Mar 31, 2014
We have audited the accompanying financial statements of M$s. Gemmia
Oiltech (India) Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in 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
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date of 31st March, 2014;
(c) in the case of the Statement of cash flow of the Company for the
year ended on that date of 31st March, 2014;
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:
(i) "We are unable to express our opinion on the value of investments
held in overseas subsidiaries due to non availability of financial
statements, audit reports thereon or the degree of control exercised by
this Company as a holding company"
(ii) "Subject to impairment of trade receivables to the extent of
Rs.15.34 Crores"
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors 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 Act.
Annexure A
(Referred to in paragraph 3 of our report of even date)
1. Fixed Assets
The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets and has
been periodically verified by the management during the year. None of
the fixed assets were revalued during the year. The company has not
disposed any part of the Fixed Assets during the year
2. Inventory
The company does not carry any inventory as on balance sheet date.
3. Loan to / from directors and interested parties
a) The Company has granted loans during the year to its two
subsidiaries and the two parties listed in the Register maintained
under Section 301 of the Companies Act, 1956. The maximum amount given
during the year is Rs 1,36,37,258 and the year end balance is Rs
2,57,68,727
b) The Company has taken unsecured loans from two parties register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs 27,40,001 and the year ended
balance of loans received from such parties was Rs.1,29,72,154
According to the information and explanations provided to us, the rate
of interest and other terms and conditions of loans given by the
Company, are prime facie not prejudicial to the interest of the
Company.
The principal amounts are repayable on demand and there is no repayment
schedule. Interest is not charged during the year.
During the year, there have been repayments towards principal. No
Interest is provided on any loan account. In the absence of proper loan
agreements and any other terms and conditions on which loan taken, we
are unable to comment on the regularity of repayment of principal and
payment of interest.
4. Internal Control
In our opinion and according to the information and explanations given
to us, the internal control procedures are adequate with the size of
the company and the nature of its business, for the purchase of
inventory, fixed assets and the sale of goods and services.
5. Transaction covered by section 301
To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not entered
into any of contracts or arrangements referred to in section 301 of the
Companies Act, 1956.
In our opinion and according to the information and explanations given
to us, the company has not made sales and service aggregating during
the period to Rs. 500000/- or more in respect of each party, in
pursuance of contracts or agreements referred to in under section 301
of the Companies Act 1956.
6. Deposits from Public
The Company has not accepted any deposit in violation of Section 58A of
the Companies Act, 1956.
7. Internal Audit
In our opinion and according to the information and explanations given
to us, the company did not have an internal audit system commensurate
with the size and nature of the business.
8. Cost Accounting Records
The Provision of section 209(1)(d) of the Companies Act, 1956 regarding
maintenance of cost records is not applicable to the company.
9. Statutory Dues
According to the information and explanations given to us, the company
is not regular In depositing undisputed statutory dues with the
appropriate authorities in respect of:
The undisputed dues which are outstanding for more than six months as
at the Balance Sheet date from the date they became payable were as
follows.
More than Six Months
Nature of Due In Rs.
VAT 82 576
ROC Fee 90 00 000
Income Tax (AY 2012-13) 20 27 800
Income Tax (Pr.Yrs) 41 97 774
10. Cash Losses
As per Clause (x) of Paragraph 4 of CARO 2003, the Company has incurred
a cash loss during the financial year and the cash losses as at the end
of the financial year is less than Fifty per cent of the Net worth.
11. Repayment of dues
The Company has defaulted in repayment of dues to the banks.
12. Loans and Advances on the basis of securities
The company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. Applicability of provisions to Chit fund, Nidhi/mutual benefit
fund/societies
The company is not a chit fund or a nidhi /mutual benefit fund/society
hence the clause (xiii) of the Companies (Auditor''s Report) Order 2003
is not applicable to the company.
14. Trading in shares, securities debentures and other investments
As per information''s and explanations provided the Company is not
dealing or trading in shares, securities, debentures and other
investments.
15. Guarantee given for others
According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly clause (xv) of the Order is not
applicable.
16. End use of term loans
According to the information and explanations given to us, the company
has not obtained term loan during the year.
17. Preferential allotment of shares
The company has not made any preferential allotment to a person
referred in sec 301 of the Act. The price at which the allotment is
made is not prejudicial to the interest of the company.
18. Debentures
The company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
19. End use of public issue proceeds
The company has not raised funds by public issue during the year.
20. Reporting of Frauds
According to the information and explanations given to us, no
significant fraud on or by the company, that causes a material
misstatement to the financial statements, has been noticed or reported
during the year.
