Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of GKB Ophthalmics Limited (âthe Companyâ), which comprise the Balance Sheet as at 31stMarch, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended, and the accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS 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 standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the state of affairs (financial position) of the Company as at 31stMarch, 2018, and its loss(financial performance including other comprehensive income), its cash flows and the 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 in terms of subsection 11 of section 143 of the Act, we give in the Annexure âAâ, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books
(c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Cash Flow and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended.
(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure âBâ
(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, 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 standalone Ind AS financial statements - Refer Note 37 to the standalone Ind AS financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE âAâ TO INDEPENDENT AUDITORSâ REPORT ON THE STANDALONE Ind AS FINANCIAL STATEMENTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31st MARCH, 2018
[Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorsâ Report to the members of GKB Ophthalmics Limited on the standalone Ind AS financial statements for the year ended 31st March, 2018]
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 its fixed assets are verified in a phased manner. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. 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 inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stocks and book records, which were not material, have been properly dealt with in the books of account. However, the system of recording the receipt, issue and consumption of inventories; and the system of valuation of inventories needs to be improved.
iii. The Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnerships (LLP) or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (âthe Actâ). Accordingly, the provisions stated in paragraph 3 (iii) of the Order are not applicable to the Company.
iv. According to the information provided to us and explanations given to us, the Company has not granted any loans or made investment or provided any security / guarantee as covered by provisions of sections 185 and 186 of the Act. Accordingly, the provisions stated in paragraph 3 (iv) of the Order are not applicable to the Company.
v. In our opinion and according to the information and explanations given to us and the records examined by us,the Company has not accepted any deposits from the public during the year. Accordingly, the Paragraph 3 (v) of the Order is not applicable to the Company.
vi. The provisions of sub-section (1) of section 148 of the Act are not applicable to the Company as the Central Government of India has not specified the maintenance of cost records for any of the products of the Company. Accordingly, the provisions stated in paragraph 3 (vi) of the Order are not applicable to the Company.
vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has been generally regular in depositing statutory dues relating to investor education and protection fund, labour welfare fund and other statutory dues, as applicable, with the appropriate authorities. However, there has been delays in depositing statutory dues relating to provident fund, employeesâ state insurance, income tax, sales tax, service tax, Goods and Services tax, duty of customs, duty of excise, value added tax with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as at the last day of the financial year for the period of more than six months from the date they became payable.
(b) According to the information and explanation given to us and examination of records of the Company, the particulars of income tax, sales tax and duty of excise as at 31st March, 2018 which have not been deposited on account of a dispute pending, are as under:
Name of the statute |
Financial year |
Nature of dues |
Disputed Amount (in Rs. lakhs) |
Forum where the dispute is pending |
2005-06 |
Duty, interest and penalty |
17.17 |
Central Excise and Service Tax Appellate Tribunal (CESTAT) |
|
The Central Excise Act, 1944 |
2006-07 |
Duty, interest and penalty |
16.45 |
Joint Commissioner / Commissioner of Customs and Central Excise (Appeals) |
2007-08 to Septâ 2015 |
Duty, interest and penalty |
1,113.48 |
Commissioner Central Excise & Service Tax, Goa |
|
2008-09 |
Sales tax, interest and penalty |
111.71 |
Additional Commissioner of Commercial Tax, Panaji |
|
The Central Sales Tax Act, 1956 |
2013-14 |
Sales tax, interest and penalty |
9.15 |
Additional Commissioner of Commercial Tax, Panaji |
2014-15 |
Sales tax, interest and penalty |
49.44 |
Additional Commissioner of Commercial Tax, Panaji |
|
Income Tax Act, 1961 |
2012-13 |
Income tax, interest and penalty |
41.37 |
Commissioner of Income Tax (Appeals) |
2013-14 |
Income tax, interest and penalty |
39.25 |
Commissioner of Income Tax (Appeals) |
|
Goa Tax on Entry of Goods Act, 2000 |
2013-14 |
CST and interest |
23.29 |
Additional Commissioner of Commercial Tax, Panaji |
Goa Value Added Tax Act, 2005 |
2014-15 |
VAT, interest and penalty |
0.28 |
Additional Commissioner of Commercial Tax, Panaji |
1,421.59 |
Note: Figures given above are net of deposits / payments made.
viii. The company has not issued any debentures. According to information and explanations given to us, there was no default on repayment of loans obtained from banks and financial institutions.
ix. According to information and explanations given to us, the company has not raised monies by way of initial public offer or further public offer (including debt instruments).
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any fraud by the Company or on the Company by its officers or employees noticed or reported during the year nor have we been informed of such by management.
xi. According to the information and explanations given to us, the managerial remuneration has been paid and provided in accordance with the provisions of Section 197 read with Section 198 read with Schedule V to the Act
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) of the Order are not applicable to the Company.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Ind AS financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations given to us and based on our 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. Accordingly, the provisions stated in paragraph 3 (xiv) of the Order are not applicable to the Company.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, provisions stated in paragraph 3(xv) of the Order are not applicable to the Company.
xvi. In our opinion, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions stated in paragraph clause 3 (xvi) of the Order are not applicable to the Company.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT ON THE STANDALONE Ind AS FINANCIAL STATEMENTS OF GKB OPHTHALMICS LIMITED
[Referred to in paragraph 2(f) under âReport on Other Legal and Regulatory Requirementsâ of the Independent Auditorsâ Report to the members of GKB Ophthalmics Limited on the standalone Ind AS financial statements for the year ended 31st March, 2018]
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls with reference to financial statements of GKB Ophthalmics Limited (âthe Companyâ) as of 31stMarch, 2018 in conjunction with our audit of the standalone Ind AS 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 with reference to financial statements 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 (ICAI) (the âGuidance Noteâ). 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 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 Act.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. 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 with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls systemwith reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, 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 with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements
A Companyâs internal financial control with reference to financial statements 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 with reference to financial statements 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to financial statements
Because of the inherent limitations of internal financial controls with reference to financial statements, 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 with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements 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, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31st March, 2018, based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by ICAI.
For Sharp &Tannan LLP
Chartered Accountants
ICAI Firm Registration No. 127145W/ W100218
Darryl Frank
Place : Mapusa, Goa Partner
Date : 30th May, 2018 Membership No. 104096
Mar 31, 2016
INDEPENDENT AUDITOR''S REPORT
To the Members of GKB Ophthalmic Limited Report on the Financial Statements
We have audited the accompanying financial statements of GKB Ophthalmics Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Statement of Cash Flows 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 stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on the financial statements of the Company 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 misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s 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, of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (the ''Order'') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure ''A'', a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) on the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act; and
(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 Annexure ''B''.
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
1) the Company has disclosed the impact of pending litigations on its financial position in its financial statements in note 26 to the financial statements;
2) the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
3) there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE ''A'' TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 1 of our report of even date)
(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As per the information and explanation given to us to us, the Company has not undertaken physical verification of the fixed assets in accordance with the phased programme of verification. Therefore we are unable to comment on whether there exists material discrepancies in the physical existence of fixed assets.
(c) According to the information and explanations given to us, the title deeds of immovable properties are held in the name of the Company.
(ii) As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable. The discrepancies noticed on verification between the physical stocks and book records, which were not material, have been properly dealt with in the books of account. However, the system of recording the receipt, issue and consumption of inventories; and the system of valuation of inventories needs to be improved.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, Limited Liability Partnerships, or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the Paragraph 3 (iii) of the Order is not applicable to the Company.
(iv) According to the information provided to us and explanations given to us, the Company has given guarantees amounting to Rs. 3,630.08 lakhs to banks for loans taken by companies in which directors of the Company are also interested. However, we are unable to comment whether the terms and conditions on which the Company has given guarantees are prejudicial to the interest of the Company, since the guarantees give the power to the banks to attach the assets of the Company on default by these companies, without attempting to recover in the first instance from the companies.
(v) According to the information and explanations given to us and the records examined by us, the Company has not accepted any deposits from the public during the year. Accordingly, the Paragraph 3(v) of the Order is not applicable to the Company.
(vi) According to the information and explanations given to us, the Company is not required to maintain the books of accounts pursuant to the rules prescribed by the Central Government for the maintenance of cost records under Section 148(1) of the Act.
(vii) a) According to the information and explanations given to us and records examined by us, the Company has been generally regular in depositing statutory dues relating to investor education and protection fund, labour welfare fund, tax deducted at source and other statutory dues, as applicable, with the appropriate authorities. However, there has been delays in depositing statutory dues relating to provident fund, employees'' state insurance, income tax, sales tax, service tax, duty of customs, duty of excise and value added tax with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they become applicable.
b) According to the information and explanations given to us and records examined by us, the particulars of income tax, sales tax and duty of excise as at March 31, 2016 which have not been deposited on account of a dispute pending, are as under:
Name of the statute |
Financial year |
Nature of dues |
Disputed Amount (in Rs. lakhs) |
Forum where the dispute is pending |
The Central Excise Act, 1944 |
2005-06 |
Duty, interest and penalty |
17.17 |
Customs, Central Excise and Service Tax Appellate Tribunal (CESTAT) |
2006-07 |
Duty, interest and penalty |
16.45 |
Joint Commissioner / Commissioner of Customs, Central Excise and Service Tax (Appeals) |
|
2007-08 To Sept'' 2015 |
Duty, interest and penalty |
1,156.86 |
Commissioner of Customs, Central Excise & Service Tax, Goa |
|
The Central Sales Tax Act, 1956 |
2008-09 |
Sales tax, interest and penalty |
111.71 |
Additional Commissioner of Commercial Tax, Panaji |
The Central Sales Tax Act, 1956 |
2012-13 |
Sales tax, interest and penalty |
14.99 |
Additional Commissioner of Commercial Tax, Panaji |
Income Tax Act, 1961 |
2012-13 |
Income tax, interest and penalty |
41.37 |
Commissioner of Income Tax (Appeals) |
1,358.55 |
(viii) The Company has not issued any debentures. According to information and explanations given to us, there was no default on repayment of loans obtained from financial institutions. However, the Company has defaulted in repayment of dues to banks during the year as follows:
Sr. No. |
Period of default |
Amount (in Rs. Lakhs) |
1 |
April 2014 to March 2016 |
27.27 |
2 |
Overdue as on 31st March 2016 |
- |
(ix) According to information and explanations given to us, the Company has not raised monies by way of initial public offer or further public offer (including debt instruments).
(x) During the course of our examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any fraud by the Company or any fraud on the Company by its officers or employees noticed or reported during the year nor have we been informed of such by management.
(xi) According to the information and explanations given to us, the managerial remuneration has been paid and provided in accordance with the provisions of Section 197 read with Schedule V to the Act.
(xii) According to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, the Paragraph 3 (xii) of the Order is not applicable to the Company.
(xiii) According to the information and explanations given to us, all the transactions with the related parties are in compliance with Sections 177 and 188 of the Act and the relevant details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us, the Company had not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, the Paragraph 3
(xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations given to us, the Company had not entered into any non-cash transactions with directors or persons connected with him during the year. Accordingly, the Paragraph 3 (xv) of the Order is not applicable to the Company.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
We have audited the internal financial controls over financial reporting of GKB Ophthalmics Limited ("the Company") as of 31st March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Board of Directors 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 (the ''Guidance Note'') issued by the Institute of Chartered Accountants of India (ICAI). 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 Company''s 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 (the ''Act'').
