Mar 31, 2015
We have audited the accompanying financial statements of GUJARAT FOILS
LIMITED ("the Company") which comprise the Balance Sheet as at 31
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 134(5) of the Companies Act, 2013 ("the Act") with respect to the
preparation and presentation of the financial statements that gives 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
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
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material 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 financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Financial
Statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and gives 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 March 2015;
ii. in the case of the statement of profit and loss, 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.
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 sub-section (11) of section 143 of the Act, we give in the Annexure
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 & obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as 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 Companies Act,
2013, read with rule 7 of the Companies (Accounts) Rules, 2014, as
amended;
e. on the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of Section 164 (2) of the Act; 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:
i. The company has disclosed the impact of pending litigations on its
financial position in its financial statement as stated in Note - 24 to
the Financial Statements.
ii. The company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
as required on long term contracts including derivative contracts;
iii. No amount required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made there under.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31st March 2015. We report that:
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
(b) Fixed Assets have been physically verified by the management in the
phased periodical manner, which in our opinion is reasonable having
regard to the size of the company and the nature of its Assets. No
material discrepancies were noticed on such verification.
ii) (a) The Inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventory followed by the
management is 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 and no
material discrepancies were noticed on such verification.
iii) The company has not granted any loan secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in such internal control system.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
in pursuance to sections 73 to 76 or any other relevant provisions of
the Companies Act, 2013 and the rules framed there under.
vi) We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Records & Audit)
Rules, 2014 as amended, prescribed by the Central Government u/s 148 of
the Companies Act, 2013, and are of the opinion that, prima facie, the
prescribed cost records have been made and maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
vii) a) According to the records of the Company, the Company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees' state insurance,
sales tax, wealth-tax, custom duty, excise duty, value added tax, cess,
service tax and other material statutory dues applicable to it, except
income tax during the year.
According to the information and explanations given to us, no
undisputed amounts payable in respect of service tax, wealth-tax, sales
tax, custom duty, excise duty or value added tax and cess were in
arrears, as at 31st March, 2015 for a period of more than six months
from the date they became payable except income tax which are due for
more than six months amounting Rs. 2,90,00,000/- for the financial year
2013-2014.
b) There is a demand of Rs. 8,48,91,363/- on account of VAT & CST
assessment for the financial years 2007-08 to 2010-11 which are pending
with Appellate authority. However Rs. 23,75,000/- has already been paid
against the same;
c) No amount is required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made there under.
viii) The company does not have accumulated losses at the end of
financial year 2014-15 and the company has not incurred any cash losses
during the financial year covered by our audit and in the immediately
preceding financial year.
ix) According to records of the company, the company has not defaulted
in repayment of dues to financial institutions or banks or
debenture holders till 31st March, 2015.
x) According to the records of the company and the information and
explanations provided by the management, the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
xi) The term loans obtained by the company have been applied for the
purposes for which they were raised.
xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For H R Agarwal & Associates
Chartered Accountants
Firm's Registration Number: 323029E
(Hari Ram Agarwal, FCA)
Partner
Membership number: FCA 057625
Place: Mumbai
Date: 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of GUJARAT FOILS
LIMITED ("the Company") which comprise the Balance Sheet as at 31 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 13 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 statements 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 entity''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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014; and
ii. in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards notified under the Companies Act,
1956 read with the General Circular 15/2013 dated 13 September, 2013 of
the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013 ; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
Annexure to the Independent Auditor''s Report
The Annexure referred to in our report to the members of GUJARAT FOILS
LIMITED ("the Company") for the year ended 31st March, 2014. We report
that:
i) (a) The Company has maintained proper records showing full
particulars, including Quantitative details and situation of fixed
assets on the basis of available information.
(b) The fixed assets of the company have been physically verified by
the management during the year in a phased periodical manner, which in
our opinion is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such physical verification.
(c) The Company has not disposed of any substantial/major part of fixed
assets during the year therefore the question of affecting the going
concern principle of the company do not arises.
ii) (a) Physical verification of inventory has been conducted at
reasonable intervals during the year by the management.
(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 the business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventories as
compared to the book records.
iii) (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii)(b), (c) and (d) of the Order, are not applicable.
(e) According to the information and explanations given to us, the
Company has taken unsecured loans from three companies covered in the
register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year as well as the year end balance
of loans taken from such parties was Rs. 38,79,60,873/-.