For R. Ravindran & Associates
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
M. No. 023829
Chennai, 30th May, 2014
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. Ram Kaashyap
Investment Limited as at March 31. 2011 and also the Profit and Loss
Account 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 test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management. as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order. 2003 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) of
the Companies Act. 1956. we enclose in the annexure A statement on the
matters specified in paragraphs 4 and 5 of the said Order to the extent
applicable.
4. "Subject to non-recognition of amortisation of brand equity and
further to our comments in the Annexure referred to in paragraph 3
above. we state that
a. We have obtained all the information and explanations. which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
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 and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account.
d. In our opinion. the balance sheet. profit and loss account and the
cash flow statement comply with the Accounting Standards referred to in
Subsection (3C) of section 211 of the Companies Act. 1956.
e. On the basis written representations received from the Directors.
as on March 31. 2011 and taken on record by the Board of Directors. we
report that none of the director of the company is disqualified from
being appointed as a director under clause (g) of sub-Section (1) of
Section 274 of the Companies Act. 1956.
f. In our opinion and according to the explanations given to us. the
said accounts give the information required by the Companies Act. 1956
in the manner so required and give a true and fair view in conformity
with the accounting principle generally accepted in India subject to:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011 and
ii. in the case of the Profit and Loss Account of the profit of the
Company for the year ended on that date.
iii. in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
1. Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets and has
been periodically verified by the management during the year.
b. None of the fixed assets have been revalued during the year.
c. The company disposed of substantial part of the Fixed Assets during
the year.
2. Inventory:
The company does not carry any inventory as on balance sheet date.
3. Loan to/ from directors and interested parties
a. The company has maintained a register u/s 301 of the Companies Act.
1956. The company has not granted any loans. secured or unsecured. to
companies. firms or parties covered in the register maintained under
Section 301 of the Act.
b. In our opinion. the rate of interest and other terms and conditions
on which the loan has been granted to the body corporate listed in the
register maintained under Section 301 of the Act. are prima facie.
prejudicial to the interest of the company.
c. The principal amounts are repayable on demand and there is no
repayment schedule. Interest is not charged during the year.
d. There are no overdue amounts of more than rupees one lakh in
respect of the loan granted to a body corporate listed in the register
maintained in the register under Section 301 of the Act.
e. The Company has not taken any loans. secured or unsecured. from
companies. firms or other parties listed in the register maintained
under Section 301 of the Companies Act. 1956. Therefore the provisions
of sub clauses (e). (f) and (g) of clause of 4 (iii) of the Order are
not applicable to the Company.
4. Internal Control
In our opinion and according to the information and explanations given
to us. the internal control procedures
are inadequate with the size of the company and the nature of its
business. for the purchase of inventory.
fixed assets and the sale of goods and services.
5. Transaction covered by section 301
a. To the best of our knowledge and belief and according to the
information and explanations given to us. the company has not entered
into any of contracts or arrangements referred to in section 301 of the
Companies Act. 1956.
b. In our opinion and according to the information and explanations
given to us. the company has not made sales and service aggregating
during the period to Rs.500000/- or more in respect of each party. in
pursuance of contracts or agreements referred to in under section 301
of the Companies Act 1956.
6. Deposit from Public
The Company has not accepted any deposit in violation of Section 58A of
the Companies Act, 1956.
7. Internal Audit
In our opinion and according to the information and explanations given
to us, the company does not have an internal audit system commensurate
with the size and nature of the business.
8. Cost Accounting Records
The Provision of section 209(1)(d) of the Companies Act, 1956 regarding
maintenance of cost records is not applicable to the company.
9. Statutory Dues
According to the information and explanations given to us, the company
is not regular in depositing undisputed statutory dues with the
appropriate authorities in respect of:
Statutory dues outstanding for more than 6 months:
Nature of Dues Amount Payable (Rs.)
Tax Deducted at Source 2,30,981
VAT payable 82,576
10. Cash Losses
The Company has accumulated losses. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding previous year
11. Repayment of dues
The Company has defaulted in repayment of dues to the banks.
12. Loans and Advances on the basis of securities
The company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. Applicability of provisions to Chit fund, Nidhi / mutual benefit
fund / societies:
The company is not a chit fund or a nidhi / mutual benefit fund /
society hence the clause (xiii) of the Companies (Auditor's Report)
Order 2003 is not applicable to the company.
14. Trading in shares, securities debentures and other investments
As per information's and explanations provided the Company is not
dealing or trading in shares, securities, debentures and other
investments.
15. Guarantee given for others
According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly clause (xv) of the Order is not
applicable.
