Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
GUJARAT CONTAINERS LIMITED("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
2. 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 of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and 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
3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
4. 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.
5. 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.
6. 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 controls 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.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Opinion
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statements, read together with the Notes there on, 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 31stMarch, 2015,
and its Loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters Specified in
paragraphs 3 and 4 of the order.
10. 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 standalone 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, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. 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:
I. The Company has disclosed the impact of pending litigations as at
31st March, 2015, on its financial position in the financial
statements.
II. The Company has made provision at 31st March, 2015 as required
under the applicable law or accounting standards, for material
foreseeable losses, if any. There are no long term contracts.
III. There are no funds required to be transferred to the Investor
Education and Protection Fund, Hence the question of delay does not
arise.
Referred to in paragraph 9 of the Independent Auditors' Report of even
date to the members of GUJARAT CONTAINERS LIMITED on the standalone
financial statement as of and for the year ended 31st March, 2015.
1. (a) The company is maintaining proper records showing full
particulars Including quantitative details and situation of its fixed
assets.
(b) The Fixed assets are physically verified by the management
according in phased manner every year at reasonable intervals; no
material discrepancies were noticed on such verification.
2. (a) The inventory has been physically verified by the Management
during the year. In our opinion, the frequency of the verification is
reasonable.
(b) In our opinion, 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) On the basis of our examination of the inventory records, in our
opinion, the company is generally maintaining proper record of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material.
3. The company has not granted any loans secured or unsecured toany
companies firms or other parties covered in the register maintained
under Section 189 of the Act consequently there is no question of
repayment of principle and interest or any overdoes.
4. 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.
5. The Company has not accepted any deposits from the public during
the year, within the meaning of Section 73 and 74 of the Act and the
rules framed there under to the extent notified. The Unsecured Loans
outstanding are since last year.
6. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under- sub-section (1) of Section 148 of the Act, and we are
of the opinion that prima facie the prescribed accounts and records
have been made and maintained. We have, however, not made a detailed
examination of the cost records.
7. (a) According to the information and explanations given to us and
as per the records of the company examined by us, the Company is
regular in depositing the undisputed statutory dues, including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax and other material statutory dues, as applicable, with the
appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Sales Tax ,
Value Added Tax, Customs or Excise, Income-tax, wealth-tax and service
tax which have not been deposited on account of any dispute.
(c) There are no amounts required to be transferred to investor
Education and Protection Fund in accordance with the provision of the
Companies Act, 1956 and rules made there under.
8. The Company has no accumulated losses as at the end of financial
year March, 2015 nor has the company incurred any cash loss for the
year ended on that date or in the immediately preceding financial year.
9. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank as at the
balance sheet date.
10. In our opinion, and according to the According to the information
and explanations given to us, the Company has not given any guarantees
for loan taken by others from a bank or financial institution.
11. In our opinion, and according to the information and explanation
given to us, there are no new term loans obtained by the Company. The
existing term loan has been applied, on an overall basis, for the
purposes for which it was obtained.
12. 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 instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
FOR V.K.SHASTRI & CO.
Chartered Accountants
FRN:113325W
CA.V.K.SHASTRI
(Sole- Proprietor)
Place: Vadodara Membership No. : 042774
Date:30/05/2015
Mar 31, 2014
We have audited the accompanying financialstatements of Gujarat
Containers Limited ("the Company"), which comprise the Balance Sheet
at March 31,2014, and the Statement of Profit and Loss and Cash Flow
Statement for theyear 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
statementsthat give a true and fair view of the financial position,
financial performance andcash flows of the Company in accordance with
the Accounting Standards notified under 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 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards onAuditing 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 financialstatements 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.ln making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements inorder to design audit procedures that are
appropriate in the circumstances. Anaudit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, aswell 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 financial statements give the information
required 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 asat March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit/ 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.