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, 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 ICAI. 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.
Our 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 auditor''s judgment, 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 Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s 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 company''s 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s 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, 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, 2016, 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 issued by the ICAI.
For SHARP & TANNAN
Chartered Accountants
Firm''s Registration No. 109982W
By the hand of
EDWIN P. AUGUSTINE
Place: Mumbai Partner
Date: 30thMay, 2016 (Membership No. 43385)
Mar 31, 2015
We have audited the accompanying financial statements of GKB
Ophthalmics Limited ("the Company"), which comprise the Balance Sheet
as at 31st March 2015, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on the financial statements
of the Company based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10)of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Company''s
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, of the state of affairs of the Company as
at 31st March 2015, and its loss and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (the
''Order'') issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure, a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) on the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
1) the Company has disclosed the impact of pending litigations on its
financial position in its financial statements in note 25 to the
financial statements;
2) the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
3) there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of
fixed assets.
(b) As explained to us, the Company has physically verified the assets
in accordance with the phased programme of verification which in our
opinion is reasonable, considering the size of the Company and nature
of the assets. The frequency of physical verification is reasonable and
no material discrepancies were noticed on such verification.
(ii) (a) As explained to us, inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable.
(b) As per the information given to us, the procedures of physical
verification of inventory followed by the management are, in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records, which were not material, have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
189 of the Act. Accordingly, the Paragraph 3 (iii) (a) and (b) of the
Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) The Company has not accepted any deposits during the year from the
public to which the directives issued by the Reserve Bank of India and
the provisions of Sections 73 to 76 and any other relevant provisions
of the Act and the rules framed thereunder apply.
(vi) According to the information and explanations given to us, the
Company is not required to maintain the books of accounts pursuant to
the rules prescribed by the Central Government for the maintenance of
cost records under Section 148(1) of the Act.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the Company
has been generally regular in depositing undisputed statutory dues
relating to investor education and protection fund, labour welfare fund
and other statutory dues, as applicable, with the appropriate
authorities. However, there have been delays in depositing statutory
dues relating to provident fund, employees state insurance, income-tax,
sales tax, excise duty, service tax, wealth tax and value added tax with
the appropriate authorities.
According to the information and explanations given to us, undisputed
statutory dues of income tax and wealth tax amounting to Rs. 402.65
lakhs and Rs. 7.77 lakhs respectively are in arrears and were
outstanding as at 31stMarch 2015 for a period of more than six months
from the date they become applicable.
(b) According to the information and explanations given to us and
records examined by us, the particulars of income tax, sales tax and
duty of excise as at 31st March, 2015 which have not been deposited on
account of a dispute pending, are as under:
Name of the statue Financial year Nature of dues
The Central Excise 2005-06 Duty, interest
Act, 1944 and penalty
2006-07 Duty, interest
and penalty
2007-08 Duty, interest
and penalty
2013-14
The Central Sales Sales tax,
Tax Act, 2008-09 interest and
1956 penalty
Name of the statue Disputed Forum where the
Amount dispute is pending
(in Rs. lakhs)
The Central Excise 17.17 Central Excise and
Act, 1944 Service Tax Appellate
Tribunal (CESTAT)
16.45 Joint Commissioner /
Commissioner of
Customs and Central
Excise (Appeals)
483.86 Commissioner of
Customs, Central Excise
& Service Tax, Panaji
The Central Sales 111.71 Additional
Tax Act, Commissioner of
1956 Commercial Tax, Panaji
629.19
(net of deposit paid, wherever applicable)
(c) According to the information and explanations given to us, there is
no amount required to be transferred to Investor Education and
Protection Fund as at 31st March 2015 in accordance with the relevant
provisions of the Companies Act, 1956 and the rules made thereunder.
(viii) The Company has no accumulated losses as at 31st March 2015 and
it has not incurred cash losses in the immediately preceding financial
year. However, the Company has incurred cash losses in the financial
year ended as at 31st March 2015.
(ix) The Company has not issued any debentures. Accordingly, the
Paragraph 3 (ix) of the Order is not applicable. There was no default
on repayment of loans obtained from financial institutions. However,
the Company has defaulted in repayment of dues to banks during the year
as follows:
Sr. No. Period of default Amount
(in Rs. Lakhs)
1 April 2014 to March 2015 99.01
2 Overdue as on 31st March 2015 1.06
(x) According to the information provided to us and explanations given
to us, the Company has given guarantees amounting to Rs. 3,630.08 lakhs
to banks for loans taken by associate companies. However, we are unable
to comment whether the terms and conditions on which the Company has
given guarantees are prejudicial to the interest of the Company, since
the guarantees give the power to the banks to attach the assets of the
Company on default by associate companies, without attempting to
recover in the first instance from the associate companies.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans during the
financial year. Accordingly paragraph 3 (xi) of the Order is not
applicable.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any fraud on or by the Company
noticed or reported during the period, nor have we been informed of
such case by management.
SHARP &TANNAN
Chartered Accountants
Firm''s Registration No. 109982W
By the hand of
EDWIN P. AUGUSTINE
Place: Mumbai, Maharashtra Partner
Date: 30thMay, 2015 (Membership No. 43385)
Mar 31, 2014
We have audited the accompanying financial statements of GKB
Ophthalmics 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
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statement
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, and to the best of our information and according to the
explanations given to us, the said 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 and as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(together the ''Order'') issued by the Central Government of India 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.
2. As required by Section 227(3) of the Companies Act, 1956 we report
that:
(a) We have obtained all 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 the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account; and
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013, of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013; and
(e) On the basis of the written representations received from the
directors of the Company as on 31st March, 2014 and taken on record by
the Board of Directors, we report that none of the directors are
disqualified as on 31st March, 2014 from being appointed as a director
in terms of Section 274(1)(g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 1 under the heading of "Report on Legal and
Regulatory Requirements" of our report of even date)
(i) (a) The Company is maintaining proper records to show full
particulars, including quantitative details and situation of all
fixed assets.
(b) As per explanation given to us, these fixed assets have been
physically verified by the management, in accordance with a phased
programme of verification, which in our opinion, is reasonable,
considering the size of the Company and nature of its assets. The
frequency of physical verification is reasonable and no material
discrepancies were noticed on such verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its going concern status.
(ii) (a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals during the year.
In our opinion, the frequency of such verification is reasonable.
(b) As per the information given to us, the procedures of physical
verification of inventory followed by management are, in our opinion,
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies between the physical stocks and the book stocks, which
were not material, have been properly dealt with in the books of
accounts.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly clauses
4(iii)(b) to 4(iii)(d) of the Order are not applicable to the
Company.
(b) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured, from companies,
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956. Accordingly clauses 4(iii)(f) and
4(iii)(g) of the Order are not applicable to the Company.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under Section
301 of the Companies Act, 1956 have been so entered.
(b) We are unable to comment whether the transactions made in pursuance
of contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lakhs in respect of any party during the year, have been
made at prices which are reasonable having regards to the prevailing
market prices at the relevant time given the specialized nature of
items and their quality/condition.
(vi) During the year, the Company has neither accepted nor renewed any
deposits from the public under the provisions of section 58A, 58AA or
any other relevant provisions of the Companies Act, 1956 and hence the
directives issued by the Reserve Bank of India and the rules framed
there under, do not apply to the Company. According to the information
and explanations given to us, no order has been passed by the Company
Law Board, or National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal on the Company.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) Based on the certificate issued by the Cost Accountant of the
Company, we report that the prescribed accounts and records have been
made and maintained by the Company pursuant to the Rules made by the
Central Government for the maintenance of cost records under section
209(1)(d) of the Companies Act, 1956. However, the contents of these
accounts and records have not been examined by us.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the Company
has been generally regular in depositing undisputed statutory dues
relating to investor education and protection fund, custom duty and
other statutory dues, as applicable, with the appropriate authorities.
However, there have been delays in depositing statutory dues relating
to provident fund, employees state insurance, income-tax, sales tax,
excise duty, service tax, wealth tax and value added tax with the
appropriat authorities.
(b) According to the information and explanations given to us,
undisputed statutory dues of income tax and wealth tax amounting to
Rs.588.86 lakhs and Rs. 6.18 lakhs respectively were in arrears and
were outstanding as at 31st March, 2014 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, the dues
of sales tax and excise duty which have not been deposited on account
of disputes and the forum where the dispute is pending are as under:
Name of the Financial Nature of dues Disputed Forum where the
statue year Amount dispute is
(in Rs. lakhs) pending
The Central 2005-06 Duty, interest 17.17 Central Excise
Excise Act, and penalty and Service Tax
1944 Tribunal(CESTAT)
2006-07 Duty, interest 16.45 Joint Commission
and penalty er / Commissioner
Customes and
Central Excise
(Appeals)
The Central 2008-09 Sales tax, 111.71 Additional
Sales Tax Act, interest Commissioner of
of Commercial Tax, and penalty Commercial Tax,
Panaji
(x) The Company has no accumulated losses as at 31st March, 2014, and
it has not incurred cash losses in the financial year ended on that
date and in the immediately preceding financial year.
(xi) The Company has not issued any debentures. There was no default on
repayment of loans obtained from financial institutions. However, the
Company has defaulted in repayment of dues to banks (including
interest) during the year as follows:
Sr. Period of default Amount
No. (in Rs. Lakhs)
1 April 2013 to March 2014 99.84
2. Overdue as on March 31, 2014 19.02
(xii) In our opinion, the provisions of clause 4 (xii) of the Order are
not presently applicable to the Company, since the Company has not
granted any loans and / or advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The Company is not a Chit Fund, Nidhi / Mutual Benefit Fund /
Society and hence the provisions of clause 4 (xiii) of the Order are
not presently applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the provisions of clause 4 (xiv) of the
Order are not presently applicable to the Company.
(xv) According to the information provided to us and explanations given
to us, the Company has given guarantees amounting to Rs. 3,061.08 lakhs
to banks for loans taken by associate companies. However, we are unable
to comment whether the terms and conditions on which the Company has
given guarantees are prejudicial to the interest of the Company, since
the guarantees give the power to the banks to attach the assets of the
Company on default by associate companies, without attempting to
recover in the first instance from the associate companies.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis the term loans have been applied for
the purposes for which they were obtained.
(xvii) According to the information and explanations given to us, and
on overall examination of the balance sheet of the Company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies to be covered in the register maintained under
Section 301 of the Companies Act, 1956. Hence in our opinion, the
provision of clause 4 (xviii) of the Order is not presently applicable
to the Company.
(xix) During the financial year, the Company has not issued any
debentures. Hence in our opinion, the provision of clause 4 (xix) of
the Order is not presently applicable to the Company.
(xx) The Company has not raised any money by public issues during the
year. Accordingly the provision of clause 4 (xx) of the Order is not
presently applicable to the Company.