16. End use of term loans
According to the information and explanations given to us, the company
has not obtained term loan during the year.
17. Preferential allotment of shares
The company has not made any preferential allotment to a person
referred in sec 301 of the Act. The price at which the allotment is
made is not prejudicial to the interest of the company.
18. Debentures
The company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
19. End use of public issue proceeds
The company has not raised funds by public issue during the year.
20. Reporting of Frauds:
According to the information and explanations given to us, no
significant fraud on or by the company, that causes a material
misstatement to the financial statements, has been noticed or reported
during the year.
For R. Ravindran & Associates,
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
Place: Chennai, Membership No. 023829
Date: May 30, 2011.
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. Ram Kaashyap
Investment Limited as at March 31, 2010 and also the Profit and Loss
Account 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 test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure A statement on the
matters specified in paragraphs 4 and 5 of the said Order to the extent
applicable.
4. "Subject to non-recognition of amortisation of brand equity" and
further to our comments in the Annexure referred to in paragraph 3
above, we state that
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
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 and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the balance sheet, profit and loss account and the
cash flow statement comply with the Accounting Standards referred to in
Subsection (3C) of section 211 of the Companies Act, 1956.
e. On the basis written representations received from the Directors,
as on March 31, 2010 and taken on record by the Board of Directors, we
report that none of the director of the company is disqualified from
being appointed as a director under clause (g) of sub-Section (1) of
Section 274 of the Companies Act, 1956.
f. In our opinion and according to the explanations given to us, the
said accounts give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the accounting principle generally accepted in India subject to:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and (ii) in the case of the Profit and
Loss Account of the profit of the Company for the year ended on that
date. (iii) in the case of the Cash Flow Statement, of the Cash Flows
of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
With reference to the Annexure referred to in paragraph 3 of the report
of the Auditors to the members of Ram Kaashyap Investment Limited on
the accounts for the year ended 31st March, 2010, we report that:
1) Fixed Assets:
The Company has not maintained proper records showing full particulars
including quantitative details and tptpsituation of fixed assets and
has not been periodically verified by the management during the year.
2) Inventory:
The company does not carry any inventory as on balance sheet date.
3) Loan to/ from directors and interested parties
(a) The Company has not granted any secured or unsecured loans during
the year to Companies listed in the Register maintained under Section
301 of the Companies Act, 1956.
(b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Therefore the provisions
of sub clauses (e), (f) and (g) of clause of 4 (iii) of the Order are
not applicable to the Company.
4) Internal Control
In our opinion and according to the information and explanations given
to us, the internal control procedures are adequate with the size of
the company and the nature of its business, for the purchase of
inventory, fixed assets and the sale of goods.
5) Transaction covered by section 301
a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the company has not entered into any of contracts or arrangements
referred to in section 301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanations
given to us, the company has not made sales and service aggregating
during the period to Rs. 500000/- or more in respect of each party, in
pursuance of contracts or agreements referred to in under section 301
of the Companies Act 1956.
6) Deposit from Public
The Company is not a Non Banking Financial Company hence the acceptance
of deposits from the public under section 58A and 58AA of the Companies
Act does not apply.
7) Internal Audit
In our opinion and according to the information and explanations given
to us, the company has an internal audit system commensurate with the
size and nature of the business.
8) Cost Accounting Records
The Provision of section 209(1)(d) of the Companies Act, 1956 regarding
maintenance of cost records is not applicable to the company.
9) Statutory Dues
According to the information and explanations given to us, the company
is not regular in depositing undisputed statutory dues with the
appropriate authorities in respect of:
Statutory dues outstanding for more than 6 months
Nature of Dues Amount Payable(Rs.)
TDS 2,05,358
VAT payable 82,576
10) Cash Losses
The Company has no accumulated losses. The company has not incurred
cash losses during the financial year covered by our audit and the
immediately preceding previous year
11) Repayment of dues
The Company has defaulted in repayment of dues to the banks.
12) Loans and Advances on the basis of securities
The company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13) Applicability of provisions to Chit fund, Nidhi/mutual benefit
fund/societies:
The company is not a chit fund or a nidhi/mutual benefit fund/society
hence the clause (xiii) of the Companies (Auditors Report) Order 2003
is not applicable to the company.
14) Trading in shares, securities debentures and other investments
As per informations and explanations provided the Company has dealt in
trading in shares and other investments during the year under review
15) Guarantee given for others
According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly clause (xv) of the Order is not
applicable.
16) End use of term loans
According to the information and explanations given to us, the company
has not obtained term loan during the year.