Emphasis of matter
We draw attention to Note No. J of Other Notes on Accounts to the
financial statements which states company has not provided for accrued
gratuity liability during the year as the same is covered by the LIC
Group Gratuity scheme subscribed by the company and the premium for the
same are paid by the company. This is for attention and our opinion is
not qualified in respect of this matter.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best ofour knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
keptby the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash
FlowStatement dealt with by this Report are in agreement with the books
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
CashFlow Statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none ofthe directors is disqualified as on March 31, 2014, from being
appointedas a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Gujarat Containers Limited, on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that;
1. (a) The company has maintained proper records showing full
particulars Including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification. Fixed Assets register has been maintained
in computer.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2 (a) As explained to us, inventories have been physically verified
during the year 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 inventories
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 on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records and the company has made
proper entries to write off the unusable, defective and obsolete stocks
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, 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. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken unsecured loans from 1 parties covered under register maintained
under Section 301 of the Companies Act, 1956 amounting to Rs.
20,00,000/- during the year and balance of unsecured loans taken from 6
parties covered under register maintained under Section 301 of the
Companies Act, 1956 as on 31.03.2014 is Rs. 60,10,225/- the company has
been regularly repaying the loan during current financial year,
(STATEMENT IN LIEU OF ADVERTISEMENT) listed in the register maintained
under Section 301 of the Companies Act, 1956.
(c) The rates of Interest and other terms and conditions of the
unsecured loans from the Directors are not prejudicial to the interests
of the Company. The repayment of the loans and interest payment
schedule is not stipulated by the Company, in respect of loans from
Directors, hence the question of overdue does not arise. However, in
respect of Unsecured Deposits from Directors and related parties,
aggregating to Rs. 60,10,225/- an interest amounting of Rs. 10,98,611/-
is provided and accrued in books, to be paid on maturity date as per
terms of Deposit.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit we
have not observed any major weakness or continuing failure to correct
any major weaknesses in internal control system.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) In our opinion and according to the information and explanations
given to us by the management, the transaction made in pursuance of
such contracts have been made at a prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. The internal audit of the Company has been conducted by company''s
own staff. In our opinion, the internal audit system is commensurate
with the size and nature of its business, but the system requires to be
strengthened.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance,Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory duesas on 31st of
March, 2014 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in 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 repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, 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 Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the term loans availed by the company where
prima facie applied for the purpose for which the loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has made preferential allotment of 4,00,000 (Four lacs) equity shares
to two parties referred to in section 301 and in our opinion the price
at which shares have been issued are not prejudicial to the interest of
the company.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For V.K.SHASTRI & Co.
Chartered Accountants
Firm number: 113325W
Place: Vadodara (CA. V.K. Shastri)
Date: 30/05/2014 Membership No. 042774
Mar 31, 2012
We have audited the attached Balance Sheet of GUJARAT CONTAINERS
LIMITED as at 31st March, 2012, the Profit and Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date,
annexed thereto, read with the notes 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 from material misstatement. An audit also 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 and we report that:-
I. a. We have obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
the 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 Profit and Loss Account dealt
with by Report, comply with the accounting standards referred to in
Section 211 (3C) of the Companies Act, 1956 except as referred to in
para (f) below and Notes to accounts.
e. On the basis of written representation received from the directors,
as on 31s1 March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act. 1956.
f. In our opinion and to the best of our information and according to
the explanations to us the said accounts, read together with
Significant Accounting Policies and Notes thereon, and in particular
the following mentioned notes
i) Note No.(J)in other notes on Accounts Regarding non provision of
gratuity as The liability on this account as on 31st March, 2012 as
evaluated by the company is Rs.38,49,350/- and liability up to previous
Year was Rs. 35,96,489/-.
ii) Note No. (K) Regarding provision of Arrears depreciation of Rs.
52,59,816/- of past years has been provided in current year give the
information ap 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 .
(1) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(2) In the case of Profit and Loss Account, of the "PROFIT" of the
Company for the year ended on that date.
(3) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date
II. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks of and
records of the as were considered appropriate and as per the
information and explanations given to us during the course of our
audit, we further report on the matters specified in Para 4 & 5 of the
said order as under:-
1. In respect of its fixed assets:-
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. Fixed
assets Register has been maintained in computer.
b) The management has physically verified fixed assets of the Company
during the year. No material discrepancies were noticed on such
physical verification.
c) As a substantial part of fixed assets has not been disposed off
during the year, the question of sale of substantial part of fixed
assets affecting going concern does not arise.
2. In respect of its inventories:
a) The inventory of the Company has been physically verified by the
management at the year end. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
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, the Company has maintained proper records of its inventory
and there were no material discrepancies noticed on physical
verification having regard to the size of the operations of the Company
and the company has made proper entries to write off the unusable,
defective and Obsolete stocks.