(xxi) During the course of our examination of the books of account and
records of the Company carried out in accordance with the generally
accepted auditing practices in India, we have neither come across any
instance of fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
SHARP & TANNAN
Chartered Accountants
Firm Registration No.: 109982W
By the hand of
Edwin P. Augustine
Place : Mumbai, Maharashtra Partner
Date : 30th May, 2014 (Membership No. 43385)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of GKB
Ophthalmics Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2013, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting standards referred to in Section 211(3C) of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, and to the best of our information and according to the
explanations given to us, the said financial statements give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 and as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(together the ''Order'') issued by the Central Government of India 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.
2. As required by Section 227(3) of the Companies Act, 1956 we report
that:
(a) We have obtained all 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 the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account; and
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the accounting standards
referred to in Section 211 (3C) of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors of the Company as on 31st March, 2013 and taken on record by
the Board of Directors, we report that none of the directors are
disqualified as on 31st March, 2013 from being appointed as a director
in terms of Section 274(1)(g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 1 under the heading of "Report on Legal and
Regulatory Requirements" of our report of even date)
( i) (a) The Company is maintaining proper records to show full
particulars, including quantitative details and situation of all fixed
assets.
(b) As per explanation given to us, these fixed assets have been
physically verified by the management, in accordance with a phased
programme of verification, which in our opinion, is reasonable,
considering the size of the Company and nature of its assets. The
frequency of physical verification is reasonable and no material
discrepancies were noticed on such verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its going concern status.
(ii) (a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals during the year. In
our opinion, the frequency of such verification is reasonable.
(b) As per the information given to us, the procedures of physical
verification of inventory followed by management are, in our opinion,
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies between the physical stocks and the book stocks, which
were not material, have been properly dealt with in the books of
accounts.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly clauses
4(iii)(b) to 4(iii)(d) of the Order are not applicable to the Company.
(b) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured, from companies,
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956. Accordingly clauses 4(iii)(f) and
4(iii)(g) of the Order are not applicable to the Company.
(iv) In our opinion, and according to the information and explanations
given to us, the internal control procedures for the purchase of
inventory and fixed assets and for the sale of goods and services need
to be further improved to make them commensurate with the size of the
Company and nature of its business. During the course of audit, we have
not come across instances of continuing failures to correct weaknesses
in the aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under Section 301
of the Companies Act, 1956 have been so entered. (b) We are unable to
comment whether the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable having regards to the prevailing market prices at the
relevant time given the specialized nature of items and their
quality/condition.
(vi) During the year, the Company has neither accepted nor renewed any
deposits from the public under the provisions of section 58A, 58AA or
any other relevant provisions of the Companies Act, 1956 and hence the
directives issued by the Reserve Bank of India and the rules framed
there under, do not apply to the Company. According to the information
and explanations given to us, no order has been passed by the Company
Law Board, or National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal on the Company.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) Based on the certificate issued by the Cost Accountant of the
Company, we report that the prescribed accounts and records have been
made and maintained by the Company pursuant to the Rules made by the
Central Government for the maintenance of cost records under section
209(1)(d) of the Companies Act, 1956. However, the contents of these
accounts and records have not been examined by us.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the Company
has been generally regular in depositing undisputed statutory dues
relating to investor education and protection fund, custom duty, excise
duty and other statutory dues, as applicable, with the appropriate
authorities. However, there have been delays in depositing statutory
dues relating to provident fund, employees state insurance, income-tax,
sales tax, service tax, wealth tax and value added tax with the
appropriate authorities.
(b) According to the information and explanations given to us,
undisputed statutory dues of income tax, fringe benefit tax and wealth
tax amounting to Rs. 519.34 lakhs, Rs. 0.26 lakhs and Rs. 4.33 lakhs
respectively were in arrears and were outstanding as at 31st March,
2013 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, the dues
of sales tax and excise duty which have not been deposited on account
of disputes and the forum where the dispute is pending are as under:
Name of Financial Nature of dues
the statue year
The Central 2005-06 Duty, interest and
Excise Act, penalty
1944
2006-07 Duty, interest and penalty
The Central 2008-09 Sales tax , interest
Sales Tax and penalty Act, 1956
Name Disputed Forum where the
Amount dispute is pending
(in Rs. lakhs)
The Central 17.17 Central Excise and
Service Tax Appellate
Tribunal (CESTAT )
16.45 Joint Commissioner
/ Commissioner of
Customs and
Central Excise
(Appeals)
The Central 111.71 Additional
Commissioner of
Commercial Tax,
Panaji
145.33
(x) The Company has no accumulated losses as at 31st March, 2013, and
it has not incurred cash losses in the financial year ended on that
date and in the immediately preceding financial year.
(xi) The Company has not issued any debentures. There was no default on
repayment of loans obtained from financial institutions. However, the
Company has defaulted in repayment of dues to banks (including
interest) during the year as follows:
Sr. Amount
No. Period of default (in Rs. Lakhs)
1. April 2012 to March 2013 99.11
2. Overdue as on March 31, 2013 42.43
(xii) In our opinion, the provisions of clause 4 (xii) of the Order are
not presently applicable to the Company, since the Company has not
granted any loans and / or advances on the basis of security by way of
pledge of shares debentures and other securities.
(xiii) The Company is not a Chit Fund, Nidhi / Mutual Benefit Fund /
Society and hence the provisions of clause 4 (xiii) of the Order are
not presently applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the provisions of clause 4 (xiv) of the
Order are not presently applicable to the Company.
(xv) According to the information provided to us and explanations given
to us, the Company has given guarantees amounting to Rs. 3,061.08 lakhs
to banks for loans taken by associate companies. However, we are unable
to comment whether the terms and conditions on which the Company has
given guarantees are prejudicial to the interest of the Company, since
the guarantees give the power to the banks to attach the assets of the
Company on default by associate companies, without attempting to
recover in the first instance from the associate companies.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis the term loans have been applied for
the purposes for which they were obtained.
(xvii) According to the information and explanations given to us, and
on overall examination of the balance sheet of the Company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies to be covered in the register maintained under
Section 301 of the Companies Act, 1956. Hence in our opinion, the
provision of clause 4 (xviii) of the Order is not presently applicable
to the Company.
(xix) During the financial year, the Company has not issued any
debentures. Hence in our opinion, the provision of clause 4 (xix) of
the Order is not presently applicable to the Company.
(xx) The Company has not raised any money by public issues during the
year. Accordingly the provision of clause 4 (xx) of the Order is not
presently applicable to the Company.
(xxi) During the course of our examination of the books of account and
records of the Company carried out in accordance with the generally
accepted auditing practices in India, we have neither come across any
instance of fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
SHARP & TANNAN
Chartered Accountants
Firm Registration No.: 109982W
By the hand of
Edwin P. Augustine
Place: Mumbai, Maharashtra
Partner
Date : 28th May, 2013 (Membership No. 43385)
Mar 31, 2012
We have audited the attached Balance Sheet of GKB Ophthalmics Limited,
as at 31st March, 2012, the Statement of Profit and Loss and also the
Statement of Cash Flows 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.
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.
In accordance with provisions of Section 227 of the Companies Act, 1956, we report that:
1. As required by the Companies (Auditors' Report) Order, 2003 as amended by the Companies (Auditors' Report) (Amendment) Order, 2004 (together "the Order") issued by the Central Government of India 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.
2. Further to our comments in the Annexure referred to above, we report that:
(i) We have obtained all information and explanations, which, to the best of our knowledge and belief were necessary for the purposes of our audit;
(ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of these books;
(iii) The Balance Sheet, Statement of Profit and Loss and the Statement of Cash Flows dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and the Statement of Cash Flows 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 the written representations received from the directors of the Company as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors are 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 said financial statements, read together with the Notes to the Financial Statements, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;
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 Statement of Cash Flows, of the cash flows for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 1 of our Report of even date)
(i) (a) The Company is maintaining proper records to show full particulars, including quantitative details and situation of all fixed assets.
(b) As per explanation given to us, these fixed assets have been physically verified by the management, in accordance with a phased programme of verification, which in our opinion, is reasonable, considering the size of the Company and nature of its assets. The frequency of physical verification is reasonable and no material discrepancies were noticed on such verification.
(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.
(ii) (a) As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.
(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepancies between the physical stocks and the book stocks, which were not material, have been properly dealt with in the books of accounts.
(iii) (a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly Clauses 4(iii)(b) to 4(iii)(d) of the Order are not applicable to the Company.
(b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly Clauses 4(iii)(f) and 4(iii)(g) of the Order are not applicable to the Company.
(iv) In our opinion, and according to the information and explanations given to us, the internal control procedures for the purchase of inventory and fixed assets and for the sale of goods and services need to be improved to make them commensurate with the size of the Company and nature of its business. During the course of audit, we have come across instances of continuing failures to correct weaknesses in the aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.
(b) We are unable to comment whether the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regards to the prevailing market prices at the relevant time given the specialized nature of items involved.
(vi) During the year, the Company has neither accepted nor renewed any deposits from the public under the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and hence the directives issued by the Reserve Bank of India and the rules framed there under, do not apply to the Company. According to the information and explanations given to us, no order has been passed by the Company Law Board, or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company.
(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(viii) Based on the certificate issued by the Cost Accountant of the Company, we report that the prescribed accounts and records have been made and maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956. The contents of these accounts and records have not been examined by us.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company has been generally regular in depositing undisputed statutory dues including investor education and protection fund, service tax, custom duty, excise duty and other statutory dues as applicable with the appropriate authorities. However, there have been delays in depositing statutory dues relating to provident fund, employees state insurance, income tax, sales tax, wealth tax and value added tax with the appropriate authorities.
(b) According to the information and explanations given to us, undisputed statutory dues of income tax, fringe benefit tax and wealth tax amounting to Rs. 463.45 lakhs, Rs. 8.75 lakhs and Rs. 2.41 lakhs respectively were in arrears and were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, the dues of sales tax and excise duty which have not been deposited on account of disputes and the forum where the dispute is pending are as under:
Name of Financial Nature of dues Disputed Forum where the the statue year Amount dispute is pending (in Rs. lakhs)
The Central 2005-06 Duty, interest 17.17 Central Excise and Excise Act, and penalty Service Tax 1944 Appellate Tribunal (CESTAT)
2006-07 Duty, interest 16.45 Joint Commissioner and penalty Commissioner of Customs and Central Excise (Appeals)
The Central 2008-09 Sales tax, 111.71 Additional Commissi Sales Tax interset and -oner of Commercial 1956 Tax, Panaji
145.33
(x) The Company has no accumulated losses as at 31st March, 2012 and it has not incurred cash losses in the financial year ended on that date and in the immediately preceding financial year.
(xi) The Company has not issued any debentures. There was no default on repayment of loans obtained from financial institutions. However, the Company has defaulted in repayment of dues to banks (including interest) during the year as follows:
Sr. Period of default Amount No. (in Rs. Lakhs)
1. November 2011 to March 2012 44.60
2. Overdue as on March 31, 2012 15.42
(xii) In our opinion, the provisions of Clause 4 (xii) of the Order are not presently applicable to the Company, since the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares debentures and other securities.
(xiii) The Company is not a Chit Fund, Nidhi / Mutual Benefit Fund / Society and hence the provisions of Clause 4 (xiii) of the Order are not presently applicable to the Company.
(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments and hence the provisions of Clause 4 (xiv) of the Order are not presently applicable to the Company.