(f) The rate of interest and other terms and conditions on which loans
taken by the company, as explained, are not prima facie prejudicial to
the interest of the company.
(g) Payment of the principal amount and interest, wherever applicable,
are also regular.
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. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
system.
v) (a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act have been so entered.
(b) The transactions made in pursuance of contracts or arrangements
entered in the register under section 301 have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted any deposits from the public which
falls within the provisions of section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956. Therefore the Provisions of
Clause (vi) of paragraph 4 of the Order are not applicable to the
Company.
vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
viii) The maintenance of cost records has been prescribed by the
Central Government under Section 209 (1) (d) of the Companies Act, 1956
and such accounts and cost records have been made and maintained.
ix) (a) The company is 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, Custom Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities, except delay in some
cases.
(b) There are no dues of Income tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty or Cess outstanding on account of any
dispute.
x) The company has no accumulated losses as at 31st March, 2014 and the
company has not incurred any cash loss in the financial year covered by
our audit and in the immediately preceding financial year.
xi) The company has not defaulted in repayment of dues to any financial
institutions or banks.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The company is not a chit fund or a nidhi / mutual benefit fund
/society. Accordingly, Clauses (xiii) (a) to (d) of paragraph 4 of the
Order are not applicable to the Company.
xiv) In our opinion, the company is not a dealer or trader in shares,
securities, debentures and other investments.
xv) According to the information & explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) The term loans were applied for the purpose for which the loans
were obtained.
xvii) In our opinion and according to the information and explanations
given to us, there are no Funds raised on a short term basis which have
been used for long term investment.
xviii) The company has made preferential allotment of Preference shares
to parties and companies covered in the register maintained under
section 301 of the Act.
xix) The Company has not issued any debentures during the year.
xx) The company has not raised any funds by way of public issue during
the year.
xxi) No fraud on or by the company has been noticed or reported during
the year.
For H R Agarwal & Associates
Chartered Accountants
Firm''s Registration Number: 323029E
(CA. Hari Ram Agarwal)
Partner
Membership number: FCA 057625
Place: Mumbai
Date: 19th May, 2014
Mar 31, 2012
1. We have audited the attached Balance Sheet of GUJARAT FOILS LIMITED
as at 31st March, 2012, Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed thereto, which we
have signed under reference to this report. These financial statements
are the responsibility of the management of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards 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 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of 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, Statement of Profit and Loss and Cash Flow
Statement referred to in this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
e. On the basis of the written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is prima-facie
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 given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true & fair view in accordance 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, 2012.
ii) In the case of the Statement of Profit & Loss 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 the Auditors' Report
i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information
(b) The fixed assets of the Company have been physically verified by
the management during the year in a phased periodical manner, which in
our opinion is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such physical verification.
(c) The Company has not disposed of any substantial/major part of fixed
assets during the year therefore the question of affecting the going
concern principle of the Company do not arise.
ii) (a) Physical verification of inventory has been conducted at
reasonable intervals during the year by the management.
(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 the business.
(c) The Company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventories as
compared to the book records.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.Accordingly, paragraphs
4(iii)(b), (c) and (d) of the Order, are not applicable.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii) (f) and (g) 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
service. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in the internal control
system.
v) (a) in our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act have been so entered.
(b) The transactions made in pursuance of contracts or arrangements
entered in the register under section 301 have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted any deposits from the public which
falls within the provisions of section 58 A, 58 AA or any other
relevant provisions of the Companies Act, 1956. Therefore the
Provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii) The maintenance of cost records has been prescribed by the
Central Government under Section 209 (1) (d) of the Companies Act, 1956
and such accounts and cost records have been made and maintained.
ix) (a) The Company is 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, Custom Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities.
(b) There are no dues of Income tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty or Cess outstanding on account of any
dispute.
x) The Company has no accumulated losses as at 31st March, 2012 and the
Company has not incurred any cash losses during the financial year
covered by our audit or in the immediately preceding financial year.
xi) The Company has not defaulted in repayment of dues to any financial
institutions / banks.
xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The Company is not a chit fund or a nidhi / mutual benefit fund
/society. Accordingly, Clauses (xiii)(a) to (d) of paragraph 4 of the
Order are not applicable to the Company.
xiv) In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
xv) According to the information & explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) The term loans were applied for the purpose for which the loans
were obtained.
xvii) In our opinion and according to the information and explanations
given to us, there are no Funds raised on a short term basis which have
been used for long term investment.
xviii)The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any funds by way of public issue during
the year.
xxi) No fraud on or by the Company has been noticed or reported during
the year.