3. In respect of loans, secured or unsecured, granted or taken by the
Company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us:
a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained U/s
301 of the Companies Act, 1956. However, the company has taken
unsecured loans from Four Directors amounting to Rs. 2,32,71,630 and
repaid loan amounting Rs. 2,28,93,551 during current financial year,
whose outstanding is aggregating to Rs. 2.68.72.818 /- (STATEMENT IN
LIEU of ADVT.)
b) The rates of Interest and other terms and conditions of the
unsecured loans from the Directors are not prejudicial to the interests
of the Company. The repayment of the loans and interest payment
schedule is not stipulated by the Company, in respect of loans from
Directors, hence the question of overdue does not arise. However, in
respect of Unsecured Deposits from Directors, aggregating to Rs. 8.37
lacs, an interest of Rs. 2.17 lacs is provided and accrued in books, to
be paid on maturity date as per terms of Deposit.
4. In our opinion and according to the information and explanation
given to us there is adequate internal control procedure commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
5. In our opinion and according to the explanations given to us the
Company has entered the transaction that needs to be entered in the
register maintained U/s 301 of the Companies Act, 1956 and these
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at time of the transaction.
6. The Company has accepted deposits from public within the meaning of
Section 58A of the Companies Act, 1956 and rules framed there under. In
our opinion and according to the explanations given to us, the company
has complied with the directives issued by the Reserve Bank of India
and the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under in respect of the Fixed Deposit accepted
7. The internal audit of the Company has been conducted by company's
own staff. In our opinion, the internal audit system is commensurate
with the size and nature of its business, but the system requires to be
strengthened.
8. The Central Government has not prescribed maintenance of cost
records, under section 209 (1) (d) of the Companies Act, 1956 in
respect of the industry to which the company belongs. Hence, the
Company has not maintained such records.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company has been depositing the undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues (which are
applicable) with the appropriate authorities during the year. However,
there is no undisputed statutory dues outstanding for a period of more
than six months as at 31s' March, 2012 from the date they became
payable.In case of Investor Education and Protection Fund due, for
which the company was liable in respect of depositing the Excess Share
Application money of Rs. 3,16,149/- lying in separate bank account of
the Company with the Banker who have not yet submitted the reconciled
list of outstanding due to refund holders
b) There are no disputed dues that have not been deposited in respect
of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or
any other matters which is disputed and pending with the relevant
forum:
10. In our opinion, the company has no accumulated loss as at the
year-end; and that the company has not incurred Cash Loss in the
current financial year as well in the immediately past financial year.
11. On the basis of the information and explanations given to us, by
the management, the Company has not defaulted in repayment of dues to
banks during the year. The Company has no dues to any financial
institutions or debenture holders during the year.
12. On the basis of information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The nature of the Company's activities during the year is such
that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company for the year.
14. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
15. On the basis of examination of books of accounts, we would like to
state that the Company has not availed any Term Loans during the year.
16. On the basis of information and explanations given to us and on an
overall examination of the Balance Sheet and the Cash Flow Statement of
the Company, we report that the Company has not prima facie, used the
funds raised on short term basis during the year, for long term
investment and as explained, Long term funds have been partly utilized
to finance core working capital.
17. The Company has not made any preferential allotment of shares
during the year.
18. . The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issue during the
year.
20. To the best of our knowledge and belief an according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For V. K. SHASTRI & CO. Place : VADODARA
Chartered Accountants Date : 22/05/2012
(V,K.Shastri)
Sole Proprietor
Mar 31, 2011
We have audited the attached Balance Sheet of GUJARAT CONTAINERS
LIMITED as at 31st March, 2011, the Profit and Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date,
annexed thereto, read with the notes 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 from material misstatement. An audit also 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 and we report that:-
I.a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
the 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 Profit and Loss Account dealt
with by Report, comply with the accounting standards referred to in
Section 211 (3C) of the Companies Act, 1956 except as referred to in
para (f) below and Notes to accounts.
e. On the basis of written representation received from the directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act.1956.
f. In our opinion and to the best of our information and according to
the explanations to us the said accounts, read together with
Significant Accounting Policies and Notes thereon, and in particular
the following mentioned notes
i) Note No. (K) Regarding non provision of gratuity as The liability on
this account as on 31st March, 2011 as evaluated by the company is
Rs.35,96,489/- and liability up to previous Year was Rs. 31,67,956/-.
ii) Note No. (L) Regarding non provision of depreciation of Rs.