(xv) According to the information provided to us and explanations given to us, the Company has given guarantees amounting to Rs. 3,061.08 lakhs to banks for loans taken by associate companies. However, we are unable to comment whether the terms and conditions on which the Company has given guarantees are prejudicial to the interest of the Company, since the guarantees give the power to the banks to attach the assets of the Company on default by associate companies, without attempting to recover in the first instance from the associate companies.
(xvi) In our opinion and according to the information and explanations given to us, on an overall basis the term loans have been applied for the purposes for which they were obtained.
(xvii) According to the information and explanations given to us, and on overall examination of the balance sheet of the Company, no funds raised on short-term basis have been used for long- term investments.
(xviii) The Company has not made any preferential allotment of shares to parties or companies to be covered in the register maintained under Section 301 of the Companies Act, 1956.
(xix) During the financial year, the Company has not issued any debentures. Hence in our opinion, the provision of Clause 4 (xix) of the Order is not presently applicable to the Company.
(xx) The Company has not raised any money by public issues during the year. Accordingly the provision of Clause 4 (xx) of the Order is not presently applicable to the Company.
(xxi) During the course of our examination of the books of account and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.
SHARP & TANNAN
Chartered Accountants
Firm's Registration No. : 109982W
By the hand of
Edwin P. Augustine
Place : Mapusa, Goa Partner
Date : 30th May, 2012 (Membership No. 43385)
Mar 31, 2011
1. We have audited the attached Balance Sheet of GKB OPHTHALMICS
LIMITED, as at 31st March 2011, the Profit & Loss Account and Cash Flow
Statement of the Company for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as amended, issued by the Central Government Of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of checks of the books and records of the Company as we considered appropriate and the information and the explanations given to us during the course of audit. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of the 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 these books;
(c) The Balance Sheet, Profit and Loss Account 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 and the Profit and Loss Account comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except for what is stated in the ensuing paragraphs.
(e) On the basis of written representations received from the directors as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 2011 from being appointed as a director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
(f) The liquidity of the company has been badly affected during the year. This is evident from the cash flow statement according to which there is negative cash flow of Rs.12,79,247/- from its operating activities as against positive cash flow of Rs.30,30,661/- disclosed in the accounts for the previous year. In our opinion the above is mainly on account of blocking of funds of the Company in the debts due from various related parties which are disclosed in note no. 19 of the accounts. The amounts recoverable from these parties have shot up to Rs.12.48 crores from Rs.9.12 crores pertaining to previous year. On account of poor liquidity the company is not able to pay income/wealth tax arrears of Rs.3.56 crores.
(g) In accordance with the Accounting Policy No. l(d) disclosed in Schedule (M' of the accounts for the year on valuation of inventories, the stocks of finished goods are valued by the Company at lower of cost or net realizable value. The cost represents cost of raw materials, cost of conversion and production overheads. In respect of absorption of production overheads, in the absence of any explanation on discrepancies pointed out, we are unable to ascertain the correctness of the value of closing stocks of finished goods of Rs.5,68,86,610/- shown in the accounts of the year and also the effect of these discrepancies on the valuation and consequential effect on the profits of the Company for the year.
(h) The Company has not produced for our verification the fixed asset register as according to the Company the same has not yet been updated. In the absence of this register there is every possibility that the company has continued to charge the depreciation on certain fixed assets even when they have been fully depreciated. In these circumstances we are unable to ascertain the correctness of depreciation of Rs. 84,61,270/- charged and write back of depreciation of Rs. 35,82,445, included in Prior Period Adjustments, to Profit & Loss Account of the year and consequently also of the value affixed assets of Rs. 9,74,69,851/- appearing in the Balance Sheet of the Company.
(i) The Company in note no. 18 has stated that it assessed at the end of the year whether there is any indication that any asset may be impaired and that during this assessment it found that no asset has been impaired. We are not able to ascertain the correctness of the above statement and its consequential effect on profit as well as value of the Fixed Assets, since in our opinion it is very difficult to identify the impairment of any of the fixed assets as per the requirements of Accounting Standard (AS-28) on 'Impairment of Assets' issued by the Institute of Chartered Accountants of India without proper maintenance of fixed assets register which gives the carrying amount of individual items of fixed assets for comparing them with their recoverable amounts.
(j) The Company has not accounted for dividend of Rs.44,23,000/- declared by GKB Ophthalmic Products (FZE) whose entire share capital is held by the Company. According to note no. 7 read with note no. 5, the Company has not accounted the above dividend since there is no subsidiary-holding relationship between the two companies as per UAE law. The Company has however not produced for our scrutiny any legal opinion which states that M/s GKB Ophthalmic Product (FZE) need not be considered as subsidiary of the company for the purpose of not accounting the above dividend in its accounts of the year. Consequently profit for the year in our opinion, has been understated to that extent
(k) The Company has stated in note no. 11 that very few parties have confirmed their balances in response to balance confirmation letters sent by the company to all its creditors and debtors. In the absence of proper confirmations we are not able to ascertain the accuracy of balances of debtors and creditors shown in the accounts of the year. Consequential effect thereon on the Accounts of the Company can not be ascertained.
(l) The Company has made provision of Rs.77,75,352/-for taxation in the accounts for the year. However as per the computation of income prepared by the Company based on the profits disclosed in the year, it has been noted that the Company should have provided taxes an amount of Rs.82,55,951/- in the accounts for the year. As a consequence, the provision for taxation for the year is understated to the extent of Rs. 4,80,599/- and profits for the year are overstated to that extent.
(m) In our opinion and to the best of our information and according to the explanations given to us, in view of the effects of the matters discussed in the preceding paragraphs (g) to (I), the Accounts do not give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011; and
(ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31ST MARCH, 2011
1. (a) The company has not produced for our verification the fixed asset register as according to the company the same has not yet been updated. We have been informed by the management that all the fixed assets have been physically verified by them at the end of the year and no material discrepancies have been noticed by them on such verification. However in view of non production of fixed asset register for our verification we are unable to state whether there is any material discrepancy between the physical count and fixed assets record.
(b) The Company has not disposed off any substantial part of fixed assets during the year.
2. (a) As explained to us, the inventory has been physically verified by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations given to us, and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory. We have been informed that the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of accounts.
(d) In view of inadequate information received from the Company regarding valuation of stock, in particular regarding absorption of production overheads, we are unable to ascertain the accuracy of the value of closing stock of finished goods of Rs.5,68,86,610/- disclosed in the accounts of the year.
3. (a) According to the information and explanations given to us, the Company has not granted/taken any loans, secured or unsecured to/from parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly paragraphs 4(iii) (a),(b),(c),(d),(e),(f) & (g) are not applicable.
4. On the basis of our evaluation of internal control systems and according to the information and explanations given to us, we are of the opinion that internal control systems with respect to the purchase of inventory and fixed assets and sale of goods and services need to be further improved to make them commensurate with the size of the Company and nature of its business.
5. In respect of the transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956.
(a) Based on audit procedures applied by us, 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 transactions that needed to be entered into the register maintained under Section 301 have been so entered.
(b) In respect of transactions with parties with whom transactions exceeding value of Rupees five lakhs have been entered into during the financial year, because of the specialized nature of the items involved and absence of any comparable prices, we are unable to comment whether the transactions were made at prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the Rules framed there under.
7. The Company has an internal audit system but in our opinion its scope and coverage require to be further widened to make it commensurate with the size and nature of the Company's business.
8. Maintenance of cost records, we are informed, have not been prescribed by the Central Government under Clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including investor education and protection fund, Employees State Insurance, Sales tax, Service Tax, Customs duty, Excise Duty, cess and other material statutory dues, where applicable with the appropriate authorities, except however, during the year there were delays in depositing, with the appropriate authorities, undisputed statutory dues in respect of income tax, wealth tax, provident fund and labour welfare fund. There are no arrears of outstanding provident fund and labour welfare fund dues as at the last day of the financial year for a period of more than six months from the date they became payable. However, the undisputed income tax (including fringe benefit tax) and wealth tax dues outstanding for more than six months from the date they become payable are Rs.3,55,25,327/- and Rs.1,20,000/- respectively.
(b) According to the information and explanations given to us there are no cases of non- deposit with the appropriate authorities of disputed dues of sales tax/ income tax/ service tax/ customs duty/ wealth tax/ excise duty/ Cess except in the following cases:
No. Nature of Liability Amount (Rs.) Pending Before
1. Central Excise Duty Rs.16,44,687/- Joint Commissioner / Commissioner of customs and central excise (Appeals)
2. Central Excise Duty Rs.17,17,200/- CESTAT
10. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year under report and the immediately preceding financial year.
11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks. The Company does not have any borrowings from financial institutions and has not issued debentures.
12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
13. The provisions of any statute applicable to chit fund / Nidhi / mutual benefit fund/societies are not applicable to the Company.
14. As informed and explained to us the Company is not dealing in or trading in shares, securities, debentures, or other investments and hence requirement of paragraph 4(xiv) are not applicable to the Company.
15. The Company has given guarantees to banks for loans taken by associate companies. According to the information and explanations given to us, such guarantees have been extended as a long- term involvement with those companies and there has been no default in repaying the loans. However, we are unable to opine whether the terms and conditions on which the Company has given guarantees are prejudicial to the interest of the Company, since the guarantees give the power to the banks to attach the assets of the Company on default by associate companies without attempting to recover in the first instance from the associate companies.
16. In our opinion and according to the information and explanations given to us on an overall basis the term loans taken by the Company have been applied for the purposes for which they were obtained.
17. According to the records examined by us and according to information and explanations given to us, on an overall basis, funds of Rs. 17,08,280/- raised by the Company on short-term basis, have been used for long-term investments (capital work-in-progress).
18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.
19. There are no debentures issued and outstanding during the year and hence the question of creating securities in respect thereof does not arise.
20. During the year the Company has not raised money by any public issue.
21. To the best of our knowledge and belief and according to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the financial year.
For M/s BORKAR & MUZUMDAR
Chartered Accountants
Registration No.101569W
(A. N. Naik)
Partner
M. No. 030668
Place : Panaji - Goa.
Date : 24-11-2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of GKB OPHTHALMICS
LIMITED, as at 31 st March 2010, the Profit & Loss Account and Cash
Flow Statement of the company 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 as amended, issued by the Central Government Of India in terms of section 227 (4A) of the Companies Act, 1956, and on the basis of checb of the boob and records of the Company as we considered appropriate and the information and the explanations given to us during the course of audit. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of the audit;
(b) In our opinion, proper boob of account as required by law have been kept by the company so far as appears from our examination of these boob;
(c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the boob of account;
(d) In our opinion, the Balance Sheet and the Profit and Loss Account comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the directors as on 31 st March 2010, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 st March 2010 from being appointed as a director in terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts, read together with the significant accounting policies in Schedule M and notes appearing thereon, give the information required by the Companies Act, 1 956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
ANNEXURE TO AUDITORS REPORT ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2010
1. (a) The Company is in the process of updating its records showing full particulars, including quantitative details and situation of fixed assets. All the fixed assets have been physically verified by the management at reasonable intervals. We are informed that discrepancies noticed on such verification will be dealt with in the books of accounts as and when records are updated.
(b) The Company has not disposed off any substantial part of fixed assets during the year.
