per Aadesh Kumar Agrawal
Partner
Membership No. 410473
Pune
May 30, 2018
Mar 31, 2015
We have audited the accompanying financial statements of GANGA PAPERS
(INDIA) LIMITED , which comprise the Balance Sheet as at 31 March 2015,
the Statement of Profit and Loss, 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 Board of Directors is responsible for the matters 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 the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 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 misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material mis-statement.
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 true and fair view 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 Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of the Balance Sheet of the state of affairs of the
Company as at March 31, 2015;
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
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, the 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
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 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
i The Company does not have any pending litigations which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses
iii. There were no amount which required to be, required to be
transferred, to the Investor Education and Protection Fund by the
Company
Place: Pune for RITESH BAJORIA & CO.
Date: 30.05.2015 Chartered Accountants
FRN NO. - 014059C
Sd/-
RITESH BAJORIA
Proprietor
Membership No. - 407339
Mar 31, 2014
1. We report that we have audited the attached Balance Sheet of Ganga
Papers India Limited as at 31st March 2014 and the relative Profit &
Loss Account of the Company for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company''s Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 enclose in the Annexure a statement
on the matters specified in paragraph 4 & 5 of the said order.
4. Further to our comments in the Annexure referred to above , we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31st March 2014 and taken on record by Board of Director''s we
report that none of the director''s is disqualified as on 31st March
2014 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and Loss
Account read with the notes on accounts and the significant accounting
policies, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the Accounting Principles generally accepted in India.
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014
b. In the case of the Profit & Loss, of the Profit for the period ended
on that date and
c. In the case of cash flow statement of the cash flows for the year
ended on that date.
Annexure to Auditor''s Report
(Referred to in paragraph 3 of our Report of even date)
1. The Company has maintained proper record to show full particulars
including quantitative details and situation of fixed assets. We are
informed that the management has physically verified these fixed assets
at reasonable intervals and no material discrepancies between the book
records and physical verification have been noticed on such
verification. There was no substantial disposal of fixed assets during
the year.
2. The Stocks of finished goods, stores, spare-parts and raw materials
and trading goods of the Company have been physically verified by the
management. We are informed that the management has made the physical
verification at reasonable intervals during the year. In our opinion,
and according to the information and explanation given to us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to size of the
Company and the nature of its business.
3. (a) The Company has not granted loan to parties covered in the
register maintained u/s 301 of the Companies Act. 1956.
(b) The Company has taken unsecured loan from the parties listed in the
register maintained u/s 301 of the Company Act 1956. The maximum amount
outstanding during the year was Rs. 9,15,82,941.00/- and the year end
balance of loans taken from such parties was Rs. 800,000/-. No interest
have been paid on such loans taken, however the other terms and
conditions in which loans have been taken from the parties listed in
the register maintained under section 301 of the Companies Act 1956 are
not Prima facie prejudicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services.
5. According to the information and explanation given to us, we are of
the opinion that there are no contract & arrangements referred to in
section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposit during the year from the
Public and hence compliance with directives issued by the Reserve Bank
of India, the provision of the section 58A and section 58AA of the
Companies Act, 1956 and the applicable rules framed there under does
not arise.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8. We are informed that the Central Government has prescribed the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 for the products of the Company. In our opinion, adequate
accounts and records have been maintained by the Company.
9. The Company is normally regular in depositing undisputed statutory
dues including provident fund, sales tax, excise duty and other
statutory dues with the appropriate authorities. As informed to us the
provision of E.S.I. Act are not applicable to the Company.
As per the information and explanation given to us there are no dues
outstanding of sales tax, income tax and excise duty on account of any
dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-.
10. The Company has accumulated losses of Rs.18,40,64,172.06/- at the
end of the financial year and has not incurred any cash losses during
the year ended 31.03.14. As per information given by the management,
the case of the company is pending in the Hon''able BIFR for issues
related to Coal Linkage and old dues of sales tax Department.
11. In our opinion and according to the information & explanation given
to us, the company has not defaulted in repayment of dues to bank and
/or financial institutions. The Company has not issued debentures
during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by the way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanation
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual fund
/societies.