52,59,816/- of past years. It is the same as the previous year, as all
depreciation after the previous year has been provided in the books.
(Previous Year Rs. 52,59,816/-).
give the information as 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
(1) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(2) In the case of Profit and Loss Account, of the "PROFIT" of the
Company for the year ended on that date.
(3) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date
II. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks of and
records of the as were considered appropriate and as per the
information and explanations given to us during the course of our
audit, we further report on the matters specified in Para 4 & 5 of the
said order as under:-
1. In respect of its fixed assets:-
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. Fixed
assets Register has been maintained in computer.
b) The management has physically verified fixed assets of the Company
during the year. No material discrepancies were noticed on such
physical verification.
c) As a substantial part of fixed assets has not been disposed off
during the year, the question of sale of substantial part of fixed
assets affecting going concern does not arise.
2. In respect of its inventories:
a) The inventory of the Company has been physically verified by the
management at the year end. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
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, the Company has maintained proper records of its inventory
and there were no material discrepancies noticed on physical
verification having regard to the size of the operations of the Company
and the company has made proper entries to write off the unusable,
defective and Obsolete stocks.
3. In respect of loans, secured or unsecured, granted or taken by the
Company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us:
a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained U/s
301 of the Companies Act, 1956. However, the company has taken
unsecured loans from Three Directors, whose outstanding is aggregating
to Rs. 34.07.630/-. (STATEMENT IN LIEU of ADVT.)
b) The rates of Interest and other terms and conditions of the
unsecured loans from the Directors are not prejudicial to the interests
of the Company. The repayment of the loans and interest payment
schedule is not stipulated by the Company, in respect of loans from
Directors, hence the question of overdue does not arise. However, in
respect of Unsecured Deposits from Directors, aggregating to Rs. 34.08
lacs, an interest of Rs. 4.85 lacs is provided and accrued in books, to
be paid on maturity date as per terms of Deposit.
4. In our opinion and according to the information and explanation
given to us there is adequate internal control procedure commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
5. In our opinion and according to the explanations given to us the
Company has entered the transaction that needs to be entered in the
register maintained U/s 301 of the Companies Act, 1956 and these
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at time of the transaction.
6. The Company has accepted deposits from public within the meaning of
Section 58A of the Companies Act, 1956 and rules framed there under. In
our opinion and according to the explanations given to us, the company
has complied with the directives issued by the Reserve Bank of India
and the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under in respect of the Fixed Deposit accepted
7. The internal audit of the Company has been conducted by company's
own staff. In our opinion, the internal audit system is commensurate
with the size and nature of its business, but the system requires to be
strengthened.
8. The Central Government has not prescribed maintenance of cost
records, under section 209 (1) (d) of the Companies Act, 1956 in
respect of the industry to which the company belongs. Hence, the
Company has not maintained such records.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company has been depositing the undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues (which are
applicable) with the appropriate authorities during the year. However,
there is no undisputed statutory dues outstanding for a period of more
than six months as at 31st March, 2011 from the date they became
payable except in case of Investor Education and Protection Fund due,
for which the company is liable in respect of depositing the Excess
Share Application money of Rs. 3,16,149/ lying in separate bank account
of the Company with the Banker who have not yet submitted the
reconciled list of outstanding due to refund holders.
b) There are no disputed dues that have not been deposited in respect
of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or
any other matters which is disputed and pending with the relevant
forum:
10. In our opinion, the company has an accumulated loss of Rs.
14,00,561/-, as at the year-end; and that the company has not incurred
Cash Loss in the current financial year as well in the immediately past
financial year.
11. On the basis of the information and explanations given to us, by
the management, the Company has not defaulted in repayment of dues to
banks during the year. The Company has no dues to any financial
institutions or debenture holders during the year.
12. On the basis of information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The nature of the Company's activities during the year is such
that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company for the year.
14. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
15. On the basis of examination of books of accounts, we would like to
state that the Company has not availed any Term Loans during the year.