2. (a) As explained to us, the inventory has been physically verified by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations given to us, and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory. We have been informed that the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the boob of accounts.
3. (a) According to the information and explanations given to us, the Company had granted unsecured loan to one party covered in the register maintained under Section 301 of the Companies act, 1956. The entire amount of the loan along with interest was repaid during the year by the said party. The maximum amount involved during the year was Rs. 16,42,904/-.
(b) The rate of interest and other terms & conditions of the above loans were not prima facie prejudicial to the interest of the Company, except that the terms of repayment of loans and the date on which interest is to be paid on the loans were not stipulated.
(c) In absence of stipulations regarding terms of repayment of loans and due date we are unable to express our opinion on whether receipt of principal and interest amount is regular.
(d) As the entire loan with interest was repaid during the year, paragraphs 4(iii)(d) of the order is not applicable.
(e) The Company has not taken any loans, secured or unsecured from parties covered in the register maintained under section 301 of the Companies act, 1956. Accordingly, paragraphs 4(iii)(f) and (g) are not applicable.
4. On the basis of our evaluation of internal control systems and according to the information and explanations given to us, we are of the opinion that internal control systems with respect to the purchase of inventory and fixed assets and sale of goods and services need to be further improved to make it commensurate with the size of the company and nature of its business.
5. In respect of the transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956,
(a) Based on audit procedures applied by us, 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 transactions that needed to be entered into the register maintained under Section 301 have been so entered.
(b) In respect of transactions with parties with whom transactions exceeding value of Rupees five lakhs have been entered into during the financial year, because of the specialized nature of the items involved and absence of any comparable prices, we are unable to comment whether the transactions were made at prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the meaning of Section 58A of the Companies Act, 1 956 and the Rules framed there under. We are informed that no order has been passed by the Company Law Board.
7. The Company has an internal audit system but in our opinion its scope and coverage requires to be further widened to make it commensurate with the size and nature of the Companys business.
8. Maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including investor education and protection fund, Sales tax, Wealth tax, Service Tax, Customs duty, Excise Duty, cess and other material statutory dues, where applicable with the appropriate authorities. However during the year there were delays in depositing, with the appropriate authorities, undisputed statutory dues in respect of income tax, provident fund and employees state insurance. There are no arrears of outstanding provident fund and employees state insurance dues as at the last day of the financial year for a period of more than six months from the date they became payable. However the undisputed income tax (including fringe benefit tax) dues outstanding for more than six months from the date they become payable are Rs. 1,91,75,400/-
(b) According to the information and explanations given to us there are no cases of non-deposit with the appropriate authorities of disputed dues of sales tax/ income tax/ service tax/ customs duty/ wealth tax/ excise duty/ Cess except in the following cases:
No. Nature of Liability Amount (Rs.) Pending Before
1. Central Excise Duty 16,44,687/- Joint Commissioner/
Commissioner of customs and
central excise (Appeals)
2. Central Excise Duty 17,17,200/- CESTAT
10. The company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year under report and the immediately preceding financial year.
11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to banks. The company does not have any borrowings from financial institutions and has not issued debentures.
12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
13. The provisions of any statute applicable to chit fund / Nidhi / mutual benefit fund/ societies are not applicable to the Company.
14. As informed and explained to us the company is not dealing in or trading in shares, securities, debentures, or other investments and hence requirement of paragraph 4(xiv) are not applicable to the company.
15. The Company has given guarantees to banks for loans taken by associate companies. According to the information and explanations given to us, such guarantees have been extended as a long-term involvement with those companies and there has been no default in repaying the loans. However, we are unable to opine whetherthe terms and conditions on which the Company has given guarantees are prejudicial to the interest of the Company, since the guarantees give the power to the bank to attach the assets of the company on default by associate companies without attempting to recover in the first instance from the associate companies.
16. In our opinion and according to the information and explanations given to us on an overall basis the term loans have been applied for the purposes for which they were obtained.
17. According to the records examined by us and according to information and explanations given to us, on an overall basis, no funds raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.
19. There are no debentures issued and outstanding during the year and hence the question of creating securities in respect thereof does not arise.
20. During the year the Company has not raised money by any public issue.
21. To the best of our knowledge and belief and according to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the financial year.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
Firm Registration No. 101569W
(A. N. NAIK)
Partner
(M. No. 30668)
PLACE: Panaji-Goa.
DATE: 31st August,2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of GKB Ophlhalmics
Limited, as at 31 st March, 2009, the Profit & Loss Account and Cash
Flow Statement of the company 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 as amended, issued by the Central Government Of India in terms of section 227 (4A) of the Companies Act, 1956, and on the basis of checks of the books and records of the Company as we considered appropriate and the information and the explanations given to us during the course of audit. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of the audit;
(b) In our opinion, proper boob of account as required by law have been kept by the company so far as appears from our examination of these books;
(c) The Balance Sheet, Profit and Loss Account 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 and the Profit and Loss Account comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the directors as on 31 st March 2009, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 st March 2009 from being appointed as a director in terms of clause (g) of subsection (1) of Section 274of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts read together with the significant accounting policies in schedule M and notes appearing thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.
(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009;
(ii) In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2009
1. [a) The Company is in the process of updating its records showing full particulars, including quantitative details and
situation of fixed assets. All the fixed assets have been physically verified by the management at reasonable intervals. We are informed that discrepancies noticed on such verification will be dealt with in the booh of accounts as and when records are updated.
(b) The Company has not disposed off any substantia! part of fixed assets during the year.
2. (a) As explained to us, the inventory has been physically verified by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations given to us, and on the basis of our examination of records of inventory, the Company is maintaining proper records of inventory. We have been informed that the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of accounts.
3. {a) According to the information and explanations given to us, the Company has granted unsecured loans to two parties covered in the register maintained under Section 301 of the Companies act, ] 956. The maximum amount involved during the year was Rs.46,88,987/- and the year end balance of loans granted to such parties was Rs. 16,42,904/-.
(b) The rate of interest and other terms & conditions of the above loans were not prima facie prejudicial to the interest of the Company, except that the terms of repayment of loans and the date on which interest is to be paid on the loans have not been stipulated.
(c) In absence of stipulations regarding terms of repayment of loans and due date we are unable to express our opinion on whether receipt of principal and interest amount is regular.
(d) In absence of stipulations regarding terms of repayment of loans and due date on which interest is to be paid we are unable to express our opinion on whether there is any amount overdue above Rupees one lakh and whether reasonable steps need to be taken for recovery of principal and interest.
(e) The Company has not taken any loans, secured or unsecured from parties covered in the register maintained under section301 of the Companies act, 1956.
(f) Clause 4(iii) (f) and (g) are not applicable.
4. On the basis of our evaluation of internal control systems and according to the information and explanations given to us, we are of the opinion that internal control systems with respect to the purchase of inventory and fixed assets and sale of goods need to be further improved to make it commensurate with the size of the company and nature of its business.
There have been no sales of services during the year,
5. In respect of the transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956,
(a) Based on audit procedures applied by us, 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 transactions that needed to be entered into the register maintained under Section 301 have been so entered.
{b) In respect of transactions with parties with whom transactions exceeding value of Rupees five lakhs have been entered into during the financial year, because of the specialized nature of the items involved and absence of any comparable prices, we are unable to comment whether the transactions were made at prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the meaning of Section 58A of the Companies Act, 1956 and the Rules framed there under. We are informed that no order has been passed by the Company Law Board.
7. The Company has an internal audit system but in our opinion its scope and coverage requires to be further widened to make it commensurate with the size and nature of the Companys business.
8. Maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (1} of section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and explanations given to us, the Company has-been regular in depositing undisputed statutory dues including investor education and protection fund, Income tax. Sales tax, Wealth tax, Service Tax, Customs duty, Excise Duty, cess and other material statutory dues, where applicable with the appropriate authorities. However during the year there were delays in depositing, with the appropriate authorities, undisputed statutory dues in respect of provident fund and employees state insurance. There a re no arrears of outstanding provident fund and employees state insurance dues as at the last day of the financial year for a period of more than six months from the date they became payable. However the undisputed income tax (including fringe benefit tax) dues outstanding for more than six months from the date they become payable are Rs. 57,10,822/-.
{b) According to the information and explanations given to us there are
no cases of non
1 Income Tax 33,96,154/- Income Tax Appellate
Tribunal
2. Central Excise Duty 16,44,687/- Joint Commissioner/
Commissioner of
customs and central
excise (Appeals)
3. Central Excise Duty 17,17,200/- CESTAT
10. The company Has no accumulated losses at the end of the financial
year and it has not incurred cash bsses in the financial year under
report and the immediately preceding financial year.
11. Based on ouraudit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to banks. The
company does not have any borrowings from financial institutions and
has not issued debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any statute applicable to chit fund / Nidhi /
mutual benefit fund/ societies are not applicable to the Company.
14. As informed and explained to us the company is not dealing in or
trading in shares, securities, debentures, or other investments and
hence requirement of paragraph 4(xiv} are not applicable to the
company.
15. The Company has given guarantees to banks for loans taken by
associate companies. According to the information and explanations
given to us, such guarantees have been extended as a long-term
involvement with those companies and there has been no default in
repaying the loans. However, we are unable to opine whether the terms
and conditions on which the Company has given guarantees are
prejudicial to the interest of the Company, since the guarantees give
the power to the bank to attach the assets of the company on default by
associate companies without attempting to recover in the first instance
from the associate companies.
16. In our opinion and according to the information and explanations
given to us on an overall basis the term loans have been applied for
the purposes for which they were obtained.
17 According to the records examined by us and according to
information and explanations given to us, on an overall basis, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. There are no debentures issued and outstanding during the year and
hence the question of creating securities in respect thereof does not
arise.
20. During the year the Company has not raised money by any public
issue.
21. To the best of our knowledge and belief and according to the
information and explanations given to us no fraud on or by the Company
has been noticed or reported during the financial year.
For M/s. BORKAR& MUZUMDAR
Chartered Accountants
(A. N. NAIK)
Partner
(M. No. 30668)
PLACE: Panaji- Goa.
DATE: 17th August, 2009
Mar 31, 2008
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 as
amended, issued by the Central Government Of India in terms of section
227 (4A) of the Companies Act, 1 956, and on the basis of checks of the
books and records of the Company as we considered appropriate and the
information and the explanations given to us during the course of
audit. We enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purposes of
the 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
these books;
(c) The Balance Sheet, Profit and Loss Account 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 and the Profit and Loss Account
comply with the Accounting Standards referred to in subsection (3C) of
Section 21 1 of the Companies Act, 1 956.
(e) On the basis of written representations received from the directors
as on 31st March 2008, and taken on record by the Board of Directors,
we report that none of the directors are disqualified as on 31st March
2008 from being appointed as a director in terms of clause (g) of
subsection (1) of Section 274 of the Companies Act, 1 956.
(f) In the absence of proper records in respect of valuation of stocks,
we are unable to acertain the accuracy of the values of inventories of
Rs. 13,06,89,999/- disclosed in the accounts of the year.
(g) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, the said
statements of accounts give the information required by the Companies
Act, 1 956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India.
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2008; 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 for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31ST
MARCH, 2008
1. (a) The Company is in the process of updating its records showing
full particulars, including quantitative details and situation of fixed
assets. All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that discrepancies
noticed on such verification will be dealt with in the books of
accounts as and when records are updated.