14. As informed and explained to us the Company has not dealt/traded in
securities or debentures during the year. In our opinion and according
to information and explanation given to us, proper records have been
maintained of the transactions and contract relating to dealing
/trading in share or other investment and timely entries have been made
therein. The share and other investments have been held by the Company
in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any fresh term loan. All previous term
loans have been repaid by the company.
17. We have been informed by the Management that the funds raised for
short term basis have not been used for long term investments and
vice-versa.
18. The Company has not made preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on the information and explanation furnished by the
Management there were no frauds on or by the Company noticed or
reported during the year.
For and on behalf of
RITESH BAJORIA & CO.
Chartered Accountants
Sd/-
Ritesh Bajoria
Proprietor
Date: 15.05.2014 Membership No: 407339
Place : Pune
Mar 31, 2012
1. We report that we have audited the attached Balance Sheet of Ganga
Papers India Limited as at 31st March 2012 and the relative Profit &
Loss Account of the Company for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above , we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31sl March 2012 and taken on record by Board of Director's we
report that none of the director's is disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and Loss
Account read with the notes on accounts and the significant accounting
policies, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the Accounting Principles generally accepted in India.
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012
b. In the case of the Profit & Loss, of the Profit for the period
ended on that date and
c. In the case of cash flow statement of the cash flows for the year
ended on that date.
Annexure to Auditor's Report
(Referred to in paragraph 3 of our Report of even date)
1. The Company has maintained proper record to show full particulars
including quantitative details and situation of fixed assets. We are
informed that the management has physically verified these fixed assets
at reasonable intervals and no material discrepancies between the book
records and physical verification have been noticed on such
verification. There was no substantial disposal of fixed assets during
the year.
2. The Stocks of finished goods, stores, spare-parts and raw materials
and trading goods of the Company have been physically verified by the
management. We are informed that the management has made the physical
verification at reasonable intervals during the year. In our opinion,
and according to the information and explanation given to us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to size of the
Company and the nature of its business.
3. (a) The Company has granted loan to M/s Ganga Hitech Steels Ltd of
Rs 81400000.00, a party covered in the register maintained u/s 301 of
the Companies Act. 1956.
(b) The Company has taken unsecured loan from the parties listed in the
register maintained u/s 301 of the Company Act 1956. The maximum amount
outstanding during the year was Rs. 10,83,55,000.00/- and the year end
balance of loans taken from such parties was Rs. 8,99,33,859.00/-. No
interest have been paid on such loans taken, however the other terms
and conditions in which loans have been taken from the parties listed
in the register maintained under section 301 of the Companies Act 1956
are not Prima facie prejudicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services.
5. According to the information and explanation given to us, we are of
the opinion that there are no counter arrangements referred to in
section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposit during the year from the
Public and hence compliance with directives issued by the Reserve Bank
of India, the provision of the section 58A and section 58AA of the
Companies Act, 1956and the applicable rules framed there under does not
arise.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8. We are informed that the Central Government has prescribed the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 for the products of the Company. In our opinion, adequate
accounts and records have been maintained by the Company.
9. The Company is normally regular in depositing undisputed statutory
dues including provident fund, sales tax, excise duty and other
statutory dues with the appropriate authorities. As informed to us the
provision of E.S.I. Act are not applicable to the Company.
As per the information and explanation given to us there are no dues
outstanding of sales tax, income tax and excise duty on account of any
dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-
10. The Company has accumulated losses of Rs.22,31,89,924.38/- at the
end of the Financial year and has not incurred any cash losses during
the year ended 31.03.12. As per information given by the management,
the case of the company is pending in the Hon' able BIFR for issues
related to Coal Linkage and old dues of sales tax Department.
11. In our opinion and according to the information & explanation
given to us, the company has not defaulted in repayment of dues to bank
and /or financial institutions. The Company has not issued debentures
during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by the way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanation
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual fund
/societies.
14. As informed and explained to us the Company has not dealt/traded
in securities or debentures during the year. In our opinion and
according to information and explanation given to us, proper records
have been maintained of the transactions and contract relating to
dealing /trading in share or other investment and timely entries have
been made therein. The share and other investments have been held by
the Company in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any fresh term loan. All previous
term loans have been repaid by the company.
17. We have been informed by the Management that the funds raised for
short term basis have not been used for long term investments and
vice-versa.