16. On the basis of information and explanations given to us and on an
overall examination of the Balance Sheet and the Cash Flow Statement of
the Company, we report that the Company has not prima facie, used the
funds raised on short term basis during the year, for long term
investment and as explained, Long term funds have been partly utilized
to finance core working capital.
17. The Company has not made any preferential allotment of shares
during the year.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issue during the
year.
20. To the best of our knowledge and belief an according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For V. K. SHASTRI & CO.
Place : VADODARA
Chartered Accountants
Date : 31-7-2011
(V.K.Shastri)
Sole Proprietor
Mar 31, 2010
We have audited the attached Balance Sheet of GUJARAT CONTAINERS
LIMITED as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date,
annexed thereto, read with the notes 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 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 from material misstatement. An audit also 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 bur audit provides a reasonable basis for
our opinion and we report that:-
I. a. We have obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
the 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 Profit and Loss Account dealt
with by Report, comply with the accounting standards referred to in
Section 211 (1C) of the Companies Act, 1956 except as referred to in
para (f) below and Notes to accounts.
e. On the basis of written representation received from the directors,
as on 31s" March, 2010 and taken on record by the Board of Directors,
we report that jione of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act.1956.
f. In our opinion and to the best of our information and according to
the explanations to us the said accounts, read together notes thereon,
and in particular the following mentioned notes :-
i) Note No. (K) Regarding non provision of gratuity as The liability on
this account as on 31st March, 2010 as evaluated by the company is
Rs.31,67,956/- and liability up to previous Year was Rs.25,97,592/-.
ii) Note No. {L) Regarding non provision of depreciation of Rs.
52,59,816/- of past years. It is the same as the previous year, as all
depreciation after the previous year has been provided in the books.
(Previous Year Rs. 52,59,816/-) .
iii) Wore No.(I) Regarding provision of Deferred Tax Assets of
Rs.929,457/- during the Current Year which includes Past years Deferred
Tax Assets provisions of Rs. 4,80,903/- give the information as
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 :-
(1) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(2) In the case of Profit and Loss Account, of the "PROFIT" of the
Company for the year ended on that date.
(3) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date
II. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of and records of
the as were considered appropriate and as per the information and
explanations given to us during the course of our audit, we further
report on the matters specified in Para 4 & 5 of the said order as
under:-
1. In respect of its fixed assets:-
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. Fixed
assets Register has been maintained in computer.
b) The management has physically verified fixed assets of the Company
during the year. No material discrepancies were noticed on such
physical verification.
c) As a substantial part of fixed assets has not been disposed off
during the year, the question of sale of substantial part of fixed
assets affecting going concern does not arise.
2. In respect of its inventories:
a) The inventory of the Company has been physically verified by the
management at the year end. In our opinion, the frequency of
verification is "reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the si?e of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its inventory
and there were no material discrepancies noticed on physical
verification having regard to the size of the operations of the
Company. However, as stated in Note No. (M) of Notes on Accounts the
slow moving, obsolete and defective stock of Rs. 297.72 lacs have
continued to report at its original value in the books and diminution
in their value /S nor considered.
3. In respect of loans, secured or unsecured, granted or taken by the
Company, to or from companies, firms or otber parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us:
a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained U/s
301 of the Companies Act, 1956. However, the company has taken
unsecured loans from Three Directors, whose outstanding is aggregating
to Rs. 46.08.197/-.
b) The rates of Interest and other terms and conditions of the
unsecured loans from the Directors are hot prejudicial to the interests
of the Company. The repayment of the loans and interest payment
schedule is not stipulated by the Company, in respect of loans from
Directors, hence the question of overdue does not arise. However, in
respect of Unsecured Deposits from Directors aggregating to Rs. 46.08
lacs, an interest of Rs. 4.48 lacs is provided and accrued in books, to
be paid on maturity date as per terms of Depsoit.
4. In our opinion and according to the information and explanation
given to us there is adequate internal control procedure commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
5. In our opinion and according to the explanations given to us the
Company has entered the transaction that needs to be entered in the
register maintained U/s 301 of the Companies Act, 1956 and these
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at time of the transaction.
6. The Company has accepted deposits from public within the meaning of
Section 58A of the Companies Act, 1956 and rules framed there under. In
our opinion and according to the explanations given to us, the company
has complied with the directives issued by the Reserve Bank of India
and the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under in respect of the Fixed Deposit accepted except
that the company has not yet filed the return of Fixed Deposit for last
year.