(b) The Company has not disposed off any substantial part of fixed
assets during the year.
2. (a) As explained to us, the inventory has been physically verified
by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of records of
inventory, the Company is maintaining proper records of inventory. We
have been informed that the discrepancies noticed on physical
verification of inventory as compared to the book records were not
material and have been properly dealt with in the books of accounts.
(d) In the absence of proper records in respect of valuation of stocks,
we are not able to ascertain the accuracy of the valuation of stocks
disclosed in the accounts of the year.
3. (a) According to the information and explanations given to us, the
Company has granted unsecured loans to two parties covered in the
register maintained under Section 301 of the Companies act, 1 956. The
maximum amount involved during the year was Rs.56,51,61 8/-and the year
end balance of loans granted to such parties was Rs.46,88,987/-.
(b) The rate of interest and other terms & conditions of the above
loans were not prima facie prejudicial to the interest of the Company,
except that the terms of repayment of loans and the date on which
interest is to be paid on the loans have not been stipulated.
(c) In absence of stipulations regarding terms of repayment of loans
and due date we are unable to express our opinion on whether receipt of
principal and interest amount is regular.
(d) In absence of stipulations regarding terms of repayment of loans
and due date on which interest is to be paid we are unable to express
our opinion on whether there is any amount overdue above Rupees one
lakh and whether reasonable steps need to be taken for recovery of
principal and interest.
(e) The Company has not taken any loans, secured or unsecured from
parties covered in the register maintained under section 301 of the
Companies act, 1956.
(f) Clause 4(iii) (f) and (g) are not applicable.
4. On the basis of our evaluation of internal control systems and
according to the information and explanations given to us, we are of
the opinion that internal control systems with respect to the purchase
of inventory and fixed assets and sale of goods need to be further
improved to make it commensurate with the size of the company and
nature of its business. There have been no sales of services during
the year.
5. In respect of the transactions entered in the register maintained
in pursuance of Section 301 of the Companies Act, 1956,
(a) Based on audit procedures applied by us, 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 transactions that needed to
be entered into the register maintained under Section 301 have been so
entered.
(b) In respect of transactions with parties with whom transactions
exceeding value of Rupees five lakhs have been entered into during the
financial year, because of the specialized nature of the items involved
and absence of any comparable prices, we are unable to comment whether
the transactions were made at prevailing market prices at the relevant
time.
6. The Company has not accepted deposits from the public within the
meaning of Section 58A of the Companies Act, 1 956 and the Rules framed
there under. We a re informed that no order has been passed by the
Company Law Board.
7. The Company has an internal audit system but in our opinion its
scope and coverage requires to be further widened to make it
commensurate with the size and nature of the Companys business.
8. Maintenance of cost records have not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including investor education and protection
fund, Income tax, Sales tax, Wealth tax, Service Tax, Customs duty,
Excise Duty, cess and other material statutory dues, where applicable
with the appropriate authorities. However during the year there were
delays in depositing, with the appropriate authorities, undisputed
statutory dues in respect of provident fund and employees state
insurance. There are no arrears of outstanding statutory dues as at the
last day of the financial year 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 cases of non-deposit with the appropriate authorities of disputed
dues of sales tax/ income tax/service tax/customs duty/wealth tax/
excise duty/ Cess except in the following cases:
No. Nature of Liability Amount (Rs.) Pending Before
1 Income Tax 44,14,507/- Commissioner of Income
Tax (Appeals)
2. Central Excise Duty 16,44,687/- Joint Commissioner /
Commissioner of customs and
central excise (Appeals)
3. Central Excise Duty 17,17,200/- CESTAT
10. The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
report and the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to banks. The
company does not have any borrowings from financial institutions and
has not issued debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any statute applicable to chit fund / Nidhi /
mutual benefit fund/ societies are not applicable to the Company.
14. As informed and explained to us the company is not dealing in or
trading in shares, securities, debentures, or other investments and
hence requirement of paragraph 4(xiv) are not applicable to the
company.
15. The Company has given guarantees to banks for loans taken by
associate companies. According to the information and explanations
given to us, such guarantees have been extended as a long-term
involvement with those companies and there has been no default in
repaying the loans. However, we are unable to opine whether the terms
and conditions on which the Company has given guarantees are
prejudicial to the interest of the Company, since the guarantees give
the power to the bank to attach the assets of the company on default by
associate companies without attempting to recover in the first instance
from the associate companies.
16. In our opinion and according to the information and explanations
given to us on an overall basis the term loans have been applied for
the purposes for which they were obtained.
17. According to the records examined by us and according to
information and explanations given to us, on an overall basis, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. There are no debentures issued and outstanding during the year and
hence the question of creating securities in respect thereof does not
arise.
20. During the year the Company has not raised money by any public
issue.
21. To the best of our knowledge and belief and according to the
information and explanations given to us no fraud on or by the Company
has been noticed or reported during the financial year.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A. N. NAIK)
PLACE : Panaji Goa. Partner
DATE : 23rd August, 2008 (M. No. 30668)
Mar 31, 2007
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 as
amended, issued by the Central Government Of India in terms of section
227 (4A) of the Companies Act, 1 956, and on the basis of checks of the
books and records of the Company as we considered appropriate and the
information and the explanations given to us during the course of
audit. We enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and expanations, which to the
best of our knowledge and belief, were necessary for the purposes of
the 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
these books;
(c) The Balance Sheet, Profit and Loss Account 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 and the Profit and Loss Account
comply with the Accounting Standards referred to in subsection (3C) of
Section 21 1 of the Companies Act, 1 956.
(e) On the basis of written representations received from the directors
as on 31st March 2007, and taken on record by the Board of Directors,
we report that none of the directors are disqualified as on 31st March
2007 from being appointed as a director in terms of clause (g) of
subsection (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said statements of accounts give the
information required by the Companies Act, 1 956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India,
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2007; 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 for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED 31ST
MARCH, 2007
1. (a) The Company is in the process of updating its records showing
full particulars, including quantitative details and situation of fixed
assets. All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that discrepancies
noticed on such verification will be dealt with in the books of
accounts as and when records are updated.
(b) The Company has not disposed off any substantial part of fixed
assets during the year.
2. (a) As explained to us, the inventory has been physically verified
by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of records of
inventory, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of accounts.
3. (a) According to the information and explanations given to us, the
Company has granted unsecured loans to three parties covered in the
register maintained under Section 301 of the Companies act, 1 956. The
maximum amount involved during the year was Rs.59,79,784/-and the year
end balance of loans granted to such parties was Rs.37,07,950/-.
(b) The rate of interest and other terms & conditions of the above
loans were not prima facie prejudicial to the interest of the Company,
except that the terms of repayment of loans and the date on which
interest is to be paid on the loans have not been stipulated.
(c) In absence of stipulations regarding terms of repayment of loans
and due date we are unable to express our opinion on whether receipt of
principal and interest amount is regular.
(d) In absence of stipulations regarding terms of repayment of loans
and due date on which interest is to be paid we are unable to express
our opinion on whether there is any amount overdue above Rupees one
lakh and whether reasonable steps need to be taken for recovery of
principal and interest.
(e) The Company has not taken any loans, secured or unsecured from
parties covered in the register maintained under section 301 of the
Companies act, 1956.
(f) Clause 4(iii) (f) and (g) are not applicable.
4. On the basis of our evaluation of internal control systems and
according to the information and explanations given to us, we are of
the opinion that internal control systems with respect to the purchase
of inventory and fixed assets and sale of goods need to be further
improved to make it commensurate with the size of the company and
nature of its business. There have been no sales of services during
the year.
5. In respect of the transactions entered in the register maintained
in pursuance of Section 301 of the Companies Act, 1956,
(a) Based on audit procedures applied by us, 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 transactions that needed to
be entered into the register maintained under Section 301 have been so
entered.
(b) In respect of transactions with parties with whom transactions
exceeding value of Rupees five lakhs have been entered into during the
financial year, because of the specialized nature of the items involved
and absence of any comparable prices, we are unable to comment whether
the transactions were made at prevailing market prices at the relevant
time.
6. The Company has not accepted deposits from the public within the
meaning of Section 58Aof the Companies Act, 1 956 and the Rules framed
there under. We are informed that no order has been passed by the
Company Law Board.
7. The Company has an internal audit system but in our opinion its
scope and coverage requires to be further widened to make it
commensurate with the size and nature of the Companys business.
8. Maintenance of cost records have not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1 956.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, Employees State Insurance, Income tax,
Sales tax, Wealth tax, Service Tax, Customs duty, Excise Duty, cess and
other material statutory dues, where applicable with the appropriate
authorities. There are no arrears of outstanding statutory dues as at
the last day of the financial year 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 cases of non-deposit with the appropriate authorities of disputed
dues of sales tax/ income tax/ service tax/ customs duty/ wealth tax/
excise duty/ Cess except in the following cases:
No. Nature of Liability Amount (Rs.) Pending Before
1 Income Tax 4,11,865/- Commissioner of Income Tax
(Appeals)
2. Central Excise Duty 16,44,687/- Joint Commissioner/
Commissioner of customs and
central excise (Appeals)
3. Central Excise Duty 17,17,200/- CESTAT
10. The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
report and the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to banks. The
company does not have any borrowings from financial institutions and
has not issued debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any statute applicable to chit fund 7 Nidhi /
mutual benefit fund/ societies are not applicable to the Company.
14. As informed and explained to us the company is not dealing in or
trading in shares, securities, debentures, or other investments and
hence requirement of paragraph 4 (xiv) are not applicable to the
company.
15. The Company has given guarantees to banks (refer note 1 (c) of
schedule M) for loans taken by subsidiary/associate companies.
According to the information and explanations given to us, such
guarantees have been extended as a long- term involvement with those
companies and there has been no default in repaying the loans. However,
we are unable to opine whether the terms and conditions on which the
Company has given guarantees are prejudicial to the interest of the
Company, since the guarantees give the power to the bank to attach the
assets of the company on default by subsidiary/associate companies
without attempting to recover in the first instance from the
subsidiary/associate companies.
16. In our opinion and according to the information and explanations
given to us on an overall basis the term loans have been applied for
the purposes for which they were obtained.
17. According to the records examined by us and according to
information and explanations given to us, on an overall basis, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. There are no debentures issued and outstanding during the year and
hence the question of creating securities in respect thereof does not
arise.
20. During the year the Company has not raised money by any public
issue.
21. To the best of our knowledge and belief and according to the
information and explanations given to us no fraud on or by the Company
has been noticed or reported during the financial year.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A. N. NAIK)
PLACE : Panaji Goa. Partner
DATE : 24th August, 2007 (M. No. 30668)
Mar 31, 2005
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 as
amended issued by the Central Government Of India in terms of section
227 (4A) of the Companies Act, 1956, and on the basis of checks of the
books and records of the Company as we consider appropriate and the
information and the explanations given to us during the course of audit
we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said order,
4) Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purposes of
the 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
these books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) Subject to note no. 13 of Schedule M regarding the provision made
for leave encashment benefits on estimated basis instead of on
actuarial basis as per Accounting Standard-15 in our opinion, the
Balance Sheet and the Profit and Loss Account comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on 31st March 2005 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31st March, 2005 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, subject to note no. 10 of schedule M with
respect to incurring of certain expenses without supporting evidence,
the said statement of accounts give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally occepted in
India.