18. The Company has not made preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on the information and explanation furnished by the
Management there were no frauds on or by the Company noticed or
reported during the year.
For and on behalf of
V.K.Jindal & Co.
Chartered Accountants
Sd/-
V.K.JINDAL
Partner
Date: 3.09.2012 Membership No: 70666
Place: Pune
Mar 31, 2011
1. We report that we have audited the attached Balance Sheet of Ganga
Papers India Limited as at 31st March 2011 and the relative Profit &
Loss Account of the Company for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above , we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31st March 2011 and taken on record by Board of Director's we
report that none of the director's is disqualified as on 31st March
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and Loss
Account read with the notes on accounts and the significant accounting
policies, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the Accounting Principles generally accepted in India.
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011
b. In the case of the Profit & Loss, of the Profit for the period
ended on that date and
c. In the case of cash flow statement of the cash flows for the year
ended on that date.
Annexure to Auditor's Report
(Referred to in paragraph 3 of our Report of even date)
1. The Company has maintained proper record to show full particulars
including quantitative details and situation of fixed assets. We are
informed that the management has physically verified these fixed assets
at reasonable intervals and no material discrepancies between the book
records and physical verification have been noticed on such
verification. There was no substantial disposal of fixed assets during
the year.
2. The Stocks of finished goods, stores, spare-parts and raw materials
and trading goods of the Company have been physically verified by the
management. We are informed that the management has made the physical
verification at reasonable intervals during the year. In our opinion,
and according to the information and explanation given to us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to size of the
Company and the nature of its business.
3. (a) The Company has not granted any loan to the parties covered in
the register maintained u/s 301 of the Companies Act. 1956.
(b) The Company has taken unsecured loan from the parties listed in the
register maintained u/s 301 of the Company Act 1956. The maximum amount
outstanding during the year was Rs. 9,03,73,859.00/- and the year end
balance of loans taken from such parties was Rs. 8,99,73,859.00/-. No
interest have been paid on such loans taken, however the other terms
and conditions in which loans have been taken from the parties listed
in the register maintained under section 301 of the Companies Act 1956
are not Prima facie prejudicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services.
5. According to the information and explanation given to us, we are of
the opinion that there are no counter arrangements referred to in
section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposit during the year from the
Public and hence compliance with directives issued by the Reserve Bank
of India, the provision of the section 58A and section 58AA of the
Companies Act, 1956 and the applicable rules framed there under does
not arise.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8. We are informed that the Central Government has prescribed the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 for the products of the Company. In our opinion, adequate
accounts and records have been maintained by the Company.
9. The Company is normally regular in depositing undisputed statutory
dues including provident fund, sales tax, excise duty and other
statutory dues with the appropriate authorities. As informed to us the
provision of E.S.I. Act are not applicable to the Company.
As per the information and explanation given to us there are no dues
outstanding of sales tax, income tax and excise duty on account of any
dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-
10. The Company has accumulated losses of Rs.24,99,08,225.38/- at the
end of the financial year and has not incurred any cash losses during
the year ended 31.03.11. And as per information given by the
management Revised (Modified) fresh Revival Scheme have been submitted
with B.I.F.R. in January 2010 . The case is pending to be taken up by
the Hon' able court
11. In our opinion and according to the information & explanation
given to us, the company has not defaulted in repayment of dues to bank
and /or financial institutions. The Company has not issued debentures
during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by the way of pledge of shares. debentures and other securities.
13. In our opinion and according to the information and explanation
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual fund
/societies.
14. As informed and explained to us the Company has not dealt/traded
in securities or debentures during the year. In our opinion and
according to information and explanation given to us, proper records
have been maintained of the transactions and contract relating to
dealing /trading in share or other investment and timely entries have
been made therein. The share and other investments have been held by
the Company in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any fresh term loan. All previous
term loans have been repaid by the company.
17. We have been informed by the Management that the funds raised for
short term basis have not been used for long term investments and
vice-versa.
18. The Company has not made preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on the information and explanation furnished by the
Management there were no frauds on or by the Company noticed or
reported during the year.
For V.K Jindal & Co.