For H. R. AGARWAL & ASSOCIATES
Chartered Accountants
Firm Regn. No. 323029E
CA. Hari Ram Agarwal
Place: Mumbai Partner
Date : 30th May 2012 M.No. FCA 057625
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/S. GUJARAT FOILS
LIMITED as at 31st March, 2011, the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto,
which we have signed under reference to this report. These financial
statements are the responsibility of the management of the company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards 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 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further, we report that :
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of the
books of the company
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e. On the basis of the written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is prima-facie
disqualified as on 31st March, 2011 from being appointed as a director
in terms of clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true & fair view in accordance with the accounting principles
generally accepted in India :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
ii) In the case of the Profit & 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 THE AUDITORS' REPORT
i) (a) The Company has maintained proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year. There is a regular program of physical
verification which in our opinion 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) The Company has not disposed of any substantial/major part of fixed
assets during the year.
ii) (a) Physical verification of inventory has been conducted at
reasonable intervals during the year by the management.
(b) In our opinion, 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 the business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification.
iii) (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.Accordingly, paragraphs
4(iii)(b), (c) and (d) of the Order, are not applicable.
(e) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii) (f) and (g) of the Order are not applicable.
iv) 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 service.
During the course of our audit, no major weaknesses have been noticed
in the internal control system.
v) (a) The particulars of contracts or arrangements referred to in
section 301of the act have been entered in the register required to be
maintained under that section.
(b) The transactions made in pursuance of contracts or arrangements
entered in the register under section 301 have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted any deposits from the public which
falls within the provisions of section 58 A and 58 AA of the Companies
Act, 1956.
vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
viii) To the best of our knowledge and according to the information
given to us, the Central Government has not prescribed maintenance of
cost record under section 209 (1 ) (d) of the Companies Act, 1956.
ix) (a) The company is 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, Custom Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities.
(b) There are no dues of Income tax ,Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty or Cess outstanding on account of any
dispute.
x) The company has no accumulated losses as at 31st March,2011 and the
company has not incurred any cash losses during the financial year
covered by our audit or in the immediately preceding financial year.
xi) The company has not defaulted in repayment of dues to any financial
institutions / banks.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The company is not a chit fund or a nidhi / mutual benefit fund
/society. Accordingly, Clauses (xiii)(a) to (d) of the order are not
applicable to the Company.
xiv) In our opinion, the company is not a dealer or trader in shares,
securities, debentures and other investments.
xv) According to the information & explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) The term loans were applied for the purpose for which the loans
were obtained.
xvii) In our opinion and according to the information and explanations
given to us, there are no Funds raised on a short term basis which have
been used for long term investment.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year.
xx) The company has not raised any funds by way of public issue during
the year.
xxi) No fraud on or by the company has been noticed or reported during
the year.
For H. R. Agarwal & Associates
Chartered Accountants
Firm Regn. No. 323029E
Place : Chhatral, Gandhinagar (CA. Hari Ram Agarwal)
Date : 10/08/2011 Partner
M. No. FCA 057625
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S. GUJARAT FOILS
LIMITED as at 31st March, 2010 and the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto,
which we have signed under reference to this report. These financial
statements are the responsibility of the management of the company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further, we report that :
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of the
books of the company;
c. The Balance Sheet and Profit and Loss Account referred to in 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 this report comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of the written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true & fair view in accordance with the accounting principles
generally accepted in India :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
ii) In the case of the Profit & Loss account of the Profit of the
Company for the year ended on that date and
iii) In case of the cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
i) (a) The Company has maintained proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the
management during the year. There is a regular program of physical
verification which in our opinion 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) During the year, the Company has not disposed of any
substantial/Major part of fixed assets.
ii) (a) Physical verification of inventory has been conducted at
reasonable intervals during the year by the management.
(b) In our opinion, 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 the business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification.
iii) (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii)(b), (c) and (d) of the Order, are not applicable.
(e) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii) (f) and (g) of the Order are not applicable.
iv) 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.
During the course of our audit, no major weaknesses have been noticed
in the internal control system.
v) (a) 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) The transactions made in pursuance of contracts or arrangements
entered in the register under section 301 have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
vi) The company has not accepted any deposits from the public which
falls within the provisions of section 58 A and 58 AA of the Companies
Act, 1956.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) To the best of our knowledge and according to the information
given to us, the Central Government has not prescribed maintenance of
cost record under section 209 (1) (d) of the Companies Act, 1956.
ix) (a) The company is 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, Custom Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities.