7. The internal audit of the Company has been conducted by companys
own staff. In our opinion, the internal audit system is commensurate
with the size and nature of its business, but the system requires to be
strengthened.
8. The Central Government has not prescribed maintenance of cost
records, under section 209 (1) (d) of the Companies Act, 1956 in
respect of the industry to which the company belongs. Hence, the
Company has not maintained such records.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company has been depositing the undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues (which are
applicable) with the appropriate authorities during the year. However,
there is no undisputed statutory dues outstanding for a period of more
than six months as at 31st March, 2010 from the date they became
payable except in case of Investor Education and Protection Fund due,
for which the company is liable in respect of depositing the Excess
Share Application money of Rs. 3,16,149/- lying in separate bank
account of the Company with the Banker who have not yet submitted the
reconciled list of outstanding due to refund holders.
b) There are no disputed dues that have not been deposited in respect
of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or
any other matters which is disputed and pending with the relevant
forum:
10. In our opinion, the company has an accumulated loss of Rs.
27,04,389/-, as at the year-end; and that the company has not incurred
Cash Loss in the current financial year as well in the immediately past
financial year.
11. On the basis of the information and explanations given to us, by
the management, the Company has not defaulted in repayment of dues to
banks during the year. The Company has no dues to any financial
institutions or debenture holders during the year.
12. On the basis of information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The nature of the Companys activities during the year is such
that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company for the year.
14. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
15. On the basis of examination of books of accounts, we would like to
state that the Company has not availed any Term Loans during the year.
16. On the basis of information and explanations given to us and on an
overall examination of the Balance Sheet and the Cash Flow Statement of
the Company, we report that the Company has not prima facie, used the
funds raised on short term basis during the year, for long term
investment and as explained, Long term funds have been partly utilized
to finance core working capital.
17. The Company has not made any preferential allotment of shares
during the year.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issue during the
year.
20. To the best of our knowledge and belief an according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For V. K. SHASTRI & CO.
Chartered Accountants
Place : VADODARA
Date : 31-7-2010 (V.K.Shastri)
Sole Proprietor
Mar 31, 2009
We have audited the attached Balance Sheet of GUJARAT CONTAINERS
LIMITED as at31st March, 2009, the Profit and Loss Account and also the
Cash Flow Statement of the Company for the year ended on that date,
annexed thereto, read with the notes 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 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 from material misstatement. An audit also 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 and we report that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, prober books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
the 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 Profit and Loss Account dealt
with by Report, comply with the accounting standards referred to in
Section 211 (1C) of the Companies Act, 1956 except as referred to in
para (f) below and Notes to accounts.
e. On the basis of written representation received from the directors,
as on 31st March, 2009 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2009 from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act.1956.
f. In our opinion and to the best of our information and according to
the explanations to us the said accounts, read together notes thereon,
and in particular the following mentioned notes :-
i) Note No. (K) Regarding non provision of gratuity as The liability on
this account ason31st March, 2009 as evaluated by the company is Rs.
25,97,592/- and liability upto previous Year was Rs. 18,37,645/-.
ii) Note No. (L) Regarding non provision of depreciation of Rs.
52,59,816/- of past years. It is the same as the previous year, as all
depreciation after the previous year has been provided in the books.
(Previous Year Rs. 52,59,816/-).
iii) Note No. (I) Regarding non-provision of Deferred Taxation in
Profit and Loss Account. give the information as 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 :-
(1) In the case of Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2009.
(2) In the case of Profit and Loss Account, of the "PROFIT" of the
Company for the year ended on that date.
(3) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date
II. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of and records of
the as were considered appropriate and as per the information and
explanations given to us during the course of our audit, we further
report on the matters specified in Para 4 & 5 of the said order as
under: -
1. In respect of its fixed assets:-
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. Fixed
assets Register has been maintained in computer.
b) The management has physically verified fixed assets of the Company
during the year. No material discrepancies were noticed on such
physical verification.
c) As a substantial part of fixed assets has not been disposed off
during the year, the question of sale of substantial part of fixed
assets affecting going concern does not arise.