(i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2005,
(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 for the
year ended on that date.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
Place : Panaji Goa, (A. N. NAIK)
Date : 27th August 2005 Partner
ANNEXURE TO AUDITORS REPORT
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GKB OPHTHALMICS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31 ST MARCH, 2005.
(1) (a) The Company is in the process of updating its records showing
full particulars including quantitative details and situation of fixed
assets. All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that discrepancies
noticed on such verification will be dealt with the books of accounts
as and when records are updated.
(b) The Company has not disposed off any substantial port of fixed
assets during the year.
(2) (a) As explained to us, the inventory have been physically verified
by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of records of
inventory, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of accounts.
(3) (a) During the year the Company has granted unsecured loans to four
parties covered in the register maintained under Section 301 of the
Companies Act 1956, The maximum amount involved during the year was Rs.
71,12,227/- and the year end balance of loans given to such parties was
Rs, 16,75,412/-,
(b) The rate of interest and other terms & conditions of above loans
were not, prima facie, prejudicial to the interest of the Company,
except that the terms of repayment of loans and the date on which
interest is to be paid on the loans have not been stipulated. In the
absence of these stipulations we are unable to express our opinion on
whether receipts of principal and interest amounts is regular.
(e) The Company has taken interest free unsecured loan from one party
covered in the register maintained under section 301 of the Companies
act, 1956. The maximum amount involved during the year was Rs.
10,62,370/- and the year end balance of loan taken from such party was
Rs. 10,62,370/-.
(f) The terms & conditions of the above loan are not prima facie
prejudicial to the interest of the Company except that the terms of
repayment have not been stipulated. In absence of these stipulations we
are unable to express our opinion on whether the payment of principal
amount is regular.
(4) On the basis of our evaluation of internal control systems and
according to the information and explanation given to us, we are of the
opinion that internal control systems with respect to purchase of
inventory and fixed assets and sale of goods have been strengthened
during the year but need to be further improved to make it commensurate
with the size of the Company and nature of its business. There have
been no sales of services during the year.
(5) In respect of the transactions entered in the register maintained
in pursuance of section 301 of the Companies Act, 1956,
(a) Based on audit procedures applied by us, 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 transaction that needed to
be entered into the register maintained under section 301 have been so
entered.
(b) In respect of transactions with parties with whom transactions
exceeding value of Rupees five lakhs have been entered into during the
financial year, because of the specialized nature of the items involved
and absence of any comparable prices, we are unable to comment whether
the transactions were made at prevailing market prices at the relevant
time.
(6) The Company has not accepted deposits from the public within the
meaning of Section 58A of the Companies Act 1956 and the Rules framed
thereunder. We are informed that no order has been passed by the
Company Law Board.
(7) The Company has an internal audit system but in our opinion its
scope and coverage requires to be further widened to make it
commensurate with the size and nature of the Companys business.
(8) Maintenance of cost records have not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act. 1956.
(9) (a) In our opinion and according to the information and explanation
given to us, the Company has been generally regular in depositing
undisputed statutory dues including provident fund, investor education
and protection fund, Employees State Insurance, Income tax, Sale tax,
Wealth tax, Service Tax, Customs duty, Excise Duty, cess and other
material statutory dues, where applicable with the appropriate
authorities. There are no arrears of outstanding statutory dues as at
the lost day of the financial year for a period of more than six months
from the date they became payable.
(b) According to the information and explanation given to us there are
no cases of non deposit with the appropriate authorities of disputed
dues of sales tax/income tax/service tax/customs duty/wealth tax/excise
duty/cess.
(10) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the financial year under
report and the immediately and preceding financial year.
(11) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of the dues to bank. The company
does not have any borrowings from financial institutions and has not
issued debentures.
(12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The provisions of any statute applicable to chit fund/nidhi/mutual
benefit fund/societies are not applicable to the Company.
(14) As informed and explained to us the Company is not dealing in or
trading in shares, securities, debentures, or other investments and
hence requirement of paragraph 4(XIV) are not applicable to the
Company.
(15) During the year, the Company has been given guarantees to bank
(refer note 2(c) of schedule `M) for loans taken by its two associate
companies. According to the information and explanations given to us,
such guarantees have been extended as a long term involvement with
those companies. Though there has been no default in repaying the
loans, we are unable to opine whether the terms and conditions on which
the Company has given the guarantee are prejudicial to the interest of
the Company, since the guarantees give the power to the bank to attach
the assets of the company on default by associate companies without
attempting to recover in the first instance from the associate
companies,
(16) In our opinion and according to the information and explanations
given to us on an overall basis the term loan have been applied for the
purposes for which they were obtained,
(17) According to the records examined by us and according to the
information and explanations given to us, on an overall basis no funds
raised on short term basis have been used for long term investment.
(18) The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act 1956.
(19) There are no debentures issued and outstanding during the year and
hence the question of creating securities in respect thereof does not
arise.
(20) During the year the Company has not raised money by any Public
issue.
(21) To the best of our knowledge and belief and according to the
information and explanations given to us no fraud on or by the Company
has been noticed or reported during the financial year.
For M/s. BORKAR & MUZUMDAR
Place : Panaji Goa, Chartered Accountants
Date : 27th August 2005 (A. N. NAIK)
Partner
Mar 31, 2003
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.
1) As required by the Manufacturing and Other Companies (Auditor's
Report) Order, 1988 issued by the Government Of India 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.
2) Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of the
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
these books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
comply with the Accounting Standards referred to in subsection (3C) of
Section 211 of the Companies Act, 1956 except for what is stated in the
ensuing paragraphs,
(e) On the basis of the written representations received from the
directors as on 31 st March 2003 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2003 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of Companies Act, 1956.
(f) (i) In accordance with the past practice followed by the Company
the provision for leave encashment benefits on retirement is made on
estimated basis. This is contrary to the requirement of the standard
for accounting for retirement benefits in the financial statement of
employees (AS-15) issued by the Institute of Chartered Accountants of
India which requires that the provision has to be made for the accrued
future liability determined on actuarial basis. The amount of provision
required in this behalf is unascertainable.
(ii) In the absence of proper records in respect of valuation of
stocks, we are unable to ascertain the accuracy of the values of
inventories of Rs. 7,72,00,231/- disclosed in the accounts of the year.
(iii) Balances of sundry debtors and creditors shown in the accounts
are subject to confirmation by the parties concerned ( Note No. 5 of
Schedule "L").
(iv) The Company is not able to disclose in the accounts the names of
small scale industrial undertakings to whom it owes sums which are
outstanding for more than 30 days (Note No. 8 of Schedule "L").
(g) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, the said
accounts give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India.
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2003.
(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 for the
year ended on that date.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
Place : Panaji Goa, (A.N. NAIK)
Dote : 12th August 2003 Partner
ANNEXURE TO AUDITORS' REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GKB OPHTHALMICS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2003.
(1) The Company is in the process of updating its records showing full
particulars including quantitative details and situation of fixed
assets. We are informed that the fixed assets have been physically
verified by the management during the year. We are further informed
that discrepancies though not material will be adjusted while
reconciling with/updating the records.
(2) None of the fixed assets of the Company have been revalued during
the year.
(3) As informed to us, the stocks of finished goods, stores, spare
parts and raw materials have been physically verified by the management
at reasonable intervals during the year.
(4) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(5) We have been informed that the discrepancies noticed on such
physical verification as compared to book records were not material and
the same have been dealt with in the books of account.
(6) In the absence of proper records in respect of valuation of stocks,
we are not able to ascertain the accuracy of the valuation of stocks
disclosed in the accounts of the year.
(7) The Company has not taken any loan, secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 of the Companies Act, 1956 and/or from the Companies
under the same management within the meaning of section 370(1B) of the
Companies Act, 1956.
(8) The Company has granted interest free unsecured loans to a director
and companies listed in the register maintained under section 301 of
the Companies Act 1956 without any stipulation as to the repayment of
the loans. In our opinion the terms and conditions of the loans are
prima facie prejudicial to the interest of the Company to the extent of
interest not charged from these companies.
(9) In respect of loans or advances in the nature of loans given to the
employees by the Company wherever there are specific stipulations as to
the repayment of the principal, the parties are repaying the some as
stipulated and are also regular in payment of interest wherever
applicable.
(10) In our opinion and according to the information and explanations
given to us there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of stores, raw materials including
components, plant and machinery, equipment and other assets and with
regard to the sale of goods.
(11) In our opinion and according to the information and explanation
given to us, the Company has made purchases of materials and goods in
excess of Rs. 50,000/- from parties listed in the Register maintained
u/s. 301 of the Companies Act 1956. We are informed that similar
materials and goods are not purchased from any party in India and
therefore the prices at which the materials and goods have been
purchased are not comparable. The information as regards prevailing
market prices for such goods was also not available on records of the
Company. Hence it is not possible to determine whether the prices
paid/charged for such items are reasonable as compared to the prices of
similar items purchased/sold from/to other parties.
(12) As explained to us, the Company has a procedure for determination
of unserviceable or damaged raw materials, stores and finished goods.
Adequate provision has been made in the accounts for loss arising on
items so determined.
(13) The Company has not accepted any deposits from the public, to
which the provisions of section 58A of the Companies Act, 1956 would
apply.
(14) According to the explanations given to us, the company has no
realisable scrap and by -products. Hence no records are maintained by
the Company for the sale and disposal thereof.
(15) The Company has introduced internal audit system during the year.
The internal auditor has however not covered any area of the operation
of the company, In our opinion the said system is required to be
strengthened to make it commensurate with the size and nature of the
business of the Company.
(16) Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 for the Company,
(17) The Company was generally regular in depositing the Provident Fund
dues and Employees State Insurance dues with the appropriate
authorities.
(18) According to the information and explanation given to us and the
books and records examined by us, there are no material undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,
Customs Duty and Excise Duty outstanding as at 31st March, 2003 for a
period exceeding six months from the date they became payable.
(19) During the course of our examination of books of account carried
out in accordance with the generally accepted auditing practices and on
the basis of explanations given to us, no personal expenses other than
those covered by the service contracts/terms of appointment of the
employees and the directors and those borne by the Company in
accordance with generally accepted business practices have been charged
to the Profit and Loss Account.
(20) The Company is not a Sick Industrial Company within the meaning of
Section 3(1)(O) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
(21) In relation to the trading activities of the Company, we ore
informed that there are no damaged goods.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A.N. NAIK)
Place : Panaji Goa. Partner
Date : 12th August 2003
Mar 31, 2002
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.
1) As required by the Manufacturing and Other Companies (Auditors
Report) Order, 1988 issued by the Government Of India 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.
2) Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of the
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
these books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
comply with the Accounting Standards referred to in subsection (3C) of
Section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on 31st March 2002 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2002 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of Companies Act, 1956.
(f) (i) The Company has not adjusted in its accounts of the year goods
of Rs. 38,68,336/- returned by a party after the close of the
accounting year under review (Note No. 7 of Schedule "M"). The impact
of the above on the profits of the year cannot be quantified due to non
availability of sufficient information as regards cost/ realisable
value of these goods returned.