(b) There are no dues of Income tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty or Cess outstanding on account of any
dispute.
x) The company does not have any accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
xi) The company has not defaulted in repayment of dues to a financial
institution / bank.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The company is not a chit fund or a nidhi / mutual benefit fund
/society.
xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments.
xv) According to the information & explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) The term loans were applied for the purpose for which the loans
were obtained.
xvii) Funds raised on short term basis have not been used for long term
investment.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The Company has not issued any debentures during the year.
xx) The company has not raised any funds by way of public issue during
the year.
xxi) No fraud on or by the company has been noticed or reported during
the year.
For H. R. Agarwal & Associates
Chartered Accountants
Firm Regn. No. 323029E
Place : Chhatral, Gandhinagar (CA. Hari Ram Agarwal)
Date : 03/07/2010 Partner
M. No. FCA 057625
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/s. GUJARAT FOILS
LIMITED as at 31st March, 2009 and the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date, annexed thereto
which we have kind under reference to this report. These financial
statements are the responsibility of the management of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards 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 issued
by the Central Government of India in terms of Sub-Section (4A) of
Section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matter specified in paragraphs 4 & 5 of the said
order.
4. Further, 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 our
audit;
(b) In our opinion, proper books of account as required by the law have
been kept by the company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit & Loss Account referred to in 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 this report comply with the Accounting Standards referred to in
Sub Section (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
Directors as on 31st March 2009 and taken on record by the board of
directors, we report that none of the directors is disqualified as on
31st March 2009 from being appointed as director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true & fair view in accordance with the accounting principles
generally accepted in India :
(I) in case of the Balance Sheet, of the state of Affairs of the
company as at 31st March, 2009.
(II) in case of the Profit & Loss Account, of the Profit of the company
for the year ended on that date and
(III) in case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (1) (a) The company has maintained
proper records showing full particulars including quantitative details
and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular program of verification which in
our opinion, 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) None of the Fixed Assets has been disposed off during the year,
which has bearing on the going concern assumption.
(2) (a) Physical verification of inventory have been conducted at
reasonable intervals during the year by the management.
(b) In our opinion, the procedure 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 the business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification.
(3) (a) The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. As the company has not
granted any loans, secured or unsecured, to parties listed in the
register maintained under section 301 of the Companies Act, 1956
paragraphs 4 (iii)(b), (c) and (d) of the Order, are not applicable.
(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 covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (f) and
(g) of the Order are not applicable.
(4) In our opinion and according to the information and explanation
given to us, there are Adequate internal control. systems 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. During the course of our audit, no major weaknesses have been
noticed in the internal control system.
(5) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our Opinion & according to the information & explanations given
to us, the transaction made with the parties during the year in
pursuance of contract & arrangement entered in the register maintained
under 301 of the Companies act, 1956 have been made at prices which are
reasonable, having regard to the prevailing market prices at the
relevant time.
(6) The company has not accepted any deposits from the public which
falls within the provisions of section 58 A and 58 AA of the Companies
Act, 1956.
(7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956.
(9) (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the company
is regular in depositing undisputed statutory dues including Provident
Fund, Investor education protection fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service- Tax, Custom Duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
(b) According to information and explanation given to us, there are no
dues of Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty
or Cess outstanding on account of any dispute.
(10) The company does not have any accumulated losses at the end of the
financial year and the company hasnot incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(11) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to a
financial institution / bank.
(12) According to the information & explanation 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) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefor, the provision of clause 4(xiii) of the
companies (Auditors Report) order, 2003 are not applicable to the
company.
(14) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
(15) According to the information & explanations given to us, the
company has not given any guarantees for the loans laken by others from
banks or financial institutions.
(16) As informed to us, the term loans were applied for the purpose for
which the loan is obtained.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment.
(18) According to the information and explanation given to us, the
company has made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act. The price at which the shares have been issued is not prejudicial
to the interest of the company.
(19) According to the information and explanations given to us the
Company has not issued any debenture during the year.
(20) The company has not raised any fund by way of public issue during
the year.
(21) Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
year.
For H. R. Agarwal & Associates
Chartered Accountants
Place: Ahmedabad (CA. Hari Ram Agarwal)
Date : 12/07/2009 Partner
Membership No. FCA 057625