Chartered Accounted
SD/-
(V.K. Jindal)
Partner
Date : 30.05.2011
Place : Pune
Mar 31, 2010
1. We report that we have audited the attached Balance Sheet of Ganga
Papers India Limited as at 31st March 2010 and the relative Profit &
Loss Account of the Company for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit prpvides 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 enclose in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31st March 2010 and taken on record by 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.
(vi) In our opinion and to the best of our information and .according
to the explanations given to us, the Balance Sheet and Profit and Loss
Account read with the notes on accounts and the significant accounting
policies, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the Accounting Principles generally accepted in India.
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at. 31st March 2010
b. In the case of the Profit & Loss, of the Profit for the period
ended on that date and
c. In the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexurc to Auditors Report
(Referred to in paragraph 3 of our Report of even date)
1. The Company has maintained proper record to show full particulars
including quantitative details and situation of fixed assets. We are
informed that the management has physically verified these fixed assets
at reasonable intervals and no material discrepancies between the book
records and physical verification have been noticed on such
verification. There was no substantial disposal of fixed assets during
the year.
2. The Stocks of finished goods, stores, spare-parts and raw materials
and trading goods of the Company have been physically verifiedby the
management. We are informed that the management has made the physical
verification at reasonable intervals during the year. In our opinion,
and according to the information and explanation given to us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to size of the
Company and the nature of its business.
3. (a) The Company has not granted any loan to the parties covered in
the register ,æ,. maintained u/s 301 of the Companies Act. 1956.
(b) The Company has taken unsecured loan from the partic listed in the
register maintained u/s 301 of the Company Act 1956. The maximum amount
outstanding during the year was Rs. 9,03,73,859.00/- and the year end
balance of loans taken from such parties was Rs. 9,03,73,859.00/-. No
interest have been paid on such loans taken, however the other terms
and conditions in which loans have been taken from the parties listed
in the register maintained under section 301 of the Companies Act 1956
are not Prima facie prejudicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services.
5. According to the information and explanation given to us, we are of
the opinion that there are no counter arrangements referred to in
section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposit during the year from the
Public and hence compliance with directives issued by the Reserve Bank
of India, the provision of the section 58A and section 58AA of the
Companies Act, 1956and the applicable rules framed there under does not
arise.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8. We are informed that the Central Government has prescribed the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 for the products of the Company. In our opinion, adequate
accounts and records have been maintained by the Company.
9. The Company is normally regular in depositing undisputed statutory
dues including provident fund, sales tax, excise duty and other
statutory dues with the appropriate authorities. As informed to us the
provision of E.S.I. Act are not applicable to the Company.
As per the information and explanation given to us there are no dues
outstanding of sales tax, income tax and excise duty on account of any
dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-
10. The Company has accumulated losses of Rs.28,78,79,870.16/- at the
end of the financial year and has not incurred any cash losses during
the year ended 31.03.10. And as per information given by the management
Revised (Modified) fresh Revival Scheme have been submitted with
B.I.F.R. in January 2010 . The case is pending to be taken up by the
Hon able court
11. In our opinion and according to the information & explanation given
to us, the company has not defaulted in repayment of dues to bank and
/or financial institutions. The Company has not issued debentures
during the year.
12. According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by the way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanation
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual fund
/societies.
14. As informed and explained to us the Company has not dealt/traded in
securities or debentures during the year. In our opinion and according
to information and explanation given to us, proper records have been
maintained of the transactions and contract relating to dealing
/trading in share or other investment and timely entries have been made
therein. The share and other investments have been held by the Company
in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any fresh term loan. All previous term
loans have been repaid by the company.
17. We have been informed by the Management that the funds raised for
short term basis have not been used for long term investments and
vice-versa.
18. The Company has not made preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on the information and explanation furnished by the
Management there were no frauds on or by the Company noticed or
reported during the year.
For and on behalf of
V.C Jindal & Co.
Chartered Accountants
SD/-
V.K.JINDAL
Partner
Date: 10.06.2010 Membership No: 706.66
Place: Pune
Mar 31, 2009
1.We report that we have audited the attached Balance Sheet of Ganga
Papers India Limited as at 31st March 2009 and the relative Profit
& Loss Account of the Company for the period ended on that date
annexed there to These financial statements are the responsibility of
the Companys Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2.We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 enclose in the Annexure a
statement on the matters specified in paragraph4 &5 of the said order.