(ii) Balances of sundry debtors and creditors shown in the accounts are
subject to confirmation by the parties concerned (Note No. 5 of
Schedule "M").
(iii) The Company is not able to disclose in the accounts the names of
small scale industrial undertakings to whom it owes sums which are
outstanding for more than 30 days (Note No. 9 of Schedule "M").
(iv) In the absence of proper records in respect of valuation of stocks
we are unable to ascertain the accuracy of values of inventories of Rs.
5,91,47,000/- disclosed in the accounts of the year.
(g) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, the said
accounts give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India.
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2002.
AND
(ii) in the case of the Profit and Loss Account, of the profit of
the Company for the year ended on that date.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A. N. NaiK)
Partner
Place: Panaji-Goa.
Date: 31st August, 2002.
ANNEXURE TO AUDITORS REPORT
ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF GKB OPHTHALMICS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2002.
(1) The Company is in the process of updating its records showing full
particulars including quantitative details and situation of fixed
assets. We are informed that the fixed assets have been physically
verified by the management during the year. We are further informed
that discrepancies though not material will be adjusted while
reconciling with/updating the records.
(2) None of the fixed assets of the Company have been revalued during
the year.
(3) As informed to us, the stocks of finished goods, stores, spare
parts and raw materials have been physically verified by the management
at reasonable intervals during the year.
(4) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(5) We have been informed that the discrepancies noticed on such
physical verification as compared to book records were not material and
the same have been dealt with in the books of account.
(6) In the absence of proper records in respect of valuation of stocks
we are not able to ascertain the accuracy of the valuation of stocks
disclosed in the accounts of the year.
(7) The Company had taken from a director interest free unsecured loan,
the terms and conditions of which were not prima facie prejudicial to
the interest of the Company. The said loan was repaid during the year.
The Company has not taken any other loans, secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 of the Companies Act, 1956 and/or from the Companies
under the same management within the meaning of section 370(1B) of the
Companies Act 1956.
(8) The Company has granted interest free unsecured loans to companies
listed in the register maintained under section 301 of the Companies
Act 1956 without any stipulation as to the repayment of the loans. In
our opinion the terms and conditions of the loans are prima facie
prejudicial to the interest of the Company to the extent of interest
not charged from these companies.
(9) In respect of loans or advances in the nature of loans given to the
employees by the Company wherever there are specific stipulations as to
the repayment of the principal, the parties are repaying the same as
stipulated and are also regular in payment of interest wherever
applicable.
(10) In our opinion and according to the information and explanations
given to us there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of stores, raw materials including
components, plant and machinery, equipment and other assets and with
regard to the sale of goods.
(11) In our opinion and according to the information and explanation
given to us, the Company has made purchases of materials and goods in
excess of Rs. 50,000/- from parties listed in the Register maintained
u/s. 301 of the Companies Act 1956. We are informed that similar
materials and goods are not purchased from any party in India and
therefore the prices at which the materials and goods have been
purchased are not comparable. The information as regards prevailing
market prices for such goods was also not available on records of the
Company. Hence it is not possible to determine whether the prices paid
for such items are reasonable as compared to the prices of similar
items purchased from other parties. The Company has also sold goods
exceeding Rs. 50,000/- in value, to a company listed in the Register
maintained u/s. 301 of the Companies Act 1956. The reasonableness of
prices in respect thereof could not be verified on account of special
nature of the goods supplied.
(12) As explained to us, the Company has a procedure for determination
of unserviceable or damaged raw materials, stores and finished goods.
Adequate provision has been made in the accounts for loss arising on
items so determined.
(13) The Company has not accepted any deposits from the public, to
which the provisions of section 58A of the Companies Act, 1956 would
apply.
(14) According to the explanations given to us, the company has no
realisable scrap and by-products. Hence no records are maintained by
the Company for the sale and dispose thereof.
(15) The Company has introduced internal audit system curing the year.
The internal auditor has however not covered any area of the operation
of the company. In our opinion the said system is required to be
strengthened to make it commensurate with the size and nature of the
business of the Company.
(16) Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 for the Company.
(17) The Company was generally regular in depositing the Provident Fund
dues and Employees State Insurance dues with the appropriate
authorities.
(18) According to the information and explanation given to us and the
books and records examined by us, there are no material undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,
Customs Duty and Excise Duty outstanding as at 31st March, 2002 for a
period exceeding six months from the date they became payable.
(19) During the course of our examination of books of account carried
out in accordance with the generally accepted auditing practices and on
the basis of explanations given to us, no personal expenses other than
those covered by the service contracts/terms of appointment of the
employees and the directors and those borne by the Company in
accordance with generally accepted business practices have been charged
to the Profit and Loss Account.
(20) The Company is not a Sick Industrial Company within the meaning of
Section 3(1)(O) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
(21) In relation to the trading activities of the Company, we are
informed that there are no damaged goods.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A. N. Naik)
Partner
Place: Panaji-Goa
Date: 31st August, 2002.
Mar 31, 2001
1. As required by the Manufacturing and other Companies (Auditor's
Report) Order, 1988 issued by the Company Law Board in terms of section
227 (4A) of the Companies Act, 1956 we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred to in paragraph 1
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 appears from our examination of the
books of the Company;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account of the Company;
d) In our opinion the Balance Sheet and the Profit and Loss Account
dealt with by the Report are in compliance with the accounting
standards referred to in Section 211(3C) of the Companies Act, 1956.
e) Based on the representations made by the directors of the Company
and the information and explanations given to us, none of the directors
of the Company is, prima facie, disqualified from being appointed as
director of the Company, in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
f) We report that in our opinion and to the best of our information and
according to the explanations given to us, the said Accounts read
together with the accounting policies given in Note 1 of Schedule M,
Note 5 regarding non confirmation of balances of sundry debtors and
creditors, Note 7 in respect of transfer of land and building at book
value to a new Company, Note 9 as regards non-disclosure of amount due
to Small Scale Industrial undertakings and other notes appearing in
Schedule M, give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view:
i) in the case of the Balance Sheet, of the state of Affairs of the
Company as at 31st March, 2001.
and
ii) in the case of the Profit and Loss Account of the Profit of
the Company for the year ended on that date.
For M/s. BORKAR & MUZUMDAR
Chartered Accountants
(A. N. Naik)
Partner
Place : Panaji-Goa.
Date : 31st August, 2001.
ANNEXURE REFERRED TO IN PARAGRAPH I
1. The Company has maintained proper records showing full particulars
including quantitative details and situation affixed assets. The fixed
assets have been physically verified by the Management during the year.
On the basis of explanations given to us, no material discrepancies
have been noticed on such verification.
2. None of the fixed assets have been revalued during the year.
3. The stocks of finished goods, stores, spare parts and raw materials
have been physically verified by the Management at reasonable intervals
during the year.
4. In our opinion the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
5. The discrepancies noticed on such physical verification as compared
to book records were not material and the same have been properly dealt
with in the books of account.
6. On the basis of our examination of the stocks, the valuation of the
stocks is fair and proper; in accordance with the normally accepted
accounting principles and is on the same basis as in the preceding
year.
7. 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 or from Companies under
the same management as defined in Section 370(1 B) of Companies Act,
1956.
8. The Company has granted interest free unsecured loans to a Company
listed in register maintained under section 301 of the Companies Act,
1956 and to a Company under the same management as defined in Section
370(1 B) of Companies Act, 1956. The terms and conditions of these
loans are not prima facie, prejudicial to the interest of the Company.
9. In respect of Loans and Advances in the nature of loans given by the
Company to employees and other parties, the recovery of principal a
mount and interest wherever stipulated are generally regular.
10. In our opinion and according to the information and explanations
given to us there are generally adequate internal control procedures
commensurate with the size of the Company and nature of its business
for the purchase of stores, raw materials including components, plant
and machinery, equipment and other assets and with regard to the sale
of goods.
11. The Company has made purchases of materials and goods in excess of
Rs. 50,000 from parties listed in the Register maintained under Section
301 of Companies Act, 1956. We are informed that similar materials and
goods are not purchased from any party in India and therefore the
prices at which the materials and goods have been purchased are not
comparable. The information as regards prevailing market prices for
such goods was also not available on records of the Company. Hence it
is not possible to determine whether the prices paid for such items are
reasonable as compared to the prices of similar items purchased from
other parties. As informed, no sale of goods, materials or services
exceeding Rs. 50,000/- to each party, has been made to parties listed
in the register maintained under Section 301 of the Companies Act,
1956. The Company has, however, sold goods exceeding Rs. 50,000/- in
value to a Company (incorporated in Germany) whose entire share capital
is held by it. The reasonableness of prices in respect thereof could
not be verified on account of special nature of the goods supplied.
12. As explained to us, the Company has a procedure for the
determination of unserviceable or damaged raw materials, stores and
finished goods. Adequate provision has been made in the accounts for
loss arising on items so determined.
13. The Company has not accepted any deposits from the public, to which
the provisions of Section 58A of the Companies Act, 1956 would apply.
14. According to the explanation given to us, the Company has no
realisable scrap and bye-products. Hence no records are maintained by
the Company for sale or disposal thereof.
15. The Company did not have any internal audit system during the year,
although the paid up capita and average annual turn over during the
preceding 3 years exceeded Rs. 25.00 lacs and Rs. 2.00 crores
respectively.
16. Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 for the Company.
17. Provident fund dues and Employees State Insurance dues have been
regularly deposited during the year with the appropriate authorities.
18. According to the information and explanations given to us, no
material undisputed amounts payable in respect of Income Tax, Wealth
Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as on 31st
March, 2001 for a period of more than 6 months from the date they
became payable.
19. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices and on the basis of the explanations given to us, no persona
expenses other than those covered by the service contracts/terms of
appointment of the employees and the Directors and those borne by the
Company in accordance with the accepted business practices have been
charged to the Profit & Loss account.
20. The Company is not a Sick Industrial Company within the meaning of
Section 3(1)(O) of the Sick industrial Companies (Special Provisions)
Act, 1985.
21. In relation to trading activities of the Company, we are informed
that there a re no damaged goods.
1. We have audited the attached Balance Sheet of GKB Ophthalmics
Limited, as at 31st March, 2008, the Profit & Loss Account and Cash
Flow Statement of the company for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. We have audited the attached Balance Sheet of GKB Ophthalmics
Limited, as at 31st March, 2007, the Profit & Loss Account and Cash
Flow Statement of the company for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1) We have audited the attached Balance Sheet of GKB OPHTHALMICS
LIMITED, as at 31st March, 2005, the Profit & Loss Account and Cash
Flow Statement of the Company 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.
We have audited the attached Balance Sheet of GKB OPHTHALMICS LIMITED,
as at 31st March, 2003 and also the Profit & Loss Account of the
Company for the year ended on that date, annexed thereto and the Cash
Flow Statement for the year ended on that date. 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.
We have audited the attached Balance Sheet of GKB OPHTHALMICS LIMITED,
as at 31st March, 2002 and also the Profit & Loss Account of the
Company 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.
We have audited the attached Balance Sheet of M/s. GKB OPHTHALMICS
LIMITED as at 31 March, 2001 and also the annexed Profit and Loss
Account of the Company for the year ended on that date and report that:
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