17) Preferential allotment of shares
The company has made preferential allotment to a person referred in sec
301 of the Act. The price at which the allotment is made is not
prejudicial to the interest of the company.
18) Debentures
The company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
19) End use of public issue proceeds
The company has not raised funds by public issues.
20) Reporting of Frauds:
According to the information and explanations given to us, no
significant fraud on or by the company, that causes a material
misstatement to the financial statements, has been noticed or reported
during the year.
For R. Ravindran & Associates
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
Membership No. 023829
Chennai, May 31, 2010.
Mar 31, 2009
1. We have audited the attached Balance Sheet of Ram Kaashyap
Investment Limited as at 31st March 2009 and also the Profit and Loss
Account 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 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 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said Order to the extent
applicable.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we state that
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
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 and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account
d. In our opinion, the balance sheet, profit and loss account and the
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 written representations received from the Directors,
as on March 31, 2009 and taken on record by the Board of Directors, we
report mat none of the director of the Company is disqualified from
being appointed as a director under clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. In our opinion and according to the explanations given to us, the
said accounts give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the accounting principle generally accepted in India subject to:
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
2. in the case of the Profit and Loss Account of the profit of the
Company for the year ended on that date; and
3. in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
With reference to the Annexure referred to in paragraph 3 of the
Auditors Report to the Members of Ram Kaashyap Investment Limited on
the accounts for the year ended 31st March 2009, we report that
1. Fixed Assets:
The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. But,
periodical verification of the assets has not been conducted by the
management during the year.
2. Inventory:
The Company is providing services to its clients. It does not deal in
any purchase or sale of goods. The Company does not carry any
inventory.
3. Loan to/from directors and interested parties:
(a) The Company has not granted any secured or unsecured loans during
the year to Companies listed in the Register maintained under Section
301 of the Companies Act, 1956.
(b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Therefore the provisions
of sub clauses (e), (f) and (g) of clause of 4 (iii) of the Order are
not applicable to the Company.
4. Internal Control:
In our opinion and according to the information and explanations given
to us, the internal control procedures are adequate with the size of
the Company and the nature of its business, for the purchase of
inventory, fixed assets and the sale of goods.
5. Transaction covered by Section 301:
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the Company has not entered into any of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, the Company has not made sales and service aggregating
during the period to Rs. 5,00,000/- or more in respect of each party,
in pursuance of contracts or agreements referred to in under Section
301 of the Companies Act, 1956.
6. Deposits from Public:
The Company is not a Non Banking Financial Company hence the acceptance
of deposits from the public under Section 58A and 58AA of the Companies
Act, 1956 does not apply.
7. Internal Audit:
In our opinion and according to the information and explanations given
to us, the Company has an internal audit system commensurate with the
size and nature of the business.
8. Cost Accounting Records:
The Provision of Section 209(1) (d) of the Companies Act, 1956
regarding maintenance of cost records is not applicable to the Company.
9. Statutory Dues:
According to the information and explanations given to us, the Company
is not regular in depositing undisputed statutory dues with the
appropriate authorities in respect of:
Statutory dues outstanding for more than 6 months:
Nature of Dues Amount (In Rs.)
Service Tax 1,89,726
Income Tax 44,40,735
Fringe Benefit Tax 1,25,373
TDS 1,95,610
10. Cash Losses:
The Company has not incurred cash losses during the financial year
covered by our audit and the immediately preceding previous year.
11. Repayment of dues:
The Company has defaulted in repayment of dues to the banks.
12. Loans and Advances on the basis of securities:
The Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. Applicability of provisions to Chit fund, Nidhi / Mutual Benefit
Fund / Societies:
The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Hence the clause (xiii) of the Companies (Auditors Report)
Order 2003 is not applicable to the Company.
14. Trading in shares, securities debentures and other investments:
As per informations and explanations provided the Company has not
dealt in trading in shares and other investments during the year under
review.
15. Guarantee given for others:
According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly clause (xv) of the Order is not
applicable.
16. End use of term loans:
According to the information and explanations given to us, the Company
has not obtained term loan during the year.
17. Preferential allotment of shares:
The Company has made preferential allotment to persons as defined in
Section 301 of the Companies Act, 1956. The price at which the
allotment is made is not prejudicial to the interest of the Company.
18. Debentures:
The Company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
19. End use of public issue proceeds:
The Company has not raised funds by public issues.
20. Reporting of Frauds:
According to the information and explanations given to us, no
significant fraud on or by the Company, that causes a material
misstatement to the financial statements, has been noticed or reported
during the year.
Sd/-
G. PARTHASARATHY
Place: Chennai Chartered Accountant
Date: June 30, 2009 Membership No.20106
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