2. In respect of its inventories:
a) The inventory of the Company has been physically verified by the
management at the year end. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
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 andaccordingtotheinformationandexplanationsgiven to
us, the Company has maintained proper records of its inventory and
there were no material discrepancies noticed on physical verification
having regard to the size of the operations of the Company. However, as
stated in Note No. (M) of Notes on Accounts theslow moving, obsolete
and defective stock of Rs. 297.72 lacs have continued to report at its
original value in the books and diminution in their value is not
considered.
3. In respect of loans, secured or unsecured, granted or taken by the
Company, to or from companies, firms orotherpartiescoveredinthe
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us:
a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
U/S301 of the Companies Act, 1956. However, the company has taken
unsecured loans from Three Directors, whose outstanding is aggregating
to Rs. 42,35,043/-
b) The rates of Interest and other terms and conditions of the
unsecured loans from the Directors and their relatives are not
prejudicial to the interests of the Company. The repayment of the loans
and interest payment schedule is not stipulated by the Company, in
respect of loans from Directors, hence the question of overdue does
notarise. However, in respect of Unsecured Deposits from Directors and
their relatives aggregating to Rs. 42.35 lacs, an interest of Rs.4.30
lacs is provided and accrued in books, to be paid on maturity date as
per terms of Depsoit,
4. In our opinion and according to the information and explanation
given to us there isadequate internal control procedure commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
5. In ouropinion and according to the explanations given to
ustheCompany has entered the trans action that needs to be entered in
the register maintained U/s 301 of the Companies Act, 1956 and these
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at time of the transaction.
6. The Company has accepted deposits from public within the meaning of
Section 58Aof the Companies Act, 1956 and rules framed there under. In
our opinion and according to the explanations given to us, the company
has complied with the directives issued by the Reserve Bank of India
and the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under in respect of the Fixed Deposit accepted except
that the company has not yet filed the return of Fixed Deposit for last
year.
7. The Internal audit of the Company has been conducted by companys
own staff. In our opinion, the internal audit system is commensurate
with the size and nature of its business, but the system requires to be
strengthened.
8. The Central Government has not prescribed maintenance of cost
records, under section 209 (1) (d) ol the Companies Act, 1956 in
respect of the industry to which the company belongs. Hence, the
Company has not maintained such records.
9. According to the information and explanations given to us in
respect of statutory dues:
a) The Company has been depositing the undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues (which are
applicable) with the appropriate authorities during the year. However,
there has been a marginal delay in deposit of Income Tax deducted at
source dues. However, there is no undisputed statutory dues outstanding
for a period of more than six months as at 31 st March, 2009from the
date they became payable except in case of Central Sales Tax, Rs. NIL,
Gujarat Sales Tax Rs.2,52,984/-(however Central Sales Tax and Gujarat
Sales Taxhave been paid afterthe Balance Sheet Date but before signing
of this report) and Investor Education and Protection Fund due, for
which the company is I iable in respect of depositing the Excess Share
Application money of Rs. 3,16,149/- lying in separate bank account of
the Company with the Banker who have not yet submitted the reconciled
list of outstanding due to refund holders.
b) There are no disputed dues that have not been deposited in respect
of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess or
any other matters which is disputed and pending with the relevant
forum:
10. In our opinion, the company has no accumulated losses, as at the
year-end; and that the company has not incurred Cash Loss in the
current financial year as well in the immediately past financial year.
11. On the basis of the information and explanations given to us, by
the management, the Company has not defaulted in repayment of dues to
banks during the year. The Company has no dues to any financial
institutions or debenture holders during the year.
12. On the basis of information and explanations g iven to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The nature of the Companys activities during the year is such
that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the Comaany for the year.
14. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
15. Onthe basis of examination of books of accounts, we would like to
state that the Company has not availed any Term Loans during the year.
16. On the basisof information and explanations given to us and on an
overall examination of the Balance Sheet and the Cash Flow Statement of
the Company, we report that the Company has not prima facie, used the
funds raised on short term basis during the year, for long term
investment and asexplained, Long term funds have been partly utilized
to finance core working capital.
17. The Company has not made any preferential allotment of shares
during the year.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issue during the
year.
20. To the best of our knowledge and belief an according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
ForV. K. SHASTRI&CO.
Chartered Accountants
Place : VADODARA
Date : 30/06/2009
(V.K.Shastri)
Sole Proprietor
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