4.Further to our comments in the Annexure referred to above , we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
our audit.
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to
in sub section (3C) of section 211 of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31st March 2009 and taken on record by Board of Directors we
report that none of the directors is disqualified as on 31st March
2009 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and
Loss Account together with the notes on accounts and the
significant accounting policies, give the information required
by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the Accounting Principles
generally accepted in India.
a.In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st" March 2009
b.In the case of the Profit & Loss, of the Profit for the period
ended on that date and
c.In the case of cash flow statement of the cash flows for the year
ended on that date.
Annexure to Auditors Report
(Referred to in paragraph 3 of our Report of even date) -
1.The Company has maintained proper record to show full particulars
including quantitative details and situation of fixed assets. We are
informed that the management has physically verified these fixed assets
at reasonable intervals and no material discrepancies between the book
records and physical verification have been noticed on such
verification. There was no substantial disposal of fixed assets during
the year.
2.The Stocks of finished goods, stores, spare-parts and raw materials
and trading goods of the Company have been physically verified by the
management. We are informed that the management has made the physical
verification at reasonable intervals during the year. In our opinion,
and according to die information and explanation given to ,us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to size of the
Company and the nature of its business.
3.(a) The Company has not granted any loan to die parties covered in
the register maintained u/s 301 of die Companies Act. 19561 .
(b) TheCompany has taken unsecured loan from the parties listed in the
register maintained u/s 301 of the Company Act 1956. The maximum amount
outstanding during me year was Rs. 9,86,95,859/- and the year end
balance of loans taken from such parties was Rs. 9,07,83,859/-. No
interest have been paid on such loans taken, however the other terms
and conditions in which loans have been taken from the parties listed
in the register maintained under section 301 of the Companies Act 1956
are not Prima facie prejudicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services.
5.According to the information and explanation given to us, we are of
the opinion that there are no counter arrangements referred to in
section 301 of the Companies Act, 1956.
6.The Company has not accepted any deposit during the year from the
Public and hence compliance with directivesissued by the Reserve Bank of
India, the provision of the section 58A and section 58AA of the
Companies Act, 1956and the applicable rules framed there under does not
arise
7.In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8.We are informed that the Central Government has prescribed the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 for the products of the Company. In our opinion, adequate
accounts and records have been maintained by the Company.
9.The Company is normally regular in depositing undisputed statutory
dues including provident fund, sales tax, excise duty and other
statutory dues with the appropriate authorities. As informed to us the
provision of E.S.I. Act are not applicable to the Company.
As per the information and explanation given to us there are no dues
outstanding of sales tax, income tax and excise duty on account of any
dispute except sales tax dues for the year 1995-96 Rs. 5,41,377/-
10.The Company has accumulated losses of Rs.30,45,77,607/- at the end of
the financial year and has not incurred any cash losses during the year
ended 31.03.09. The Company is registered as a sick Company with
B.I.F.R as per the provision of SICA.
11.In our opinion and according to the information & explanation given
to us, the company has not defaulted in repayment of dues to bank and
/or financial institutions. The Company has not issued debentures
during the year.
12.According to the information and explanation given to us the
Company has not granted any loans and advances on the basis of security
by the way of pledge of shares, debentures and other securities.
13.In our opinion and according to the information and explanation
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual fund
/societies.
14.As informed and explained to us the Company has not dealt/traded in
securities or debentures during the year. In our opinion and according
to information and explanation given to us, proper records have been
maintained of the transactions and contract relating to dealing
/trading in share or other investment and timely entries have been made
therein. The share and other investments have been held by the Company
in its own name.
15According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial , institutions.
16.The Company has not obtained any fresh term Joan. All previous term
loans have been repaid by the company.
17.We have been informed by the Management that the funds raised for
short term basis have not been used for long term investments and
vice-versa.
18.The Company has not made preferential allotment of shares to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
19.The Company has not issued any debentures during the year.
20.The Company has not raised any money through a public issue during
the year.
21.Based on the information and explanation furnished by the
Management there were no frauds on or by the Company noticed or
reported during the year.
For V.K.jindal & Co.
Chartered Accounted
Date; 25,05.2009
Place: Pune
Sd/-
(V.K. Jindal)
Partner
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